|Unit Code||Name of unit|
|ENT101||Introduction to Entrepreneurship and Innovation|
|This unit introduces students to the important role that innovation plays in society and the economy, along with the key principles underpinning the entrepreneurial deployment and commercial application of innovation. Establishing the foundation for the rest of the course, students will develop an understanding of the entrepreneurial mindset and entrepreneurial processes required for the conduct of entrepreneurial practice for both small business and large organisations. Topics include an introduction to planning, financing, team building, intellectual property issues, and the staged commercialisation process, as the primary activities of the entrepreneurial lifecycle process. Hence, this introductory unit establishes the key shifts in thinking necessary for entrepreneurial development and the deployment of innovation, which is|
the core capability developed throughout the course.
Assessment 1: Written Response (Individual) 30%
Entrepreneurship and innovation provide modern solutions to existing business problems including societal issues. Alongside thorough understanding of innovation to serve business and the social good, it is crucial to explore the qualities that make any entrepreneurial venture thrive. In this first assessment, we aim to explore the qualities that make successful entrepreneurial team members and executives, and the application of existing models for technological innovation.
Students are required to prepare TWO (2) written responses which contain applications (examples) of key aspects of the theory/frameworks/concepts taught in the unit. They are to be on concepts covered in the first few workshops and the analysis presented and argued in the readings. Each written response carries the same mark of 15 (equivalent to 15% of the total grade).
The purpose of the written response is to provide background information about the topic, your understanding of the topic with relevant examples and demonstration of research and critical thinking. Refer to marking rubric 1 for further detail.
The response would seek to answer the following specific question: Is the Rogers innovation adoption model relevant to all types of technological development in business? Your arguments should be evidence based.
INTRODUCTION TO ENTREPRENEURSHIP AND INNOVATION
Rogers has mentioned the fact on the rate of adoption that the relative speed of adopting the innovation is associated with the understanding of the acceptance speed of the technological adoption that have been adopted in the social system. For technological innovation in business ii tie essential to ensure the fact that the technology must be adopted from the end of all employees and operating organizations (Atkin et al., 2017).
Content with Evidence
Considering the real world application, it has been found that the suggested model of Diffusions of Innovation from the end of Rogers has supported the technological adoption in the organization. Through the elements of the model, proper discussion and understanding of innovation and the associated channel of communication to adopt the technological development can be understood. The innovation graph based on the model can reflect the nature of technological applications (Lai, 2017).
Figure 1: Rogers Diffusion Graph
(Source: Lai, 2017)
The above graph has recorded the percentile of the technology adopters in some given business scenario. As per the research work of Lai, (2017) it has been found that the implementation of the information technology in business environment has been possible with this diffusion of innovation model. The major stages that have helped in the process to adopt the technology are understanding, persuasion, decision, implementation, and confirmation. Communication is the process that helps in the process to confirm the adoption of technology towards all the employees and management of the organization (Tarhini et al., 2015). The following process in the diagram is responsible for it-
Figure 2: Structure of the Rogers Model of adoption and associated reason
(Source: Lai, 2017)
Decision is important in this regard, as it decides on adoption and rejection of the technology. The research work of Bhattacharya, (2015) has reflected the adoption of RFID in the retail industry with the use of Rogers’s stage model. The RFID technological adoption in the organization has helped in the following manner-
Technological advancements in the business are essential to adopt so that the interactions with the employees and consumers can be performed. Focusing on the Rogers Model it has been found that for any technologies it is effective for the business operations. Technologies such as Business Management Applications, Email and Office Applications, Consumer Self-Service, Web Conferencing, Consumer Feedback and Integration Applications can be fit in the Rogers model to facilitate and explain the technological adoption model (Atkin et al., 2017).
Therefore, it is evident from the above findings that the Rogers model is efficient for the explanation of the technologies. The segments that have been identified in the model are able to represent the mode of technology adoption. However, the study related to the model has not been explored much but it has provided important information for technology diffusion studies. The gap related to understand the technological adoption could be understood properly with the development of RFID in the retail section (as highlighted in the above section).