10 Questions
What is the key distinction between the Entrepreneurial Discovery Process and traditional industrial and innovation policies?
The Entrepreneurial Discovery Process is more inclusive and evidence-based, while traditional policies are more top-down and expert-driven.
What is the primary purpose of the Entrepreneurial Discovery Process?
To prioritize investments based on an inclusive and evidence-based process driven by stakeholder engagement and attention to market dynamics.
What is the role of the government in the Entrepreneurial Discovery Process?
The government assesses the information provided by stakeholders and empowers the most capable actors to realize the potential.
Which of the following is an example of the Entrepreneurial Discovery Process?
The founding of Apple, the first personal computer company, by Steven Jobs and Steven Wozmak in 1976.
What is the relationship between the Entrepreneurial Discovery Process and smart specialization strategies?
The Entrepreneurial Discovery Process is a component of smart specialization strategies and a core element of the European Regional Development Fund (ERDF) enabling condition.
What is the first step in the entrepreneurial discovery process?
Generating ideas
Which of the following is NOT one of the five discovery skills in entrepreneurship mentioned in the text?
Innovating
What is the purpose of networking events for entrepreneurs?
To connect with fellow entrepreneurs, industry contacts, and potential investors
What is the suggested first step for finding your purpose as an entrepreneur, according to the text?
Write down three things that make you angry
What should be the focus when making your first prototype as an entrepreneur?
Bringing your idea into the world to see if it can be built
Study Notes
The Entrepreneurial Discovery Process (EDP)
- The EDP is an inclusive, evidence-based process of stakeholder engagement that produces information about the potential for new activities.
- The EDP is a key element for smart specialization strategies and a core element of the European Regional Development Fund (ERDF) enabling condition.
- The EDP prioritizes investments based on an inclusive and evidence-based process driven by stakeholder engagement and attention to market dynamics.
Characteristics of the EDP
- The EDP is an interactive and inclusive process that identifies new and potential activities and informs the government.
- The EDP is a participatory, active process of identifying and prioritizing key activities that link research and innovation to economic growth and social well-being.
Entrepreneurial Discovery
- Entrepreneurial discovery is the process of systematically scanning for technological, political, and regulatory, social, and demographic changes to discover opportunities to produce new goods and services.
- Example: Steven Jobs and Steven Wozniak created Apple, the first personal computer, in 1976, which led to the creation of a whole industry and thousands of new jobs.
Categories of Entrepreneurial Discovery
- Scientific discovery and circumstance
- Market imperfections that can create profit opportunities: excess demand and excess supply
The First Step in Entrepreneurial Discovery
- Idea Generation: every new venture begins with an idea, which is a description of a need or problem coupled with a concept of a possible solution.
The 5 Discovery Skills in Entrepreneurship
- Associating
- Questioning
- Observing
- Experimenting
- Networking
The 7 Steps of the Entrepreneurial Process
- Find your purpose
- Identify a problem you can solve
- Make your first prototype
- Sell the problem, not the product
- Develop your brand story
- Build a culture of scrappiness
- Stay connected to your “why”
Additional Tips for Becoming an Entrepreneur
- Networking events can help connect you with fellow entrepreneurs, industry contacts, and potential investors.
- Incubators or Accelerators can help with the basics of developing a product, business plan, and marketing strategy.
- Find your purpose by identifying a problem you want to solve and writing down a plan of action to solve it.
Explore the Entrepreneurial Discovery Process, a stakeholder-driven approach to identifying new activities and informing research and innovation policies. Learn about prioritizing investments based on an evidence-based process and market dynamics.
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