21CA109 Entrepreneurship & Innovations in Technology PDF

21CA109 – Entrepreneurship & Innovations in Technology Module Description  Contents 1. Who is an entrepreneur? 2. Why be an entrepreneur? 3. Becoming an Entrepreneur 4. Systematic Entrepreneurship 5. Practice of Innovation 6. Types of Innovations 7. Social Innovation & Social Entrepreneursh...

21CA109 – Entrepreneurship & Innovations in Technology Module Description  Contents 1. Who is an entrepreneur? 2. Why be an entrepreneur? 3. Becoming an Entrepreneur 4. Systematic Entrepreneurship 5. Practice of Innovation 6. Types of Innovations 7. Social Innovation & Social Entrepreneurship 8. Technology-based Business Models (TBMs)  21CA109 Have you ever considered starting your own business? Give your answer (yes or no) by raising your hand, if yes. If you answered “yes” think about what kind of business you’d like to create. One by one…come and explain the rationale (= motivation) behind starting the kind of business in your mind.  1.Who is an entrepreneur? A business is an organization that offers products or services, usually to make money. A person who works in a business owned by someone else is an employee of that business. On the other hand, someone who creates and runs a business is called an entrepreneur (on-tra-prih-NER).  How Employees and Entrepreneurs Differ When an entrepreneur starts a new business risk is involved. Risk is the chance of losing something. An entrepreneur makes an investment of money time and energy in the hope / on the anticipation of receiving greater rewards, or benefits.  21CA109 Because employees work for someone else and entrepreneurs work for themselves, entrepreneurs risk more than employees. Employees risk losing their jobs if, they do not perform their work well, but they are paid for their work. Entrepreneurs risk not being able to pay their employees or themselves if business is “slow” / “poor”.  21CA109 Employees and Entrepreneurs get from their work rewards also. Rewards can be different. A reward can involve money. But it also might be personal satisfaction or independence. As business owners, entrepreneurs are in control of the money made by the business. They also have the final say in all business decisions. As a result, entrepreneurs are ultimately responsible for the success or failure of their businesses.  21CA109 Example: Arjun started a fruit smoothie shop. He invested money time, and effort to start the business.  21CA109 One of his employees created a new smoothie that Arjun put on the menu. By doing so, Arjun risked the money he spent on ingredients and he risked a drop in sales if customers didn’t like the new item. But, it was a hit. Sales increased. His employee received a small raise as a reward, but Arjun was the one who benefited the most because he owned the business.  Big Vs. Small Business When people think of business, they tend to focus on large companies such as Adani, Infosys, Microsoft, Reliance, Tata etc. In reality, more businesses are considered small than big. According to the SBA (Small Business Administration) – a US Government Agency, over 6,00,000 new businesses are started in the United States every year - and about 5,00,000 (existing) close.  21CA109 Even though most businesses begin small, they obviously don’t all stay that way. An entrepreneur’s goals affect how large a business becomes. For example, suppose someone starts a restaurant. The entrepreneur may not want to expand the business to include more than one restaurant if, personal and financial needs are being met. Not everyone is interested in increasing the size of the business. In other cases, a business may become so successful that…it grows beyond the wildest expectations of its owners.  21CA109 One way you can gain a sense of what business is like is by participating in an internship. These work programs provide practical, on-the-job training in a business setting. Another word for an internship is an apprenticeship. In some apprenticeships, a technical or trade skill is taught such as carpentry or plumbing.  21CA109 Internships and apprenticeships are usually short-term programs that can last from a few weeks to a year. During this time, an apprentice may or may not be paid. Even so, the experience gained is helpful for either an employee or an entrepreneur.  2.Why be an entrepreneur? You may want to start a business. But will be rewarding / riskier ? That is, we need to think about the pros and cons of the business.  21CA109 Rewards of Being an Entrepreneur: Primarily, the objective of becoming an entrepreneur is simply – making money. It’s not just making money. Some of the rewards are listed below. People want good living by not depending on others. Biggest reward is – the feeling of self-sufficiency. Additionally, as an entrepreneur, one can show his / her aptitude and skills to family members & friends too.  21CA109 Additional advantages are listed below. Making own rules for running the business. Doing work one enjoys. Creating greater wealth. Helping the community.  