Assignmnet Sample on Innovation Management and Entrepreneurship
Part A Reflective blog
Week 2
Figure 1: Week 2
Figure 2: Week 2
Topic that is being covered in week 2 is having proper understanding of the necessity of innovation in business. In respective section I have expressed my Learnings through using a reflective model known as Gibbs’ reflective cycle. As it consists of different phases which are description, action plan, analysis, feelings, conclusion, and evaluation. As stated by Kylliäinen (2018), through uniqueness in ideas and business separations, organisations are becoming innovative in nature as it leads towards allowing adaptability, separating business from competition, and fostering growth. From respective week, I got to know that there is a need for creativity and innovation using creative opportunities through using creativity it is possible to foster unique ideas.
Figure 3: Gibbs Reflective Model
(Source: Inspired by Adeani, Febriani, & Syafryadin, 2020)
Measuring innovation, I noticed that innovative metrics are used which helps in ensuring whether rights are performed for reaching goals. As mentioned by Ogbeibu et al. (2020), innovative metrics are two types which are input metrics namely R&D investment and output metrics which are revenue growth. Although technologies such as Artificial Intelligence are accountable for making advancement yet declination in innovative capabilities is found in leading businesses. Thus, companies are noticed to be shifting from closed innovation to open innovation which results in changes in different types of innovation implemented in businesses. Limitations were noticed in using closed innovation which created issues for Xerox corporation and thus it led to change to open innovation from closed innovation (Chesbrough, 2006). As per my understanding and Gibbs model, I have seen that main concept of closed innovation is creation of best ideas possible only within an organisation by using internal resources. In contrast to open innovation, it states that great ideas can be generated from both outside and inside companies.
I have seen that most organisations of recent times are using open innovation components by rejecting closed ones as though it is possible to use not only external resources as well as internal resources. I have been able to identify another contraction in closed innovation and open innovation which is related to competitive advantages. Chesbrough (2006) identified that, in closed innovation declares that competitive advantages are gained from crowd funding and crowd sourcing by organisations that are able to bring innovation to market at first. In contrast to this, open innovation declares that organisations using best business model to gain maximum competitive advantage. Funding is important aspects of business without which it is not possible to perform business properly and is being classified into different types namely direct personal finance, debt finance, equity finance and crowd funding. In figure 2 there is mention of different stages of funding are pre, seed, series A, B, C and exit financing
I consider crowd sourcing is known to be a unique arrangement of open innovation which is a process used by multiple people termed as crowd for solving problems. According to Jeppesen, & Lakhani, (2010), crowd sourcing are of two types which are wisdom-of-crowds effect and broadcast search. Wisdom-of-crowds effect is accountable for describing idea that a crowd is more intelligent than most intelligent person in respective crowd which further helps in solving problems regarding funding. Crowd funding is an essential aspect yet it has a negative impact as well which is delay in delivery of money from sources which results in delay of performing business activities (Chesbrough, 2006). On the other hand, as mentioned in Gibbs model, I have seen that broadcast search is different from that of other ones as open call is made by solution seekers to crowd such as positing questions on social media
Activity 1
Innovation is classified into various types which are cop-cat, market paradigm shift, new-to-the-world industries, disruptive innovation, market expansion, and incremental service/product innovation. According to me, copycat innovation depicts about existing market and existing services or products which mainly compete on price. For instance, I found that Apple uses copycat innovation in developing iPad series, and iPhone. Meyer, & Crane, (2019) observed that incremental service or product innovation is another form of innovation which spots gaps in a market for avoiding price competition and is used by Cadbury. Market expansion innovation is responsible for spotting new markets or customers and Dyson is noticed to be using it.
I have noticed that disruption innovation declares about creation of market opportunities for confounding competitors and is implemented by Netflix. Radically new markets are generated through application of market paradigm shift innovation by challenging existing conventions (YOUTUBE, 2023,). According to Gibbs reflective cycle, I have found that as such kind of innovation is applicable for mechanical and electric organisations, thus Tesla uses it to making it most innovative company in UK. New-to-the-world industries innovation is another type of innovation which creates not only new markets, rather new ideas as well and is thus being applied by ARM Holdings.
Activity 2
I have come across fact that entrepreneurs are considered to be as start-up founders, who are not true as they are, individuals who create value in businesses, which could be start-ups as well. As argued by Eisenberg, Post and DiTomaso (2019), value within organisations are created by entrepreneurs through aspects of commercialising inventions in valuable innovations. From figure 4, I could conclude that in comparison among both incremental and radical innovation performance, open innovation is more effective for start-ups than incumbent as value of start-up in radical innovation performance is more than 20%. I believe that there are differences between start-up and incumbent as start-ups are one that are formed, whereas incumbent are existing organisations. According to the Gibbs model, start-ups are considered to be businesses as well under certain circumstances for commercialising innovative strategies although I have noted that incumbent businesses already have a position in market. Incumbent organisations have more advantages than start-up ones as they already have established market contact and incurred sunk cost (Gimenez-Fernandez & Beukel, 2017). In addition to this, incumbents also have higher competitive advantages in comparison to start-up ones as cost saving approaches are easily applied due to experiences gained in past years.
