Changing Paradigm in Entrepreneurial Innovation

Abstract

Schumpeter argued that innovation comes about through new combinations made by an entrepreneur, resulting in a new product, a new process, the opening of new market, a new way of organizing the business or new sources of supply. Until 20th century entrepreneurial innovation was predominantly visible in opening up new markets and finding new sources of supply to some extent. In 20th century innovation dominated by new products and new processes to a great extent. With the globalisation and access to information a level playing field has been created in this flat world and business innovation has taken a different route. Companies like Apple, Google, Facebook, Zynga, Groupon, twitter changed the way entrepreneurs are approaching innovation. This paper is an effort to crack the code of changing paradigm in the 21st century as far as innovation is concerned for an entrepreneur. This shall help in changing the mindset and thinking process as well as the direction in which an entrepreneur shall proceed to succeed in creating a perceivable value to the customer. This is what the author calls as age of Tweaking. Tweaking to get a new product, process or even a business model is the crux and the ability to do it again and again to sustain the position in the market. Tweaking a few, RIGHTLY, to get major impact is what everyone is longing for.