Hyundai Automotive: Innovation & Entrepreneurship Analysis 2017

This presentation explores the concepts of innovation and entrepreneurship within the context of Hyundai Automotive Company, a multinational corporation headquartered in South Korea. It discusses both sustaining and disruptive innovation, as well as closed and open innovation strategies, highlighting Hyundai's shift towards open innovation through investments in countries like Israel. The presentation showcases Hyundai's innovations in automotive technology, including advanced engine efficiency, driver state monitoring, LCD clusters, and smart parking assist systems. Furthermore, it examines Hyundai's entrepreneurial success, noting its position as the world’s second-largest car manufacturer and its revenue growth. The conclusion emphasizes the interconnectedness of innovation and entrepreneurship, with recommendations for Hyundai to focus on diverse customer needs, fuel efficiency, and improved service experiences. Desklib provides access to similar solved assignments and study tools for students.

Management and Business context
Term 3 2017
Melbourne campus
Topic:- Innovation and entrepreneurship on Hyundai Automotive company
Team Members (Group No 2)
Baba Sai Manohar Bendaram (12061017)
Gudimetla Ravivarma (12066606)
Sunkavalli Sriharsha(12060302)
Kabir Sharma (12061708)
UNIT COORDINATOR:- Dr Geoffrey Chapman
TUTOR/LECTURER:- DR DAVID HAMILTON

Introduction
 Innovation and entrepreneurship are closely related to each
Other. Entrepreneurship is the concept of designing, planning,
and implementing successfully a new method or a new product.
 The person who plans or designs are known as entrepreneurs.
Developing a new idea, product or method can be referred to as
innovation.
 The chosen organization is Hyundai car company. This
presentation will show the concept related to innovation and
entrepreneurship.
http://www.pngall.com/innovation-png

What is Innovation?
 Innovation is the implementation of new ideas or applications
that has been invented to meet the requirements in the existing
market (Drucker, 2014).
 It refers to both product and organizational goals.
https://www.innovation.gov.au/system/files/styles/sp2015_hero/private/ISA%20image.png?itok=yRaXS1a0

HYUNDAI
 Hyundai is a multinational company headquartered in Seoul,
South Korea founded by Chung Ju-yung in 1947 (Jovanovic,
2016).
 It has many products related to,
1.Automobile,
2.Construction,
3.Engineering,
4.Retail and Aerosapce,
5.Heavy industry.
http://thenewswheel.com/wp-content/uploads/2015/02/32963_Hyundai_Logo.jpg

HYUNDAI
 Firstly it was founded as a small construction company. The
company’s logo letter “H” means that two person are shaking
hands, one is the company’s representative and other one is the
satisfied customer (Choi et al., 2015).
 Hyundai serves people the best comfortable and luxury cars at
affordable prices with advanced technology put in it.
http://thenewswheel.com/wp-content/themes/patterns/timthumb.php?src=http://thenewswheel.com/wpcontent/uploads/2015/02/Hyundai-
logo-badge-shaking-hands-meaning.jpg&q=90&w=660&zc=1

Sustaining and Disruptive Innovation
 Sustaining innovation refers to the development of existing
product (Presbirero, Roxas & Chadee, 2017) .
 It does not produce any new products in the market rather than
focusing on the existing one, and targeting
 Consumers who are the best users of the product and making a
product better that can be sold for higher profits.Disruptive
innovation refers to the creation of new market and disturbs an
existing or established market (Christensen, Raynor &
McDonald, 2016).

Closed and Open Innovation
 Closed innovation can be defined as the process of running
own resource and development team within the company and
no external firm or team are allowed in the research process
except internal people of the organization.
 On the other hand open innovation says that the there must be
the use of internal as well as external ideas for the better
innovation (Jeong, et al., 2014).
 Firms believe that involving the external firms will help them
create an better ideas that will help them reach the market and
consumers as well. It also reduces the cost of the resource and
development of the organization.

Open & Closed Innovation of HYUNDAI
 The auto industry is focused on open innovation NOT on
closed innovation.
 Hyundai plans to invest in Israel :
– The most innovative country in the world.
– Hyundai will opening an innovation center there (Yun
&Yigitcanlar, 2017).
– center will develop Hyundai’s technology
 The company had a meeting with the chairman of Israel’s
Mobileye which has worlds best technology in camera sensor
for autonomous vehicles.

HYUNDAI Innovation & Technology
 Making smarter vehicles
Hyundai aims at developing semiconductors, information and
entertainment, the internet is the important one and control
systems (driving and safety functions) by doing research in
electronic technology (sengpiehl, 2017).
 Intelligent smarter system
This system makes the car smarter with electronics, two or more
things of mechanics, telecommunications, it also provides vehicle
to vehicle distance control, parking, side and rear alerts and all
round view, head up display (hyun & kim, 2016).

HYUNDAI Innovation & Technology
 ADVANCED ENGINE EFFICIENCY
• Hyundai provides Gasoline Direct Injection(GDI) technology
which introduce fuel into engine combustion which improves
fuel efficiency and reduces carbon emissions (Kim & Kim,
2015).
• Another innovation is Eco shift Dual clutch transmissions and
it is found in luxury cars of Hyundai.
http://www.hyundai.com.au/images/UserUploadedImages/595/I40-Performance-NU-2.0-PETROL-ENGINE-800x600.jpg

HYUNDAI Innovation & Technology
 DRIVER STATE MONITORING
It allows facial determination in engine technology to determine
the drivers state by monitoring changes in drivers eye movements
and facial muscles with infrared camera installed in the Car
(Yoon, 2016). It sounds an alarm and vibrations to the seat when
some abnormal incident takes place.
http://img.weiku.com//waterpicture/2011/11/8/14/Automobile_Security_System_Driver_Fatigue_early_warning_system__634660534950241661_5.jpg

HYUNDAI Innovation & Technology
 LCD CLUSTER
There is a large (12.3”) LCD screen with variety of information
displayed. Audio /video, navigation guide are provided for a
smooth and comfortable driving (Sangjae, 2016).
https://cdn.shopify.com/s/files/1/0366/7093/products/57-3_5bcf3898-8bd4-449c-88e1-bbff304cdbea_1024x1024.JPG?v=1426831967