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Managing innovation in business

You are to write a 4,000 word +/-10% individual report that addresses the tasks set out below. Please note for this piece of work all words in tables, charts and diagrams ARE INCLUDED in the word count. (You have an additional 6 pages available for appendices should you require them). Please note as a 3rd year piece of coursework we would expect +20 references for work at this level.

Your task is to actively engage in the development of an innovative product or service using ONE of the topics listed below and which addresses a specific consumer or business or joint need. The idea must be original and not a close copy or version of an existing product or service. You must conduct an innovation audit of the organization and personnel in order to identify the organizational development requirements required for the development, introduction and successful launch of the innovative idea. You must research the market potential and clearly identify the driver of innovation for the choice of service or product that you select. You will identify the challenges the organizations leaders, or you as an entrepreneur, must plan and prepare for the development and launch of the innovative idea including any potential key blockages that may occur.

a. Artificial Intelligence or AI
b. Augmented Reality AR
c. Big Data
d. Bitcoin or similar Crypto currency
e. Blockchain
f. Drone Technology
g. Robotics
h. Social Media
i. Other business idea, agreed in advance with the module leader, this can include ideas for a service or product in B2C, B2B or both arenas and may be your own entrepreneurial business idea.

Simple brief:

• Here’s my innovative idea. (Innovation thinking and problem solving)
• This is the market research data and analysis/business case. (Marketing skills, Market Research and Financial analysis)
• These are the leadership skills and plans required to launch it to the market. (Business Analysis, Organizational Behaviour and Leadership theory)
• These are the existing skill sets and here are the new skill sets required for this innovative idea. (Secondary research, Gap analysis and evaluation)
• This is how the business/team/ department need to be organized and work together in order to address blockages and be successful. (Organizational Behaviour and HRM skills)

As you can see from the simple brief the key academic topics and skills have been identified after each activity description. These address nearly all of the topics your degree has covered over the last 2+ years so there is the need to demonstrate all of your skill sets not just some. As a suggestion for those students not looking to start or continue with their own businesses, linking your innovation idea to an organization you may wish to work for will provide you with the opportunity to both research them as well as provide something different to discuss at interviews which may set you apart from the rest of the candidates?

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