Innovation & Entrepreneurship

By: LokeshAgarwal
CMAT- 2023
Innovation &
Entrepreneurship
Complete Revision
Telegram: Lokesh_Unacademy
CMAT Syllabus for Innovation and Entrepreneurship Section

• Important terms related to Innovation and Entrepreneurship .
•Idea generation & Prototype Development
• Investment, Angel, VC fund system
• Govt. Schemes and funding support to ideas, innovations, and startup
• Current trends, development and general awareness on Innovation and startup.
• Social Innovation and Entrepreneurship
• Intellectual Property Right (IPR) & Patents
• Commercialization of Innovations
• Startup and Venture development
• Pre-incubation and Incubation Stages
•Types of Competition
•Innovation Adoption Cycle
•Ecosystem
•
Invention refers to the creation of a new product, process, or technology. It involves the
discovery of something new or the creation of something that did not previously exist.
Inventions can be the result of scientific research, experimentation, or individual creativity.
An invention may or may not have practical applications and may or may not be successful
in the marketplace.
Innovation, on the other hand, refers to the process of taking an invention or existing
technology and developing it into something new or improving it in some way. Innovation
involves making changes to existing products, services, or processes that create new value
for customers or improve efficiency or effectiveness. Innovation can involve the
development of new products or services, the improvement of existing products or
services, or the implementation of new business models or processes.
In short, invention is the creation of something new, while innovation is the process of improving or
developing something that already exists. Innovation often builds on previous inventions, but it
does not always involve the creation of something entirely new.
What Is an Entrepreneur?
An entrepreneur is an individual who creates a new business, bearing most of the

risks and enjoying most of the rewards. The process of setting up a business is
known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a
source of new ideas, goods, services, and business/or procedures.
Entrepreneurship is highly risky but also can be highly rewarding, as it serves to

generate economic wealth, growth, and innovation.
Ensuring funding is key for entrepreneurs: Financing resources include loans and
crowd funding.
Innovation and entrepreneurship are two concepts that are closely related to each other.
Innovation refers to the process of creating or developing new ideas, products, or services
that have the potential to generate value for customers or society.
Entrepreneurship, on the other hand, refers to the process of identifying and pursuing
opportunities to create a new business or venture. An entrepreneur is someone who takes
on the risk of starting a new venture and is responsible for organizing and managing the
resources necessary to make the venture successful.
Innovation is a critical element of entrepreneurship because it allows entrepreneurs to
identify new and better ways of creating value for customers. Entrepreneurs who are able
to identify and pursue opportunities for innovation are more likely to be successful in
creating and growing their ventures.
Angel investors typically invest smaller amounts of
money than venture capitalists or private equity
firms, but they can still provide significant funding
and support to early-stage companies. In addition
to providing capital, angel investors can also
provide valuable advice, mentoring, and industry
connections to help startups succeed.
Overall, angel investors play a critical role in the
startup ecosystem by providing the early-stage
capital and support that is often necessary for new
businesses to get off the ground and succeed.
The term "bootstrapping" comes from the

