Difference Between Innovation and Entrepreneurship

Contents
INTRODUCTION........................................................................................................... 2
CUSTOMER VALUE PROPOSITION CANVAS.................................................................5
‘LEAN’ BUSINESS MODEL CANVAS..............................................................................7
Key Partners............................................................................................................ 8
Key Activities........................................................................................................... 8
Value Propositions................................................................................................... 8
Customer Relationships........................................................................................... 9
Customer Segments................................................................................................ 9
Key Resources......................................................................................................... 9
Channels................................................................................................................. 9
Cost Structure......................................................................................................... 9
Revenue Streams.................................................................................................. 10
CEO LEVEL SPECIALIST CONTRIBUTION.................................................................10
Financial & Financing Plan..................................................................................... 11
SUMMARY................................................................................................................. 13
REFERENCES............................................................................................................ 14
INTRODUCTION
Innovation and entrepreneurship go hand in hand when it comes to establishing a successful
venture. These two are essential and works as pillar for enterprises (Difference Between
Innovation and Entrepreneurship | Compare the Difference Between Similar Terms, 2020).

Innovation involves introducing novelties like new products, commodities, services and other
essential stuffs which help in making the lives easier for the society members (Greenwald, 2020).
Innovation is not simply an idea but ability to take it to market and capitalize it. Innovation also
helps exiting industries to keep on growing or renew it with better products, more efficient
process and enhanced business models.
Sometimes innovation and entrepreneurship are interchangeably used although they are distinct
from each other. It gets tricky to pinpoint the exact differences (Key Difference – Innovation vs
Entrepreneurship – The Entrepreneur Africa Magazine, 2020).
The idea of our Lean Business Start up Development of the new venture is “Taxi Scanner Ltd.”
which will run its operations in London city. Our business model is based on helping people plan
their commute when they want, where they want, and exactly how they want to do it.
The number of websites and apps offering comparative pricing for commuting consumers has
grown hand in hand with advances in technology, enabling a rapid response to enquiries that
were once calculated manually by teams of cab services. Taxi scanner, will provide an easy way
to compare prices across different cab apps when booking a taxi.
It will combine proprietary search technology with content sourced from a comprehensive
supplier base of cab services and online travel agents (OTAs) to create a technology platform
that allows users to find and compare commute options quickly and accurately.
Our prime target is to make it a global enterprise with a foothold in the European market.
Initially, our company will rely primarily on word-of-mouth marketing. We will pursue a
conservative expansion strategy that accepts slower growth in the early years, but also enable us
to maintain control and ownership while building a solid foundation for the firm’s unique
product offering. Once Taxi scanner has established itself in the European market, it will look to
expand into Asia.
In coming years, Taxi scanner will open an office in Singapore, which will serve as a sales and
marketing hub for the region. It will gradually become a full-fledged service office with
engineering and technology development capabilities. However, the initiative will not be without
its challenges.

By far and away our revenue will come mainly from commission - from people actually finding
a deal, booking it and then our provider paying Taxi scanner commission. We are very confident
of that – it will be a key metric for us because it will prove that we are actually useful and will tie
our revenue to our mission. After all, Taxi scanner idea is born from frustration about trying to
find cabs for commute.
In addition we will have a growing business to business (B2B) offering where we will make our
API’s available to other companies to use on their own sites. That will generate more and more
revenue each month (Greenberg, 2020).
Finally we will make some money from adverts on the site which helps lessen the impact from
people using us to browse only (5 Ways To Generate Income From Mobile Apps · TechMagz,
2020).
This report is written from the perspective of the CEO (Chief Executive Officer) of the company.
A CEO is the highest ranking officer of the company whose main motives include (but not
limited to) making major corporate decisions, managing the overall operations and resources of
the company and other things. A CEO is the communication bridge between the board of
directors and corporate operations (CEO - Understanding the Roles and Responsibilities of a
CEO, 2020). CEO is also the face of the company and is elected by the Board of Directors and
its shareholders. One fine example is Mark Zuckerberg, CEO of Facebook who is also a
household name today (Biography.com, 2020).
In the first year of our business the revenue should be at the rate of 15%. The estimated profit is
around 5.6 million GBP. This will further rise to £ 48 million and £ 216 million in the following
years. Estimated users for the first year are 50,000 people whereas this figure should
significantly rise to 400,000 and 1.6 million in the second and third year respectively. Sales
figure for first year is 500,000 and this will be around 4 million in the second year and 16 million
in the third year. Please find calculations under Business Plan Budget and Financials.
In the upcoming segment topics discussed are customer value proposition canvas, “Lean”
Business Model Canvas, CEO level specialist contribution, Financing and Financial Plan which
will give a detailed idea of the business plan for our company Taxi Scanner Ltd.

CUSTOMER VALUE PROPOSITION CANVAS
Value proposition should always be the primary factor of any business (How to really understand
your customer with the Value Proposition Canvas - Design a better business, 2020). It shows
how much an organization focuses on values which in return builds the goodwill in near future.
Focusing on providing better services to customer sharpens the way an organization runs. Putting
it in simple words, we are giving customers a reason to choose one service over another. The
Value Proposition Canvas can be explained as an aid which helps a business determine whether
the new product or services offered to a customer has intentions to benefit the customer. It shows
the relation of customer and the product launch. The interaction is of Value proposition map
(product or service) and Customer Profile Map (the customer). This method is highly helpful
when a new product or service is being brought for the first time (The Elements of a Value Map,
2020).
First of all the product is discussed in the given VPC which discusses about how it will gain
creators, about the product/ service and the pain killers we have thought of. Then we discuss
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