Activity 3
Drivers such as Steve Jobs are considered to be as drivers as they are noted to be doing with their particular ideas and thereafter translating it to practical application. I consider them to be a distinct kind of entrepreneur whereas another form of corporate entrepreneur is explorer which is different from that of driver. Explorers are more a problem solver than an entrepreneur finally ending up creating a new product for business. Corporate entrepreneurs such as Jessica Alba are corporate entrepreneurs who are termed crusaders accountable for wanting to make the world a better place and are driven by mission (YOUTUBE, 2023). Another kind of corporate entrepreneur is a captain who looks after ways of tapping reciprocal talents along with skills of colleagues.
In the interview of Jessica Alba, 20 questions were asked to her for knowing her way of being innovative and supporting it. In interview she repeatedly mentioned staying focused by processing tasks and taking small breaks for better innovative ideas. According to her, there is a need for leaders to be kind and highly experienced in handling teams. Main inspiration of her is customers and she also prefers to work in a group that consists of people having expertise in different arrears.
Week 9
In week 9 I have come across a negative side of crowd funding where I got to know that getting crowd funding from reputed companies is not an easy aspect. Renowned crowd funding companies in US namely Indiegogo and Kickstarater also faced problems in providing crowd funding and are found to be trying their best in resolving issues accordingly. From this video, I have identified that Kickstarter was treated as a tool for supporting a group of backers who are energised for operating their tasks in launching and developing new products such as robots. Business perspective both crowd funding companies were noticed to be changing as they were eager in supporting supporters in the proper way by not allowing me to end up empty handed (YOUTUBE, 2023). Thus, based on Gibbs I think that proper recommendation is being provided to Kickstarter by developing a campaign that is new to market and allowing creators to keep cash until goals are fulfilled.
In case of Indiegogo a different perspective was followed where creators were allowed to keep cash even if goals were not reached. Robot cat was named as Mousr which was completed through taking help from multiple beakers yet difficulties were faced ins shipping this product which was a long time period of 4 years (YOUTUBE, 2023). Based on video I think that it is important to have ground on projects for which there is a need for crowd funding before pitching it to backers.
Week 10
From this video, I am able to learn about fact that large organisations irrespective of dominating in respective industries are noticed to be failing in adopting disruptive innovation. Failure of large size in disruptive innovation is a caution message for teams yet it is counted to be an encouraging aspect for competitors who are venturing against large sized firms (YOUTUBE, 2023). There is presence of differences between two types of innovation namely disruptive and sustaining innovation. Due to which most companies such as Uber and
Kindle is not able to adopt disruptive technologies. On the other hand, disruptive innovation declares lower performances in key characteristics that are valued by market which further describes having low power, speed and more defects in business performances. Irrespective of having negative features, disruptive innovation is adopted by large organisations than sustaining one as thorough it future needs of customers can be met.
I have noticed that small sized organisations use sustaining innovation for fulfilling present needs of customers and thus both innovations are present at core of innovators Dilemma. For improved performances of products, sustaining innovation is used by companies and is being done depending on feedback that is gained from largest and best customers (YOUTUBE, 2023). For instance through using disruptive innovation, Google maps replaced navigations systems that were expensive, and kindle is responsible for changing book publication. Thus, I think that it is a good perspective for start-ups and large companies to improve performance through innovation and innovators’ dilemma is considered to be an insightful approach for prioritising innovation.
Part B: Opinion piece
Introduction
Structure of innovation team is needed to be flat and flexible along with presence of lines of reference such as communication, practical innovation and strategy. Main aim of this section is focussing on roles that are played by team and leaders in development of innovation.
Opinion
In managing innovation in businesses, I think that dual roles are played by leaders which are bottom-up roles and to-down roles. As per the views of Leonidou et al. (2020), in bottom-up role, innovation is stimulated by leaders of innovation team resulting in facilitating initiative and ideas which come from both teams and individuals. In contrast to this, I have noticed that in a top-down role, leaders are considered to be as head of team and organisations and thus needs to have proper realisation of innovative strategies and goals. In this respect, fundamental challenges are being faced by leaders which are balancing both roles in a proper manner. Moreover, I have seen that many leaders are not able to find out ways in stimulating not only innovation rather creativity in organisations. As a leader their first role is bottom-up role where ideas and initiatives of team members are facilitated by team leaders in innovative ventures.