phrase "to pull oneself up by one's
bootstraps." In other words, bootstrapping is
about using the resources at hand to build
and grow a business, rather than waiting for
external funding to become available.
Example: Mailchimp, Inmobi, Directi, Zoho
Corporation .
Venture capital (VC) is a type of private equity financing provided by investors to early-
stage, high-growth companies with the potential for substantial long-term growth and
return on investment. VC firms typically invest in startups and young companies that
have a disruptive technology or business model and a high potential for growth and
profitability.
Venture capitalists provide funding in exchange for an ownership stake in the
company, typically in the form of equity. They often take an active role in the
management of the company, providing guidance, mentorship, and support to help the
company achieve its growth objectives.
There are several venture capital (VC) firms operating in India that invest in startups with high
growth potential. Here are a few examples of well-known Indian VC firms:
Sequoia Capital India: Sequoia Capital India is a subsidiary of the global VC firm Sequoia Capital.
The firm invests in startups in a variety of sectors, including technology, consumer, and healthcare.
It has invested in several successful Indian startups, including OYO, Zomato, and Edtech's.
Accel Partners India: Accel Partners India is a subsidiary of the global VC firm Accel Partners. The
firm has invested in several successful Indian startups, including Flipkart, Swiggy, and Freshworks.
Nexus Venture Partners: Nexus Venture Partners is an Indian VC firm that invests in startups in the
technology, consumer, and healthcare sectors. The firm has invested in several successful Indian
startups, including Delhivery, Snapdeal, and Postman.
Kalaari Capital: Kalaari Capital is an Indian VC firm that invests in startups in the technology and
consumer sectors. The firm has invested in several successful Indian startups, including Dream11,
Urban Company, and Myntra.
Fintech startups are companies that leverage technology to offer financial
services to customers in innovative ways. Here are some examples of
successful fintech startups:
Paytm:.
PhonePe: The company was acquired by Flipkart in 2016.
Razorpay: Razorpay is a payment gateway that enables businesses to
accept online payments from customers.
Zerodha: Zerodha is a technology-driven stock brokerage firm that offers
low-cost trading services to investors in India. It has disrupted the
traditional brokerage model by offering commission-free trades and a
range of other innovative services.
PolicyBazaar: PolicyBazaar is an online insurance aggregator that allows
customers to compare and purchase insurance policies from multiple
providers. The company has become one of the largest online insurance
marketplaces in India.
Telegram: UnacademyCATbyLokeshAgarwal
According to Schumpeter, which of the following is the primary function of a new
age entrepreneur
Joseph Schumpeter was an Austrian economist and social
A. Creativity scientist who is widely recognized as one of the most important
B. Innovation economists of the 20th century. Schumpeter is best known for his
C. Invention contributions to the field of economic development, particularly
D. Skill his theory of "creative destruction," which describes the way in
which new industries and technologies displace old ones.
He argued that entrepreneurs were the key agents of change in
the economy, constantly introducing new products, processes,
and business models that disrupted existing industries and
created new ones. So B is the correct option.
Founders translate company ideas into business model hypotheses, test

assumptions about customers’ needs, and then create a ______________to
try out their proposed solution on customers.
A. Beta version
B. Brand
C. Minimum viable product
D. Service
(A)-(iii), (B)-(ii), (C)-(iv), (D)-(i)

Innovation life Cycle Telegram: Lokesh_Unacademy
According to a study by Jaruzelski, Dehoff, and Bordia, the innovation process can be
broken down into four key stages:
1. Ideation: This stage involves the generation of new ideas and the basic research and
conception necessary to develop those ideas.
2. Project selection: In this stage, a decision is made to invest in one or more of the ideas
generated during the ideation stage, based on factors such as market potential, technical
feasibility, and alignment with the company's overall strategy.
3. Product development: This stage involves building the product or service, including
testing, prototyping, and refinement. The goal is to create a viable product that meets
customer needs and can be manufactured at scale.
4. Commercialization: This final stage involves bringing the product or service to market,
adapting it to customer demands, and scaling up production and distribution to achieve
widespread adoption.
Perfect competition exists
when there are many
consumers buying a
standardized product from
numerous small businesses.
Because no seller is big
enough or influential enough
to affect price, sellers and
buyers accept the going
price. For example, when a
commercial fisher brings his
fish to the local market, he
has little control over the
price he gets and must
accept the going market
price.
In monopolistic competition, we
still have many sellers (as we had
under perfect competition). Now,
however, they don’t sell identical
products. Instead, they
sell differentiated products—
products that differ somewhat, or
are perceived to differ, even
though they serve a similar
purpose. Products can be
differentiated in a number of
ways, including quality, style,
convenience, location, and brand
name.
Oligopoly means few sellers.

