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Innovation for Entrepreneurs

Hardback

Innovation for Entrepreneurs

9781800375093 Edward Elgar Publishing
Marc H. Meyer, Robert Shillman Professor of Entrepreneurship and Matthews Distinguished University Professor, Northeastern University, US and Chaewon Lee, Professor of Business and Administration and Provost for International Affairs, Seoul National University of Science and Technology, South Korea
Publication Date: 2022 ISBN: 978 1 80037 509 3 Extent: 256 pp
Innovation for Entrepreneurs presents a powerful but easy to apply toolkit for innovation, based on Professors Meyer and Lee’s decades of experience as company founders and innovators for corporations around the globe. This textbook includes guidance in developing new product and service ideas with genuine impact, building teams around these ideas, understanding customers’ needs, translating these needs into compelling product and service designs, and creating initial prototypes. It also helps students learn how to scope and size target markets and position an innovation successfully relative to competitors. These methods are fundamental for any new, impactful venture.

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Contents
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Innovation for Entrepreneurs presents a powerful but easy to apply toolkit for innovation, based on Professors Meyer and Lee's decades of experience as company founders and innovators for corporations around the globe. This textbook includes guidance for developing new product and service ideas with genuine impact, building teams around these ideas, understanding customers’ needs, translating these needs into compelling product and service designs, and creating initial prototypes. It also helps students learn how to scope and size target markets and position an innovation successfully relative to competitors. These methods are fundamental for any new, impactful venture.

The textbook is a series of frameworks and methods that build upon one another to the final deliverable – an innovation project developed by student teams, solving problems for specific types of users and use cases. Each chapter introduces readers to entrepreneurs and their stories of innovation and venture development, across different sectors of the economy and regions of the world. Going to a core theme of the book, each of these entrepreneurs has tackled a societal-focused problem and created economic value for themselves and their investors. These are stories of inspiration and achievement – and they illustrate the major frameworks provided in the book. Each entrepreneur faced a problem or challenge solved by the methods presented in that chapter. The authors’ own entrepreneurial and corporate innovation experiences then complement these examples with additional industry applications of the method. Then, each chapter concludes with exercises for students to apply their newfound knowledge to their innovation projects. The book's final chapter then shows students how to best integrate their work from each chapter into a compelling presentation.

Innovation for Entrepreneurs is an essential book for all undergraduate students. Entrepreneurship students in business schools will find it addressing a missing link in many business school curriculums – how to design a distinctive new product or service. At the same time, the methods-based approach combined with its inspiring stories makes this book a great learning platform for engineering and science students thinking about starting their own ventures or working for others upon graduation. Mindful, purposeful innovation is the gift that we wish to share in this book, arming readers with practical, powerful methods. Our students have started many interesting, impactful companies, and with this, have gained the deeper satisfaction of using creativity and technology to help others.
Critical Acclaim
‘In this book, Professors Marc Meyer and Chaewon Lee offer an innovative approach to studying and learning about the dynamics of innovation. Their experiential approach and their timely focus on social impact make this book a great addition to the literature. The book is a joy to read. It shows that innovation makes our lives better and worth living.’
– Shaker Zahra, University of Minnesota, US

‘Marc Meyer and Chaewon Lee have given us an inspiring book based on their studies of new enterprises around the world and informed by their mentoring generations of students and entrepreneurs. If you have an idea for making our world better, the thoughtful questions raised in Innovation for Entrepreneurs, the clear tools for testing ideas, and the engaging experiences presented will speed your journey toward success.’
– James M. Utterback, David J. McGrath jr (1959) Professor of Management and Innovation, Emeritus, and MITii Senior Innovation Fellow, Massachusetts Institute of Technology, Sloan School of Management, US

‘This book is not just about providing frameworks and templates in order to become a better innovator. It is also a voyage of personal discovery in terms of how to channel passion and talent to contribute to society through innovation. Marc H. Meyer and Chaewon Lee bring a nuanced view to developing impact-focused innovation; a must-read for anyone wanting to accomplish their innovative potential.’
– Raj Echambadi, President, Illinois Institute of Technology, US

‘Technological advances are transforming all industries, creating opportunities for innovations that can improve our planet and enhance people’s lives. Professors Meyer and Lee have applied their career-long experience in teaching and coaching entrepreneurs, and as innovators themselves, to create a unique experiential approach to teaching the innovation process, sharing stories from real entrepreneurs as they take the reader through this journey.’
– Donna Kelley, Babson College, US

Contents
Contents: 1. Types of innovation 2. Finding the right problem to solve 3. Forming a team 4. Ideation – for and with the user 5. Users, buyers, and use cases 6. Gaining Insight into user needs 7. Product and service design 8. Competitive analysis, positioning, and branding 9. Defining the prototype 10. Understand the broader market opportunity and industry ecosystem 11. Creating a product line and platform strategy 12. Conducting a reality check 13. The final presentation: guidelines and next steps Index
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