Submission Format: Part A: This needs to be submitted in a professional report format. This should be written in a concise, formal business style using single spacing and font size 12. You are required to make use of headings, paragraphs, subsections and illustrations as appropriate and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 2,000–2,500 words, although you will not be penalised for exceeding the total word limit.
Part B: The submission is in the form of a 10-minute individual Video PowerPoint presentation and 5 minutes allocated for questions. The presentation slides and speaker notes should be submitted as one copy (Speaker notes must cover LO3 and LO4 contents in detail). You are required to make effective use of PowerPoint headings, paragraphs and subsections as appropriate. Your research should be referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,000–1,500 words, including speaker notes, although you will not be penalised for exceeding the total word limit.
Unit Learning Outcomes:
LO1 Explain the context for innovation and determine the difference between invention and innovation.
LO2 Explain the different types of innovation.
LO3 Discuss the process required to commercialise innovation.
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages. Assignment Brief and Guidance:
Case Study: Essence Drinks When Akshay Kumar, the founder of Essence Drinks, started the company two years ago he could not have foreseen the rapid early stage growth that took place. He launched the company with one drink (a healthy mango lassi) into the UK market and achieved a dramatic rise in sales in his first year due to the innovative formula and distribution capability. However, as the company enters its third year of trading there has been a significant decrease in sales as a number of competitors have entered the market. Akshay thinks the answer is to create an innovative new range of drinks, but does not want to move away from lassis. You are an innovation consultant that the company has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts.
Part A: Business Report
You are required to produce a business report to present to Mr Kumar to provide background information about innovation and the processes of innovation development. This is the first part of your research and will support the development of a business case which you are to present to
Mr Kumar. The business report will address the following:
1. Explanation of the difference between invention and innovation.
2. The value and importance of innovation to organisations and how this can be embedded within the organisational leadership, Teamwork and culture at Essence Drinks.
3. The different forms of innovation and the four directions of change an organisation can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Essence Drinks which form of innovation they should engage in.
4. Discuss the approaches that Essence Drinks can take to process innovative idea, including the innovation funnel and frugal innovation. You must provide relevant examples where possible.
5. Explain the steps Essence Drinks should go through to derive a new and innovative drink.
You are an innovation consultant that the company has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts (see previous SAM for details of part A)
Part B: Video Presentation You are required to present a business case for the type of product that Essence Drinks can take to market. The business case PowerPoint presentation should be 10 minutes long and slides should cover the following:
1. Background to the company and the problem.
2. Scoping of ideas for new products.
3. Identifying the solution to the problem using the commercial funnel to highlight strategic capability:
o Matching goals to resources and capability.
o Assessment of risk.
o Value analysis applying frugal innovation.
4. Determine techniques for testing the effectiveness of the new product.
5. Explain how Essence Drinks can protect the intellectual property rights of a new drink.