In an oligopolistic market,
each seller supplies a large
portion of all the products
sold in the marketplace. In
addition, because the cost of
starting a business in an
oligopolistic industry is
usually high, the number of
firms entering it is low.
Companies in oligopolistic
industries include such large-
scale enterprises as
automobile companies and
airlines.
A monopoly is a market structure where a single firm

controls the entire market for a particular product or
service. In a monopoly, the company has a significant
amount of market power and can set prices higher
than in a competitive market. This is because there
are no close substitutes for the product, and
consumers have no other options but to buy from the
single company. Monopolies are generally considered
to be negative for consumers, as they can lead to
higher prices and reduced choice. However, some
argue that monopolies can be beneficial in certain
cases, such as in natural monopolies where it is more
efficient to have a single company providing the
service.
3. Which of the following market types has all firms selling products
so identical that buyers do not care from which firm they buy?
A) perfect competition B) oligopoly C) monopolistic competition

D) monopoly
6) Which of the following market types has the fewest number of firms?
A)perfect competition B) monopoly C) monopolistic competition
D) oligopoly
7) Which of the following market types has a large number of firms that
sell similar but slightly different products?
A) perfect competition B) oligopoly C) monopolistic competition
D) monopoly
8) Which of the following market types has only a few competing firms?
A) perfect competition B) monopolistic competition C) monopoly
D) oligopoly
8. Which of the following is true about a price-taking firm?
a. It is in contact with rival firms to fix the best price that all of them can charge
b. It is unable to influence the price of the product that it sells
c. It is asking the government to set a fixed price for its product
d. It can set the price of a product at any level that it wants. Answer: b
9. Which of the following is a barrier to entry?
a. A government regulation that restricts a monopoly firm from earning an economic profit
b. A rule or regulation that protects a firm from new competitors arriving in the market
c. The presence of firms within a market that are incurring economic losses, something that deters
new companies from entering
d. Anything that establishes a barrier to the expanding of output within a market. Answer: b
10. Which of the following will create a natural monopoly in the market?
a. A technology that helps a firm to produce at a lower average cost than two or more firms
b. A requirement for a government license before a firm can sell the product or service
c. The ownership of all available units that are required for the raw materials
d. Any exclusive right granted to a firm for supplying a product or service. Answer: a
Ecopreneur is a term used to describe an entrepreneur who starts and

grows a business that has a positive impact on the environment. An
ecopreneur is a person who is committed to environmental
sustainability, social responsibility, and economic viability. An
ecopreneur starts a business that makes a positive contribution to the
environment, society, and the economy, and is built around principles of
sustainability.
Examples of ecopreneurial companies include Patagonia, a clothing
company that is committed to sustainable and ethical practices, and
Tesla, a company that produces electric vehicles and is committed to
reducing carbon emissions.
Entrepreneurship Development Programme (EDP) is designed to develop

entrepreneurial skills and create awareness among first-generation entrepreneurs.
These programs aim to provide the participants with the necessary knowledge,
skills, and training to start and run a successful business venture. EDPs are also
beneficial for individuals who are planning to start a business but have no prior
experience or knowledge of entrepreneurship. So, yes, EDPs are typically designed
for first-generation entrepreneurs.
The Industrial Finance Corporation of India (IFCI) is a government-owned non-