Secondly, leaders are an important asset of organisations thus they need to have strategies that are innovative in nature. Ogbeibu et al. (2020) suggested that in management of innovation leaders are considered to be playing a vital role as they can create conditions where innovation can flourish. Beginning of innovation occurs with efforts made by individuals where leaders are in centre for making projects more innovative in nature. I have also noticed other advantages that are gained by leaders in supporting teams and individuals also in using their capabilities in producing innovative outcomes. Positive team climate in workplace needs to be created by ladders which are needed to be innovative and creative in nature. As per my perspective, innovative outcomes from a team only comes when there is existence of positive relations, intellectual debate, openness, challenge and flexibility. I found that conflicts in an innovative working environment are well managed by leaders such that creativity is highlighted in all respects.
Problems are counted to be as abundant as nature of innovation is both complex and novel which is based on situations. As inferred from the study by Acar, Tarakci, and Van (2019), through expertise and experience leaders are able to assist team members in creation of problems in a better manner which leads to solution of problem. I think that at certain times, leaders are in charge of staffing teams choosing team members carefully. It is leaders who are able to maximise chance of disclosing new information and perspectives. Creativity within individuals in a team only rises after they are motivated, which I believe can be done by team ladders in a better way. As per my knowledge it can be done by granting freedom in speaking about new ideas, and not making discrimination among team members.
Discussion
Open and closed ended innovation in business is primarily different within the way in which innovation is generated. Wang et al. (2022) stated that, the closed innovation emphasis on operation under self-control innovative environment and open innovation source is indulged with external knowledge towards developing innovation strategies. Integration of technological advances to ensure open and closed innovation within organisations is mainly targeted towards improving business excellences. Open and close innovation is important towards supporting social and economic needs across industries. Innovation in business can be measured within emerging practices of business along with sourcing ideas from external resources as well as internal ones. In the case of managing innovation in business, big data and big data tools are used as technological interfaces to analyse as well as process unstructured data. Innovation through big data involves five individual external sources such as cloud, web, IoT, databases and media. On basis of specific type of information or database access into the platform, multiple types of big data tools are included as well as applied accordingly to emerge success into innovation.
Business innovation and entrepreneurship performed through big data analytics are mainly assessed into segregating, interpreting and evaluating complex data. Mikalef et al. (2019) inferred that in innovation, business application related to big data tools lies towards addressing demands of customers along with suppliers across targeted markets. In light of this, industrial segments benefit from the development of open and close innovation through big data analytic tools. However, Watson (2019) contradicted that lack of innovation and inaccuracy in manual prediction disrupted application of big data tools usages in business performance. Despite such issues in data handling process and innovation, effective data-driven decision making processes have been measured by organisations through usage of cloud and IoT technologies. Elicited from this context, it can be stated that utilisation of big data helps to support business innovation including open and closed through increasing decision making flexibility along with predictability of economic trends in business environments. Emerging entrepreneurship has been indulged through effective implementation towards innovation measurements along with execution ideas. Zhand (2022) suggested that big data analytics assists business entrepreneurs to accumulate past information stored in new databases to generate inclusive data handling processes. In this regard, application of big data analytics through the open and closed innovation has effectively impacted on interpretation of the correct information in the business towards delivering proper and accurate ideas in business.
For making organisations innovative, it is necessary to establish a special culture together with new mindset across different functions, levels, and disciplines. Odoardi et al. (2019) established that an innovative framework is needed to be promoted and introduced which are to be a part of businesses. In order to acquire it, there is a need of crossing a challenging transformational phase making a significant effect on company. In an innovative team there is a need for a unique synthesis of communicators, technologists and strategies for leading fundamental changes towards innovation. Innovative team needs to be created in such a manner that it sets examples for being perfect team for any organisation, and inspires others along with new culture. Main objective and roles of innovative team should be diffusing innovative thinking together with introducing right technologies.
Through it they are able to make best practices regarding not only creative rather innovative thinking. It is one of main roles of innovative teams to make sure of fact that all innovation programs are aligned with strategies of organisations. Through innovation, it is possible for a team to mitigate risk related to internal disruption and thus team needs to be fast, agile, tactical and strategic in nature (Masucci Brusoni & Cennamo, 2020). Strategies need to be set by an innovative team for gaining success. Roadmap and clear strategy towards innovative-driven mode are counted to be a critical aspect thus; teams need to define ways of performing activities innovatively. Deep understanding of present situation of enterprise is needed to be demonstrated for setting innovation strategy. In order to make a company innovative-driven, main activity that is needed to be done is capability of interpreting and capturing market, and prediction.