21CA109 Risks of Being an Entrepreneur: Some of the risks are listed below. Potential Business Failures. Wrong decisions by an entrepreneur can risk the business prone to failure. Being fully responsible means, the success / failure of the business rests with the entrepreneur himself. Unexpected Obstacles. Unless an entrepreneur keeps a positive attitude, unexpected obstacles can be discouraging & frustrating. In such situations, emotional support from family & friends is paramount.  21CA109 Financial Insecurity. The amount of money an entrepreneur can pay himself / herself varies. It may go up or down. Many new businesses don’t make much money in the beginning. This means, there may not even money to pay oneself. During rough times, an entrepreneur has to put more money into the business just to pay the employees. Long Hours and Hard Work. It’s usual for new entrepreneurs to work a lot of extra hours to make their business successful. At the start-up of the business, this can be much more. Time spent with friends & family decreases here.  Characteristics of Successful Entrepreneurs Self-assessment: Evaluating own strengths and weaknesses, is an important part of becoming a successful entrepreneur. Self-assessment helps us maximize our strong points and strengthen our weaker ones. The key thing to remember is that everybody has strengths and weaknesses. Also, entrepreneurs who are self-aware are able to focus on hiring employees with characteristics that complement their own.  21CA109 Aptitudes and Attitudes: An aptitude is a natural ability to do a particular type of work or activity well. Example: you may find mathematics very easy, or you may naturally be good at sports. Aptitudes can sometimes be developed through hard work.  21CA109 An attitude is a way of viewing or thinking about something that affects how you feel about it. Entrepreneurs tend to be people with positive attitudes. Instead of seeing a situation as a problem, they look at it as an opportunity. This helps them find solutions more easily than people who think negatively.  21CA109 Which kind of business people you prefer? A person with a strong aptitude but a negative attitude. A person who has less natural ability but a positive attitude.  21CA109 Personal Characteristics: No one is born with all the characteristics needed to be a successful entrepreneur. But, if you keep a positive attitude and believe in yourself, you can develop many of them.  21CA109 In the following list, notice the personality traits you already possess. Then focus on the ones you think you need to develop.  21CA109 Courage: A willingness to take risks in spite of possible losses.  21CA109 Creativity: Inventing new ways of doing things; thinking outside the box.  21CA109 Curiosity: The desire to learn and ask questions.  21CA109 Determination: Refusing to quit in spite of obstacles.  21CA109 Discipline: The ability to stay focused and follow a schedule to meet deadlines.  21CA109 Empathy: Being sensitive to the thoughts and feelings of others.  21CA109 Enthusiasm: Being passionate about something; the ability to see problems as opportunities.  21CA109 Flexibility: The ability to adapt to new situations; a willingness to change.  21CA109 Honesty: A commitment to being truthful and sincere with others.  21CA109 Patience: Recognizing that most goals are not reached overnight.  21CA109 Responsibility: Being accountable for your decisions and actions.  21CA109 Skills: A skill is an ability that’s learned through training and practice. Example: you didn’t know how to tie a shoe when you were born; you learned this skill through practice and the help of adults. Some of the basic skills entrepreneurs need are listed below.  21CA109 Business Skill: Understanding how to create and manage a business.  21CA109 Communication Skill: The ability to listen well, write well, and speak well.  21CA109 Computer Skill: The ability to use technological tools effectively.  21CA109 Decision-Making and Problem-Solving Skills: Knowing how to apply logic, information, and past experiences to new decisions and problems.  21CA109 Mathematical Skill: Using mathematics to create budgets, keep accurate records, and analyze financial statements.  21CA109 Organizational Skill: The knack of keeping tasks and information in order; the ability to plan well and manage your time.  21CA109 People Skills: The ability to persuade and motivate people; knowing both how to be a leader and work in a team.  3.Becoming an Entrepreneur Activities: Let us listen to two TEDx videos for understanding this topic much better.  