Assignment 1: Innovation, Technology and Risk
Due Week 4 and worth 130 points
Write a two to three (2-3) page paper in which you:
1) Explain the interrelationship between innovation and entrepreneurship. first start by defining both innovation and entrepreneurship – Chapters 1 and 3 of our book will help along with definitions found within Ch. 1, p. 6 for entrepreneurship and p.p. 10 and 12 for innovation. After you define, and based on info from Ch. 1-4, offer at least three comparisons (observations of each – these do not have to be similarities, rather simply observations [we will use observations as a means to describe “interrelationship” as the assignment asks], for example, ‘both innovation and entrepreneurship involve a great deal of risk and uncertainty, they both represent a vision of what a person what to accomplish – either a new business or a new idea”. Other observations might deal with discussing experience, knowledge, funds, organization, forward-vision, or other elements you can justify. Then discuss at least three differences between both entrepreneurship and innovation).
2) Compare the risks and benefits of a social-organization as it relates to change and innovation. within Ch, 2 and starting on p. 58, there is a good discussion on challenges of social innovation and entrepreneurship, use this info from p. 58 to 62 and pay particular attention to both Figures: 2.1 and 2.2, Challenges of Social Entrepreneurship and Innovation respectively. There is also a good discussion on benefits in the section called Why Organizations Do it, on p.p. 55-56).
3) Speculate how artificial intelligence (AI) and robotics will influence organizations in the next 10 years. Provide specific examples of how this new technology has encouraged new business creation or growth. here you might need to conduct example research particularly on AI and the example you need to include. Review Ch. 3 again as you might want to consider arguing that AI and Robotics might increase capacities and product/service value – concepts discussed on p.p. 83-85; but again, please use an external source here. You might want to first define what AI is – this might help you find a good example as well).
4) Describe at least two (2) risks that new technologies may present to existing industry models and economic systems. there is a discussion in our book within Ch. 8 on on risk-taking, it is part of an overall discussion on Climate Factors Influencing Innovation – I know… we have not been assigned Ch. 8 yet, but this is where good info is located. Use information from the risk-taking portion for this question. Areas you might want to discuss include elements such as industry ambiguity, decision-making, and or managing ideas and expectations. Also you might want to use info on the connection between innovation and risk).
use our textbook, but also use one to two external sources of your choice).Use at least two (2) external sources.