Innovation in Business
Event Date: 21st August 2024
School of Business & Institution’s Innovation Council, Galgotias University, Gr. Noida, UP successfully organized a workshop on ‘Innovation in Business’ on 21 August, 2024 from 10:00 AM to 11:30 AM.
181 students of School of Business along with faculty members attended the event.
The event was started with welcoming of guest and Saraswati Vandana. The preamble of the event was given by Dr Surinder K Dhingra. He emphasised the importance of the event and highlighted the importance of prototype, process design and development in business.
Dr Surinder, IIC Co-ordinator, welcomed the faculty members and students and discussed the recognition and achievements of Galgotias University in the field of Innovation and Entrepreneurship.
He elucidated the significance of innovation and creativity in business by citing a couple of real-life examples. He motivated the students for innovation and entrepreneurship.
Dr Surinder introduced the invited keynote speaker, Mr Atul Gaur, Associate Vice President of Vipar Auto FZCO, Cambodia and invited him to deliver the talk.
Mr Atul Gaur elucidated on prototypes in business and guided the participants to prepare the roadmap on these lines. He elaborated on the prototype, process design and development and the road ahead. He also dwelt upon Decision Making and the various internal and external factors like socio-cultural, economic, technological and market trends affecting the process of decision making. A decision is taken after striking a balance between external & Internal factors. Internal strengths are used to overcome the external challenges. Effective decision-making can create the difference between success and failure of the venture. Decision-making in startups is critical because resources are often limited and the margin for error is small.
1. Setting Objectives: Both Short-term & Long-term goals are to be set. Each & every decision is to be critically evaluated for its contribution to short-term & long-term goals
2. Data Centric Decisions: Use data to take informed decisions from customer feedback, market research and financial data.
3. Flexibility: The startup environment is quite unpredictable. So strategies should be flexible enough to change quickly in response to new information or market conditions. Implement lean startup principles, such as build-measure-learn loops, to iterate quickly and refine your product or service.
4.Risk Management: Evaluate the risks associated with each decision. Consider both the potential upside and downside. Have backup plans in place for critical decisions to mitigate risks.
5. Focus on Core Competencies: Outsource: Outsource non-core activities so you can focus on what your startup does best. Strengthen Core Areas: Make decisions that strengthen your startup's unique value proposition and competitive advantage.
6. Customer-Centric Approach: Regularly gather and act on customer feedback. Decisions should enhance customer satisfaction.
During the Question & Answer Session, several participants asked questions and got satisfactory answers.
The event ended with vote of thanks by Dr Surinder K Dhingra.
Mentor Name – Dr. Jagannath Mohanty
Department Name – Department of Management
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