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INNOVATION AND COMMERCIALIZATION, NUR FARHANIS BINTI RAMZI_AP170293…
INNOVATION AND COMMERCIALIZATION
CHAPTER 1: INTRODUCTION
Innovation is about the process of growing good ideas into practical, a creation of good ideas that works technically and commercially, need to complete the development and exploitation aspects of new knowledge, not just its invention and identifying or creating opportunities to meet the social need. In the simple way, innovation is something new or different introduced.
Difference between Innovation vs invention. Innovation has a commercial values of the creation from good ideas while invention has no guarantee of commercial success, no matter how good the idea is.
For example, in mobile phone: October 1998, Nokia became the best-selling mobile phone brand in the world. But in 2007, The iPhone has introduced a high quality product, with criteria such as touch screen and creating more sophisticated apps than Nokia has been attracting consumers to get their product. So this shows innovation from apple. and innovation plays a more crucial role in attracting customer to buy their product.
Thus, this is four dimensions of innovation space (4p) which is Product innovation changes in the things (products/services) which an organization offers, Process innovation changes in the ways which they are created and delivered. Then, Position innovation changes in the context in which the products/services are introduced and the last is Paradigm innovation changes in the underlying mental models which frame what the organization does.
Technological change also occurs through innovation which is when company identifies of this new customer segments that appear to be emerging, new customer needs, existing customer needs that have not been satisfied, new ways of manufacturing and distributing products and services.
CHAPTER 2: INNOVATION AND ITS MANAGEMENT
Knowledge push is Entrepreneurs at start-up have used ideas based on their own research (or that of others) to create new ventures. This below is the source of innovation.
Design-driven innovation. It is not as a result of analysis of user needs but rather through a design process which seek to give meaning to the shape and form of products features and characteristics which they didn’t know they wanted. E.g. Apple product.
Crisis-driven innovation. The urgency of a need can have a forcing effect on innovation. Wartime and other crises support this view. For example, post devastating earthquakes or hurricanes, the need to improvise solutions around logistics, shelter, healthcare, water and sanitation forces a rapid of innovation.
Technology-driven/technology push. It is assumed that technologists apply them to develop product ideas, and engineers and designers turn them into prototypes for testing. Marketing and sales people will promote the product to the potential consumer.
Customer need-driven/market pull . The model emphasizes the role of marketing as an initiator of new ideas resulting from close interactions with customers. The roles of market and customer remain powerful and very influential in the fast-moving consumer goods industries.
CHAPTER 4: TECHNOLOGY ASSESSMENT
The meaning of Feasibility Study is an analysis of the viability of an idea and an analysis of all possible solutions to a problem and a recommendation on the best solution to use.
Why do feasibility studies is to find a solution that is cost effective from a business perspective, to find a solution that is well recognized, to find out the probable market for the products, to find out the opportunities and threats as presented by environment, to determine the probable income of operating the project and to show the contributions the project can offer to the society.
Benefits of conducting a feasibility study are narrows the business alternatives, gives project teams more focus and provides an alternative outline, identifies a valid reason to undertake the project, enhances the success rate by evaluating multiple parameters and aids decision-making on the project.
There are six of dimensions of feasibility study which is Market analysis ,Technical analysis , Financial analysis, Economic analysis , Ecological analysis , and Legal and administrative .
Issues in feasibility study is like overestimation/underestimation of market size, not understanding the consumer needs and trends, ignoring competition, too slow/hurry in conducting a feasibility study, erroneous financial calculations, and wrong team.
CHAPTER 3: RECOGNISING AND SCREENING TECHNOLOGY OPPORTUNITY
Creativity is the use of imagination or original ideas to create something. From organizational standpoint. It is the ability to consistently produce different and valuable results.
Opportunity recognition is the process of using creative skills to identify a new innovation which is a product, service, process, or marketing method.
It happens when there is a need in the marketplace, there is new technological opportunity , desire to make the world a better place in some way and so on.
There is five step opportunity recognition process which is Preparation, Incubation, Insight, Evaluation , and Elaboration .
Opportunities analysis models which is PESTEL ANALYSIS and SWOT ANALYSIS.
Pestel Analysis is include Political, Economical, Socialogical, Technological, Environmental, and Legal
Swot Analysis consists of Strengths, Weaknesses, Opportunity and Threats.
NUR FARHANIS BINTI RAMZI_AP170293_MINDMAP TASK 1