BMG743: Innovation and Entrepreneurship Assignment Sample
BMG743: Innovation and Entrepreneurship Assignment Sample
Introduction
In the context of business, innovation is considered as the prominent ability of a business owner to develop, conceive, deliver as well as scale up the new services, products, processes along with the respective business framework for the customers. On the other hand, the context of innovation is used for the purpose of upgrading the operating system and determining the introduction of modern technologies with respect to automation prominently. As per the case study, eXRt intelligent healthcare system is one of the newly incorporated companies from Ulster University which is being led by “Dr Dominic Holmes and Dr Darryl Charles.” The company is found to develop “The Magic Glass” which is considered as a connected health. This also aids in enabling stroke survivors to self-manage in terms of rehabilitation in their own home. This is being accomplished through the help of delivering remote management along with monitoring. The purpose of this study is to focus upon the context of innovation along with technology commercialisation strategy. In addition to this, the report has further designed the context of business model innovation along with market analysis.
Current Innovation Strategy/ Technology Commercialisation Strategy
Business innovation is considered as the process of an organisation which aids in the introduction of new ideas, methodologies, workflows along with products. Bounckenet al. (2021) stated that the purpose of the business innovation process aids in creation of value for the business. Here, the value aids to designing new revenue opportunities and drives significant revenue through the help of the existing channels. It also aims to create effectiveness which tends to save both time and money thereby seeking improvement to prominent productivity along with performance (Zhu et al. 2019). In terms of innovation, eXRt intelligent healthcare system is recognised to ensure development of “The Magic Glass” where the context of virtual reality system aims to target the upper limb. This also aids in enabling the stroke survivors in terms of self management with regards to rehabilitation in terms of their own home. It can be further done through the help of delivering and monitoring key aspects of remote management.
Apart from this, stroke survivors are found to receive a prominently manage and at the same time monitor the same in a remote manner through the physiotherapist via the mobile dashboard. With respect to the series of physiotherapy games, it is being embedded in terms of gold standard in terms of promoting as well as motivating the recovery of the upper limb. With respect to the framework of innovation, it aids in signifying engaging as well as immersive experience which in turn enhance the rehabilitation adherence through the development of faster recoveries. Ramdaniet al. (2019) stated that the result of the innovation process in a business is required to yield a competitive advantage which can help the firm to grow as well as reach in terms of attaining the strategic objectives. The process of business innovation aids in the production of proper invention which turns out to be wider in scope and determines incorporation of an existing context along with practices. It also aids in the application of new technologies in terms of the existing products and the key process of improving the same.
In the case of eXRt intelligent healthcare system, it has been identified that there is increasing need in terms of growth as well as changes which aids in offering a prominent deal with respect to the business opportunities. Other than this, in terms of innovation, eXRt intelligent healthcare system designs a bespoke intelligent system which aids in offering a user interface (Dotzel and Shankar, 2019). This can aid in delivering a relevant level of interaction for the purpose of matching up to the “patient motor capabilities.” The emphasis upon the requirement for a solution which aids in the improvement of the process of rehabilitation and seek improvement of “patient motor recovery”is seeking proper connection.
Current Business Model
In managing the business performance of eXRt Intelligent Healthcare, it is needed to implement proper business model and activities implementation that helps to develop overall business performance accurately. On the other hand, the business model canvas invented by Alex Osterwalder of Strategyzer is made up of nine building blocks that shows logic about a company that intends to make money and deliver value. As inspired by Szopinskiet al. (2020), based on these 9 blocks, it is possible to cover different areas related to viability, feasibility, and disability that helps to maintain business performance. Nine required parts introduce “customer segments,” “value proposition”, “revenue streams”, “channels”, “customer relationships”, “key activities”, “key resources”, “key partners”, and “cost structure”.
For managing the eXRt Intelligent Healthcare, it is needed to develop strong relationships with several in a trust with the planning of selling The Magic Glass to the trust first and then with expansion within the USA, UK, and Ireland private and public healthcare sector. In this context, implementation of business model canvas helped in managing the overall activities and key requirement management. Despite this, there is a possibility that private hospital-based patients can be the direct customer of this organisation in future. As per opinions of et al. (2020), this organisation is also open to research and ideas regarding future applications of product and software in different markets and sectors. Along with the analysis of its segment and implementation in managing the magic glass product sales, it is possible to manage the overall system and management of this business.
