Innovation Essay Project

Assignment briefs and assessment criteria Scenarios: Singapore or UK industry or company • Arial font • 12 point • Numbering of page • Covering page • Appropriate headings • Proper Harvard referencing and in text citations • Relevant Appendices • Content page Important points to remember: a. The organization must be an established business or social enterprise and have been trading more than FIVE years. It must not be a new venture. b. It should employ at least 20 people. c. Organization must be in the UK or Singapore. d. Do not get the terms Industry and Market mixed up! An Industry is a collection of Suppliers to a market (market=demand generated by collection of customers) e. Every Theory must have practical prove and how to Implication into the discuss topic. Individual L&D Report The individual industry innovation report (1,500 words +/- 10%) focuses on an industry and identifies components and players in innovation ecosystem, recent developments and future prospects. Each individual is to identify an industry* in which they have an interest, carry out a study on industry sector innovation performance and write a report focusing on the development of effective innovation by specific companies. The objective of assessment one is twofold:- 1. To help comprehension in understanding the environment in which innovation takes place for a specific industry, which may include government policy initiatives, public and private research 2. And more specifically help you identify an innovative company on which to base your innovation audit for Assessment 2 and facilitate your understanding of the forces, which affect the organizational innovation performance. Your L&D report should contain FIVE (5) sections as follows: 1. Introduction 2 tools to assess the industry’s structural dynamics and the state of an industry’s innovation potential and opportunities: • PEST Analysis (Political, Economic, Social and Technological) • Five Forces Framework (Threat of New Entrants, Bargaining Power of Buyers, Threat of Substitutes, Bargaining Power of Suppliers and Industry Rivalry) 2. 9 Business model canvas A business model can best be described through nine building blocks that show the logic of how a company intends to make money. • Key partners: who are our supplier and service providers? • Key activities: what do we do with our resources? • Offer/ Value Proposition: what problems need to be solved? What product does it best? • Customer Relationships: how do we interact with our customers? • Clients/ Customer Segments: who are our users and who are our paying customers? • Key Resources: what goods, services, and infrastructure do we use? • Channels: how do our customers find, buy and use the product? • Cost Structure: what is the total cost of production? • Revenue Model: where does revenue come from? 3. 10 types of Innovation Configuration (Internal): • Profit Model: how you make money • Network: how you connect with others to create value • Structure: how you align your talent and assests • Process: how you use signature or superior methods to do your work Offering (Customer) • Product Performance: how you employ distinguishing features and functionality • Product System: how you create complementary products and services Experience (Consumptions pattern) • Service: how you support and enhance the value of your offerings • Channel: how you deliver your offerings to customers and users • Brand: how you represent your offerings and business • Customer Engagement: how you foster distinctive interactions 4. 8 Making Innovation Happen Awareness of the need & motivation to make something new happen? Understanding the role of innovation & entrepreneurship & how to encourage it Larger companies: Can be difficult-hierarchical structure, bureaucracy, maximum resource utilization orientation-the innovation policies as part of strategy SME’s more flexible & adaptable but often resource shortages constrain innovation-often intuitive continued development as path to economic renewal Internal Organization Factors to consider: • Individual Resources • Learning, IPR & Knowledge management • Resources & Technology • Structure and Size • Leadership Behavior • Organizational Culture • Management Practice Systems policies & procedures • Networks • Innovation Strategy: Innovation supportive organization. The behavior leading to successful innovation 5. Referencing It is critical that where relevant in text citation and appropriate referencing in HARVARD format be adhered. In the event where references are missing or not cited could tantamount to plagiarism. In such case, the essay would be graded as “FAILED”. **Kindly read this document carefully.