Activity #01: One is by Mr. Ankur Warikoo on “How this simple thing changed my life”. https://www.youtube.com/watch?v=UNGQmCGEWYM  21CA109 “How this simple thing changed my life”. Note down in your book….about the contents / points of the speech by Mr.Ankur Warikoo  Activity #02: Second talk is by Mr. Paul Tasner on “How I became an entrepreneur at 66” https://www.youtube.com/watch?v=Ogce5D2XMZ0 Paul Tasner did at age 66 and succeeded. He has told his story in a TED talk that has drawn 2.2 million views and in a separate interview, he goes into greater depth of the how, the why, and the benefits of becoming an entrepreneur (at any age).  21CA109 “How I became an entrepreneur at 66”. Note down in your book….about the contents / points of the speech by Mr. Paul Tasner  4.Systematic Entrepreneurship Launching a startup could be overwhelming and challenging as it carries high risk and the success is not certain. Startups are subject to failure during the early years of establishment. According to recent reports, generally 50 to 70 percent of startups fail within the first 18 months. In this topic called “Systematic Entrepreneurship” we discover the common mistakes the startups are making and how suggest how to avoid such mistakes.  21CA109 There are a number of important steps in setting up a small business in order to get things right on the first attempt. However, an element of trial and error is common in starting up a business.  21CA109 A model that addresses effective evolution of business success (Systematic Entrepreneurship)  21CA109 We discuss about Establishment Phase Execution Phase Excellence Phase  21CA109 Establishment Phase Here we discuss about Entrepreneurship Five Tactics for Start-Ups Strategy  21CA109 Entrepreneurship Entrepreneurship is the art of solving problems by developing profitable solutions. Every successful entrepreneur and every successful businessperson has been someone who's been able to identify a need or a problem and come up with a solution before anybody else. Note: entrepreneurs create new businesses; businesspersons work in existing businesses.  21CA109 Ten key action roles of entrepreneurs is shown below.  21CA109 Five Tactics for Start-Ups 1. Identify a Need and Fill the Void 2. Spot a Problem and Solve It 3. Search for Solutions 4. Think for the Customer 5. Invest Sweat Equity in Your Business  21CA109 1. Identify a Need and Fill the Void Ross Perot saw an opportunity when he was working with his customers who bought some IBM computers and needed help processing their data. Ross went to IBM with his idea but they were not interested, so he decided to start his own business to help the customers. He eventually sold his business for $2.8 billion dollars. He identified the need and, he filled it by creating his own business.  21CA109 2. Spot a Problem and Solve It A secretary working for a small company had a problem with whiting out mistakes made while typing. She tried to create a custom solution. The solution was by mixing flour with nail varnish in order to white out the mistakes she was making in her typing.  21CA109 Pretty soon, her friends within the office asked if she could make some of the liquid for them. So, she began mixing the product at her kitchen table. Then, people in other offices started asking for it. So eventually, she quit her job and worked full time creating what is today called Liquid Paper. A few years later, she sold her business for $47 million to Gillette Corporation.  21CA109 3. Search for Solutions If there is a product or service that is not satisfying / appealing, one should find a way to supply the product or the service better cheaper faster or easier. Clemmons Wilson saw that there was a need for hotels that could accommodate families that were traveling. So, he started Holiday Inns. Holiday Inns now is one of the most successful hotel chains in the world.  21CA109 4. Think for the Customer Entrepreneurs need to become obsessed with their customers. Think of what the customer wants how much they are willing to pay and what are the customer's problems. Thomas J. Watson, the founder of IBM, built his company on this principle. The entrepreneur should see himself as working for the customer.  21CA109 5. Invest Sweat Equity in Your Business Most great fortunes started with an idea with personal effort and with the sale of personal services / sweat equity. In other words, instead of cash equity, one can put in sweat equity. Note: sweat equity is generally not monetary and, in most cases, comes in the form of physical labor, mental effort, and time.  21CA109 Strategy Strategy can be defined as the company's overall plan of development. Corporate strategy can be more formally defined as a comprehensive plan or action orientation that identifies the critical direction and, guides the allocation of resources of an entire organization. The strategy is typically a statement about what should be done to ensure prosperity based on the company’s vision values and mission.  