Innovation and Entrepreneurship in UK

This assignment examines the crucial role of innovation and entrepreneurship in shaping the UK's economic landscape. It delves into various forms of capital (financial, strategic, and human) that fuel innovation and highlights successful government initiatives like 'Start-up Britain' and the National Innovation Agency (NIA). The text analyzes how these factors contribute to real-world advancements and improve the lives of people in the United Kingdom.

Innovation and Entrepreneurship
in Healthcare

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Evaluation of characteristics of Dr. Thom.............................................................................1
TASK 2............................................................................................................................................3
Evaluation of Entrepreneurship in relation to Dr. Thom........................................................3
TASK 3............................................................................................................................................6
Government initiatives encourage innovation in UK.............................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is a process of introducing new products or finding alternate uses of existing
ones. It is one crucial factor which is driving force of an organisation. Innovation element in
organisation is vital if company wishes to survive in the market in a profitable manner. Whereas,
entrepreneurs are the one who are responsible for bringing innovation to the market and achieve
financial gains from the same (Adams, 2015). This assignment focuses on Dr. Thom. It is a
mobile application designed to provide medical assistance to people. This application can be
used for the purpose of consultation by people, supported by the London based doctors. This
report focuses on evaluation of characteristics and entrepreneurship related to this online
platform. Role of innovation in introducing the product to the market will be understood. The
various initiatives by government to support innovation and entrepreneurship will be analysed as
well.
TASK 1
Evaluation of characteristics of Dr. Thom
Innovation can be defined as cage in the process and product which fulfils the needs of
prospects in a ideal manner. The realisation of idea at economical prices gives rise to innovation
in an organisation.
John Bessant and Joe Tidd developed 4P's of innovation. It is an analytical tool which
emphases on classification of the innovation (Tidd and Bessant, 2014). The four major
categories:
 Product Innovation: Innovation in terms of product is creation of new product or finding
alternate uses of existing ones.
 Process Innovation: Every product or service is an output of the process involved. The
change in the way it is delivered to customer is called as process innovation.
 Positioning Innovation: Positioning is defined to positioning of products and services at
a particular space in the mind of individual.
 Paradigm Innovation: this is another most crucial type of innovation in which the mental
models towards the product and services are changed.
Dr Thom is an part of paradigm innovation as it has changed the perception to a
substantial level on the way people used to consult doctors.
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Dr. Thom is a part of social innovation. It is an realisation of idea which help in fulfilling
the social needs of people in a cost effective and qualitative manner. It is an innovation formed to
help people in living a better life through company's products and services. The products is to be
launched into the market in United Kingdom.
This mobile application can be taken as 'Radical innovation'. It is going to disrupt the
way in which people consult doctors in the target market. When launched, this activity will carry
a significant impact on economic activities in the market. The reason of it being is disruptive
innovation is because this idea is backed by the technological advancements in the country.
The major characteristics of this social innovation are:
1. Competitive Advantage: The advantage of this innovation is to be defined in context of
people. This is one of the first characteristics of innovation which focuses on ease or
improvements that it bring into the life of prospects (Franz and Howaldt, 2012). The major
advantages of innovation to people are:
 Better service
 Enhanced interface
 Reduction in efforts
 Better results
Innovation should invite one of the above mentioned features along so that prospects
should incorporate into their lives. The differentiation of innovation is to be done to make
people aware about its functionality and operations.
Dr. Thom is a revolution in the domain of consultation to doctors or fulfilling the medical
needs of people. The selection of ideas by healthcare care network depicts potential changes that
it can incorporate in the lives of people. It provides secure environment to consult without any
hesitation. The data security features are USP of this innovation.
Compatibility: It is another vital characteristic of Innovation. It takes into account the
suitability or relationship of innovation with prospects. Innovation should suit the lifestyle of
people and they should be willing to adopt the change rapidly.
Dr. Thom fulfils the compatibility needs of people as well. The application supplies
medical assistance in an easy, affordable and qualitative manner.
Complexity vs Simplicity: It focuses on the level of difficulty while switching to
innovation. The efforts put in learn and use innovation is to be defined which determines the
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success and failure of business. Complex innovation are difficult to adopt and may result in the
failure of innovation. Simple innovation are easy to adopt and therefore, design team should
focus on development of innovation which removes the complexities and are easier to operate.
Dr. Thom is known for its simplicity. Application aims to make the lifestyle of its users
simple and easy. This innovation should be adaptable and can be maintained into the lifestyle of
prospects. The prospects are reluctant to talk about certain problems such as erectile dysfunction
and sexually transmitted diseases.
Trialability: It refers to define the ease in running trial of the innovation. The designers
should pay special emphasis on developing innovation that is easy to use and carries a user
friendly interface
Dr. Thom is carry an easy interface. The prospects just need to provide their email id
sign up for the application and choose the type of services they are looking from general
medicine, Sex related consultation and that's it.
Observability: The innovation adopted should clearly depict benefits of same in t lives of
people. An innovation is formulated to provide more benefits with the same services.
