Innovation and Entrepreneurship: Elysium Restaurant Business Analysis

This report delves into the concepts of innovation and entrepreneurship, specifically within the context of the restaurant business, using a hypothetical restaurant named "Elysium" in Australia as a case study. It explores various levels of innovation, from individual creativity to societal and governmental influences, and suggests strategies for integrating innovation, such as implementing an enterprise resource planning system, leveraging social media, and developing business models. The report also addresses the importance of sustainability in innovation, examining models like the triple, quadruple, and quintuple helix, and highlights potential challenges and failures in the industry. It emphasizes the significance of customer service, resource management, and adapting to market trends, concluding with the key role of open-mindedness and adaptability in fostering entrepreneurship and achieving long-term success in the competitive restaurant sector. The report references several academic sources to support its claims.

Running head: INNOVATION AND ENTREPRENEURSHIP
Innovation and Entrepreneurship
Name of the Student:
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1INNOVATION AND ENTREPRENUERSHIP
Organisation is a complex structure and business is known to be the enabler of
organisation. One of the many business processes is innovation. Evolution is one of the factors
that comprises of innovation. The competition and economic growth of an organisation is driver
of different kind of innovation. Many models explain the innovation. Some of them are discussed
in the following text. The sustainability of the innovation factor is also discussed here There is a
relation between the creativity factor and innovation (Tidd & Bessant, 2015). Among the
Fortunes’ listed most innovative companies are Google, Apple and IBM, which goes by the
incremental and radical innovation change (Soriano, & Huarng, 2013). There is also risk in
incorporating innovation in business. Entrepreneurship is directly related to innovation
capabilities of people (Trimi & Berbegal-Mirabent, 2012). The entrepreneurs are noted to be one
among the most creative-minded people in a society. This text analyses the restaurant business in
Australia and what are the innovation factor that can be incorporated to this hypothetical
business name “Elysium”.
There is different level of innovation in a restaurant business. They are Individual,
society and state. Three of the level is simultaneously important. The individual level creativity
can be used in organisation level also. The few stages that enable the company to use the
creativity of an individual are - Trust management in the staff of the restaurant ; Media of
sharing knowledge of marketing and innovation ; Environment that encourages sharing ideas
about implementing new process; Good integration and communication strategies; Idea
management tools utility; (Franz,, Hochgerner & Howaldt, 2012). Recognition of employees
that voluntarily contributes to the innovation process.

2INNOVATION AND ENTREPRENUERSHIP
The first and foremost idea of innovation will be in the matter of integrating all the
departments of the restaurant under a single enterprise recourse planning system. This will
ensure the smooth communication among of the stakeholders of business. Evidence based social
media platform to reach the food lovers in the region will be a good strategy to check the
position of the restaurant for the business (Trimi & Berbegal-Mirabent, 2012). To ensure the
development strategy and the business runs for some of the next decades there must be plans that
will implemented. The capacity of the restaurants must be regarded for that plan, as the capacity
is a major factor to drive innovation.
The next implementation of innovation can be on the business model. Different industries
and sectors have different affect on the industry. Business Canvas model is covers the key
feature of business (Franz,, Hochgerner & Howaldt, 2012). Identifying the menu of the
restaurant and taking a good look in the available resources in the company and what are the
trends and what unfamiliar trends can or will be acceptable by the customers can be factor to
catch the attention of people. Offering wifi for customers has contributed to the success factor of
innovation for Starbucks Cafe (Weissenberger-Eibl & Koch, 2013). The free online ordering
system and free delivery system is known to be the cherry on top service for online ordering
lovers. The market research will be for website visibility will be good for gathering investors for
further innovation in the company.
The sustainability factor of innovation is known as to successful innovation capacity. The
triple helix model of innovation focuses on the university-industry-government relation. The
quadruple helix, which is an addition to the triple helix, is the culture and media based civil
society. Knowledge economy is an enhancement of knowledge innovation, which leads to the
transition in the whole economy (Nanda., Younge & Fleming, 2014).. Further, the quintuple

3INNOVATION AND ENTREPRENUERSHIP
helix model here suggests that the sociological transition in ecology, knowledge and innovation
is creating synergies among the economy, society and democracy. The sustainable development
of this industry is very vulnerable and the feasibility of innovation is in direct proportion with the
other factor (Nanda., Younge & Fleming, 2014). The failure of sustainable development example
is the effect of global warming and drawbacks or one can say the failure to plan for the
sustainable development. Therefore, for the sake of remaining in future industry and ensuring
backup plan is necessary for this kind business. 90% of startups in industry like retail, IT and
food and restaurant go out of business after five years (Nanda, Younge & Fleming, 2014). The
reason for this is identified to be the inexperience in every aspect; bad people management and
not controlling the chain of command in the services(Drucker, 2014). The people doing the front-
end handling of customers and communicating with the customers must be regarded as an
important part of the management process. There are also other factors needs a look out for the
owner of the restaurant like proliferation of resource utility. The accounting skills of the people
in accounting department must be checked as this is a sensitive area for business (Carayannis &
Campbell, 2012).. The spotty customer service is very risky for servicing restaurant and
enhancing customer experience must be focused in the same way. Customers are the centre of
attention as much of the business prospects depend upon the factor of their satisfaction (Nanda,
Younge & Fleming, 2014). The impact that the people will get from the service will ensure the
positive visibility of the company and its reputation (Courvisanos & Mackenzie, 2013). There
are also some internal and external factors needs to be considered in a innovating the restaurant
business model. The political and economical constraints are external, which one has no control
over but internal innovation factor in restaurant business can be controlled.