Customer Segments-The product magic glass offers a complete system from the patient rehabilitation Tool, monitoring tool, alongside a complete support framework and physiotherapy management enhancing present recovery as well as developer connections to their healthcare network. In this context, patients who are required for this type of support and have resources to afford this type of product pricing are the main targeted customers of eXRt Intelligent Healthcare business. As discussed by Ferasso et al. (2020), this business is presently targeting stroke patients Based on the hospitals of USA and UK markets based on both private and public hospitals which are likely purchasing their product or software in managing the clearing process of patients. The total Acute organisations in the UK is 176 that is the market size of this business to get potential customers from this market.
Value Propositions- Value proportion is an important part to manage profitable activities in choosing the business products or services uniqueness from others. In terms of Magic glass, it contains some features including immersive VR for increased adherence to rehabilitation, a large array of exercises from coarse movement, and AI to maintain adaptive rehabilitation (Mejia Duque, 2021). The key decision-making process is also needed to develop in managing the value proportions in managing the products of Magic Glass sales.
Channels-In terms of a marketing tool, eXRt Intelligent Healthcare and needed to implement a digital marketing tool that helps to manage the better market reach. As per views of Carraresi and Bröring (2021), the utilisation of social media and paid advertisement can be effective for this business in Managing their magic glass sales performance. Online media’s-based marketing strategy is more effective in the present time to manage the innovation and modernisation method of advertisement to ensure better customer reach.
Revenue Streams-Revenue streams are possible to maintain with the sale development of magic glass. As inspired by Nosratabadiet al. (2020), stroke present are the main priorities in managing the sales performance of this product and which help to manage the activities and recovery for stroke patients. Despite this, businesses need to customise their service process based on magic glass in managing the recovery systems for stroke patients.
Customer Relationships- Customer relationship is also a necessary part which helps to manage Engagement with customers in managing the purchasing process of a product and services from a business. For managing the selling of medical equipment-based products, eXRt Intelligent healthcare is needed to handle customer relationships with developing communication challenges through direct communication and online communication which ensure better customer interactions.
Key Activities- In managing the key activities of eXRt Intelligent healthcare, it is needed to develop quality of provide and features with modernise technology utilisations with time that helps to update this product quality. As per words of Bagnoli et al. (2020), proper customer support based on magic glass is also needed to handle key activities of present business.
Key Resources- In terms of key resources, different trust-based healthcare sectors are the key resources for eXRt Intelligent healthcare in managing their target customer reaching process. Apart from this, it also needed to manage key resources-based business capital with managing the products sales of Magic Glass products.
Key Partners-Key partners of this business include Tech4Care, insurance providers, investors, and others. As discussed by Osterwalder et al. (2020), in managing the business success, these key partners play a major role with providing both direct and indirect support.
Cost Structure-Cost structure of a business helps to manage safe in new earning activity with handling major cost expenditure and cost of the goods sold. For eXRt Intelligent Healthcare, it is needed to utilise economic scale in managing the overall cost structure for magic glass product development and selling process maintenance to handle business growth.
Visualisation of business model canvas and analysis strong part and which areas could be improved
| Key Partners | Key Activities | Value propositions | Customers relationships | Customer segments | |
| Tech4care, insurance providers and investors. | Development of quality in offering products, Proper features with modernise technology utilisation
Updation of product quality, Proper customer support in handling key activities. |
Immersive VR for enhancing adherence to rehabilitation.
