Research, Innovations & Entrepreneurship

Research, Innovations & Entrepreneurship

With blooming innovations in science and technology, many new opportunities are being created every day. Such benefits of technological innovations are not limited to only one field but open a gateway to many new possibilities. One such remarkable use of innovation is in entrepreneurship. As it is said, “Necessity is the mother of invention.”  This applies to today’s fast-paced world where people are always seeking new ventures and prefer to take charge to start their business start-ups. Such a link between innovation and business is called an entrepreneurial venture. An entrepreneurial venture is unique because its core values lie in innovation and opportunism. Innovations uplift the entrepreneur to take new challenges, adapt and act accordingly with the changing atmospheres.
Importance of Research:
Continuous research in the field of technology paves the way for innovations and new ideas to be implemented. Research holds paramount importance in identifying problems and presenting solutions. Through research, many intelligent minds gather and brainstorm about a particular topic which accounts for the progress done in that field. Extensive and fruitful researches result in notable findings and broadening the human imagination, all of which play a vital role in bringing innovation. Similarly, entrepreneurial ventures also proceed by innovation, creative thinking, and problem-solving skills where different minds gather and chalk out a strategy that leads to successful outcomes.
“Research is formalized curiosity. It is poking and prying with a purpose.” – Zora Neale Hurston
Innovation Leading to an Entrepreneurial Ventures:
Innovation leads to taking on new challenges and providing a prompt solution. Innovative thinking encourages problem-solving through creative and inventive solutions. Looking at things from a wider scope and planning out solutions is the way to go forward. Innovation fuels entrepreneurship and such innovative entrepreneurs are motivated to act ingeniously and provide effective solutions.
“Innovation is the unrelenting drive to break the status quo and develop anew where few have dared to go.“ – Steve Jeffes, Marketing & Business Expert
Economic Growth:
New ideas might seem risky to implement, let alone generate profit and wealth, but with great entrepreneurship skills, these innovations guarantee a robust economy by introducing problem-solving techniques, taking a calculated risk, and being proactive as to how the market is changing. Moreover, many small startups have taken this innovative route and turned into big entrepreneurial firms, bagging millions of profit.
Flexibility in Workplace:
Innovations have also redefined the workplace environment and experience with the younger generations who are more inclined towards quick and easy solutions with flexible working hours. Companies are also adapting to seek out innovative approaches and are getting equipped with better solutions to provide a smooth and swift working experience to their staff. Freelancing job opportunities and work from home are the offsprings of technological innovations.
Catering to Customer Needs:
With a remarkable increase in technological innovations, the demands of customers are ever-increasing. This leads to a rise in entrepreneurial ventures, inculcating innovations and developing such products that fulfill the customers’ needs and are up to date with the latest technology.
Amazon Go is a unique convenience store with no crew or staff, providing a special and convenient retail experience where there is no concept of cashier and paying money, and everything is automated. When you enter the store, you have to log in to an app that will automatically know what you have picked up and purchased and the amount will be deducted from your account. This is a perfect example of innovations catering to customers’ needs and leading to entrepreneurial ventures.
“Innovation is taking two things that exist and putting them together in a new way.“ – Tom Freston, Co-founder of MTV
Examples of Innovative Entrepreneurial Ventures:
Some notable examples of innovations leading to entrepreneurial ventures are,

●    Google which was previously just a search engine has now redefined advertisement through GoogleAds. 

●    Nike which is a leading shoe brand, collaborating with Apple launched a Nike + iPod sports kit measuring the distance and speed of a run or walk.
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