21CA109 Besides a corporate strategy, each business unit of a large corporation may have its own strategic plan.  21CA109 We can simplify the above definition into two words: strategy is about promise and delivery. That is, to state what the company promises to deliver and represent a roadmap to fulfill that promise.  21CA109 Strategy Model: The following simplified model represents the strategy and illustrates that strategy role is basically stating objectives and approaches to transfer from the current situation to the desired future position.  21CA109 Execution Phase Here we discuss about Personality Types Working Organization Human Capital Development  21CA109 Personality Types Forming the project team has many factors to be considered. Personality types is the crucial factor in forming the project team. DISC is a common tool to indicate the chemistry of the team members and their interaction behavior. DISC stands for Dominance Influence Steadiness, and Conscientiousness  21CA109 Outgoing = friendly and socially confident; Even-temepered = not easily annoyed or made angry. Conscientiousness = is the personality trait of being responsible, careful, or diligent.  21CA109 A 2 X 2 grid can simplify the DISC types.  21CA109 Working Organization By reaching this stage, we have a complete working organization, with all essential parts like buildings staff procedures …etc.  21CA109 Working organization levels are summarized in the following figure.  21CA109 Human Capital Development The idea behind Human Capital Development is the concept of increasing the performance of the existing workforce and creating a balance between employee satisfaction & enterprise performance needs.  21CA109 Excellence Phase Here we discuss about Creativity & Innovation Learning Organization  21CA109 Creativity & Innovation Creativity is the ability to generate ideas; in other words, to see options when faced with a challenge. Innovation is the practical adoption of an idea, which results in some change in behavior, process or function.  21CA109 The most known advantage of innovation is development of new products and / or services which could mean either a major breakthrough in technology, or simply implementing a new method of work.  21CA109 Learning Organization Learning Organization could also be defined as “An organization that learns and encourages learning among its people. It promotes exchange of information between employees hence creating a more knowledgeable workforce. This produces a very flexible organization where people will accept and adapt to new ideas and changes through a shared vision”.  5.Practice of Innovation Innovation “in entrepreneurship” means the practice of creating new business ideas and plans. The intention can be any one of the following or all generating profits helping the community accompanying company goals.  21CA109 Innovative Business Practices If you are not moving forward, you are moving backward. As we approach the mid-2020s, businesses are facing a world that’s more Competitive Digitized and Interconnected than ever before. To stay relevant and grow it is crucial to adapt to the changing times by embracing innovative business practices.  21CA109 How do businesses become more innovative? What are the best practices that foster a culture of innovation and creativity in an organization?  21CA109 Afterall, what are innovative business practices? Innovative business practices refer to strategies methods and techniques that organizations adopt to drive growth improve operational efficiency, and enhance customer experience.  21CA109 These practices are often characterized by their novelty and effectiveness in solving complex business challenges. (This means novel & effective strategies / methods / techniques)  21CA109 Innovative Practices are categorized into four main areas viz. (This means, best practices can be applied to these areas) Strategy: Setting a clear vision, mission, and goals for innovation, aligning them with the overall business strategy, and communicating them across the organization. Culture: Creating an environment that supports and encourages innovation, by fostering a mindset of curiosity, experimentation, learning, collaboration, and diversity. Process: Establishing a systematic and agile approach to innovation by adopting proven methodologies and tools that guide the innovation journey from ideation to implementation. Technology: Leveraging the power of digital technologies to facilitate and enhance innovation through data-driven insights, seamless collaboration, rapid prototyping, and scalable deployment.  Activity #03: Refer the Internet for videos on innovative business (practices followed / ideas generated) from India (videos can be in Malayalam / English) for articles on innovative business (practices followed / ideas generated) from India (articles can be in Malayalam / English) Write the summary of these innovative business practices / ideas in your book. Summaries on at least two innovative business practices / ideas should be written in your book in your-own sentences and in English (only). Business can be on any vertical. Individuality must be maintained in your writings.  