4INNOVATION AND ENTREPRENUERSHIP
There are also some negative aspects of innovation process. The economical and
environmental factorial challenges in innovation. These challenges will also include the financial
constraint of a company. The idea may be brilliant but the implementing is not a smooth process
to the path of innovation. The political drivers of innovation are known as the natural hindrances
to building a creative plan (Carayannis & Campbell, 2012). The copyright and trade marking
may protect the idea but copycats and safety measurement of recipes of different attractive foods
in menu may not be protected from substitution-oriented industry. Moreover, automation is also
threatening every industry as the standard slow food consumption is also rising among the work
life oriented people (Landes, Mokyr & Baumol, 2012).
Open innovation theory, the central idea of this theory is that, there is a wide range of
knowledge in the economy and it is widely distributed Carayannis, 2013). Therefore, the
licensing process of innovation, patents, spin offs are normally taken outside of a particular
firms’ are by spin offs, collaborating strategically, joint venturing and other contracts (Landes,
Mokyr & Baumol, 2012). The concept is more firm centric, includes creative consumers and
communities (Chandra & Leenders, 2012). This is also defined as the paradigm shift between
the innovation and related firms and there is involvement of customers, rival companies, and
academic institutions, and can be as much a change in the use in management,
employment technical and research driven generation (Galindo & Méndez, 2014). This model
has some drivers, as if this innovation can be government driven. UK government has a funding
in Knowledge Transfer partnership (KTP) as a form of knowledge based partners and
collaboration program (Weissenberger-Eibl & Koch, 2013).. This has long supported their
initiatives that the government has taken (Soriano, & Huarng, 2013). Others are like product plat
forming, idea competitors, customer immersion, collaborative product design and development,

5INNOVATION AND ENTREPRENUERSHIP
innovative networks and innovation in-science (Drucker, 2014). Trade and international
investment, portfolio investment stimulates competition, improvises resource media allocation
and facilitates distribution of technology. The knowledge partnership will include the extensive
of customer relationship management data research. This is also helpful in drawing conclusion
on the demography of the customer database (Chandra & Leenders, 2012). There are also
different norms that can be executed if the dire need of creativity is there in the organization.
Needing to solve the problems and getting ideas to experiment has driven the successful
organization to their position (Weissenberger-Eibl & Koch, 2013). Networking and getting
perspectives, has also desired outcome needed for promoting innovation in companies (Tidd &
Bessant, 2015).
Entrepreneurship is all about grabbing an opportunity, which has been side, eyed by other
corporate (Galindo & Méndez, 2014). Establishing a business with the chosen, opportunities are
known as surviving the winnowing process, Focus on the regarded opportunity is needed and
nature of the entrepreneurship must be adapting(Courvisanos & Mackenzie, 2013). Strategic
alignment with the constructive portfolio initiatives requires listing the top to bottom objectives
on every aspect (Tidd & Bessant, 2015).
Therefore, from the above text and discussion we can conclude that if a company is
needed to be established in a region there are some factors needs to be considered rather ignored.
The Innovation is the key to survive and adapt to people’s trends in a restaurant business. The
main criteria to stimulate and incorporate innovation and hence entrepreneurship in a startup is to
be very open minded about experiment and adaption. This will also ensure benefits of
opportunities of more new ideas. The major drivers of growth and development are what make
the competition to more interesting in any industry. Innovation may lead to have short-term cost

6INNOVATION AND ENTREPRENUERSHIP
but it have long-term benefits for future. Creativity is a broader aspect to convert and
implementing the economy.

7INNOVATION AND ENTREPRENUERSHIP
Reference
Carayannis, E. G. (2013). Encyclopedia of Creativity, Invention, Innovation, and
Entrepreneurship. Springer.
Carayannis, E. G., & Campbell, D. F. (2012). Mode 3 knowledge production in quadruple helix
innovation systems. In Mode 3 Knowledge Production in Quadruple Helix Innovation
Systems (pp. 1-63). Springer New York.
Chandra, Y., & Leenders, M. A. (2012). User innovation and entrepreneurship in the virtual
world: A study of Second Life residents. Technovation, 32(7), 464-476.
Courvisanos, J., & Mackenzie, S. (2013). Innovation and Entrepreneurship. Encyclopedia of
Creativity, Invention, Innovation and Entrepreneurship, 933-943.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Franz, H. W., Hochgerner, J., & Howaldt, J. (Eds.). (2012). Challenge social innovation:
potentials for business, social entrepreneurship, welfare and civil society. Springer
Science & Business Media.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation:
Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.
Landes, D. S., Mokyr, J., & Baumol, W. J. (Eds.). (2012). The invention of enterprise:
Entrepreneurship from ancient Mesopotamia to modern times. Princeton University
Press.

8INNOVATION AND ENTREPRENUERSHIP
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