Large array of exercise in terms of coarse movement. Development of managing value proposition through adaptive rehabilitation. |
Direct communication with the customers
|
Patient rehabilitation tool, monitoring tool and physiotherapy management | |
| Key resources | Distribution channel | ||||
| Various trust based healthcare sectors. | Implementation of digital marketing tools, utilisation of social media and paid advertisement. | ||||
| Cost structure | Revenue Streams | ||||
| Major cost Expenditure
Cost of goods sold |
Maintenance of sale development
Customisation of service |
||||
Table 1: Business Model Canvas (Source: Created by author)
As per the aforementioned designed structure, it can be identified that eXRt intelligent healthcare system is the business that is found to incorporate immersive VR for the purpose of enhancing adherence to the key aspect of rehabilitation. Other than this, the business further ensures development of value proposition through the help of adaptive mechanisms. In addition to this, the business aids in signifying proper customer support for the purpose of handling key activities in a proper manner (Salim et al. 2019). Apart from this, it can be found that the business is required to establish direct communication with the customers. Direct as well as online communication with the customers can help the business to signify proper customer relationships with the customers. Post delivery of messages in a clear manner, it has been found that for eXRt intelligent healthcare systems there is no room in terms of misunderstanding and alteration of messages. This in turn can help in decreasing the potential chances for conflicts. Through this, they can help in the development of quality clients and ensure proper employee relationships in a proper as well as significant manner (Hermundsdottir and Aspelund, 2021). Through this, eXRt intelligent healthcare system can ensure proper employee satisfaction and seek promotion of high performance.
Business Model Innovation
Business model innovation is focused on the art of enhancing advantage and value generation by making simultaneous and mutually supportive changes to maintain an organisation’s value proposition to customers with underlying operating models. As per the views of Pieroniet al. (2019), in managing organisational activity through the business model innovation it is needed to manage scope with specific model handling that can be effective for the product development based on magic glass. In this model, there are mainly four parts, which ensure the approach of business model innovation for this present healthcare business activities management and execute effective choice in designing path to growth. Understanding four distinct approaches in business model innovation can execute the effective choice and design within a business such as the case of eXRt Intelligent Healthcare.
The reinventor approach-It deployed considering fundamental industry issues such as the new regulations or commoditization in which a business model deteriorating slowly. In this method the growth prospects become uncertain and can contain risks for maintaining The Magic Glass sales to the stroke patients which provide an impact to handle virtual reality of health. As inspired by Bocken et al. (2019), despite these, business needed to reinvent its customer-value proposition and realign to profitably deliver new superior offerings.
The adapter approach- This approach used whenever the current core business is unlikely to combat fundamental treasure options that explore the adjacent business or a market in some cases existing the core business. As inspired by Lee et al. (2019), in this method, adapters must be blind the innovation engine to persistently drive the experimentation in finding the successful new code space with the right business model. Despite this, implementation of this innovative approach within eXRt Intelligent Healthcare can help to manage their business consistency and manage the magic glass based fundamental activities within their operating market.
Maverick approach-It deploys effective business model innovation to scale up a potential managing success within a core business. Apart from this, the process can be either startup or the insurgent established companies that mainly employ core advantages in the industry and set new standards to maintain their customer needs (Keininghamet al. 2020). This approach requires capability to continually evolve Business competitive edge to drive the overall business growth that can be effective for eXRt Intelligent Healthcare.
Adventurer approach-It aggressively expands the overall footprint of a business by venturing into new or adjacent territories. As per views of Gil-Gomez et al. (2020), this approach needs understanding of business competitive advantage and placing careful bets on applications that advantage to manage success in a new market. For eXRt Intelligent Healthcare, this method contains a major role to maintain the Magic Glass products-based footprint maintenance and develop these product recognitions in new markets as well as contains sustainability within existing markets.
The main aim of eXRt Intelligent Healthcare in this time is to develop a market for the Magic Glass with focusing on stroke patients based on the USA, US and some other markets. This product contains the features in managing the connection of a health maintenance virtual reality system that is targeted as an upper limb, stroke surveyor management for their self-rehabilitation system in home to manage recovery. In this context, implementation of Maverick approach and Adventurer approach are helpful for developing the products recognition based on the Magic Glass in the operating market. Based on this recognition, this business can improve more market expansions and market reach in future that are also needed to handle. Despite this, As inspired by Bouwmanet al. (2019), this product totally delivered remote management and monitoring with a personalised physical program for managing and monitoring the physiological and psychological health for patients. Utilisation of Maverick approach helps to contain better features for eXRt Intelligent Healthcare with establishment of new standard based on the business expansion on global range that helps to improve technology innovations and reduce issues from this business. On the other hand, utilisation of Adventurer approach helps to manage a product’s footprints That can be effective in managing the marketing process for the magic glass in managing this products or services purchasing process by opportunities to maintain their health recovery after stroke. This approach also maintains competitive features which ensure the competitiveness of this product in market and manage the product modernization and development with proper operation as per the client requirement to manage customer satisfaction within eXRt Intelligent Healthcare.