6.Types of Innovations As noted already, innovation refers to the introduction of new ideas / products / processes / services that improve or transform existing practices.  21CA109 Understanding the different types of innovations helps organizations and individuals strategize their approach to development and improvement.  21CA109 Categorization of innovation is as follows. Product Innovation Process Innovation Business Model Innovation Incremental Innovation Radical Innovation Sustainable Innovation Social Innovation Technological Innovation Open Innovation  21CA109 Product Innovation Definition: Introduction of a new or significantly improved good or service. Example: The introduction of the smartphone. Companies like Apple revolutionized communication by combining a phone, camera, and computer in one device.  21CA109 Process Innovation Definition: Implementation of a new or significantly improved production or delivery method. Example: Toyota's implementation of the Just-in-Time (JIT) manufacturing process, which streamlined production and reduced waste, enhancing efficiency. It is an inventory management strategy focused on receiving goods only as needed, reducing excess stock and associated costs.  21CA109 Business Model Innovation Definition: Changing the way a business creates, delivers, and captures value. Example: Netflix's shift from DVD rentals to a subscription-based streaming service, changing how consumers access and pay for content.  21CA109 Incremental Innovation Definition: Small, continuous improvements to existing products, services, or processes. Example: The yearly updates of the iPhone, where each new model incorporates minor enhancements like improved camera quality and battery life.  21CA109 Radical Innovation Definition: Groundbreaking changes that create new markets or significantly alter existing markets. Example: The internet, personal computers, and blockchain technology.  21CA109 Sustainable Innovation Definition: Innovations aimed at reducing environmental impact or improving social outcomes. Example: Tesla's electric vehicles, which aim to reduce reliance on fossil fuels and minimize environmental impact.  21CA109 Social Innovation Definition: Innovations that address social needs and improve societal well-being. Example: Microfinance, community-supported agriculture, and social enterprises.  21CA109 Technological Innovation Definition: Innovations that leverage new technologies to enhance products or processes. Example: Artificial intelligence applications, 3D printing, and biotechnology.  21CA109 Open Innovation Definition: Collaboration with external partners to drive innovation. Example: Crowdsourcing ideas, partnerships with startups, and collaborative research efforts. Procter & Gamble's "Connect + Develop" programme, which collaborates with external partners to drive innovation in product development.  Activity #04: Identify this person.  21CA109 What news does he make recently?  21CA109 Find out the innovation story that made him the young millennial friend of Ratan Tata as well as an entrepreneur. Prepare a note on the topic “Innovation Opportunities”.  Activity #05: Assignment No.01 Title of the Assignment: “Fundamentals of Business Theory and Practice”  21CA109 Download the book Fundamentals of Business by Stephen J. Skripak from http://hdl.handle.net/10919/70961. Referring to this book attempt the questions on the next page. Special Instructions: Write the assignment only on your note book. Write neatly in your book with proper margins, headings, sub-headings, page numbers. Submit the completed assignment on November 05, 2024.  21CA109 Questions: 1. Identify the business stakeholders. 2. Divide the activities of a business into Management, Operations, Marketing, Accounting and Finance. 3. Differentiate: Monopoly and Oligopoly 4. What is Gross Domestic Product (GDP)? 5. To get a sense of where the economy is headed in the future, we use a statistics called economic indicator. Explain what is economic indicator.  7. Social Innovation & Social Entrepreneurship Social innovation and social entrepreneurship are concepts that are transforming the way we address societal problems.  21CA109 Social Innovation: We already understood that, innovations that address social needs and improve societal well-being – are known as social innovations.  21CA109 Traditional methods of innovations do provide temporary fixes to issues. But, social innovation seeks to tackle the root causes of social issues and create long-lasting positive change.  21CA109 Key Characteristics of Social Innovation: 1.Novelty: It involves new ideas or ways of doing things that were not previously considered. 2.Impact: Aims to make a tangible and sustainable positive change in society. 3.Scalability: Social innovations have the potential to be scaled or replicated in other contexts or regions. 