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3031 : Innovation And Entrepreneurship

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3031 : Innovation And Entrepreneurship

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Course Code: 3031
University: University Of Wollongong

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Country: Australia

Individual Assignment: Module project: innovation and entrepreneurship
his Individual Assignment will combine your knowledge of innovation and entrepreneurship and allow you to demonstrate your understanding of these concepts.
this assignment you considered that innovation is not confined to new products; innovation also relates to services (such as marketing and banking) and processes (such as improved production methods or improved ways of training employees).
For this Individual Assignment, you will develop an idea for a new product, service or process and present a business plan to implement this idea. This idea could be implemented by setting up a new enterprise. Alternatively, you can choose to implement this idea as part of an internal improvement plan within a larger entity, whereby revenues are increased or costs reduced.
In broad terms, the Individual Assignment is designed to allow you to demonstrate how you would commercialize the ideas that you have developed. Commercialising an idea means that you need to think about important matters such as: Why the idea is important? Is there a commercial or value-adding need for the idea, and if so, what will it be? How will you resource this idea (taking into account different types of necessary resources), and how will the idea be implemented and monitored?
The Module Project is divided into three submissions due in Weeks 2, 5 and 7. In the Week 2 submission, you will provide the background to your idea, highlighting the rationale for its implementation. By Week 5, you have a substantial piece of work to undertake. This will form the bulk of the Module Project. In Week 5, you will detail how this idea will be implemented. Finally, in Week 7, you will present the financial aspect of your innovation.

To complete this Individual Assignment:
Discuss the innovation that you wish to implement.Outline the problem or opportunity that this innovation addresses.Consider the commercial benefits or value-adding consequences of this innovation.

Innovation and Entrepreneurship
In order to remain competitive and dynamic, innovation and entrepreneurship are critical requirements for any company or organization. Countries and organizations that embrace innovation and entrepreneurship are most likely to achieve high productivity, growth in the economy and creation of jobs (The World Bank, 2018). Innovation and entrepreneurship are driven by the business environments which are constantly evolving with technology advancements and competition. Consumers are also increasingly becoming demanding on service delivery and products innovation. It is therefore becoming inevitable for organization to embrace innovation in order to remain competitive and ensuring survival in the global business environment. Entrepreneurs are also encouraged to upgrade their competitiveness so that they can enhance their innovation as well as gain competitive advantage (Miika & Littunen, 2010).
Innovation can be described as the implementation/application of new ideas and characteristics to products, production processes, and organization and marketing strategies with an intention of impacting positively on the business (Mah, Ali, & Zawawi, 2016). Innovation can be classified as process innovation, products innovation, organization, behavioral and market innovation (Mah, Ali, & Zawawi, 2016). The main attributes of an innovation that are considered include the nature, type, context, means and the main aim of that innovation (Bareghe, Rowley, & Sambrook, 2009). Some of the benefits of innovation to businesses include, accessing new markets, boosting of production rates and enhancement of collaborative partnerships. Likewise, entrepreneurship has positive impacts on the economic development of organizations (Quian & Haynes, 2014). Innovation is not only beneficial in ensuring competitive advantage of organizations but it also ensures survival for many industries (Katherine & Sorra, 2001). In order for companies and organizations to grow, it is dependent on their capability to adapt innovation continuously (Miika & Littunen, 2010). A critical ingredient in the innovation process is knowledge generation or rather a combination of existing knowledge that is commonly referred to as ‘entrepreneurial habits. This has led to adoption of innovations which include “lean manufacturing”, “total quality management” and “Business Process Reengineering.”
The effectiveness in implementation of innovation is determined by factors such as management support, financial resources availability, climate of implementation and policies and practices implementation such as benchmarking and training (Robertson, Sorbello, & Unsworth, 2008) according to the theory of innovation implementation (Katherine & Sorra, 2001). Nevertheless, not all innovation is successful with reports that 40% -70% of failure (Burnes, 2003). However, this failure is not always attributed to the innovation itself rather than failure to implement (Klein & Night, 2005). In order to minimize this failure of innovation, the agencies of technology diffusion are applied which include provision of financial subsidies, risks absorption, training provision opportunities and education.
The proposed Innovation
One innovation that I would implement is an eco-friendly anaerobic digester. This innovation makes gas for cooking and fertilizer using organic waste. It works by feeding foodstuff remains, waste and manure to the digester. The system then breaks the organic materials using the micro-organisms therein in the absence of oxygen. The biodigester has the ability to hold over 5 liters of waste food materials and over 15 liters of manure every day. It is estimated that a liter of food is able to produce over 200 gas liters. This gas is enough to cook for a whole hour. The system can provide three hours of cooking gas which is equivalent to three meals that most families are used to. Additionally, it can produce 15 liters of organic fertilizer that can be used in farming. The excess gas that is produced can be stored in an in-built gas cylinder which has the ability to store 400 gas liters.
Opportunities and Problems that this innovation exploits
The core function of any innovation is to utilize an opportunity that exists to gain competitive advantage over other companies selling the same products. This anaerobic digester seeks to exploit the eco-friendly opportunity that exists in the energy industry. Specifically, the company targets the enlightened population that understands the benefits of conserving the environment by reducing the use of non-renewable energy resources. The bio-digester uses locally available materials and is therefore much cheaper than the cooking gas available in the market. The materials used are environmentally friendly and the products such as gas and fertilizer are not also harmful to the environment. 
Commercial Benefits of the Innovation
The innovation has multiple benefits to the company. First and foremost, the technology is homemade and therefore does not require space renting. Secondly, it is a cheaper alternative of energy because it consumes locally available materials such as food scraps and manure from pets. The technology is also easy to use and safety is guaranteed. Additionally, the world is turning into environmental friendly technology and therefore the biodigester will have a competitive advantage compared to other energy producing companies.
Bareghe, A., Rowley, J., & Sambrook, S. (2009). Towards a multidisciplinary definition of innovation. Management Decision , 1323-1339.
Burnes, B. (2003). Managing change and changing managers from ABC to XYZ. Journal of Management Development , 627-642.
Katherine, K. J., & Sorra, J. (2001). Implementing computerized technology: An organizational analysis. Journal of Applied Psychology , 811-824.
Klein, K. J., & Night, A. P. (2005). Innovation implementation: Overcoming the challenge. Current direction in Psychological Science , 243-246.
Miika, V., & Littunen, H. (2010). Types of innovation, sources of Information and perfomance in enterpreneurial SMEs. European Journal of Innovation Management , 128-154.
Quian, H., & Haynes, K. (2014). Beyond Innovation: the small Business Innovation Research program as enterpreneurship policy. The Journal of Technology , 524-543.
Robertson, J., Sorbello, T., & Unsworth, K. (2008). Innovation Implementation: the role of technology diffusion agencies. Journal of Technology, Management and Innovation , 1-10.
The World Bank. (2018). Innovation and Enterpreneurship. Retrieved August 23, 2018, from https://www.worldbank.org/en/topic/innovation-entrepreneurship.

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