A Century of Research into Innovation and Entrepreneurship Review

This report reflects on a century of research into innovation and entrepreneurship, focusing on agile implementation and digital transformation. It reviews literature defining innovation and its strategic importance, highlighting agile methodologies and their challenges within organizations. The report then introduces Mastercard as a case study, illustrating how the company embodies agile innovation through digital services and secure payment technologies. It discusses the impact of digital technology on agile innovation, particularly in enhancing transaction speed and security. The report concludes with recommendations for Mastercard, including employee training, integrating digital technology with agile innovation, and performing market analysis to maintain a competitive edge. This analysis emphasizes the importance of adapting to changing business environments through continuous innovation.

REFLECTION ON 100
YEARS OF RESEARCH
INTO INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
LITRRATURE REVIEW................................................................................................................3
Introduction of organization............................................................................................................4
Changes with respect to digital technology.....................................................................................5
Recommendations............................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation can be defined as search for new technology which is based on new knowledge
(Lopez-Vega, Tell, and Vanhaverbeke, 2016). Innovation can also be defined as something new
or the practice that lead to the development of something new idea or project. Innovation process
can be termed as a process which start with search that continue with strategic selection (Lopez-
Vega, Tell and Vanhaverbeke, 2016). The later step is agile implementation and end with
capturing of value (Rigby, Elk, and Berez, 2020). This report will discuss the concept of
innovation along with a literature on relevant theme in relation with innovation aspects which
will be linked with MASTERCARD. The concept of digital transformation and recommendation
is also included in report.
LITRRATURE REVIEW
Agile implementation
As per the views of Hogan and Coote, (2014) innovation can be defined as a process that
will lead to the development of something new which may a product or the process. This is an
important concept that will lead to raise efficiency of the existing process. innovation can also be
defined as a key with respect to the success of organizational survival that lead to assist it in
terms of attainment of success and growth. In accordance with the Brown, (2020) view agile
implementation can be termed as an ongoing process under which the changes can be adopted
with a period of time. Agile can also be defined as interactive and incremental approach which is
performed in highly collaborative and self-organised manner that will lead to the production of
high quality of output with a consideration to the cost effective and timely manner that will also
meet the need of all the stakeholders.
McGrath, (2012) also elucidates that the element of agility that is focused during its
journey is related with the areas of technology under which creation of flexible system and
rethinking towards the process of delivering fast services are concerned. In the same way the
concept of process i.e. placing of delivery of agile with a context of lean principle (McGrath, and
McManus, 2020). This may also include encouragement to people who are thinking to reinforce
agile behaviour along with moving towards the empowering of people towards the
implementation of agile.

However, on the other hand Rigby, Sutherland and Takeuchi, (2016) also states that an
adoption of agile would lead to present various challenges towards the organization in terms of
cultural clashes, inconsistency in respect to process along with lack of experience and skills.
Absence of leader participation, inadequate support of management is also counted as major
challenges in respect to implementation of agile innovation in the organization. On the same way
Kastelle, (2014) also said that with the aspect of innovation creation and execution of idea that is
related with the success of the firm is executed. Likewise, the concept of innovation is closely
linked with the process of strategy formulation under which strategy is formed by the
organization that will further assist in driving the innovation.
Oberholzer-Gee, (2021) also states that with the concept of agile innovation and adding
value towards the existing process and product in the context of creation of values then it will
raise the chances of success. With the creation of value towards the product and existing services
the sales of the company will raise. This means innovation is closely associated with the success
of the company and the sales. The concept of innovation also leads to make the work to be
appealing in respect to the employees. BCG, (2021) said that in order to meet the changes and
deliver the concept of innovation it is important that the changes will start with small steps that
will include the adding of new aspects with the external learning that will lead to raise the
efficiency and effectiveness of the service.
According to Rohrbeck and Kum, (2018) an implementation of innovation proves to
beneficial in respect to meeting up of changes and the changing scenario. Here the concept of
foresightedness plays an important role in terms of looking towards the future and preparing the
organization towards such changes and future with an inclusion of innovation. As per the views
of Amit and Zott, (2016) in order to meet the competitive situation and extent of high market
competition the concept of innovation plays an important role with respect to an organization.
Innovation also lead to enable sustainable competition to the organization with an aspect of
innovation.
Introduction of organization
MASTERCARD Inc is an American multinational company with a headquarter in Purchase,
Harrison, New York, US. MASTERCARD is a leading global payment and technology company
which connect customers, merchants, government and various other. It works as per the aspect of

