SEARCHING FOR INNOVATION OPPORTUNITIES PROJECT
In this project, you will select a specific business and analyze its potential innovation opportunities. You will select a business or organization from novel companies that have been rated as top innovators on annual lists of FastCompany, Inc. Magazine, or other sites.Links down below
http://www.fastcompany.com/most-innovative-companies(Links to an external site.)
https://www.inc.com/inc5000/list/2018
Descriptions of innovation opportunities should be structured around the opportunity categories from Druckers sources of innovation opportunity (and from other marketplace observers) described in class lectures and resources from the innovation literature. You are expected to think broadly in your search for opportunities, and creatively explain how those opportunity categories might apply to the business you select. Finally, we suggest that you start each project EARLY, even if it’s with a rough outline of how you’ll approach it.
The scope of effort for this project is 5 single-spaced pages, presented in a well-organized manner, including references. We ask for referencing in these projects not only for academic integrity, but also as an indication that you found evidence to credibly support your reasoning and arguments made in the project. This referencing should help build your competence to make points in a convincing way. Graphics supporting your explanations can be included within the 5-page length.
Student:
ENES 663 Assignment #1Rubric
Innovation Opportunity Search
Criteria
Exceeds expectations
[grade range A to A-]
Meets expectations
[grade range B+ to B-]
Below expectations
[grade range C+ and below]
Context of the Business: Is a business described for these opportunities?
Clear, informative business description provided as context; clear relation to opportunities.
Basic description of business; limited connection made to innovation opportunities.
None or very limited description of business context.
Range of Opportunities Identified: How many and what types of innovation opportunities identified?
More than 7 specific innovation opportunity categories identified; well-informed explanation provided.
7 specific innovation opportunity categories identified; basic, but clear explanation provided.
Fewer than 7 specific opportunity categories identified; limited explanation provided.
Search Process: Is an organizing framework used to identifying the opportunities?
Clear framework + informed and descriptive explanation of its source and functionality
Identifiable framework (e.g., Drucker, or other) for explaining the origin of sources of innovation opportunity
None or very limited framework provided to explain the origin of sources of innovation opportunities
Opportunity Evaluation:
How fully are the opportunities evaluated?
Well-developed explanation of innovation opportunities applied to a selected business
Basic descriptions of ways that innovation opportunities apply to a selected business
None or very limited explanation of how selected the opportunities would apply to a selected business
Writing Mechanics: How clear, logically constructed, and error-free is the writing?
Clear, well-organized pattern; error-free writing; readily understandable language; rich vocabulary
Basic organizational pattern provided; mostly error-free writing; easy to follow.
Unclear organizational pattern; presence of writing and/or grammar glitches.
Research/Referencing:
Are appropriate references used as supporting evidence?
Ample and clearly organized referencing provided.
Reasonable number of sources provided to support arguments made.
None or limited references and supporting evidence provided.
Assignment Score = [15% of final grade].
TM: 2017 How Did Peter Drucker Define Innovation Opportunity?
Druckers View of Opportunity
Opportunity is the recognition of a convergence of forces whose combinations have not been previously recognized
Image Source: www.brandingstrategyinsider.com
Druckers Classic Book
Published in 1985, his book addresses each of 7 sources of innovation opportunity
The book became a classic by identifying the connections between innovation, opportunity, and entrepreneurship
Image Source: www.amazon.com
Innovation & Entrepreneurship
Innovation is a specific function of entrepreneurship and must precede it
It is the means by which an entrepreneur either creates new value-added resources or endows existing resources with enhanced potential
In search of innovation opportunity, Drucker suggests the need for a systematic approach
A systematic approach begins with classifying sources of innovation by type
Druckers 7 Sources of Innovative Opportunity
The Unexpected
Incongruities
Process Needs
Changes in Industry Structure
Demographics
Changes in Perception
New Knowledge
Other Business Researchers Extend Druckers Views of Opportunity
Translation of ideas from one market to another
Analogy emulating a related idea
Enabling changes to technological limits
Value chain opportunities
High-growth business areas
Converging technologies
Takeaways
Most innovations exploit the dynamic changes in the business environment
Systematic innovation means monitoring change and scanning for opportunity
Some opportunities lie within the organization itself, some exist beyond the walls of an organization, and others reside in the competitive marketplace How Does the Marketplace Generate Innovation Opportunities?