4.Collaboration: It often involves collaboration between various stakeholders including a) governments b) businesses c) non-profit organizations, and d) communities.  21CA109 Types of Social Innovations: Social innovations can take many forms, depending on the area they aim to address. Some examples include: Product Innovations Process Innovations Systematic Innovations Business Model Innovations  21CA109 1. Product Innovations Creating new products or services that address unmet social needs. Example: affordable solar energy solutions for low-income communities. 2. Process Innovations Introducing new ways of organizing work or delivering services. Example: innovative healthcare delivery models in underserved areas. 3. Systemic Innovations Changing the underlying systems or structures that contribute to social problems. Example: redesigning social welfare systems to focus on empowerment rather than dependency.  21CA109 4. Business Model Innovations Developing new, sustainable business models that align profit motives with social goals Example: social enterprises or cooperatives.  21CA109 Steps in the Social Innovation: 1. Identifying the Problem Understand the issue Engage stakeholders 2. Designing Solutions Brainstorm ideas Use human-centered design Collaborative innovation 3. Testing and Prototyping Build a prototype Collect feedback 4. Scaling the Solution Evaluate success Replicate or scale  21CA109 5. Sustaining the Solution Financial sustainability Institutional support Monitoring and adaptation  21CA109 Key Examples of Social Innovation: Microfinance (e.g., Grameen Bank) Microfinance institutions provide small loans to individuals in impoverished areas who do not have access to traditional banking. This has empowered millions, particularly women, to start small businesses and improve their economic status.  21CA109 Crowdsourcing for Social Good (e.g., Ushahidi) Ushahidi is a platform that allows users to crowdsource information in real- time to respond to crises. It was initially used during the 2007-2008 post-election violence in Kenya to map out violence and response efforts, helping to coordinate relief efforts.  21CA109 Social Enterprises (e.g., TOMS Shoes) TOMS Shoes is a well-known social enterprise that donates a pair of shoes to someone in need for every pair sold. This model has grown into a broader movement where businesses align social goals with financial goals.  21CA109 Community-Led Development (e.g., Slum Dwellers International) Slum Dwellers International is an organization that empowers people living in slums to improve their living conditions by providing technical assistance and facilitating access to resources for slum upgrading.  21CA109 Challenges in Social Innovation: Funding: Finding sustainable financial backing for social innovations can be challenging. Social innovators often rely on a mix of grants donations, and impact investments. Resistance to Change: Established systems, norms, or policies may resist new ideas. Overcoming bureaucratic or cultural resistance can take time and persistence.  21CA109 Measurement of Impact: Social impact is often difficult to measure. There are no universally accepted standards for assessing the outcomes of social innovations. Scalability: Solutions that work well in one community or context may not be easily replicable in other areas. Thus is due to differing conditions needs, or available resources.  21CA109 Conclusion: Social innovation is a powerful tool for addressing the pressing challenges of our time. By leveraging creativity, collaboration, and a deep commitment to social impact, individuals and organizations can drive lasting change that benefits society as a whole. Whether you are an entrepreneur, community leader, or concerned citizen, there are countless ways you can contribute to shaping a better future through social innovation.  21CA109 Social Entrepreneurship: Social entrepreneurship refers to the practice of identifying starting, and growing ventures that aim to address social cultural, or environmental issues while being financially sustainable.  21CA109 Social entrepreneurs use innovative solutions to solve systemic problems, often in ways that traditional nonprofits or businesses have not.  21CA109 Key Characteristics of Social Entrepreneurship: 1.Passion for a Cause: They are deeply committed to solving a specific social issue and often have personal connections to the cause. 2.Innovative Thinking: Social entrepreneurs think creatively to develop novel solutions to complex problems.. 3.Resilience: The challenges of social entrepreneurship are significant, and resilience is essential to overcome obstacles. 4.Leadership: They can lead and inspire others, often bringing together a diverse group of stakeholders, including employees, investors, community members, and other organizations. 