A framework is being provided for innovation purposes by the team as through it they are able to make identification of appropriate technology that is needed to be implemented together implementing it as well. Adaptation of innovative culture can be increased as well through presence of a framework by an innovative team (Osman & Kamis, 2019). For example, it is necessary for a team in pricing innovation management, selecting, adopting and brainstorming tools. In an innovative team there is a need for individuals having expertise and experience in various areas such as technologies. In addition to this, it is also accountable for depicting ways of bringing innovation in organisation along with being concrete commercial results. It is also considered to be the best way for driving high engagement of employees, inspiring people as well as overall innovation initiative. Apart from that it is necessary to communicate, diffuse and inspire all team members including team leaders as well.
Irrespective of the team being highly innovative, it is not capable of producing innovative outcomes unless communication is performed in proper manner. Therefore, communication is considered to be critical in this context as through absence of communication, innovative initiates are considered to be at risk. As influenced by Jamshed and Majeed (2019), for evaluating progress of tasks there is a high need of systematic measures as it helps in reaching milestones of innovation transformation programs. For overcoming challenges such as the existence of a gap, the main activity ratios needed to be done by the innovation team is reviewing assumptions, right decisions in an agile manner, such that it ensures an overall innovative plan that is strategic in nature. Disruptions in workplace are needed to be avoided as innovation have high tendency of generating noise and becoming disruptive.
Conclusion
Based on above discussion it can be concluded that well established organisations need to use both sustainable innovation and disruptive innovation as it would help them in gaining knowledge about recent and future needs of customers. Through using Gibbs reflective model it is possible to have proper understanding of necessity of innovation for start-ups in making business operations properly.
Part C: Pitching Video
Introduction
Innovation management and entrepreneurship involves the process of managing organisational innovation procedure and initial stage of ideation towards successful implementations. Purpose of this study is to develop a pitch video on a start-up company “Ecessia Technologent” along with its unique product of “Pen Printer”.
Overview of company
- “Ecessia Technologent” is a hardware machine manufacturing start-up in UK.
- It is a private limited company that develops promotional innovative products related to digital printing.
- Ecessia Technologent was invented by Velayudham T K in New York in 2013, which has two branches in Manchester UK as well.
- Mission and visions of this company is to develop a flatbed range of printers within higher quality and affordable prices.
This slide has developed a valuable description of “Ecessia Technologent” which is a British based start-up company delivering a quickly and profitable pen printing business across UK.
Business offering
- “Ecessia Technologent” is a start-up company that supports low cost running and perfect shorts during printing.
- Ensuring low cost energy oriented LED UV ink technology into Pen printers by this company ensures greater intervention towards sustainability practices.
- Customer value proposition would be measured by this company by ensuring handling of variable data or information for individualism during printing.
Inclusion of business offering of “Ecessia Technologent” would offer collaborative activities to add new revenue streams within business grow.
Target customers
- Local customers in Manchester, UK including Generation Z would be targeted customers for “Ecessia Technologent”.
- Employees of corporate offices, IT sectors and college students would also be considered as targeted customers of this company who are willing to use pen printers.
- Cutting edge image quality during printing by this product would attract modern generations across UK.
This slide comprehends potential dimensions towards recognising targeted customers using pen printing machines in academic and professional fields. Ensuring of exceptional image quality after printing would also attract college students to improve gap check sensors. Approximately, 1200dpi based product quality has been delivered by this pen printing machine of introduced by “Ecessia Technologent”.
Competition with emphasis on competitive advantage
- Inclusion of competitive advantages in start up business helps to share customer value through an effective manner (Distanont & Khongmalai, 2020).
- “Kaye-dee” is considered as the most powerful competitive rival of “Ecessia Technologent” across UK market.
- “Kaye-dee” offered both pad and digital printing activities into pen printings as promotional product ranges.
These slides depict the rival company of “Ecessia Technologent” within UK market. Strategic choices would be integrated by this company to make the product affordable and differentiated as well. This would be effective to “Ecessia Technologent” for developing high volume of label printing within 3 to 4 years of guarantee in product offerings.
Potential for long-term success
- Ensuring long-term success for a start-up company is important to acquire customer retention and value acquisition aspects
- Long -term success helps to maintain quality of products or services within business (Azeem et al. 2021).
- Enforcement of long-term success by “Ecessia Technologent” by introducing pen printing machines would serve greater success in the business process.
Adhering to long-term success within the business potentials of “Ecessia Technologent” would ensure successful activities in promoting pen printing machine marketing across UK. a faster delivery system along with customer driven value of this company would affirm long-term success along with sustainability practices in business operations and performance.
Conclusion
From the above discussion, it has been concluded that before initiation of a start-up company, it has been important to develop business offerings to enhance services facilities and production. Ensuring customer centric products and sustainability initiatives by Latest low-energy LED UV ink technology in pen printing was positively impacted on management of value proposition for customers. Long-term business practices by this company have been effective to make a wide range of opportunities in developing technology enabled printing across UK market.
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