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level: W11 Innovation and entrepreneurship across countries

Questions and Answers List

level questions: W11 Innovation and entrepreneurship across countries

Question	Answer
-Accessible markets -Human capital/workforce -Funding & Finance -Support systems/mentors -Government & regulatory framework -Education & training -Major universities that encourages entrepreneurial spirits -Cultural support	What are the pillars that support a healthy entrepreneurial ecosystem?
Defining your playing area is crucial if a company wants to survive in the market. Are the companies there small, medium or large in size? Can the government be a potential customer? Is the situation similar in foreign markets?	Why are accessible markets important for a healthy entrepreneurial ecosystem?
Technical talent, outsourcing availability and management capability are all adding up as fundamental components for a stable entrepreneurial environment.	Why are human capital/workforce important for a healthy entrepreneurial ecosystem?
The types of investors will determine the course a start-up will take. Friends, family, angel investors, private equity or VC's are serveral types of investors.	Why is funding & finance important for a healthy entrepreneurial ecosystem?
Different support systems can be used to fuel a struggling start-up. Accelerators takes on early start-up stages and last for several months. Incubators takes on early to late stage start-ups and can last a couple of months or years. A friendly network is also of great weight for the future growth of a start-up. Silicon valley is considered to be one of the best places for a start-up.	Why are support systems/mentors important for a healthy entrepreneurial ecosystem?
To function smothly the infrastructure needs to be well developed. (Roads, telecommunications etc.) Beyond that, taxation is also decisive as long with the ease of starting a bussines. If taxation is high and the administrative steps are complicated, fewer start-ups will grow.	Why are government & regulatory frameworks important for a healthy entrepreneurial ecosystem?
An educated population and entrepreneur specific training enhances the chances of evolving tart-ups.	Why is education & training important for a healthy entrepreneurial ecosystem?
The entrepreneurial image needs to be positve and encouraged. Asian cultures are typically not fond of entrepreneurship resulting in individuals rather seeking out the corporate pathway. Apart from that family support and risk tolerance stimulates entrepreneurs which is the case in Israel.	Why is cultural support important for a healthy entrepreneurial ecosystem?
Refers to the population with the lowest purchasing power. This market is very interesting due to its vast market share.	"Bottom of Pyramid" (BoP)
-Radical improvements in price-performance are required to cater to BOP markets -New technologies are needed to solve problems of consumers in BOP markets -Focus on product function rather than form in product development -Products should maintain functionality in extreme conditions (noise, dust, heat, etc.) -Develop methods of accessing potential customers in hard-to-reach locations -Focus on designing platforms that allow incorporation of new product features	How should a company work in order to target the "BoP"?
Companies should strive to absorb innovation from external parts and in the same time spread their own innovation to others. Inflows and outflows of knowledge needs to expand more freely and include non typical parts of the supply chain such as universities and individuals.	"Open innovation model"