Implementing the new technological innovation

Reference no: EM133306499

Innovation Plan

Choose company - Tesco Plc

Description- Imagine that you are the Chief Innovation Officer of an organisation. This can be an organisation you are familiar with or can be based on a global firm where adequate information of their 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. You have been given the task of coming up with an innovation idea to increase the organisation's revenue and/or address social needs. Your innovation plan will need to focus on: (1) assessing the innovation idea, (2) assessing the external conditions; (3) assessing the organisation's internal conditions, and (4) justifying the feasibility of the implementation of the innovation.

Guidelines
You have been appointed the CIO (Chief Innovation Officer) of a medium to large enterprise. It can either be an enterprise you know, or it can be an existing firm where adequate detail of internal operations is available (web-based or otherwise). 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 and commercialisation processes. You have been given the task of ramping up the firm's innovative capacity through the introduction of a major, new technological innovation to be developed and commercialised within the firm. This is a difficult task because few firms understand the comprehensive theory behind technological innovation.

The output
The written innovation plan you must prepare will comprise a comprehensive evaluation of a major new technological innovation planned for development and commercialisation within the firm of which you are the CIO 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 professional 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 on theories, models and concepts about innovation development and commercialisation presented in Mazzarol and Reboud (2020)

Chapter 7: "Planning Business Models and Strategy", Chapter 9: "Disruptive
Innovation and Commercialisation of Technology" and Chapter 11: "Team building, company leadership and strategic alliances". Also use the accompanying PowerPoint slides for modules 7, 8 and 9. In order to undertake the diagnostics of innovation planning the Workbook Appendix C from Mazzarol and Reboud (2017) pp 168-195 will be provided on BB site. This will be accompanied by PowerPoint Slides explaining the
theories and structure of the assessment.

You may introduce any other theories and concepts you feel may be relevant to your plan.

The required structure for the written innovation plan is set out below.

Innovation plan - list of contents
Text highlighted in yellow point to chapters in the textbook (Mazzarol and Reboud (2020) and the workbook (Mazzarol and Reboud (2017) Appendix B) with methods and frameworks that undertake analysis and assessments of innovation implementation.
Executive summary (max one page)

Table of contents
1. Introduction
• The objective of the plan
• A brief description of the firm and the new project
• What the plan will cover (structure of the report)

2. Description of the technical innovation suggested for the firm
a. What is it? Is it a process, service or product innovation?
b. What problem will it solve? What demand will it satisfy?

3. Description of the development and commercialisation process to be adopted for the technological innovation?
See discussion of the three development and commercialisation process models (NPD,
Stage-Gate Spiral Development and Lean Start-up process models in Mazzarol and Reboud (2020), Chapter 9: "Disruptive Innovation and the Commercialisation of Technology" and the associated Module 8 PowerPoints. Choose ONE of these process models only. Explain why you have chosen this model of development and commercialisation and how it will apply to the proposed technological innovation.

Other potential models useful to describe and assess appropriate commercialisation process may be:

Four key market considerations for commercialising technological innovation (Mazzarol and Reboud, 2020, Chapter 9 and associated Module 8 PowerPoint slides)

Five steps to develop (spot and cultivate) technological innovation (Mazzarol and Reboud, 2020, Chapter 9 and associated Module 8 PowerPoint slides)

Three critical tests of strategies to implement technological innovation (Mazzarol and Reboud, 2020, Chapter 9 and associated Module 8 PowerPoint slides)

Four key issues surrounding market adoption of technological innovation (Mazzarol and Reboud, 2020, Chapter 9 and associated Module 8 PowerPoint slides)

Creating new market space for technological innovation (Mazzarol and Reboud, 2020, Chapter 9 and associated Module 8 PowerPoint slides).

4. Assessment of the firm's preparedness and organisational structure to pursue this technological innovation?
Use the Innovation Diamond tool (Mazzarol and Reboud (2017) - Workbook Appendix C) 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 (the figure) must be added as an appendix.

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. You may 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? (You might have to take liberties in assessing organisational structure if you are not an insider to the firm). Visit Mazzarol and Reboud (2020) Chapter 11, and powerpoint slides from Module 9.

5. Analysis of risk of implementing the new technological innovation?
To analyse the return-risk profile of the project, use the RENT model and planning response contingency matrix in Mazzarol and Reboud (2020) Chapter 8 plus Mazzarol and Reboud (2017) Workbook Appendix C, as well as the associated Module 7 and 8 PowerPoint slides.

Be sure to set out your conclusion on what you consider this analysis reveals about the project's return-risk profile.

6. Discussion of findings and analyses

7. Conclusion on the project's likely impact upon the firm's overall success over the next 5 to 10 years.

8. References

Reference no: EM133306499

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