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Discussion, Conclusion, and Strategic Directions

In: Innovation Mechanisms in Start-ups

Author

Listed:
  • Varun Gupta

    (University of Alcala
    GISMA University of Applied Sciences
    GISMA University of Applied Sciences)

Abstract

This chapter examines how entrepreneurs innovated their business models during the pandemic, the strategies they used, and the likelihood that these innovations will become the “new normal.” It’s crucial to concentrate on the “new” value proposition in such advances, especially given the resource constraints and hazards associated with globalization. These novel ideas are discovered through competitive research and discussions with various client groups. The goal should be to somewhat innovate current models, at least in the early phases, so they can take advantage of economies of scale and lower the risks associated with globalization. Innovation is necessary, but it should go as far as to address the varying needs of foreign markets. The 15 directions to follow for such innovation are housed in a model called BMI-Pandemic 2.15, an expanded version of Odyssey 3.14. The guidelines call for the firm to broaden its strategic base in order to fill in its capability gaps and discover new approaches to pinpointing relevant customer categories and their unmet needs. With these directions, the startups gain dynamic capabilities, and the findings will be useful lessons beyond the pandemic as well. Strategic directions are also provided in this chapter.

Suggested Citation

  • Varun Gupta, 2023. "Discussion, Conclusion, and Strategic Directions," Innovation, Technology, and Knowledge Management, in: Innovation Mechanisms in Start-ups, pages 159-170, Springer.
    • Handle: RePEc:spr:innchp:978-3-031-19741-3_10
    DOI: 10.1007/978-3-031-19741-3_10
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