MGT607 Innovation, Creativity and Entrepreneurship Case Study Sample

MGT607 Innovation, Creativity & Entrepreneurship

Context:

Innovation, creativity and entrepreneurship can come in many different forms and be successful for many reasons. As such, being able to recognise these will broaden your understanding and appreciation for the important role of entrepreneurship and innovation in society today. This assessment requires students to critically analyse a case study utilising the theory learnt in Module 1 and Module 2. It is important you draw on the concepts of innovation, creativity and entrepreneurship and link them to the case study to support your discussion and any recommendations you may have.

Instructions:

You must select ONE of the following three case studies below for your assessment. These case studies provide different examples of entrepreneurship and innovation.

1. Majora Carter: 3 stories of local eco-entrepreneurship
https://www.ted.com/talks/majora_carter_3_stories_of_local_ecoactivism#t-186688

2. Krista Donaldson: The $80 prosthetic knee that’s changing lives
https://www.ted.com/talks/krista_donaldson_the_80_prosthetic_knee_that_s_changing_liv
es#t-434865

3. Navi Radjou: Creative problem solving in the face of extreme limits
https://www.ted.com/talks/navi_radjou_creative_problem_solving_in_the_face_of_extreme_limits#t-500868

You will be required to watch the video and prepare a business style report. You must ensure that you incorporate the theories, which you learn in Module 1 and Module 2 to support your discussion.

Specifically some of the questions you should be considering are:

• How does the case specifically demonstrate an entrepreneurial mindset?
• How does the case adopt theories of creativity to solve the specific problem?
• How does the case show an innovative approach to meeting a customer need?

Whilst the format may vary for your report, below is suggested format for you to follow:

• Cover page

• Background [approximately 150 words]

o This will provide an introduction to your case study.

• Main Discussion / Opportunity [500-600 words]

o This section should use the questions above as the basis for your discussion.

• Recommendations / Conclusion [200-300 words]

o Is there anything you think could have been done differently?
o What are your key learnings, which you have taken away from the case study?

• Appendices where applicable

Your case study will be assessed based on the Rubric below and is limited to a word count of 1000 words excluding the cover page.

Solution

Background

Innovation, creativity, and entrepreneurship could enter in several distinct types and be successful for various reasons (Engel, 2018). According to the MBA Assignment Experts, The present study requires the critical analysis of the case study “Krista Donaldson: The $80 prosthetic knee that’s changing lives” by application of creativity theories and models. In this aspect, current study contains how the given case shows the entrepreneurial mindset, how creativity theories are implemented, and how innovation in reflected in this. At last, conclusion and recommendations are provided. 

Main Discussion

How does the case scenario particularly reflect an entrepreneurial mindset?

Entrepreneurial is referred as the procedure of building something new with the value through assigning the essential time and efforts, supposing the associated monetary risk, social risk, and psychic and obtaining the subsequent benefits in monetary form and personal fulfillment as well as independence (Wan, Liu, &Wang, 2020). In the given case of prosthetic knee, ReMotion knee that is introduced by Krista Donaldson reflects the entrepreneurial mindset. The reason behind the same is that, Krista worked on simple and easy idea that is technology could make improvement in the life of people. The following guiding principles applied by Donaldson that reflects an entrepreneurial mindset –

• The product required to be world class by which each user feels that they possess excellent functioning, and most lucrative equipment notwithstanding of their level of income.

• Devices should be user obsessed. It should be designed for the users as well as for everyone who would enter into the interaction with operators, in addition to the supply chain and any equipment that would enter into the interaction with operators (Hamner et al., 2015). 

• It is essential that, new product must be market driven. The idea of market suggests that the device requires be selling and not giving away. It must be provided at the reasonable prices but also cost money by which users could places value upon the device. Further, higher accountability and responsibility put over the companies because of the cost for producing and supplying the devices. 

How does the case scenario implement creativity theories to address the particular problem?

