Entrepreneurship and Innovation for Engineers Report 2022

Entrepreneurship and Innovation for Engineers
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Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Research informed Literature.................................................................................................2
Knowledge and Analysis of Innovative Process....................................................................2
Practical Application..............................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8
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Introduction
In this report innovation is the main theme which has been discussed through the case study
of Hydro Industries in UK who have created a revolutionary journey through their different
thinking and creative solutions to treat waste water which has largely benefitted society from
their innovation and entrepreneurship. A discussion is presented to find out ways through
which such innovation approaches have been encouraged in Hydro Industries as well as
characteristics of firm has been assessed that supports innovation process. Further activities
have been suggested that can enable innovative environment for future.
Discussion
Research informed Literature
As globalisation has increased the pace of change, bringing in more intense competition from
more regions that often gives surprises and shocks, so during this intensely competitive
global economic environment, companies that think differently typically enjoys the high
premium of innovation that is based on human creativity, motivation and collaboration.
Companies that proactively perceive and react upon opportunities for change through
innovation and entrepreneurship during largely volatile business surroundings not only
sustain but also successfully prosper in toughest of the economic circumstances (Frishammar,
et al. 2019). Such firms utilise innovation as technological and tactical instrument to develop
agile innovation culture and efficacious business process. By thinking differently to promote
innovation these firms often take bold measures that enables them to attain key business
outputs like enhancing ROI for shareholders, efficacious attainment of business growth
objectives, rise of productivity and profits, effective response to industry disrupter and rise in
market share and prompt response to external challenges through developing human capital
as well as technological resources to do things differently (Goffin, et al. 2019).
Knowledge and Analysis of Innovative Process
As today innovation is everywhere due to exciting new technologies and business models, so
the idea of thinking differently can be embraced by the following ways:
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