Market Exploitation Opportunities
These sources present marketplace advantage opportunity to organizations:
Translation of Ideas from one market to another
Associating an Innovation Analogy
High-Growth Business Segments or Regions
Translating Market Ideas
Where customer preferences translate from different regions or markets
Where marketable ideas or innovations are translated by hi-tech communication or global business interactions
Market Translation Opportunity
Translation of the potential inherent in Starbucks coffee shops from the performance of Italian espresso stands
Translation of interest and value of mini-cars in crowded cities where first used in European cities with narrow streets and limited parking space
Innovation Analogy
When a company from one industry segment borrows an innovative idea from a company in an entirely different segment
Where benchmarking a best business practice results in an innovation
Analogy Opens Up Opportunity
LL Beans functional and efficient logistics approach benchmarked from WalMart
Full-service insurance companies (USAA, Geico) emulate bank functions
Starbucks cafes diversify by selling music CDs like bookstores formerly did the reverse is also true
Value Chain Opportunities
Identifying new needs and interdependencies leading to potential new forms of value for customers
Identifying new forms of value from suppliers and distributors
Finding unmet needs throughout the value chain
Opportunities in the Value Chain
FedEx acquisition of Kinkos led to an integrated value chain and consolidated customer service
Multi-service banking by CitiBank and Wells Fargo combines customer process steps in the value chain
High-Growth Sector Opportunity
Where certain business sectors grow faster than GNP rate or regional growth
Where customer volume is greater than what would is apparent or expected from a customer segment
Opportunities in High-Growth
Dramatic expansion of the online education sector, and life-long learning through MOOCs
Increasing growth, diversification and complexity of health care sector
Expansion of bandwidth and wi-fi availability throughout the world
Takeaways
Marketplace advantage opportunities can be recognized through analysis of market data and trends in customer preferences
These opportunities can be leveraged through ongoing market research efforts How Does the Marketplace Generate Innovation Opportunities?
Market Exploitation Opportunities
These sources present marketplace advantage opportunity to organizations:
Translation of Ideas from one market to another
Associating an Innovation Analogy
High-Growth Business Segments or Regions
Translating Market Ideas
Where customer preferences translate from different regions or markets
Where marketable ideas or innovations are translated by hi-tech communication or global business interactions
Market Translation Opportunity
Translation of the potential inherent in Starbucks coffee shops from the performance of Italian espresso stands
Translation of interest and value of mini-cars in crowded cities where first used in European cities with narrow streets and limited parking space
Innovation Analogy
When a company from one industry segment borrows an innovative idea from a company in an entirely different segment
Where benchmarking a best business practice results in an innovation
Analogy Opens Up Opportunity
LL Beans functional and efficient logistics approach benchmarked from WalMart
Full-service insurance companies (USAA, Geico) emulate bank functions
Starbucks cafes diversify by selling music CDs like bookstores formerly did the reverse is also true
Value Chain Opportunities
Identifying new needs and interdependencies leading to potential new forms of value for customers
Identifying new forms of value from suppliers and distributors
Finding unmet needs throughout the value chain
Opportunities in the Value Chain
FedEx acquisition of Kinkos led to an integrated value chain and consolidated customer service
Multi-service banking by CitiBank and Wells Fargo combines customer process steps in the value chain
High-Growth Sector Opportunity
Where certain business sectors grow faster than GNP rate or regional growth
Where customer volume is greater than what would is apparent or expected from a customer segment
Opportunities in High-Growth
Dramatic expansion of the online education sector, and life-long learning through MOOCs
Increasing growth, diversification and complexity of health care sector
Expansion of bandwidth and wi-fi availability throughout the world
Takeaways
Marketplace advantage opportunities can be recognized through analysis of market data and trends in customer preferences
These opportunities can be leveraged through ongoing market research efforts
