EXPONENTIAL ENTREPRENEURS: ENTREPRENEURS ACHIEVING EXPONENTIAL GROWTH THROUGH DIGITAL TECHNOLOGY AND INNOVATION – A REVIEW
Abstract
Being an entrepreneur in the digitally connected world is different from what it was 20 years ago. Companies like Google, Amazon, Tesla, WhatsApp etc. have taken less time to grow. 85% percent of Fortune 500 companies listed from 1950’s have lost their way. Many companies who have performed very well in the past do not exist today. The business world is changing constantly with rapid adoption of digital technology. Digital technologies have been profoundly changing the ways business function. They have challenged existing business models and giving birth to new business models. The digital technologies have provided platforms for business to connect collaborate and communicate with people. In the next 10 years 40% of the S&P 500 companies are expected to disappear from the list.
Entrepreneurs who think big and adapt the right technology thrive better than others. Entrepreneurship with a blend of technology and innovation creates exponential growth in the form of economic value creation and social impact. Adapting digital technology, thinking big and utilizing crowd power tools are the strategic pathways to create wealth and create an impact upon the world. This new type of entrepreneurs is called “Exponential Entrepreneurs”, who are looking to grow bigger by eliminating the incremental or linear way traditional organizations grow. The improvement in digital technology in the form of enhanced computing power, storage and bandwidth is fueling exponential growth of organizations. The organization which has shown 10X (10 times) performance increase than their industry peers are considered as “exponentials”, says Salim Ismail, who has studied around 100 companies which has exponentially grown in the last five years. The paper tries to develop a strong conceptual understanding of ‘exponential entrepreneurship’. The paper attempts to review what exponential technologies, exponential innovation, exponential growth and exponential entrepreneurs and how digital technology and innovation fosters growth in Indian and International Context.
Keywords:
Exponential Entrepreneurship Growth, Exponential, Digital Technology and InnovationDownloads
References
Diamandis, P.H. & Kotler, S. (2015). Bold: How to Go Big, Create Wealth and Impact the World, Simon & Schuster, New York.
Doganova, L. & Eyquem, M. (2009). What do business models do? Innovation devices in technology entrepreneurship. Research Policy, 38(10), pp 1559-1570.
Friebe, M. (2017). Exponential Technologies + Reverse Innovation = Solution for Future Healthcare Issues? What Does It Mean for University Education and Entrepreneurial Opportunities? Open Journal of Business and Management, 5(3), pp 458-469.
Hagel, J., Brown, J.S., Samoylova, T. & Liu, M. (2013). From exponential technologies to exponential innovation Report 2 of the 2013 Shift Index series. Retrieved from: https://www2.deloitte.com/insights/us/en/industry/technology/from-exponential-technologies-to-exponential-innovation.html.
Ismail, S. (2014). Exponential Organizations, Diversion Books, New York, United states.
Li, F. (2015). Digital Technologies and the Changing Business Models in Creative Industries. In 48th Hawaii International Conference on System Sciences. Retrieved from: https://www.computer. org/csdl/proceedings/hicss/2015/7367/00/7367b265-abs.html.
Exponential Organizations. (2016). Salim Ismail’s book takes a closer look at a rising breed of new organizations characterized by rapid growth and a stronger reliance on technology. Pressreader. Finweek English Edition. 28 April
Shrimp, G, (2017). How Digital Transformation Is Rewriting Business Models, Digitalist Magazine. Retrieved from: https://www.digitalistmag.com/digital-economy/2017/04/19/digital-transformation -rewriting-business-models-05042457
Westerlund, M., Leminen, S. & Rajahonka, M. (2014). Designing Business Models for the Internet of Things. Technology Innovation Management Review, 4(7), pp 5-14.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2018 International Journal on Recent Trends in Business and Tourism (IJRTBT)
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