In the given case scenario, sharing economy business model theory is applied for addressing the issue of amputees. It is considered as new range of business reshaping the economy. Sharing economy is referred as the economic model usually explained as peer to peer founded transactions of purchasing, offering or involving contact of products and services, which are supported by the public founded on on-line platform (Ramos López José, Anderson, &Peiró José, 2019). In the given case scenario, strategy of D-Rev to produce and allot the ReMotion knee would leverage the personal sector to productively and reasonably provide the knee to its consumers, health centers, and patients. For achieving this objective, it works with for-profit producing and fulfillment partners. In this aspect, the fulfillment partners would warehouse, package, and ship the knee to clinics, and perform quality inspection on the basis of random sampling of knee units obtained from the contract producer (TEDWomen, 2013). It has been noted that, objective of the ReMotion project is provide services to consumers of low-income nations by application of economically sustainable models. On the basis of this, it can be said that, there is implementation of sharing economy business model, which consists of some type of online platform that links purchaser and seller. 

How does the case scenario reflect an innovative mechanism to satisfying the requirement of consumers?

Innovation can be defined as a means by which individual exploit change as an opportunity for distinct business, services, or even procedure (Wohl, 2022). Relative advantage measures the manner in which innovation has improved as compared to competing option or the earlier generation of the product (Johannessen, 2019). Probable users require feeling in manner such as their present situation has been improved by the innovation. In the given case, Donaldson has reflected the innovative mechanism in the development of ReMotion Knee by making improvement in the context of cost, good performance, consistent in supply, and some other aspects. It has been identified that, approximately thirty millions amputees residing in low income nation and 80% of them were not capable to afford a device. Such information shows that developing nations have significant requirement for drastically affordable lower limb prosthetics. Present solutions are insufficient. Such gap in market is required to be reduced and D-rev aims to advancing the ReMotion Knee a reasonable polycentric prosthetic knee. The performance of this device was on par with highly expensive polycentric knee, with cost of US $80 (Hamner et al., 2015). The primary nature of the knee is that, it is designed for injection modeling, light burden and in size as relative to earlier forms, and latest design esthetic, which improveimitators an anatomical knee cap. Therefore, it can be said that, improvement in the existing products by considering the requirements of consumers, innovative mechanism is applied by Donaldson in the development of ReMotion Knee. 

Recommendations and Conclusion

On the basis of above analysis, it has been learned that, creativity helps in identification of the incremental improvements that might extent to present goods or services into something with higher market appeal. The above analysis reflects that, by application of market driven tactics with a reasonable knee joint, D-Rev provide options to health centers to avail a price for prosthetic tool, which is inexpensive to lesser income group of people and sustainable for health centersbecause it consists of their expenses of acquiring and suitable. It can be said that, such approach would not assist towards to reach amputees who possess inadequate access of clinics and trained professionals. Therefore, it is recommended that, company should make investment in providing training of prosthetics, improvement in the infrastructure, and additional advancement in technology, by which it could reach these amputees. Other planning would be needed to expansion of access in the remote areas like distribution in indirect manner, which will permit local, autonomous suppliers to buy knees in significant quantity and sell to end health centers in direct manner. 

References

Hamner, S., Narayan, V., Rappin, N., & Donaldson, K. (2015).ReMotion Knee: Scaling of an Affordable Prosthetic Knee for Developing Countries. In Technologies for Development (Online). Retrieved from https://www.researchgate.net/publication/300720687_ReMotion_Knee_Scaling_of_an_Affordable_Prosthetic_Knee_for_Developing_Countries

TEDWomen (2013), The $80 prosthetic knee that's changing lives, (Online), Retrieved through https://www.ted.com/talks/krista_donaldson_the_80_prosthetic_knee_that_s_changing_lives#t-434865

Wohl, H. (2022). Innovation and creativity in creative industries.Sociology Compass, 16(2).https://lesa.on.worldcat.org/search/detail/9407024084?queryString=Creativity%20and%20innovation%20in%20organizations%20&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022