W11: Innovation and entrepreneurship across countries

Question 1

Definition Business Ecosystem

Answer 1

First note: A company should not be viewed as a member of a single industry but as part of a business ecosystem

A community of organizations, institutions, and individuals that impact the enterprise and the enterprise’s customers and suppliers

> 2 more definitions

Question 2

Market-based ecosystem

Answer 2

A market-based ecosystem is a framework that allows private sector and social actors (often different motivations) to act together and create wealth in a symbiotic relationship

> components: large firms, MNC, small and medium enterprises, micro-enterprises, NGO, cooperatives

Question 3

Entrepreneurial Ecosystem

Answer 3

Successes and failures of entrepreneurial ventures to large extent are determined by their ability to access necessary resources.

Institutions and organizations around entrepreneurs can facilitate or inhibit access to resources crucial for new venture development

Question 4

Pillars that support the entrepreneurial ecosystem

Answer 4

> accessible markets
> Human Capital
> Funding & Finance
> Support systems
> Government & regulatory framework
> Education
> Major universities are catalysts
> Cultural support

Question 5

Born global companies

Answer 5

The way how globalization affects business models of newly founded companies.

Often in emerging markets (see economic pyramid)

Question 6

How to serve Bottom of Pyramid (BOP) markets

Answer 6

> Products should account for limitations associated with low skills and poor infrastructure
Educate customers how to use the product
products should Maintain functionality in extreme conditions
Convience of user interface
Less-Is-More-Innovations

Question 7

Closed vs. open innovation model

Answer 7

See Framework + China vs US