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Explanation of difference between invention and innovation

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Reference no: EM132336275

Innovation & Commercialization Assignment -

Assignment Title -

First Section - Production of a business report to present to the CEO of Delamere.

Second Section- A 10 minutes group innovation business case pitched to the CEO of Delamere towards assessing the individual contribution of the group work.

Learning Outcomes -

1. Explain the context for innovation and determine the difference between invention and innovation.

2. Explain the different types of innovation.

3. Discuss the process required to commercialize innovation.

4. Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.

ASSIGNMENT BRIEF AND GUIDANCE -

First Section - Scenario and activity: Case Study: Delamere Dairy Drinks

When the founder of Delamere Dairy, started the company few years ago he could not have foreseen the rapid early stage growth that took place. He launched the company and achieved a dramatic rise in sales in his first few years due to the innovative formula and distribution capability.

However, as the company enters its next phase of trading there has been a significant competitor in sales as a number of competitors have entered the market. Delamere thinks the answer is to create an innovative new range of drinks but does not want to move away from his theme.

You are working as a brand strategy innovation consultant for the company that Delamere Drinks has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts.

Part A: Working in small groups (3-4 per group) you are to produce a business report to present to the CEO of Delamere by providing 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 pitch which you are to present to the CEO.

The business case report will address the following:

1. Explanation of the difference between invention and innovation.

2. The value and importance of innovation to organizations focusing o the vision, leadership, culture and team work and how this can be embedded within the organizational leadership and culture at various Dairy products.

3. The different forms of innovation and the four directions of change an organization can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Delamere Drinks which form of innovation they should engage in.

4. Discuss the approaches that Delamere Drinks can take to process innovative ideas, including the innovation of lactose resistant innovation, providing examples of different approaches used by other organisations.

5. Explain and recommend the next steps Delamere Drinks should go through to derive a new and innovative drink and ways to access funding.

Second Section - Scenario and activity: Case Study: Delamere Dairy Drinks

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 is the second part of the assignment (see above part of the AB for details of part A).

Part B: In your groups prepare and present an innovation business case pitch for the type of product that Delamere Drinks can take to market. The pitch should be 10 minutes long and slides should cover the following:

Background to the company and the problem.

Explain the importance of using the commercial funnel to provide a solution to this problem highlight the strategic capability for the solution that your proposing:

  • Matching goals to resources and capability.
  • Assessment of risk.
  • Value analysis applying frugal innovation.

A summary of the new idea for a new drinks product and how it would meet stakeholder needs.

Techniques for testing the effectiveness of the new drinks produce and where this will fit into the process.

Resources required for proceeding with the innovation business case e.g. funding for market research, desk based research, product development.

Evaluate the different tools Delamere Drinks could use to protect the intellectual property rights of a new drink.

Reference no: EM132336275

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Reviews

len2336275

7/10/2019 2:16:49 AM

Submission Format - Part A: This is a group business case report which must be submitted as one report, but it should clearly highlight which section was completed by each individual member. 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.

len2336275

7/10/2019 2:16:43 AM

Part B: The submission is in the form of a 10-minute group innovation business case pitch and 5 minutes allocated for questions. The presentation slides and speaker notes should be submitted as one copy. 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. Each member of the group must submit a copy of the presentation and a reflective statement must also be included by each group member to identify the work undertaken and to evaluate the effectiveness of the group work for both parts of the assignment.

len2336275

7/10/2019 2:16:36 AM

General guidance - For higher grading you are required to consider developing your answers further based on the given learning outcomes and assessment criteria given at the end of the assessment brief. Across the report you are required to provide various examples to enhance the credibility, currency and depth of the answer. You are also required to support your answer by academic and professional sources as well as statistics when relevant. Harvard referencing to be followed in this task (Citations and reference list) should be provided.

len2336275

7/10/2019 2:16:30 AM

The work should be prepared in a report format as guided by your tutor. Clear headings and subheadings should be included. Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. Critically analyse how innovation is developed, embedded and measured in an organisational context. Analyse and apply the innovation funnel in an organisational context. Evaluate the role of frugal innovation in an organisational context. Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. Present supported evidence-based evaluation of these different tools in the context of the wider business environment. Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations.

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