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Specific Chapter Topic to Which Article Relates
- Creativity, Innovation & Dynamic Change
- Innovation contributes a lot towards the growth and development of a nation in spite of the degree of innovation itself. Innovation may significantly transform various sectors of an economy when well utilized.
- I was responding to dynamic business challenges – Strategically & operationally.
- The demanding and pressing need of both markets and consumer needs triggered Steve Jobs to make a strategic and operational move.
- Entrepreneurship in Action
- Entrepreneurial skills play an important role in business growth. Steve Jobs possessed these skills, which indeed played a pivotal role in accomplishing great and innovative goals.
According to Steve Jobs, innovation is neither motivated by finances nor a particular uniform pattern that has been followed for long. Instead, it is a product of both social and economic behaviour of people and largely involves merging several and various types of innovative experiences. The latter has the potential of boosting technology to greater heights. As a matter of fact, there are quite a number of venture capitalists who are concentrating on the obvious innovations that everyone is struggling with. It has been argued that some of these mediocre innovations in computing may not materialize (Hoegaarden 1).
Due to the emerging challenges and growing need to venture into new markets, Steve took up the task and went ahead to create new demands for a state of the art innovations since consumer’s demand for new products and optimum satisfaction was evidently missing. The author adds that product satisfaction is much more important than its cost. In addition, market shares of existing suppliers are also irrelevant as long as the greater part of the available market remains virgin. Moreover, the support obtained from staff/stakeholders is equally crucial as it would assist in developing innovative ideas.
For Steve Jobs, it was inevitable to face the challenge posed by capitalists bearing in mind that he was risking on the cost of the new products being innovated (Hoegaarden 2). Another drawback would be the tendency by venture capitalists to focus on traditional market theories instead of emphasizing on a life changing innovations such as internet applications. Steve indeed possessed entrepreneurship skills which he effectively put into use.
As a manager, he knew that employing pure technologists in his business would not be of great help in achieving what he was aiming at since technology has no lasting value if not well utilized by the wider population. Therefore, an entrepreneur should only make use of technologists who can stretch innovations to the surface.
On the same note, capital efficiency or operational excellence may not improve the performance level of a company, especially if there insufficient innovative skills in place. Steve understood embraced this philosophy and therefore used his product capability and experience for optimum growth of his the company he was running (Hoegaarden 3).
It is clear that creativity and innovation are vital drivers of change. I addition, while conventional theories are still helpful in modern innovations, they should not be fully relied on since some of them may be retrogressive and below par according to contemporary demands in marketing and consumer satisfaction. The example portrayed by Steve Jobs challenges these tendencies. It is inevitable that some entrepreneurs may focus on the risk of the cost that innovation would bring and fail to recognize the positive benefits of the very innovation in the long run. There is a lot to borrow on the innovative product and marketing skills of Steve Jobs.
Hoegaerden, Georges. Venture Capital Dispatch: How Steve Jobs Proved Venture Capital Wrong. 2011. Web.