Entrepreneurship and Innovation
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You have been appointed the CIO (Chief Innovation Officer) of a major enterprise. This will be a large enterprise you know or can be chosen from existing global firms where adequate detail of internal operations is available. If you cannot find sufficient information about the firm you choose to study, you may make reasonable assumptions about the firm’s operations, including its new product development (NPD) processes. You have been given the task of ramping up the firm’s innovative capacity through the development of an innovation plan for a major new project under development within the firm. This is a difficult task because few firms understand the comprehensive theory behind innovation. Hence, innovation plans are a new thing for most companies.
The innovation plan you prepare will focus on a comprehensive evaluation of a major new project being developed within the firm and must include an assessment of the project’s likely impact upon the firm’s overall success over the next 5 to 10 years.
This innovation plan needs to be written up as a report to top management. You are to use theory where appropriate to support your analysis and arguments and to justify your conclusions.
This assignment focuses upon the theories, models and concepts about innovation development and commercialisation presented in Mazzarol (2011) Chapters 9 and 10, plus Appendix C. You may introduce any other theories and concepts you feel may be relevant to your plan.
The broad structure of the plan is to be as follows:
Table of contents
- The objective of the plan
- A brief description of the firm and the project
- What the plan will cover
Outline of the new project (product or process)
Outline of the new product development (NPD) process
See discussion of the NPD process in Mazzarol, 2011: 330-335 and 376-377
IDD analysis of the new project.
Use the Innovation Diagnostic Diamond (Mazzarol, 2011: 378-380 and Appendix C), designed to benchmark the current capacity of the company or project team to move forward with development and commercialisation of the major new project. The outcomes of this diagnostic need to be discussed in this section and the actual diagnostic tool must be added as an appendix.
Return-risk analysis of the new project
Use the RENT model and planning contingency matrix in Mazzarol, 2011: 335-341 and Appendix C.
Evaluation of the key development and commercialisation issues relevant to the major project. For example, consider:
- Mazzarol’s four key considerations of commercialising disruptive technologies (Mazzarol, 2011: 317-319)
- Mazzarol’s 5 steps to spot and cultivate disruptive technologies (Mazzarol, 2011:320-324)
- Mazzarol’s 3 critical tests of strategy for disruptive technologies (Mazzarol, 2011: 324-325)
- Mazzarol’s key issues surrounding market adoption of disruptive technologies (Mazzarl, 2011: 325-327)
- Mazzarol’s steps to be taken to create new market space for the project (Mazzarol, 2011: 327-330).
Evaluation of the impact of the new project on the firm’s overall success over the next 5 to 10 years:
- At a firm level, consider whether the balance is right between radical, synthetic or incremental innovation, as opposed to simply fine-tuning current products and services.
- Consider the matter of R&D intensity, including calculation of the R&D intensity ratio for the firm and implications from the ratio calculated.
- Also consider the firm’s organisation structure and balance between champions of innovation and innovation champions. Are the right management processes in place to nurture ongoing innovation in the firm?
Discussion on findings and analyses
- IDD results
- Return-risk analyses, including RENT and planning contingency matrix
1-Select anything company like example( Coco cola, nivea, apple) and compare the part as CEO and analyse the assignment as mentioned above.
2-Please refer the Entrepreneurship and Innovation textbook and author name Mazzarl and refer the pages as mentioned above for above processes.
3-NPD, IDD, RENT are more important for diagrams or graphs refer the pages as mentioned above.
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