Innovative Ideas and Technologies Sample for Students -Myassignment

Question: Discuss about the Innovation and Entrepreneurship. Answer: Introduction UBER, Origin and Development UBER is a global tech and transport giant that deals in transport service provision through a smart phone App. Since its conception UBER has developed into a very significant household name and against all odds, has successfully grown to become a revolutionary tech and transport giant. Before the introduction of UBER and UBER App, commuters literally had to hail taxis from the roadside. This was based mostly on chance; the chance that a tax might pass by within a convenient time. The taxis, however, were not always available and this was very inconveniencing therefore most taxi users were forced to book taxis in advance. UBER then, recognizing this gap developed free software platform usable on smartphones that conveniently connected the rider and the driver at any one given time the service is needed. The app enables users to request rides at their own convenience. UBER App Platform This mobile platform is a revolutionary innovation that incorporates GPS system that has contributed significantly towards convenience creation. The rider is given the convenience of requesting for a ride from where he or she is and the driver through the GPS guided system locate and pick up the customer or rider. UBER App Platform significance UBER not only made the experience affordable but also standardized the service delivery and set a benchmark for all other taxi service providers. The system is secure since the modes of payments are purely cashless therefore creating security for all its clients. UBER has managed to overcome all odds and established itself as the major market holder through entrepreneurship and innovation. In order to continually advance and enhance business practice, UBER has developed an innovative and entrepreneurial approach to the way it carries out business. UBBER and Innovation Innovation introduction According to Decker, innovation is a critical tool or instrument that is use by entrepreneurs to generate opportunities from change. Decker argues that systematic entrepreneurship must incorporate purposeful and well-planned quest for change as well as through analysis of all possible opportunities that such a change might generate. Innovation is not process driven rather it is mostly socially driven (Dougherty, 2016). Innovation application The pursuit of innovation requires more than just action-oriented strategies (Roy, 2011). UBER has basically thrived through continued disruptive innovation. According to(Carr, 2011), disruptive innovation actually involves preexisting ideas or opportunities and adding fresh ideas with a more simplified touch or approach in order to outdoor completely edge out the competition (Lhuillery, 2014). UBER did not invent the taxi transport system in fact, before the inception of UBER and the UBER App, there were other numerous companies providing the taxi services. The massive success of UBER has even resulted in the rises of more companies that now provides almost similar services as UBER and are fiercely competing for the share of the lucrative taxi market. Uber acknowledges the complex dynamisms within the market and in order to continuously enhance its business practice, therefore, UBER has relied heavily on innovation. Innovation significance and business practice enhancement UBER uses innovation as a means of enhancing daily business practice. This has been through open, closed as well as disruptive innovation. For example, UBER has currently come up with the idea of UBER self-driving cars. This is a completely new innovative idea that according to UBER will revolutionize and enhance its service delivery even further. This new idea when successfully implemented will once again push UBER to the edge above all other taxi companies that are currently competing with UBER in offering the same service. Preliminary test results have revealed that the self driving cars are more efficient, reliable and safer as compared to human-driven cars. Despite the promising results, UBER faces the challenges such as the ongoing debate on the ability of the computerized self-driving cars to make very informed decision when it comes to specific contextualized situations like accidents when they occur or rather if the cars will be inclined to stick to programmed protocols even if the later will result in dire consequences for the occupant(s). This, therefore, necessitates that UBER must seek and develop more innovative ideas that will be even more acceptable and appealing to the majority of its clients. Taxi owners and drivers as well are not so thrilled with the idea of self-driving cars since this only spells doom for their businesses. Innovation and Technology UBER has enhanced its business practice through innovation by embracing technology as a pivotal point around which its progress and operations have been based. The development of the UBER up marked the peak of innovation application in business practice by UBER. This was made possible by the latest advancements in technology including the invention of the real-time GPS system. It is imperative to acknowledge that innovation cannot be planned but rather mostly result from supposed accidental trials (Cheng, Chen, 2013). It is through innovation that UBER will be able to continue sustaining its profitability and expanding its market share globally. Business practice enhancement through innovation, therefore, happens at three levels i.e., through revolution, renewal, and