Market Analysis
In analysing the case of eXRt Intelligent Healthcare business, it is needed to analyse the internal situation of this business with evaluating their competitors and business activity as per market requirement. They help to manage organisations and people approach to manage their business performance and activities. As per views of Shah et al. (2019), implementation of marketing analysis generates creativity that can contain direct impact on innovations which can develop the Magic Glass products. This business has a good external environment possible to ensure in managing sustainability in the context of this present orders sales development process maintenance.
SWOT analysis
| Strengths
● Development of pressure empowerment and health conditions recovery for stroke patients ● Automation of information collection and standardised data collection method implementation ● Close monitoring with 24/7 services based on messaging systems ● Provide exercise and wear-based services as per client requirement |
Weaknesses
● Limitations to save long time data ● Lower upfront cost to maintain Magic glass service more ● Limitation of detect advance health related data as per the requirements of stroke patients ● Long duration to manage recovery of stroke patients |
| Opportunities
● Implementation of advance tool to improve software-based services ● Develop impact on psychological health of patients with reducing stress. ● Development of opportunities for other patients as well
|
Threats
● High competitiveness in the market that provide a threat in getting substituted ● Changes in market trend is another threat that can obtained ● In-efficient workers and improper knowledge of technology use also contains threats for this business |
Table 2: SWOT ANALYSIS (Source: Created by author)
From the analysis of the market, competitors of eXRt intelligent healthcare Include “Jennie Reeves Radiographers Agency Limited,” “Quick Response Cctv Ltd”, “T.H.E.Management Systems Ltd”, “Quayshelfco3240 Limited”, And “Medizen Limited” (Uk, 2022). These organisations provide tough competition for Managing the positions of this business related to healthcare in the global market that are needed to maintain. Apart from these, the implementation of Present product names the magic glass contains major benefits and opportunities in managing the attractiveness of customers that ensure the high competitiveness of this business over their competitors (Shah et al. 2019). In the context of social or customer behaviour trends, it is seen that in present time customers are focusing on innovative technology to maintain their service that are also needed to handle in maintaining the business performance for eXRt intelligent healthcare. This business is focused on stroke patients-based services, so the targeted customers of this business include the patients who faced stroke and need support to manage their self-recovery process. The businesses are also focused on medium to low-income range customers whose product is quite costly for the low-income range people that also needed to be involved.
From the different reports, it is noticed that 3.7m people live with a stroke across Europe with 75% living based on upper limb disability. In the context of customer behaviour, customers focused on the quality services from this organisation that are needed to manage with developing and updating the magic glass product based on time and modern technologies. This business can use 4Ps marketing mix in managing the innovation and develop their marketing channel as per customer requirement which ensures better customer base (Albuquerque et al. 2020). This 4P marketing mix includes product, price place and promotion-based strategy for magic glass product promotion as per the requirements of eXRt intelligent. Despite this, the online advertisement and promotion with the utilisations of social media including Facebook, Twitter and others can be effective for this business in managing their customer reach which ensures a better customer base based on the operating market. Along with this method, there are obtained opportunities of increase of consumer demand that are also needed to manage in the context of eXRt intelligent healthcare.
Conclusion
The study has focused on the product sales development in the context of magic glass which was launched by eXRt Intelligent Healthcare in primary motivations of care for stroke patients. In this context utilisation of proper business model canvas and innovative approach can provide impact in maintaining the business performance and manage approach for developing customers’ motivations for selling of this organisation’s products. Apart from this, business model canvas is an excellent tool to help in generating business models and represent ideas of a project that can help to maintain product development processes including The Magic Glass. This model should be content in a business before a business plan that helps to ensure every needs accurately.