5.Business Acumen: While the social mission is key, social entrepreneurs are also skilled in managing finances, marketing, and strategy. Acumen = the ability to make good judgements and take quick decisions.  21CA109 Types of Social Entrepreneurship: Social innovations can take many forms, depending on their goals, legal structure, and source of funding. Some examples include: Non-Profit Organizations with a Revenue Model These are nonprofits that generate income through product sales, services, or grants to fund their social mission. For-Profit Social Enterprises These are businesses that generate profits but have a primary mission to address a social problem. Profits can be reinvested into the business or used to support social initiatives. Hybrid Organizations These combine elements of both nonprofit and for-profit models.  21CA109 Key Examples of Successful Social Entrepreneurs: 1. Muhammad Yunus – Grameen Bank Muhammad Yunus is one of the pioneers of social entrepreneurship. He founded Grameen Bank, which provides microloans to the poor, especially women, to help them start businesses and improve their livelihoods. His work has lifted millions out of poverty.  21CA109 2. Blake Mycoskie – TOMS Shoes Blake Mycoskie founded TOMS Shoes with the "One for One" model—every pair of shoes purchased leads to a pair being donated to a child in need. This model has expanded to eyewear, water, and other products.  21CA109 3. Jacqueline Novogratz – Acumen Fund Jacqueline Novogratz founded Acumen Fund, a nonprofit venture fund that invests in early-stage companies that serve the poor in developing countries. Acumen has invested in businesses that improve healthcare, education, and energy access.  21CA109 Conclusion: Social entrepreneurship is a powerful way to address the world's most pressing issues while building sustainable, scalable businesses. By combining innovation, social impact, and business strategy, social entrepreneurs can create lasting change in their communities and the world at large. As a social entrepreneur, your mission is to make a difference, and though the path is challenging, the potential for impact is immense.  21CA109 Key Differences between Social Innovation and Social Entrepreneurship:  8.Technology-based Business Models A technology-based business model (TBM) can be defined as a framework in which technology plays a central role in delivering products or services, optimizing operations, or creating entirely new ways to solve problems or meet consumer needs. At the heart of these models is the integration of cutting-edge technologies such as artificial intelligence (AI) cloud computing big data blockchain and the Internet of Things (IoT).  21CA109 The key distinction between traditional business models and technology- based ones lies in the fact that the latter often rely on digital platforms or software as core components of their value proposition.  21CA109 Types of Technology-Based Business Models: 1. Platform-Based Business Models 2. Subscription-Based Models 3. Freemium Models 4. Data-Driven Models 5. Artificial Intelligence (AI) and Automation-Based Models  21CA109 1. Platform-Based Business Models One of the most prominent examples of a technology-driven business model is the platform-based model, which connects multiple stakeholders (e.g., buyers and sellers) through a digital interface. Prominent examples of this model include companies such as Uber and Amazon.  21CA109 2. Subscription-Based Models Subscription-based business models have also gained significant attraction, particularly in industries such as media software, and consumer goods. By offering products or services on a recurring payment schedule, businesses create predictable revenue streams and foster customer loyalty. Companies like Netflix, Spotify, and Microsoft exemplify this approach.  21CA109 3. Freemium Models The freemium model, which offers basic services for free while charging for premium features or enhanced functionality is another technology-based business model that has seen widespread adoption, particularly in software and digital services. Companies like Dropbox, LinkedIn, and Slack are notable examples of this approach.  21CA109 4. Data-Driven Models In the age of big data, businesses are increasingly using data-driven models to derive insights optimize operations, and personalize customer experiences. Data-centric companies like Google, Facebook, and Netflix leverage vast amounts of user data to generate revenue primarily through targeted advertising.  21CA109 5. Artificial Intelligence (AI) and Automation-Based Models AI and automation are central to emerging technology-based business models, particularly in industries such as manufacturing, finance, and logistics. Companies that integrate AI into their operations not only improve efficiencies but also create entirely new business models. Companies like Tesla, UiPath are notable examples of this approach.  21CA109 Thanks for Listening!