Question

In: Economics

A newly established start-up in Beirut’s Digital District (BDD) named MedEntr aims to establish online support...

A newly established start-up in Beirut’s Digital District (BDD) named MedEntr aims to establish online support tools for surgeons to employ during surgical operations. The start-up’s vision is to enable surgeons around the world to perform all or most of the surgical operations required, especially in countries that are short on medical equipment and surgical expertise. The start-up has won $25,000 from BDD and another investing firm in Beirut as funds for their IT infrastructure. They intend to use this money to develop their website and mobile app and try to build an online community which is ready to take part in their initiative.
MedEntr has two co-founders, three full-time employees and two part-time developers. Both co-founders are biomedical engineers who recently graduated from university. The employees are also their friends from their time at the university who are willing not to be paid until the start-up can secure more investments. The co-founders benefit from unlimited medical advice from mentors in the incubator along with their previous university professors, as they believe MedEntr has the potential to gain global recognition.
All stakeholders of the start-up believe that knowledge is their greatest asset, as they could have a lot more money, but that will lead them nowhere if they do not employ the needed technologies, mechanisms and tools to discover, capture, share and apply knowledge. For that, both co-founders are in constant discussions with their mentors to establish a knowledge management plan to employ in the early stages of their start-up that would pave the way for a proper entrepreneurial endeavor.  
The majority of their mentors suggested focusing MedEntr’s efforts on knowledge capture for several reasons. First, capturing knowledge could be the least expensive but most integral knowledge process, as both knowledge sharing and application are dependent on it. Second, knowledge capture systems are easy to integrate in a business culture, especially an entrepreneurial one. Third, being part of BDD encourages employees to capture knowledge in innovative ways as the environment surrounding MedEntr is highy supportive of knowledge management and knowledge management processes. However, capturing knowledge is dependent on several other prerequisites.
To ensure that a proper knowledge capture system can be put in place before the end of July, and considering the limited financial budget at hand, both Ms. Mira Hilal and Mr. Jad Youssef, previous university professors of the co-founders of MedEntr, have called for external support using their own research funds from the university. They believe that outsider input from KM specialists is highly beneficial and can lift the ambiguity (related to several unclear KM tools) surrounding them. KM specialists know better, and they can help MedEntr use the right and needed tools from the start.
Accordingly, consider yourself a KM consultant receiving MedEntr’s profile for advice on how they can capture knowledge properly. You are required to prepare a report (i.e. maximum 10 pages) that addresses the following:
1. Highlight and explain how storytelling can be an important knowledge capture system to adopt.
a. Explain the concept of storytelling and three methods for encouraging storytelling in MedEntr (considering its limited financial resources). (8 points)
b. Explain at least 3 types of knowledge that can be captured through storytelling. (8 points)
c. Discuss, through the use of examples, how KM infrastructure can support storytelling. (8 points)
2. Highlight and explain how communities of practice can be an important knowledge capture tool to adopt.
a. Explain the concept of communities of practice and the importance for start-ups and/or small enterprises. (10 points)
b. Explain at least 3 types of knowledge that can be captured through communities of practice. (10 points)
c. Discuss, through the use of examples, how KM technologies can support communities of practice. (12 points)
3. Suggest a knowledge management system that can be adopted by MedEntr to capture knowledge.
a. Explain the suggested knowledge management system (its possible variations and/or alternatives if applicable) and its strengths. (10 points)
b. Why is your suggested knowledge management system suitable for a start-up and/or small enterprise? (10 points)
c. Discuss, through the use of examples, how KM mechanisms can support the suggested knowledge management system. (12 points)
d. Discuss possible barriers to the use of the knowledge management system.
(12 points)

You are to abide by the following outline:
• Introduction: your introduction must introduce MedEntr along with the recommendations you propose.
• Clearly stated objectives and/or outline.
• Recommendations:
o Storytelling
o Communities of Practice
o Your suggested knowledge management systems
• Analysis
o Specific costs and benefits: discuss here some costs (if applicable) and benefits of the three aforementioned recommendations.
o Analysis of recommendations: you might discuss here the best option/s MedEntr has and/or means in which they might employ the three suggested tools and technology for capturing knowledge.
• Conclusion: This part summarizes all of the recommendations and findings from your report.
• Appendix:
o This part is optional and is NOT included towards the page count.
o If you plan to add an appendix, it should include any relevant supporting citations like bibliography, references, photographs, etc.
o Include any information which supports all of your recommendations.

Good Luck!
Note: Students are to complete the project individually or in a group consisting of no more than three students.

Solutions

Expert Solution

Introduction: MedEntr is a newly start up business in Beirut's Digital District. One of the key aims of the MedEntr is to establish online support tools for the surgeons.

Clearly started objectives.

  1. To develop their website and mobile application.
  2. To build online community.
  3. To establish online support tools for the surgeons.

Recommendations:

One of the key recommendation is to enable surgeons around the world to perform all or most of the surgical operations with the use of various digital and internet technologies.

Storytelling:

The key concept associated with the storytelling is it is very useful in describing the cultural and social activity associated with sharing stories. The three methods for encouraging storytelling in MedEntr are:

  1. Storytelling with the use of a Technologies and electronic accessories.
  2. Storytelling using magnetic boards and picture clues.
  3. Storytelling by subscription on website or mobile application.