banking financial company in India. It was the first Development Financial
Institution of the country, founded in 1948 to provide medium and long-term credit
to Indian businesses. Its objective is to support industrial growth and economic
development in the country.
The Industrial Development Bank of India (IDBI) was the first development bank of India. It was
established in 1964 as a wholly-owned subsidiary of the Reserve Bank of India to provide credit and
other facilities for the development of industry in India. IDBI was converted into a full-fledged
commercial bank in 2004 and is now known as IDBI Bank Limited.
SFC stands for State Financial Corporation. State Financial Corporations were
established in India in 1951 under the State Financial Corporations Act, 1951, to
provide long-term finance to small and medium scale industries in the respective
states. These corporations are owned by state governments and work as a
supplementary source of industrial finance, in addition to commercial banks and
other financial institutions. The primary objective of SFCs is to promote and
develop industries in the respective states by providing long-term financial
assistance in the form of loans and advances, as well as underwriting and direct
subscription of shares and debentures.
What Is the Product Life Cycle? By: LokeshAgarwal
The term "grey market" comes from the idea of a market that operates in a
"grey area" between the legal and illegal, rather than being fully "black" or
"white". It refers to the sale of goods through channels that are not
authorized by the manufacturer or trademark owner, but are also not
necessarily illegal.
The goods sold on the grey market are often genuine products, but they are
sold through unauthorized channels and may not come with the same
warranties, customer support, or quality control as products sold through
official channels. So, the term "grey" is used to describe the uncertain or
ambiguous nature of the market, which is not completely black or white.
LOB stands for "Line of Business". It is a term used in the business world to
describe a specific business unit or department within a larger organization.
Each line of business has its own objectives, strategies, and operations, and
may operate independently or as part of a larger organization. The term is
commonly used in the context of technology companies, where different
lines of business may be focused on different products or services.
The pre-incubation stage is the initial phase of the startup process where an individual or
a team evaluates their business idea, conducts research and testing, and prepares to
enter the market. During this stage, the entrepreneur(s) work on developing a detailed
business plan, identifying potential customers and market opportunities, and building
prototypes or proof of concept. This is the stage where the startup is in the ideation
phase, and it's not yet ready for commercialization.
The incubation stage follows the pre-incubation stage and refers to the period when a
startup is established, and its business idea is tested in the market. The incubation stage
involves the nurturing of the startup through various types of support, such as financial,
managerial, and technical assistance, provided by an incubator or accelerator program.
This stage provides startups with access to resources, networks, and mentorship,
allowing them to grow and scale their businesses. The goal of the incubation stage is to
help the startup reach a stage of self-sufficiency and become a viable and sustainable
business.
After the incubation stage, a startup typically moves into the following stages:
Seed Stage: This is the first stage of a startup's life cycle. At this stage, the startup is still
in the development phase, and the focus is on refining the product or service,
establishing a business plan, and securing funding.
Early Stage: At this stage, the startup has launched its product or service and is focused
on gaining market traction and acquiring customers. The emphasis is on growth and
scaling the business.
Growth Stage: At this stage, the startup has achieved a significant customer base and is
generating revenue. The focus is on further expanding the business, scaling operations,
and increasing profitability.
Expansion Stage: At this stage, the startup is well-established, and the focus is on
expanding into new markets, introducing new products or services, and exploring
strategic partnerships and acquisitions.
Maturity Stage: At this stage, the startup has become a mature business, and the focus is
on maintaining market share, optimizing operations, and generating steady revenue and
profits.
By: LokeshAgarwal
Ans: A
By: LokeshAgarwal
Delinquent entrepreneurship refers to entrepreneurial activities that are
conducted through illegal or unethical means. These entrepreneurs often
engage in criminal activities to generate revenue or use illegal means to
obtain the resources they need for their business.
Examples of delinquent entrepreneurship include drug trafficking, money
laundering, and human trafficking. Delinquent entrepreneurs are typically
driven by the desire for financial gain and are willing to take risks to
achieve their goals. However, their activities are often harmful to society
and can lead to legal and social consequences.
The word "entrepreneurship" is derived from the French word
"entrepreneur," which means "one who undertakes."
By: LokeshAgarwal
The term "entrepreneur" was first
used by the French economist Jean-
Baptiste Say in the early 19th
century. Say described
entrepreneurs as individuals who
seek out opportunities to combine
resources in innovative ways to
create value and wealth.
By: LokeshAgarwal
The Technology Adoption Lifecycle
Basically, The technology adoption lifecycle describes the personas of adopters at
each stage of the acceptance of new technology. This is also referred to as the
demographic and psychological characteristics of adopters.
The personas were initially described in 1962 by Everett Rogers in
his book “Diffusion of Innovations,” where he explained how, why, and at what
rate new ideas and technology spread.
Adopters are characterized according to their innovativeness, i.e., the degree to
which an individual adopts a new idea.
•Innovators
•Early adopters
•Early majority
•Late majority, and
•Laggards
The chasm refers to the
technology adoption
lifecycle or the
transition from the
early market into the
mainstream eye.
Crossing the chasm
opens up the possibility
of hyper-growth and
market success. It's the
transition from being a
new, little-known and
exploratory product, to
mass adoption and
well-known status.
By: LokeshAgarwal
7. The innovation-adoption process occurs in this order: ________.
A. knowledge, persuasion, decision, implementation, and confirmation

