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Introduction to Entrepreneurship | Study

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Added on  2020-05-04

Introduction to Entrepreneurship | Study

   Added on 2020-05-04

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Running head: ENTREPRENEURSHIPEntrepreneurshipName of the studentName of the universityAuthor note
Introduction to Entrepreneurship | Study_1
1ENTREPRENEURSHIPIntroduction In the current business scenario, innovation is one of the key and most effective ways tosucceed in the market for the contemporary business organizations. Thus, majority of thecontemporary business organizations are opting for enhancing their generation of innovativeideas. However, various business organizations especially the startups may not able to afford thecost involved in research and development required for generating innovation. Thus, in his case,they can opt for open innovation. Open innovation refers to the business concept where thebusiness organization will have the access to the outside or external innovations to improve theirproducts or service. Thus, it is the process of sharing of internal and external ideas to generateinnovation. This concept is being penned by Henry Chesbrough. Advantages for open innovation One of the key advantages for open innovation is the reduction in cost. Businessorganizations especially the startups will find it difficult to invest huge amount in research anddevelopment. Thus, initiation of the open innovation will help them to have the access from theexternal source without being incurred cost for the internal research and development. Thus, thedevelopmental cost for the particular product will get reduced. Another benefit for openinnovation is gaining of competitive advantages. As discussed earlier, in the current businessstate of affairs, innovation is the key source to gain competitive advantages in the market. Thus,with the help of the open innovation, business organizations can have innovative products andservices to offer in the market, which will help them to gain competitive advantages. For instance, Samsung got the huge market share in the global Smartphone market due tothe operating system being gained from Google. This is due to the reason that, with the help of
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