Assessment Purpose
Assignments are designed for assessing the learner’s knowledge of innovation and commercialization principles, which enables them for identification and use f of fundamental tools and concepts which incentivize innovation in the organization for reaping the benefits of business.
Scenario 1
You are the Innovation Management consultant and hired by the firm for preparing and presenting the case of business for the innovative product having commercial potential.
TASK 1
POWER POINT PRESENTATION must have 10 – 15 slides and also cover the following-
Background of the firm and its commercial potential.
Explain significance of commercial funnel and process of development of new product for successful innovation.
Building the Innovation case by using commercial funnel-
Evaluation of the resources and considerations of funding
Identifying the key risks which may impact successful implementation of innovation
Establishing the specific Key Performance Indicators which will permit for monitoring/controlling and assessing success of implementation of new goods
Evaluation of how the firm may protect intellectual property rights of new goods
Submission Format
TASK 2
BUSINESS INNOVATION REPORT- MS WORD (2500 words)
Scenario 2
The client asked for analysing process of innovation in the firm and aid then for designing the innovation plan.
In the first step you have decided for investing the ways by which the firms can plan their activities of innovation and present the findings in the business report.
You are planning for performing research and review the range of innovation plans of different firms, identify the trends and innovation kinds.
You must present the example of activities of innovation and innovation management in the report. Conclusions and recommendations will be the basis for future innovation plan for chosen firm.
Explanation of the difference among the innovation and invention.
Identification and analysis of innovation sources as the core process in the specific firm.
Critical discussion of the link among innovativeness of the specific firm and its leadership, culture and teamwork.
Explain four P s of innovation in context of case study.
Appraise value of innovation funnel and frugal innovation to the firm.
It must be written in concise, formal business style by using the single line spacing and size of font will be 12. You are needed for making the use of paragraphs, headings, subsections and illustrations as suitable and work should be supported by research and referenced by the use of Harvard referencing system. Recommended limit of words is 2000- 2500 words, there is no penalty for exceeding limit of words.
Formative Assignment
Students will be required for preparing the assignment by reading the business article with the instructions of creating the Innovation Plan.
Group will be divided in small teams of 3 to 4 peoples. Each of the team will have to choose company and use instructions from articles.
Feedback will be given in the class.
|
Learning Outcomes |
Pass |
Merit |
Distinction |
Task No. |
Evidence |
|
LO1Explain the reference for innovation and determination of the difference among innovation and invention |
P1Explain innovation and determine the significance to companies in comparison to invention. P2 Explain how the culture, vision, leadership and teamwork can shape commercialization and innovation |
M1Analyse the various innovation sources and how the firms can develop and foster the innovation culture and environment |
D1Critical analysis of how innovation is developed, integrated and measured in the firms context |
2 |
Business innovation report |
|
LO2 Explain various innovation types |
P3 Explain 4 Ps of innovation and explain use of innovation funnel for examining and shaping innovative ideas P4 Explain the developments in the frugal innovation and give examples of using in business context. |
M2 Analysing and applying innovation funnel in context of firm M3 Evaluating the role of frugal innovation in firms context
|
D2 D1Critical analysis of how innovation is developed, integrated and measured in the firms context Critical evaluation of innovation nature and development context, giving judgements based on evidence of how firms may overcome the challenges for developing the successful innovations |
2 |
Report on business innovation |
|
LO3 Discussion of the process needed for commercializing innovation |
P5 Explain significance if commercial funnel and application of new product development processing of innovation commercialization. P6 Building the innovation business case for firm, consisting ways for funds assessing. |
M4 Building the detailed case of business innovation which includes the measuring of entire effectiveness by use of suitable techniques which are available for test, iterating and improvement |
D3 Critical evaluation of innovation nature and development context, giving judgements based on evidence of how firms may overcome the challenges for developing the successful innovations |
1 |
PPT |
|
LO4 Evaluation of the range of methods for ideas protection and understand pros and cons |
P7 Evaluating various tools which the firms may use for developing , retaining and protecting the knowledge and intellectual property |
M5 Presenting the support evidence on basis of evaluation and various tools in wider business environment context |
D3 Critical evaluation of innovation nature and developed context giving evidence on basis of judgements of how firms may overcome challenges for innovation |
1 |
PPT |
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