Introduction to Entrepreneurship and Innovation

Running head: Introduction to Entrepreneurship and Innovation 1
Introduction to Entrepreneurship and Innovation

Introduction to Entrepreneurship and Innovation 2
Executive summary
The combination of entrepreneurship and innovation is vital for the organization. The role of
entrepreneur is to generate new ideas and make some innovation to increase their business
operations. The value proposition has been described in this report by taking new innovation in
medical and pharmaceutical industry. It is found that clinical grade wearable is an effective
innovation that helps patient of heart disease to monitor their heart rates on regular basis. The
business model canvas is proposed for this innovation.

Introduction to Entrepreneurship and Innovation 3
Content
Executive summary.........................................................................................................................2
1.0 Introduction................................................................................................................................4
2.0 Findings and Analysis................................................................................................................4
2.1 Description of Innovation......................................................................................................4
2.2 Value Proposition...................................................................................................................6
2.2.1 Market Target..................................................................................................................6
2.2.2 Competitors.........................................................................................................................7
2.3 Proposal to Enhance Value Proposition....................................................................................8
2.4 Recommendations for Future Innovation..................................................................................8
2.5 Knowledge and Capability Development..................................................................................9
2.6 Business Model........................................................................................................................10
2.7 Value Capture..........................................................................................................................12
2.7.1 Supply...................................................................................................................................12
2.7.2 Revenue Streams..................................................................................................................13
3.0 Conclusion...............................................................................................................................13

Introduction to Entrepreneurship and Innovation 4
1.0 Introduction
Innovation and entrepreneurship are two important part of the growth of the industry.
Entrepreneurial innovation is considered as the process of innovating something new that
enhance the quality of the products. The innovation in Australian Medical Technologies and
Pharmaceuticals industry will be considered in this report. Medical, pharmaceutical and
healthcare are talented sectors in Australia. Various technologies are being introduced in the
market of medical technology in Australia that assists in providing effective care to the
Australian people. Clinical-grade wearable is the new innovation in Australia Medical
Technology Industry in 2016. The discussion will be made about various aspects about the
Clinical-grade wearable in Australia. It includes the value proposition of this innovation and
target market and competitors. Knowledge and capability development is vital for this innovation
which will be described under this report. The business model canvas for the firm will be
structured. New innovations in medical and pharmaceuticals industry are able to meet the latest
trends and creating the future of Australian medical industry.
2.0 Findings and Analysis
2.1 Description of Innovation
Clinical-grade wearable is the current innovation in Medical Technology and Pharmaceutical
industry in Australia. It has been found that the wearable tech devices are accepted by people all
over the world, and perhaps this would become apparent in the medical industry. It is the new
innovation in Australia that is easy to wear due to its sophisticated sensors and advanced
analytical (MedTech, 2017). Wearables are finding meaningful clinical applications such as there