The observability of using Dr. Thom is high. Prospects can easily identify the benefits it
is proving in their lives. The doctors from London from various specialisation are reliable . It is
convenient to use at home and saves the trouble of travelling to nearby doctor who may or may
not deliver quality services.
TASK 2
Evaluation of Entrepreneurship in relation to Dr. Thom
Entrepreneurship is defined to design and launch new product to the market which fulfils
the needs of people in an convenient manner in return for a financial gain (Goodale and et. al,
2011). Market is defined as a group of prospects which are to be targeted with the products and
services. The justification of same is that ageing population of United Kingdom and decrease in
mobility of such people can avail the facility of consulting over the online platforms. The main
reason for division of entrepreneurial ventures is lack of universal applicability of the same.
Entrepreneurship can be categorised into four major factors i.e.
Small business entrepreneurship
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This is the first and most common type of entrepreneurship. This types most includes
individuals who are willing to take risks to make some profits. 99% of the businesses in the
United Kingdom comprises of SME out of 5.5 million private sector businesses. The 60% of the
total population of UK is employed in such enterprises. The leading examples of the same is
carpenters, hairdressers and electricians. The focus on gathering enough finances which ensures
survival of people. (Lee, Lee and Schniederjans, 2011).
Scalable start-up entrepreneurship
The scaleable start-ups are what started by entrepreneur or venture capitalist. The
operations are carried on a large scale with a view to change the world.. London and south east
are two major attraction in United Kingdom to start a business. Dr. Thom can be launched with
the help of various venture capitalist to launch a business at a scale. This is comparatively easy
as it fulfils the financial requirement of the company along with achievement of economies of
scale.
Large company entrepreneurship
These refers to the entrepreneurial ventures are carried out in large organisation (Letaifa
and Rabeau, 2013). Business environment is not stagnant and changes are regular. So in order to
keep pace with the environment a business have to innovate. The innovative products are
developed with the help of Market research and R&D. It is difficult to innovate in big companies
due to the complexities of culture and execution. The national health services grant aid to small
business enterprises to incorporate innovation in the healthcare system.
Social entrepreneurship
It is the entrepreneurial venture which focuses on creation of products which help people
in having a better life by fulfilling social needs of prospects. These ventures are started with a
purpose to make world a better place to live. The garnering of profits is not paid with much
attention. Dr. Thom can be considered a business with a purpose of fulfilling the medical needs
of the people so that they can have a better life (Osborne and Brown, 2013). Healthcare network
is an association of people who select the best idea which carries potential to fulfil the demand of
people in cost effective and qualitative manner.
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(Source: What is Social innovation?. 2015)
Encouragement and support is necessary as innvation carry a higher risk factor and a
higher failure rate. NESTA- Young Foundation is one such incubators who equip entrepreneur
with a platform to begin its operations in the market. The level of intelligence existing in the
society can be channelised to improve the society by overcoming the acute problems and issues
(Prabhu and Jain, 2015).
Innovation is vital in the economy of a country. Bessant and Tidd have launched a
process to introduce innovation to the market. The introduction process is divided into five major
steps which are:
1. Recognising opportunity: The realisation of opportunity is important to understand what
fulfils the needs and expectations of people in a proper manner.
2. Finding resources: An entrepreneur have to find products which fulfil requirement of
people in a better and ideal manner.
3. Developing a venture: this step focuses development of business plan and
communication to external environment so that potential of venture the can be assessed.
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Illustration 1: What is Social innovation?

4. Creating value: Entrepreneur at the end have to create and extract value from the
innovation which is to be introduced in the market.
The diffusion is related to innovation which focuses on examining rate at which idea
spread in the market. The diffusion process is divided into four major categories as it not adopted
by all people at the same time.
 Knowledge: the first step focuses on exposure of the individual about the idea and carry
less information about the same.
 Persuasion: the individual carries an interest in the idea and wishes to pursue the same.
 Decision: the Individual critically examines the idea and makes the decision whether to
go for it or to drop the idea.
 Implementation: the identification of further information about the idea and determines
its usefulness in the target market.
 Confirmation: the decision whether to go for it or not is confirmed by an individual.
TASK 3
Government initiatives encourage innovation in UK
There have been variety of government initiatives launched by the government which
promote innovation and support the execution of the same. It is vital in turning potential ideas
into reality. The social innovation is a significant areas of discussion in the contemporary times
and government have developed some programs through which it promotes and supports
innovation in the United Kingdom.
Start-up Britain
This is a leading campaign started by entrepreneurs in Europe. The activities are aimed to
promote entrepreneurship in the United Kingdom. This start-up have garnered support from
entrepreneurs think tank and NatWest. This start-up program provides various opportunities to
garner resources and take part in entrepreneurship programs which help broadening the horizon
of new age risk takers. The funding is provided to these start-ups through donations and
consolidated funds. The government recognises this effort as “entrepreneur led” recovery.
Small business Research Initiative: This is one of first and crucial programme which
promotes social innovation in UK. This initiative fulfils provides grants to the people who have
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potential ideas that solves NHS identified queries and problems. This initiative have shown
significant results in terms of encouraging and exploration of innovation programs.