This business model innovation-based approach includes business plan data with developing value propositions of business for their operating market that manages the foundation of the overall business plan and presents the ideas to investors looking for funding, sharing new business and other process maintenance accurately. Despite this, implementation of Maverick approach and Adventurer approach has been noticed that helps to manage innovation and contains opportunities for better market reach in the case of Magic Glass products. Apart from this, there are several competitors of this eXRt Intelligent Healthcare that provide a tough competition for this business that are also needed to handle. It can conclude that, based on appropriate marketing strategies and development of business innovation, it is possible to improve market reach for Magic glass while holding a good customer base in a global range.
Recommendations
A business in order to increase its revenue is required to implement specific strategies which are considered as the business growth strategy. However implementation of business strategies can be effectively critical (Sony and Naik, 2020). Therefore this requires a smart effort and approach from different parts of the company including legal, finance, marketing and sales.
A Significant strategy that can help the business of eXRt Intelligent HealthCare Systems in its growth is by “conducting proper market research”. This not only helps in an effective understanding of the existing consumers but also the customers who are potential for the business. Conducting research is necessary to gain a deep inside the target Market by analysing the needs (Al Falaq and Puspita, 2021). This can help in the growth of the business by further making a change in meeting those specific needs. Additionally, the business of eXRt Intelligent Health Care Systems can conduct research regarding the competitors for taking appropriate decisions on how to scale up the business.
“Building of a sales funnel” can be considered another significant strategy for increasing the growth. However, “Sales funnel” within a business can be considered as the journey of a customer. Therefore, building a sales funnel includes customers entering the website of the business being at the top of the funnel (Sapian and Vyshnevska, 2019). Customers buying something or signing for a specific service can make sure that it has been going through the funnel. This can also include offering a discount to the customers by eXRt Intelligent Health Care Systems by further providing them with necessary updates regarding the business.
“Increasing customer retention” can be another significant aspect in the growth of the business of eXRt Intelligent Health Care Systems. However, a business is required to keep the customers that are present in its repeat purchases. Therefore, this requires eXRt Intelligent Healthcare Systems in increasing customer retention that can help in building the customer loyalty there-by increasing sales. Additionally, implementation of a proper CRM system can help the business in management of relationships with potential and existing customers (Ayuninggati et al. 2019). It helps in maintaining the information of the customers by further identifying the opportunities of sales. Furthermore, a significant benefit of a proper implementation of a CRM system is that the data is protected and stored in a single place so that the other employees can access it seamlessly.
Keeping a strong communication with the potential customers with the help of social media can be considered another significant strategy for the business in its growth. This can also include launching an apple campaign that can assist in making sure that the business stays on top of the mind of customers. However, implementation of a social media marketing strategy can include the customers reaching out to the business with social media with the help of a question or by sharing pain points, complaints or feedback (Ancillai et al. 2019). Therefore the business of eXRt Intelligent Health Care Systems is required to take time in responding and engaging with the customers by showing their worth and value regarding their ideas and thoughts by further taking their concerns seriously.
Presentation
Introduction
Technology commercialisation can be considered as a process in taking an idea inside the market by further creating financial value with it. The current presentation focuses on technology commercialisation strategy and business model of the chosen organisation eXRt Intelligent Health Care Systems. Additionally, a specific market analysis is also included in this presentation that can help the business in understanding the new trends within the market.
Current Innovation Strategy/ Technology Commercialisation Strategy
The current innovation strategy or technology commercialisation strategy of the organisation eXRt Intelligent Health Care Systems includes the magic glass as their brand name of the product. As opined by Lüdeke‐Freund, (2020), the commercialisation of technology, it can be considered as a process of including an idea inside the market by further creating financial value with it. This can include the development of a new service or a product or creation of a new business. This as per the strategy of technology commercialisation the organisation of eXRt Intelligent Health Care Systems includes a connected virtual reality system of Health care that works as a system of stroke rehabilitation. It assists the survivors of stroke in self management of their rehabilitation inside their own house. This is conducted by delivery remote management along with specific monitoring.