B. persuasion, knowledge, implementation, decision, and confirmation
C. persuasion, knowledge, decision, implementation, and confirmation
D. knowledge, decision, persuasion, implementation, and confirmation
By: LokeshAgarwal
Top 5 Government Schemes for Startups in India
•Startup India Initiative.
•Digital India
•Pradhan Mantri Mudhra Yojna.
•Atal Innovation Mission.
•The Standup India Scheme.

By: LokeshAgarwal
Top 5 Government Schemes for Startups in India
•Startup India Initiative.
•Digital India
•Pradhan Mantri Mudhra Yojna.
•Atal Innovation Mission.
•The Standup India Scheme.

By: LokeshAgarwal
Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme launched by the
Government of India in April 2015 to provide loans to micro and small enterprises
(MSEs) for business purposes.
Loan categories: The scheme offers three types of loans based on the stage of the
business - Shishu (up to Rs. 50,000), Kishore (Rs. 50,001 to Rs. 5 lakhs), and Tarun (Rs. 5
lakhs to Rs. 10 lakhs).
Interest rates:
Collateral-free loans
Credit guarantee:
Overall, the Pradhan Mantri Mudra Yojana has been successful in promoting
entrepreneurship and self-employment among the underprivileged sections of society
and has helped in generating employment and income opportunities in the country.
By: LokeshAgarwal
Atal Innovation Mission (AIM) is a flagship initiative launched by the Government of India
in 2016 to promote innovation and entrepreneurship across the country. The mission aims
to create and promote a culture of innovation and scientific research among students,
startups, and entrepreneurs.
Atal Tinkering Labs: AIM has established Atal Tinkering Labs (ATLs) in schools across the
country to provide a platform for students to learn and experiment with innovative
technologies.
Atal Incubation Centers: Atal Community Innovation Centers
Innovation promotion: AIM promotes innovation and entrepreneurship through various
initiatives such as hackathons, innovation contests, and technology showcases.
Overall, the Atal Innovation Mission has been successful in promoting innovation and
entrepreneurship across the country and has helped in creating a vibrant startup
ecosystem. The mission has also helped in creating employment opportunities and
driving economic growth in the country.
By: LokeshAgarwal
Q. Which of the following schemes focuses on promoting entrepreneurship among
women and Scheduled Castes and Scheduled Tribes?
A. Pradhan Mantri Mudra Yojana