Communities of Practice:

A community of practice is Referred to as a group of individuals who tends to share passion or concern associated with the specific matter. It tends to have a very broad concept and this practice helps in working collaboratively to improve the skills and advance their knowledge related with specific domain.

Your suggested knowledge management systems:

A knowledge management system is an effective information technology system which is very prominent in retrieving and storing knowledge. It is very useful in improving the understanding, collaboration and effective process alignment between surgeons and employees.

Analysis:

Specific costs and benefits:

The key recommendation to integrate with online support tools helps in enabling the surgeons to work from across the globe and provide the best possible services.

Analysis of recommendations:

  1. Use of effective information communication tool and technology is considered to be one of the most effective measure to capture high degree of knowledge.
  2. Knowledge visualization is considered to be one of the most effective measure to capture high degree of knowledge.
  3. Content repository and knowledge search are also effective tools which helps in capturing knowledge.

Conclusion:

This study summarizes that, integration of the online support tools helps in enabling the surgeons to work from across the globe. Information communication tool, knowledge visualization and content repository and knowledge search are also effective tools which helps in capturing knowledge.


Related Solutions

A new district was created and named Olympia City and State Recreation District. The district established...
A new district was created and named Olympia City and State Recreation District. The district established the following funds – each is a separate fiscal and accounting entity: o   General fund to account for general operating resources (unassigned) o   Capital project fund to account for the proceeds of bonds issued to finance the construction of recreational facilities o   Debt service fund to account for resources to pay principal and interest on the bonds o   Internal service fund to account for...
Execu Clean is a 3-month-old start-up enterprise newly established in your area. The company provides dry...
Execu Clean is a 3-month-old start-up enterprise newly established in your area. The company provides dry cleaning, laundry and garment alteration services, with a regular door to door pick-up and delivery service. The company has a production facility as well as qualified drivers and vans. For the time being the production facility is rented and cleaning equipment is leased. Objectives: In providing dry cleaning, laundry and garment alteration services the company aims to: Establish a sustainable business by the end...
Execu Clean is a 3-month-old start-up enterprise newly established in your area. The company provides dry...
Execu Clean is a 3-month-old start-up enterprise newly established in your area. The company provides dry cleaning, laundry and garment alteration services, with a regular door to door pick-up and delivery service. The company has a production facility as well as qualified drivers and vans. For the time being the production facility is rented and cleaning equipment is leased. Objectives: In providing dry cleaning, laundry and garment alteration services the company aims to: Establish a sustainable business by the end...
The newly created State Recreation District established the following funds, each of which is a separate...
The newly created State Recreation District established the following funds, each of which is a separate fiscal and accounting entity(general fund , debt service fund and capital project fund.A summary of the district’s first‐year transactions follows (all dollar amounts in millions). 1. It levies taxes of $37000, of which it collects $31000. It expects to collect the remaining shortly after year‐end. 2. It incurs $16000 in general operating expenditures, of which it pays 8000. 3. It issues long‐term bonds of...
subject: Digital marketing Pakistan’s largest online fashion retailer Daraz.pk aims to be a source of inspiration...
subject: Digital marketing Pakistan’s largest online fashion retailer Daraz.pk aims to be a source of inspiration in helping consumers define their personal style. With millions of daily unique visits to its Facebook Page, Daraz.pk has become adept at using the channel to build product and brand awareness. But they were keen to go one step further and they decided to test new ways to engage Page Visitors as a way of driving traffic to and sales on their website. Daraz.pk...
As the finance officer of a newly established printing shop,give a detailed write up on the...
As the finance officer of a newly established printing shop,give a detailed write up on the budget process of an organisation taking into account the stages in the budget planning process, functions of budget and the administration of the budget process.
you are requesting initial funding of $500,000 to start and run a start-up online consignment retailer....
you are requesting initial funding of $500,000 to start and run a start-up online consignment retailer. Prepare a 3 Year Income Statement (Profit & Loss) Projections and Break-Even Analysis in excel.
“Every young company or start-up aims at convincing investors from the potential of its basic business...
“Every young company or start-up aims at convincing investors from the potential of its basic business idea…. In the early stages, this might be both, Business Angels and Venture Capitalists, whereas bank financing is not worth considering”. Critically analyse this statement, supporting the discussion with the literature. Research and discuss how non-tech companies may be different in sources of financing.Include relevant players involved. Discuss three ways in which the financial performance for technology-oriented ventures can be assessed.
Consider you are going to establish a start up company in IoT. Explain step by step...
Consider you are going to establish a start up company in IoT. Explain step by step the process of IoT product development cycle. Write a case study of your own. Define the main challenges you are facing . Provide IoT solution to solve your issues.
You are the Finance Director of a start-up that delivers online ads to end users and...
You are the Finance Director of a start-up that delivers online ads to end users and you are about to approve the budget for the next fiscal year. You notice that your team has projected the annual revenue goal through equal increase of monthly ad deliveries, which assumes least number of deliveries in January and the most number of deliveries in December. Before approving the budget, you want to make sure that there is indeed such a difference between the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT