Assignment Brief Global applied knowledge STUDENT NAME & ID NUMBER Qualification Pearson BTEC Level 4 Higher National Certificate and Level 5 Higher National Diploma in Business Management Academic Year June 2020 – May 2021 Unit Number and Name Unit 8: Innovation & Commercialization Unit Leader Dr Tryambaka Mahapatra Unit Lecturer/s Assignment Title Dr Tryambaka Mahapatra, Peter Emelone, Dr Gbobaniyi Olabode, Mansoor Bilal, Farhan Quereshi, Oladepo Joshua, Kanaka Prabhu, Elly Nmecha , Imran Awan Developing Innovation Model Type of Assignment Formal Report Weighting 100% Issue Date Week Commencing 22.02.2021 Formative Submission Date Submission by 12/03/2021 (By 14:00 using Formative submission link on Moodle) Submission by 26/03/2021 (Final) (By 14:00 using Summative submission link on Moodle) Dr Tryambaka Mahapatra, Peter Emelone, Dr Gbobaniyi Olabode, Mansoor Bilal, Farhan Quereshi, Oladepo Joshua, Kanaka Prabhu, Elly Nmecha , Imran Awan Summative Submission Date Assessor/s IV Mr. Arun Chalise, Dr Emmanuel Wanki, Dr Try Mahapatra U8/IC/SEPT 20 1 Assignment Brief Global applied knowledge Student Declaration This is to confirm that this submission is my own work, produced without any external help except acceptable support from my lecturer. It has not been copied from any other person’s work (published or unpublished), and has not previously been submitted for assessment either at GBS or elsewhere. I confirm that I have read and understood the ‘GBS Academic Good Practice and Academic Misconduct: Policy and Procedure’ available on Moodle. I confirm I have read and understood the above Student Declaration. Student Name (print) Signature Date U8/IC/SEPT 20 2 Assignment Brief Global applied knowledge Learning Outcomes LO1 Explain the context for innovation and determine the difference between invention and innovation. LO2 Explain the different types of innovation. ASSIGNMENT BRIEF AND GUIDANCE Section 1- Understanding Innovation Scenario and Activity Case Study: Oven-fresh Bakery Working as an innovation consultant, you are to produce a business report to Mr. Wilbur, the founder of Oven-fresh Bakery who started the business 5 years ago with only one type of white bread. However, the company is now facing tremendous pressure to diversify their product lines to address the need of more health-conscious consumers. This has also been reflected by falling business turnover. Retailers are constantly putting pressure on Mr. Wilbur to upgrade and expand the product lines of Oven-fresh Bakery. You are an innovation consultant that Oven-fresh Bakery has hired to evaluate the situation and present recommendations on how the company should move forward. Your prime responsibility is to provide background information about innovation and the processes of innovation development. This is the first part of your research and will support the development of a business report which you are to present to Mr. Wilbur. The report should address the following: 1. Background to the company and the challenges it is facing. 2. Explain the differences between invention and innovation and their importance to organizations such as Oven-fresh Bakery. 3. Discuss how organisational vision and leadership can promote teamwork to develop an innovative culture in the organisation for its commercial success. 4. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Oven-fresh Bakery which form of innovation would be most appropriate for the company to engage in. 5. Discuss approaches that Oven-fresh Bakery can take to develop innovative ideas, including the innovation funnel and frugal innovation, and their application by providing appropriate examples. 6. Explain and evaluate the process of innovation the Oven-fresh Bakery should go through to develop and embed new and innovative products. Assignment Submission Format (Formal Report Structure) • Use a cover page, Title page and contents page for the report • The main body of the report should be a concise, formal business report. U8/IC/SEPT 20 3 Assignment Brief Global applied knowledge • Use at least 1.5 spacing and Times New Roman/ Arial font size 12. • Use headings, paragraphs, and subsections as appropriate. • Support the work with research and in-text citations. • Provide a conclusion, evaluation, and recommendation • Use Appendices (if and where appropriate) • Use the Harvard Referencing Style for intext citation and reference list. • The word limit for the report is 2,000 words (+/- 10%) excluding the cover page, contents page, list of references and appendices. You will not be penalized for exceeding the word limit. Note: The required submission format for this section of the assignment is a business report format. Your submission will be word-processed, written work with clear indication of the unit number and title, the relevant task being addressed, your name and registration number. Learning Outcomes LO3 Discuss the process required to commercialize innovation. LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages. ASSIGNMENT BRIEF AND GUIDANCE Section 2- Developing an Innovation Model Scenario and Activity Continue with the scenario in the section 1 as an innovation consultant for the organization hired to evaluate the situation and present recommendations on how the company should move forward. In this section you are required to develop a detailed innovation business case for an innovative product that Oven-fresh Bakery can take to the market to compete. The business case should cover the following among other things: 1. Scout new ideas for a new product development. Identify ways to access funding for it. 2. Build an Innovation Business Case for the above organisation using appropriate techniques to measure, test and improve the performance. Include the following in your discussion a. Matching goals to resources and capability. b. Assessment of risks involved. U8/IC/SEPT 20 4 Assignment Brief Global applied knowledge c. Value analysis applying frugal innovation. 3. Discuss the importance of commercial funnel in the new product development process for its commercial success. 4. Explain how Oven-fresh Bakery can protect the intellectual property rights of the new product. 