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 Drucker’s 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.

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 Bean’s 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 Kinko’s 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

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