B. Standup India Scheme
C. Atal Innovation Mission
D. Digital India Programme
Answer: B. Standup India Scheme

By: LokeshAgarwal
Which of the following schemes provides funding support to startups for patent
filing and international patent applications?
A. Atal Innovation Mission
B. Pradhan Mantri Mudra Yojana
C. Startup India Seed Fund Scheme
D. National Initiative for Developing and Harnessing Innovations (NIDHI)
Answer: D. National Initiative for Developing and Harnessing Innovations (NIDHI) , an
umbrella program is pioneered by the Department of Science & Technology (DST), for
nurturing ideas and innovations (knowledge-based and technology-driven) into successful
startups. NIDHI provides several schemes to support startups, including funding support
for patent filing and international patent applications. The scheme is called the NIDHI-
PRAYAS program and aims to provide financial assistance to startups for filing and
prosecution of patents in India and abroad.
By: LokeshAgarwal
Which of the following schemes provides funding support to startups for
research and development activities?
A. Startup India Seed Fund Scheme
B. Atal Innovation Mission
C. Pradhan Mantri Mudra Yojana
D. Standup India Scheme
Answer: A. Startup India Seed Fund Scheme:
Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups
for proof of concept, prototype development, product trials, market entry and
commercialization.
This would enable these startups to graduate to a level where they will be able to raise
investments from angel investors or venture capitalists or seek loans from commercial
banks or financial institutions.
By: LokeshAgarwal
Which of the following schemes focuses on creating a network of
incubation centers across India to support startups?
A. Atal Innovation Mission

B. Pradhan Mantri Mudra Yojana
C. Startup India Seed Fund Scheme
D. National Initiative for Developing and Harnessing Innovations (NIDHI)
Answer: A. Atal Innovation Mission

Ans: D. A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship
(ASPIRE) is an initiative of Government of India and promoted by the MSME. It was
launched to set up incubation centres and network of technology centres for enhancing
entrepreneurship across India. It seeks to promote start-ups for innovation in the agro-
industry.
By: LokeshAgarwal
Ans C- Atal Innovation Mission

which is a flagship initiative of the Indian government to promote innovation and
entrepreneurship among young people. The mission was launched in 2016 by the
NITI Aayog (National Institution for Transforming India) and aims to foster a
culture of innovation and entrepreneurship across the country.
By: LokeshAgarwal
AIC typically refers to "Atal Incubation Centers“.
Atal Incubation Centers (AICs) are a part of the Atal Innovation Mission (AIM) launched
by the Government of India to support and promote innovation and entrepreneurship in
the country. AICs are set up in different parts of the country to provide a nurturing
ecosystem for startups in various sectors, such as technology, social impact, healthcare,
agriculture, and more.
The main objective of AICs is to provide a range of services and resources to early-stage
startups to help them build and scale their businesses. Some of the services offered by
AICs include access to funding, mentorship, industry connects, technical expertise, legal
and administrative support, and more.
AICs are typically hosted by academic institutions, research organizations, or industry
associations, and they are operated by experienced entrepreneurs or industry experts.
Startups can apply to become a part of an AIC and go through a selection process to gain
access to the resources and support offered by the center.
By: LokeshAgarwal
STEP (Science and Technology Entrepreneurs Park) is an initiative launched by the Indian
government to promote innovation and entrepreneurship in the country. The program was
launched by the Department of Science and Technology in 1986 and aims to support and
nurture startups in the science and technology sectors.
Under the STEP program, the government provides funding and support to set up
incubators and technology parks that offer a range of services to startups, including:
•Access to funding and investment opportunities
•Mentorship and guidance from experienced entrepreneurs and industry experts
•Access to state-of-the-art research facilities and equipment
•Networking opportunities with other startups, investors, and industry players
•Legal and administrative support, including help with patent registration and company
formation
By: LokeshAgarwal
Diffusion refers to the spread of an innovation or a new product through various
channels to reach a wider audience. The diffusion typically involves five stages:
Awareness: The first stage involves creating awareness about the product among
potential customers. This may involve advertising, social media campaigns, or other
forms of marketing.
Interest: Once customers become aware of the product, they may become interested in
learning more about it. This is the stage where they start to actively seek out information
about the product.
Evaluation: After gathering information about the product, customers may evaluate its
benefits and drawbacks to decide whether or not to purchase it.
Trial: If customers are satisfied with their evaluation of the product, they may try it out
for themselves to see if it meets their expectations.
Adoption: Finally, if the product meets the customer's needs and expectations, they may
adopt it and become regular users of the product.
What Is Startup Ecosystem?
A startup ecosystem is an
interdependent system of
communities, organisations,
resources, and service
providers that support the
growth of startups in a
particular geographical area.
It is a closed system in which
every element is connected
and mutually dependent.
By: LokeshAgarwal
Elements Of Startup Ecosystem
Consider the ecosystem as a well-oiled machine that requires several tools to function
correctly. Just like a car requires spark plugs, oil, and a gas tank to run, a startup
ecosystem requires the following elements.
Problems and Ideas: A startup ecosystem cannot exist without new problems and ideas.
The businesses in the ecosystem must constantly innovate and create new products and
services to solve these problems.
Entrepreneurs: These are the people with the ideas and the drive to make them a reality.
They are the lifeblood of a this ecosystem.
Investors: These are the people who provide the financial backing for a startup to grow.
They take on a high risk by investing in these businesses, but they believe in the potential
payoff.
People: A startup cannot exist without people. The people in the ecosystem must be able
to provide the talent, skills, and resources that the startup needs to grow. They
include startup founders, employees, investors, mentors, and service providers.
By: LokeshAgarwal
Capital: Capital is the fuel that powers a startup. It allows them to expand, hire new
employees, and grow their business.
Infrastructure: This includes the physical infrastructure (office space, meeting
spaces, etc.) and the digital infrastructure (networks, bandwidth, etc.).
Community: This includes other entrepreneurs, investors, mentors, and service
providers.
Mentorship: They provide essential guidance and support to the startups by helping
them overcome challenges and make better decisions.
Network: This system requires a strong network of people who can help the
startups connect with the right resources. This includes investors, customers, and
service providers.
By: LokeshAgarwal
Ans C- Atal Innovation Mission