5. Provide a critical evaluation of the entire process, including the nature of innovation, context, risk and challenges involved, and recommend ways to overcome challenges for sustainability. Assignment Submission Format (Formal Report Structure) • Use a cover page, Title page, contents page for the report • The main body of the report should be concise, formal business report. • Use at least 1.5 spacing and Times New Roman/ Arial font size 12. • Use headings, paragraphs, and subsections as appropriate. • Support the work with research, in-text citations. • Provide a conclusion, evaluation, and recommendation • Use Appendices (if and where appropriate) • Use the Harvard Referencing Style for intext citation and reference list. • Provide a reference list using the Harvard referencing system. • The word limit for the report is 1,500 words (+/- 10%) excluding the cover page, contents page, list of references and appendices. You will not be penalized for exceeding the word limit. Note: The required submission format for this section of the assignment is a business report format. Your submission will be word-processed, written work with clear indication of the unit number and title, the relevant task being addressed, your name and registration number. U8/IC/SEPT 20 5 Assignment Brief Global applied knowledge Learning Outcomes and Assessment Criteria Pass Merit Distinction LO1 Explain the context for innovation and determine the difference between invention and innovation P1 Explain innovation and determine its importance to organisations in comparison with invention. P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation. M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. LO2 Explain the different types of innovation P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas. P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context. LO1 & 2 D1 Critically analyse how innovation is developed, embedded and measured in an organisational context. M2 Analyse and apply the innovation funnel in an organisational context. M3 Evaluate the role of frugal innovation in an organisational context. LO3 Discuss the process required to commercialise innovation P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. P6 Build an Innovation Business Case for an organisation, including ways to access funding. M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. LO3 & 4 D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how LO4 Evaluate the range of methods for protecting ideas and organisations can understand their advantages and disadvantages overcome challenges to develop successful innovations. P7 Evaluate the different tools that M5 Present supported organisations can use to develop, retain evidence-based and protect knowledge and intellectual evaluation of these property. different tools in the context of the wider business environment. U8/IC/SEPT 20 6 Assignment Brief Global applied knowledge Academic Integrity (Note to avoid Plagiarism) Academic integrity is a fundamental expectation for all college/university students and while it is acknowledged that mitigating circumstances might be raised as factors in student behavior, cheating cannot be disregarded. GBS definition of plagiarism, as contained in GBS Academic Good Practice and Academic Misconduct Policy and Procedure, has been expanded to make explicit that copying from texts or web sources and copying work from other students constitutes plagiarism. “Plagiarism is the act of taking or copying someone else’s work, including another student’s, and presenting it as if it were your own. Plagiarism is said to occur when ideas, texts, theories, data, created artistic artefacts or other material are presented without acknowledgement so that the person considering this work is given the impression that what they have before them is the student’s own original work when it is not. Plagiarism also occurs where a student’s own work is re-presented without being properly referenced. Plagiarism is a form of cheating and is a disciplinary offence.” Plagiarism is easy to avoid by making sure you reference all of the sources of material that you use in the completion of your work. Pearson has developed Guidelines on Harvard Referencing which are available in Academic Support Area for Students on Moodle (VLE) as well as on respective unit pages. If you are concerned about referencing techniques, please draw the matter to your Unit Lecturer or Academic Support Team on academicsupport@globalbanking.ac.uk so that you may receive extra advice. Group coursework may be designed so that the contribution of each student is identifiable but inclusion of plagiarized material is still the responsibility of the whole group. All members of the group should exercise vigilance to ensure that work is properly referenced; in groupwork, students have a shared responsibility for the assignment. U8/IC/SEPT 20 7 Assignment Brief Global applied knowledge Recommended Resources Textbooks: BESSANT, J, and TIDD, J. (2015) Innovation and Entrepreneurship. 3rd Ed. Oxford: Wiley. DRUCKER, P. (2006) Innovation and Entrepreneurship. London: Harper Business. MATTHEWS, C and BRUEGGEMANN, R. (2015) Innovation and Entrepreneurship: A Competency Framework. London: Routledge. TROTT, P. (2012) Innovation Management and New Product Development. Harlow: Pearson. VALIKANGAS, L. and GIBBERT, M. (2015) Strategic Innovation: The Definitive Guide to Outlier Strategies. London: Pearson FT Press. McDonald, Kim Chandler. How Innovators Think, Act and Change Our World London : Kogan Page. 2013. eBook., Database: eBook Business Collection (EBSCOhost) Benjamin M. Legum; Amber R. Stiles; Jennifer L. Vondran. Series: De Gruyter Textbook. Boston, MA : De Gruyter. 2019. eBook., Database: eBook Business Collection (EBSCOhost), Engineering Innovation : From Idea to Market Through Concepts and Case Studies Journals Filatotchev, Igor; Aguilera, Ruth V.; Wright, Mike. From Governance of Innovation to Innovations in Governance1. Academy of Management Perspectives. May2020, Vol. 34 Issue 2, p173-181. 9p. DOI: 10.5465/amp.2017.0011. , Database: Business Source Premier WEBSITES https://www.britishchambers.org.uk/ https://hnglobal.highernationals.com/sites/default/files/Pearson-set-Report-2018-2019final.pdf U8/IC/SEPT 20 8