resilience. Revolution results in the creation and implementation of change in the fundamental dynamics of the transport industry, renewal, on the other hand, is necessary for active rethinking and reshaping of the alre ady established market models in order to maintain relevance and resilience fosters continuous reconstruction in order to come up with new viable ideas and products that will appeal to the less satisfied customers (Jimnez, 2012) UBER practices open encourages both open and closed innovation through commercialization of internal and external ideas through other channels that are outside and different from the UBER business scope. Throughthis, UBER generates more value addition to its services. By associating problems with questions and ideas from both related and unrelated fields; UBER has been able to market itself beyond regional borders. This has been through the adoption of external research and design operations e.g. Facebook, twitter, WhatsApp, Snap chart among several others (KOVEOS, 2016). Through this approach, UBER has been able to generate and received immediate feedback from satisfied and dissatisfied customers through the feedbacks from the app users at the end of every ride. Both the customer and the driver have a way to rate the overall quality of service and the quality of cooperation respectively. This feedback is significant in improving services as well as future product development and mar ket analysis. Innovation, therefore, is very key in enhancing business practice. Entrepreneurship Entrepreneurship introduction The simplest definition of entrepreneurship would be, the act of risk-taking with thepromise of a probable greater reward. It can besimply defined as the process of assuming the risks and starting your own business. According to Drucker, 2015, an entrepreneur is an individual who recognize change and actively exploits that change for maximum possible gains. This exploitation, however, must be based on purposeful information and not just by simply deciding to create change in order to exploit. Risk Taking in the Context of UBBER The fact remains before UBER, there was a taxi industry that was functioning; just not in the massive scales that UBER has achieved. What UBER did was create a standardized and branded transportation serviceproduct with additional technological feel to it hence effectively responding to the demand for faster and reliable transport system. This ideology to date is still considered as an entrepreneurial instinct at its absolute best. Being Entrepreneurial therefore requires great levels of risk taking capacity and must be approached and managed systematically in order to realize the set goals, focus and plans. UBER is currently assuming the risk of massive losses by developing a strategy for the creation, running, and implementation of the self-driving cars. This is a great gamble far from the normal taxi operation norms and if it fails to elicit the desired market response and embrace, UBER stands to lose fortunes. However, this great risk promises even greater rewards should it be su ccessful. With self-driving cars, UBER will cut down significantly on the cost of operations by eliminating the intermediaries like drivers and other car owners who use the app at a fee (Bookstaber, Foley, Tivnan, 2015).Through entrepreneurial spirit, UBER has opted for a slow but steady approach to the development and implementation of new Ideas and improved old Ideas. Conclusion In order to keep giving its clients a safe, comfortable, convenient and economical journey UBER has to keep developing and implementing new viable innovative ideas and technologies. This will significantly contribute to the increase in its customer base globally. The motto of UBER is to attract its clients through quality and therefore in order to keep up with the companys vision of creating an inexpensive and effective mode of transportation in this modern world, UBER must keep responding to the continuous dynamic changes in references in the service provision industry and through innovation and invention, come up with ways to bridge the emerging gaps (Rusk, Poncini, McGowan, 2011). Even though the companys spectrum of management styles and work culture has significantly contributed to UBERs success story; itis the utilization of technology, innovation and entrepreneurial adaptation that will ensure UBERs continued prosperity. The UBER has created for itself a global name and good will in such a short span of time making it rank amongst the top ranked companies in the taxi service industry and technology industry. Other competitors although significant, may not be able to keep up with UBERs rate of growth and expansion globally (Lhuillery, 2014). References Bookstaber, R., Foley, M., Tivnan, B. (2015). Toward an understanding of market resilience: market liquidity and heterogeneity in the investor decision cycle.Journal Of Economic Interaction And Coordination,11(2), 205-227. https://dx.doi.org/10.1007/s11403-015-0162-8 Carr, J. (2011). Innovation and Entrepreneurship.The International Journal Of Entrepreneurship And Innovation,12(4), 316-317. https://dx.doi.org/10.5367/ijei.2011.0056 Chaston, I. (2017).Technological entrepreneurship(1st ed.). Cham, Switzerland: Palgrave Macmillan. Cheng, C., Chen, J. (2013). Breakthrough innovation: the roles of dynamic innovation capabilities and open innovation activities.Journal Of Business Industrial Marketing,28(5), 444-454. https://dx.doi.org/10.1108/08858621311330281 Dougherty, D. (2016). 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