which is a flagship initiative of the Indian government to promote innovation and
entrepreneurship among young people. The mission was launched in 2016 by the
NITI Aayog (National Institution for Transforming India) and aims to foster a
culture of innovation and entrepreneurship across the country.
By: LokeshAgarwal
The AIDA framework suggests that in order to successfully market a product or service, a
marketer must first capture the attention of the consumer, typically through advertising
or other promotional activities. Once the consumer's attention is captured, the marketer
must then generate interest in the product or service by highlighting its features and
benefits.
Next, the marketer must create a desire for the product or service by emphasizing how it
can solve the consumer's problem or meet their needs. Finally, the marketer must
persuade the consumer to take action and make a purchase.
By: LokeshAgarwal
Who is the founder of Udaan, the B2B e-commerce platform in India?
a) Sujeet Kumar, Amod Malviya, and Vaibhav Gupta
b) Sachin Bansal
c) Sameer Nigam
d) Deepinder Goyal
Answer: a) Sujeet Kumar, Amod Malviya, and Vaibhav Gupta

By: LokeshAgarwal
Who is the founder of Swiggy, the food delivery platform in India?
a) Sameer Nigam b) Sriharsha Majety c) Ankush Gera d) Kunal Shah
Answer: b) Sriharsha Majety
Sriharsha Majety, along with his co-founders Nandan Reddy and Rahul Jaimini,
founded Swiggy in August 2014.
Swiggy has become a Decacorn. If a Unicorn is a digital company with a valuation