Dr. Thom is one such breakthrough in the field of innovation. The involvement of
digitalisation of field of medical care have resulted in wider reach of medical care and that too at
budget prices (Salunke, Weerawardena and McColl-Kennedy, 2013.).
NHS Innovation Accelerator (NIA)
It is another initiative by National healthcare services which aims to support innovation
in field of medical care. The breakthrough in field of social is support financially. This help the
innovators to promote their ideas and get adopted rapidly. The practical support provided by NIA
help in realisation of ideas. Dr. Thom can get accessed by the NIA program which ensures its
delivery to people in the United Kingdom.
Start-up Loans
The loans are granted to entrepreneurs as a support them in establishing the business. The
loans are provided mostly by British banks to provided start-up finance. The average loan size in
this scheme is 6000 euros. This amount can be really helpful when an entrepreneur aims to
deliver its products and services to the prospect. The amount in this case can be used to develop
a application which really serves its purpose and should carry all the characteristic of innovation.
Community development Finance Institutions (CDFI)
This initiative started by the government to encourage the activities done for the welfare
of the people. Dr. Thom is eligible for this initiative as well. The average age in United Kingdom
is above 40. there for it is helpful for the ageing population to avail medical services over the
online platforms (The Characteristics of Innovation. 2015). The mobility of people in the old age
reduces. Dr. Thom helps such people to have access to medical care and consultancy with just
one click. The loans granted to micro businesses ranges from 7,250 euros to 50,000 euros. This
initiative comes to rescue when loans is not granted by any of the financial institutions. This can
help an entrepreneur in delivering its ideas to the market.
At the end it is evident that Dr. Thom is a breakthrough in the field of medicine it can
provide medical care to people in the times of need and carry the facility of discuss problems
which can not be discussed otherwise. The security features ensures that there is no leakage of
personal data and have the right to secrecy. With the help of various initiatives of the
government it can be delivered to the people of United Kingdom for their betterment.
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Cultural Capital
Cultural capital takes into consideration the values, norms, knowledge. The knowledge
about the idea and organisational support is determined. The Healthcare network is providing
cultural capital to the firm. The support help in formulating network and increasing size and
scope of an organisation.
Strategic Capital
This capital undertakes ideas and plans to realise the same. The coach and mentor can
provide strategic capital who carries a certain amount of experience and knowledge of the
market. The Healthcare network provides strategic capital to entrepreneur who have strong and
potential ideas which fulfil the needs of people.
CONCLUSION
It can be concluded from the above report that innovation is essential in the market. The
companies adopt various innovative measures to sustain the market for longer duration of time. It
can help identify ways and approaches to overcome the existing queries and problems.
Innovation is backed by entrepreneurs who take the risk of delivering the same to the market for
financial gains. Diffusion is the technique which help in determining the pace at which an
innovation spreads in the market. The main characteristics of innovations are observablity,
trialability, simplicity and competitive advantage. These factors are crucial to make innovation a
success. Social innovation is significant in contemporary circumstances. It helps in overcoming
of social problems and fulfil the social needs of people through creative products and services.
There are a variety of capital which are essential such as cultural capital, strategic capital and
economic capital which help in prompting innovation in the real life circumstances. The
government have realised its importance and have developed various initiative such as start-up
Britain, NIA and other financial aids that help in delivering the innovation to people of United
Kingdom.
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REFERENCES
Books and Journal
Adams, A. J., 2015. Toward permissionless innovation in health care. Journal of the American
Pharmacists Association. 55(4), pp.359-363.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2), pp.89-98.
Franz, H. W., Hochgerner, J. and Howaldt, J. eds., 2012. Challenge social innovation: potentials
for business, social entrepreneurship, welfare and civil society. Springer Science &
Business Media.
Goodale, J. C. and et. al, 2011. Operations management and corporate entrepreneurship: The
moderating effect of operations control on the antecedents of corporate entrepreneurial
activity in relation to innovation performance. Journal of operations management.
29(1), pp.116-127.
Lee, S. M., Lee, D. and Schniederjans, M. J., 2011. Supply chain innovation and organizational
performance in the healthcare industry. International Journal of Operations &
Production Management. 31(11), pp.1193-1214.
Letaifa, S. B. and Rabeau, Y., 2013. Too close to collaborate? How geographic proximity could
impede entrepreneurship and innovation. Journal of Business Research. 66(10),
pp.2071-2078.
Osborne, S. P. and Brown, L. eds., 2013. Handbook of innovation in public services. Edward
Elgar Publishing.
Prabhu, J. and Jain, S., 2015. Innovation and entrepreneurship in India: Understanding jugaad.
Asia Pacific Journal of Management. 32(4), pp.843-868.
Salunke, S., Weerawardena, J. and McColl-Kennedy, J. R., 2013. Competing through service
innovation: The role of bricolage and entrepreneurship in project-oriented firms.
Journal of Business Research. 66(8), pp.1085-1097.
Tidd, J. and Bessant, J., 2014. Strategic innovation management. John Wiley & Sons.
Online
The Characteristics of Innovation. 2015. [Online]. Available through:
<https://www.fullestop.com/blog/characteristics-innovation/>. [Accessed on: 1st
November, 2017].
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