digital technology and comply the innovation which will lead to assist its customer to have a
digital experience. It serves a large share of customers which may include the small and medium
business, consumer, government and public sector, bank and credit union (ABOUT
MASTERCARD, 2022). The main purpose of the MASTERCARD is to connect and power the
digital economy which will provide benefit to everyone and everywhere with the making of
transaction to be safe, simple, smart and accessible. With the use of secure data and network and
a continuous innovation would allow the company to provide the best and secured payment
services (ABOUT MASTERCARD, 2022).
MASTERCARD is highly inclined towards the innovation in terms of enabling digital
services and safe and secure payment to its users. The theme of agile innovation is truly signified
by the MASTERCARD because it works with continuous development and an adoption of
innovation. Likewise, MASTERCARD also perform the operation with a focus towards the
concept of agile innovation. MASTERCARD in terms of providing secure and innovative
payment services to its customers truly signifies the aspect of agile innovation under which the
changes have been adopted in fragments and on continuous manner with respect to ensuring the
effective services to its users. The use of advanced technology in terms of AI, computer vision as
well as an adoption of the augmented technology would truly justify the concept of agile
innovation under which the MASTERCARD is making continuous changes in its way of
operation and terms of the services. It is also right to said that innovation is the heart of
MASTERCARD (Innovative technology sets us apart, 2022).
Changes with respect to digital technology
With the infusion of digital technology and digitalisation the changes in respect to the theme
of agile innovation has been changed at a substantial rate. This is because when the pace of
digital technology supports the aspect of agile implementation then it leads to raise the efficiency
and process of implementation (Tidd and Bessant, 2021). In respect to MASTERCARD an
infusion of technology along with the concept of agile implementation has been supported with
respect to the ensuring of more safe and secured payment to its user. It has also raise the speed of
transaction i.e. with the infusion of digital technology the performance of transaction become
easy, fast, secure and convenient (Innovative technology sets us apart, 2022). With a combined
integration of the digital technology and the agile innovation lead to assists the people in terms of

transforming the way people pay and get paid. This has raised the experience of payment,
shopping and the mode of its services. With the use of agile innovation, MASTERCARD an
assistance in respect to cost control and revenue growth has been focussed (Innovative, agile,
secure, reliable, 2022).
In respect to the business ecosystem of MASTERCARD the digital technology and its
influence has put a major impact in terms of changing the mode of business. This is because with
an infusion of digital technology and its influence the working of the MASTERCARD has
become more effective in terms of raising the experience of its user along with ensuring high
security in respect to transaction and payment option. In the world of business an infusion of
digital technology has leads to assist the business in terms of meeting the need of user along with
assisting it in competition (Tidd and Bessant 2014). Likewise, with the pace of active leadersyhip
the changes which would be created with the digital technology has been deal (Casciaro,
Edmondson and Jang, 2019). With this change the MASTERCARD has been assisted in terms of
creating better transit experience of its customer that may also include card less transaction and
the transformation in the checkout process that include the use of Masterpass and Pepper the
Robot.
Recommendations
 In order to avoid resistance and an adoption of technological innovation it can be
recommended to MASTERCARD that it need to adopt the practice of training to its
employees. This will lead to reduce the resistance of employees from the acceptance of
the changes.
 In the same way it is also recommended to the MASTERCARD that it need to make an
infusion of digital technology along with agile innovation so that it can meet the changes
and changing environment of the business in an effective manner. An integration of both
the concept lead to assist the MASTERCARD in enabling highly effective services.
 Formulation of plan along with the timeframe lead to assist the MASTERCARD in terms
of adopting the changes in respect to the agile innovation. This will lead to assist the
company in terms of adopting the changes within the given set of timeframe so that the
successful implementation of the agile innovation would be take place.