Technology commercialisation helps in the economic development by increasing B2B transactions. Additionally, the magic glass researchers have been developing a series of physiotherapy games for promoting and motivating the recovery of the upper limb. This further has been assisting in a much faster recovery.
Current Business Model
The business model can be considered as the plan of an organisation for making profits or revenues. It also identifies the services or products of the business plan for its selling process by further identification of the target market. As opined by Spieth et al. (2019) Business models and highly significant for both established and new businesses. The current business model of the organisation has been targeting the patients surviving from stroke. It also includes targeting of the hospitals within the USA and UK markets. Additionally, the current business model has been keeping its focus in the development of strong relationships for selling The Magic Glass.
The specific key partners as per the current business model of organisation include insurance providers and investors along with the key activities of the development of quality offering products. Additionally, customer relationships for the current business model include direct communication. As per the current business model of the organisation the distribution channel includes implementation of digital marketing tools that can help in maintaining the development of its profits along with the customisation of services.
Furthermore, as per the analysis of business model canvas the organisation is required to implement online marketing strategy that is based on media which can be increasing the effectiveness for managing the modernisation innovation method for a better customer reach.
Business Model Innovation
The specific factors of business model innovation have been keeping its focus in generating value. This is by providing the customers with high customer service within the underlying operating models. The analysis of a business model can provide advantages to various businesses by increasing reputation within the marketplace and also by encouraging investors (Li et al. 2020). Additionally, the business of eXRt Intelligent Health Care Systems is required to re-invent its customer value proposition by further making realignment in the development of new superior offerings. Furthermore, the maverick approach utilisation can assist the organisation in helping to maintain much better features for eXRt Intelligent Health Care Systems. This also includes an establishment of new standards based on the expansion of business in the global context.
As per the business model innovation the adventurous approach includes an aggressive expansion of the overall footprint of a specific business by making a venture inside new territories that are adjacent. This specific approach is required to understand the competitive advantage of a business by further assisting the business in the management of success within the new market.
Market Analysis
The strength of the organisation as per the market analysis includes information collection with the help of automation. Further, it also includes a specific strength in which the organisation provides the development of empowerment and recovery of health conditions for stroke patients. However, the organisation of eXRt Intelligent HealthCare Systems has been facing various threats such as high competition within the market along with an increased challenge for the changes within the market Trend. Furthermore, weaknesses of organisation eXRt Intelligent Health Care Systems include limitations to save long time data. Therefore, for gaining opportunities within the market the organisation of eXRt Intelligent Health Care Systems is required to implement advanced tools in improving the services that are software based.
Further more from the market analysis the specific competitors of eXRt Intelligent Health Care Systems includes “Jennie Reeves Radiographers Agency Limited”, “Quick Response Cctv Ltd”, “T.H.E. Management Systems Ltd”, “Quayshelfco3240 Limited”, And “Medizen Limited. The specific business of eXRt Intelligent Health Care Systems has been keeping its focus in providing services to stroke patients.
Conclusion
The current study has been emphasising on the development of product sales in the context of magic glass that was launched by the organisation of eXRt Intelligent Health Care Systems in providing service to stroke patients. Additionally, the approach of business model innovation includes a business plan for developing motivations for customers while selling the products of the company eXRt Intelligent Health Care Systems. Furthermore, the business model Canvas has been considered as a significant tool in assisting the organisation for generating different business approaches along with ideas. This can further help the organisation in maintaining the process of product development by meeting everyone’s needs accordingly.
Recommendations
Specific recommendation includes implementation of strategies that can help the business in an effective business outcome. The strategies are conducting “proper market research” “building of a sales funnel” and “increasing customer retention”. Furthermore, the business is required to keep the customers intact. This can improve Organisation in implementation of a proper CRM strategy in the management of relationships with existing and potential customers. Additionally, the mentioned strategies within this study are considered as the brute strategy of the business of eXRt Intelligent Health Care Systems.
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