Entrepreneurship and Innovation: Lessons Learned from Tesla Company

Contributo selezionato da Filodiritto tra quelli pubblicati nei Proceedings “International Conference on Economics and Administration 2017”

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Contribution selected by Filodiritto among those published in the Proceedings “International Conference on Economics and Administration 2017”

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TOMA Sorin-George[1], MARINESCU Paul[2], GRADINARU Catalin[3]

[1] University of Bucharest, (ROMANIA) [2] University of Bucharest, (ROMANIA) [3] University of Bucharest, (ROMANIA)

Emails: tomagsorin62@yahoo.com, paulmarinescu1@gmail.com, gradinarubusiness@gmail.com

Abstract

Today’s interconnected global business world is characterized by uncertainty and risk. As growth in the Fourth Industrial Revolution is driven by human creativity, entrepreneurship and innovation have become key prerequisites for achieving business success in a highly competitive and turbulent business environment. The purpose of this paper is to highlight the relationship between entrepreneurship and innovation at Tesla Company, one of the most innovative companies worldwide. The research is based on a case study. The paper shows that Tesla Company is a perfect example of a firm that succeeded in linking entrepreneurship with innovation. It is not only a company that has changed the paradigm of the car industry but also a company that has continuously reinvented itself through its innovative products.

Introduction 

Numerous factors (e.g., economic, social, technological, demographic, environmental, geopolitical) have highly influenced the recent evolution of human society. In this respect, disruptive technologies, terrorist attacks, interstate conflicts, tensions between economic blocks, income and wealth disparities, cyber fragility, global disease outbreaks, structural unemployment and underemployment, asset bubble, energy price shocks, population growth, climate change and large- scale migration have led to an increasing volatility, complexity and ambiguity of the world [1].

Today’s interconnected global business world is characterized by uncertainty and risk. There is a considerable impact on businesses the current Fourth Industrial Revolution, based on cyber-physical production systems, is having (e.g., mobile networks, technology platforms) across all industries all over the world [2]. As growth in this industrial revolution is driven by human creativity, entrepreneurship and innovation have become key prerequisites for achieving business success in a highly competitive and turbulent business environment. Only companies capable of building an organizational culture that stimulates the entrepreneurial and innovative spirit will thrive in the Fourth Industrial Revolution. They understand the need for sustainable innovation in order to face the challenges of the twenty-first century business context [3] and to create new competitive advantages [4].