of $1 billion then Decacorn has a valuation of $10 billion or Rs.75,000 crore.
Swiggy joins the handful of Decacorns in India with its latest valuation of $10.7
billion derived from its $700 million round of funding. The valuation of Swiggy has
doubled in last one year and it has expanded 100-fold since January 2016.
By: LokeshAgarwal
Hokey stick growth:
Means “exponential growth”. Every entrepreneur strives to grow their startup
exponentially. In reality, such fast and predictable growth is rarely attainable. The
common launch and growth path is characterized by numerous fluctuations and
near death experiences.
It is represented on a graph as a steep upward curve resembling the shape of a
hockey stick. The term is often used in the startup world to describe a company's
growth trajectory.
In the early stages of a startup, growth may be slow as the company works to
establish itself in the market and build a customer base. However, as the company
gains traction and begins to scale, its growth may accelerate rapidly, resulting in a
hockey stick-shaped curve on a graph.
By: LokeshAgarwal
Freemium:
Freemium is a business model in which a company offers a basic, free version of its
product or service alongside premium or advanced versions that come with
additional features or functionality for a fee. The idea behind freemium is to
attract a large number of users to the free version, who may then convert to
paying customers as they realize the value of the additional features and benefits
offered by the paid version. Freemium models are commonly used in software,
gaming, and media industries, among others.
By: LokeshAgarwal
Who is the founder of PhonePe, the digital payment platform in India?
a) Koladiya and Shashvat Nakrani
b) Rahul Nigam
c) Sameer Bhatia
d) Rahul Chari & Sameer Nigam
Answer: d)Rahul Chari & Sameer Nigam
PhonePe was founded by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer.
In 2016. The first two were also co-founders of MIME360 (which was taken over by Flipkart in 2011).
It has worked on a payments solution around the Unified Payments Interface (UPI), an initiative of the
National Payments Corporation of India, which will allow fund transfer between banks and will make
inter-operability between banks and instant payments possible by using a single identifier like the
Aadhaar number or a virtual address.
By: LokeshAgarwal
Who is the founder of Razorpay, the online payment gateway in India?
a) Shashank Kumar and Harshil Mathur b) Ritesh Agarwal c) Abhiraj Singh Bhal d) Sairee
Chahal
Answer: a) Shashank Kumar and Harshil Mathur
Razorpay is an Indian fintech company that provides online payment gateway services to
businesses. It was founded in 2014 by Harshil Mathur and Shashank Kumar, and is
headquartered in Bangalore, India.
Razorpay offers a range of payment solutions, including credit and debit card processing,
net banking, UPI payments, and digital wallets. The company's platform is designed to be
simple, secure, and easy to use, and it is used by businesses of all sizes, from small startups
to large enterprises.
Razorpay has received several awards and accolades for its work in the fintech industry,
including being named one of the top 50 emerging startups in India by NASSCOM and
winning the Best Payment Innovation award at the India Fintech Awards in 2019. The
company has also raised significant funding from investors, including Sequoia Capital, Y
Combinator, and Ribbit Capital.

Innovation & Entrepreneurship

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Innovation & Entrepreneurship

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By: LokeshAgarwal

CMAT Syllabus for Innovation and Entrepreneurship Section

An entrepreneur is an individual who creates a new business, bearing most of the

Entrepreneurship is highly risky but also can be highly rewarding, as it serves to

The term "bootstrapping" comes from the

Founders translate company ideas into business model hypotheses, test

(A)-(iii), (B)-(ii), (C)-(iv), (D)-(i)

Oligopoly means few sellers.

A monopoly is a market structure where a single firm

A) perfect competition B) oligopoly C) monopolistic competition

Ecopreneur is a term used to describe an entrepreneur who starts and

Entrepreneurship Development Programme (EDP) is designed to develop

The Industrial Finance Corporation of India (IFCI) is a government-owned non-

A. knowledge, persuasion, decision, implementation, and confirmation

•Startup India Initiative.

•Pradhan Mantri Mudhra Yojna.

•Atal Innovation Mission.

•The Standup India Scheme.

•Startup India Initiative.

•Pradhan Mantri Mudhra Yojna.

•Atal Innovation Mission.

•The Standup India Scheme.

A. Pradhan Mantri Mudra Yojana

Answer: B. Standup India Scheme

A. Atal Innovation Mission

Answer: A. Atal Innovation Mission

Ans C- Atal Innovation Mission

Ans C- Atal Innovation Mission

Answer: a) Sujeet Kumar, Amod Malviya, and Vaibhav Gupta

Answer: b) Sriharsha Majety

Swiggy has become a Decacorn. If a Unicorn is a digital company with a valuation

Answer: d)Rahul Chari & Sameer Nigam

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