 Performance of market analysis and accordingly an adoption of changes would lead to
assists the MASTERCARD in the adoption of changes and thus an implementation of the
agile innovation. This will lead to assist the company in terms of meeting the market
competition along with raising the standard of the business.

REFERENCES
Books and journals
Amit, R., & Zott, C. (2016). Business Model Design : A Dynamic Capability Perspective. In D.
J. Teece & S. Leih (Eds.), The Oxford Handbook of Dynamic Capabilities (pp. 1ʹ21).
OUP. https://doi.org/10.1093/oxfordhb/9780199678914.013.29
BCG. (2021). Overcoming the Innovation Readiness Gap (Issue April).
https://webassets.bcg.com/93/a7/7d03fff34baa993929c81f220e72/bcg-most-innovative-
companies-2021-apr-2021-r.pdf B
Brown, A.W, How To Be Agile, Whitepaper, May 2020.Chapter 5 in A.W. Brown “Delivering
Digital Transformation: A managers guide to the digital revolution”, De Gruyter, 2019.
Casciaro, T., Edmondson, A. C., & Jang, S. (2019). Cross-Silo Leadership. Harvard Business
Review. 97(3). 130ʹ139.
Hogan, S.J., & Coote, L.V. (2014). Organizational culture, innovation, and performance: A test
of Schein’s model. Journal of Business Research. 67(8). 1609-1621.
https://www.sciencedirect.com/science/article/abs/pii/S0148296313003342?via%3Dihub
Kastelle, T. (2014, November 2). Is Your Innovation Problem Really a Strategy Problem?
Harvard Business Review Digital Articles. https://hbr.org/2014/02/is-your-innovation-
problem-really-a-strategy- problem#:~:text=The%20firm%20right%20now
%20thinks,easier%20to%20realize%20their%20strategy.
Lopez-Vega, H., Tell, F., & Vanhaverbeke, W. (2016). Where and how to search? Search paths
in open innovation. Research Policy. 45(1). 125ʹ136.
https://doi.org/10.1016/j.respol.2015.08.003
Lopez-Vega, H., Tell, F., & Vanhaverbeke, W. (2016). Where and how to search? Search paths
in open innovation. Research Policy, 45(1), 125ʹ136.
https://doi.org/10.1016/j.respol.2015.08.003
McGrath, R. G. (2012). How the Growth Outliers Do It. Harvard Business Review, 90(1/2),
110ʹ116.
McGrath, R. G., & McManus, R. (2020). Discovery-Driven Digital Transformation. Harvard
Business Review. 98 (3). 124ʹ133.
Oberholzer-Gee, F. (2021). Eliminate strategic overload: How to select fewer initiatives with
greater impact. Harvard Business Review. 99(3). 88ʹ96.
https://hbr.org/2021/05/eliminate-strategic-overload
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Rigby, D. K., Elk, S., & Berez, S. (2020). The agile c-suite. Harvard Business Review. 98(3).
64ʹ73.
Rigby, D., Sutherland, J., & Takeuchi, H. (2016). Embracing agile—Harvard business review.
Rohrbeck, R., & Kum, M. E. (2018). Corporate foresight and its impact on firm performance: A
longitudinal analysis. Technological Forecasting and Social Change, 129(January),
105ʹ116. https://doi.org/10.1016/j.techfore.2017.12.013
Tidd & Bessant 2014: Chapter 10 Developing New Products & Services:
https://read.kortext.com/reader/pdf/35817/181
Tidd, J. & Bessant. J (2021). Managing Innovation, Chapter 10: Creating New products and
Services: https://read.kortext.com/reader/epub/708974
Online reference
ABOUT MASTERCARD., 2022. [Online]. Available through < https://www.mastercard.us/en-
us/vision/who-we-are.html#:~:text=Our%20purpose,%2C%20simple%2C%20smart
%20and%20accessible. >
Innovative technology sets us apart., 2022. [Online]. Available through
<https://www.mastercard.co.in/en-in/business/issuers/products-and-solutions/grow-
manage-your-business/payment-innovations.html>
Innovative, agile, secure, reliable., 2022. [Online]. Available through
<https://www.mastercard.co.in/en-in/business/issuers/products-and-solutions/grow-
manage-your-business/payment-innovations/processing-solutions.html>
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