1. Critical knowledge of the key theories in the field of innovation.
2. An ability to critically report on the proposed implementation of a chosen solution
3. Development of and competence at key personal transferable skills, including presentation, writing, team-working, organisational and reflective skills
4. Knowledge of the local, national and global job and placement markets and your own strengths and weaknesses
In pairs or small groups (2-4 people) you are required to write a Business Innovation Case for the implementation of a new product or service. You will come up with ideas for a new product or service throughout the module, and you can then choose which of these to focus on for this assessment.
To mirror what happens in industry, each Business Innovation Case will be run like a project where you have specific deliverables (i.e. the report) and deadlines (i.e. the submission deadline). One group member from each group will be the Project Manager. Your aim is to persuade the reader that your idea is viable and could be implemented. You have some flexibility to decide how you interpret viable, e.g. viable from a commercial or technical perspective.
Your Business Innovation Case should cover the following:
Provide a brief overview of your product / service and why it is needed. You should write in such a way that a person with no knowledge of your module or product / service will understand.
2. Characteristics of the product/service
A detailed description of the product / service. What is its purpose? What functionality does it have? Consider including an image of what the product / service may look like.
3. Justification of the product / service’s innovativeness
This section draws on relevant academic literature to explain why the product / service is innovative. This includes defining innovation, potentially comparing a few definitions of innovation, and then explaining how the product / service meets this definition.
4. Target market and estimated rate of adoption
Show that you have carefully considered who the target market for the product/service is. Be specific. Consider how quickly this market might adopt the product/service, and whether they might experience resistance to innovation. Define key terms, e.g. target market, rate of adoption.
5. Relevant risks and risk responses
Define risk, and consider what the main risks of implementing your product/service are. Your product/service may have multiple risks associated with it, such as competitors, speed of diffusion and/or speed of development. Show that you have thought of a comprehensive set of risks that may affect your product/service, and perhaps which of those risks are the most serious and which are the most likely. Also consider how you might respond to each risk and any actions that could be taken to mitigate against that risk.
6. Finance and Operations
Finance could be interpreted as likely start-up costs; as income and expenses during a period of time; as cash flow; as return on investment; as budgets; as forecasts – and more. Ultimately, persuade the reader that your product/service is financially viable. Your product or service does not have to be profit making. Consider any material and personnel costs.
Regarding Operations, consider the practicalities involved in implementing your product/service. For example, how will your product be manufactured? Which types of suppliers would you need? The extent to which you have to cover operations topics depends on the nature of your product/service; a very complex product with a long manufacturing process and supply chain would need an appropriately detailed Operations section, for example. Conversely, app development may require appropriately skilled employees but no expensive equipment, for example. It is recommended that you define key terms with a referenced definition.
Assignment 1: Your Group Report needs to be submitted through, Turn-it-in
Deadline Time: 12:00 p.m. (noon)
Deadline Date: 5th December 2022
Word Count: 4000 words (+ or – 10%). Please write between 3600 and 4400 words. This word count includes everything except the reference list and any appendices.
Assignment Structure: Group Report
Please observe the following formatting requirements:
a. Include other niceties like a cover page, contents page, appendices (if required), and a conclusion. Use headings and subheadings
b. Reference correctly and critically engage with the resources you employ
c. Provide brief ‘signposts’ as to what is coming up in the forthcoming section of the report; linking these to your headings is sensible
d. Keep your styling professional
e. Marks are awarded for good English and grammar. Proofread your report carefully, and use a formal, academic, writing style