Innovative Business Case
Developing innovative new products and services is expensive, time consuming, and extremely risky. Most studies have indicated that the majority of development projects fail. Firms need to make difficult choices about which projects are worth the investment and which of those projects are pursued with a rigorous and well-thought-out development process.
Outline an innovation project by creating a 1000- to 1,250-word business case.
Identify a company of your choice and an idea for an innovative design project that it can develop.
- Identify why the organization is in a good position to be developing the new product or service.
- Analyze how the new product or service fits with the company’s current strategic plan.
- Examine the innovations that give competitive advantage to your chosen company and whether this innovation is disruptive/revolutionary or evolutionary.
- Examine the methods best used to choose this project and the process that will be followed to develop this idea within the company.
- Develop a timeline that outlines the steps to develop this innovation.
Complete the Innovation Business Case Template (Attached) or research to find a template of your own.
Create a presentation to promote the innovation project to the Executive Team of your chosen organization. Review the project information and incorporate it into your presentation. Include key assumptions and a clear description of the elements listed in the instructions below.
Innovation Project Implementation Plan
Create a 10- to 15-slide presentation in which you complete the following.
- Describe your Innovation Project and the customer problem your product will solve.
- Outline how the project aligns with the company’s strategy.
- Identify the Innovation Project’s pricing and competition: Target customer(s), pricing strategy, potential market size, potential competition and the strategies for intellectual property protection.
- Design a development strategy and a schedule for the innovation project, including the organizational structure and development methodologies.
Part 3 Innovation Project Deployment Plan
Create a 10- to 15-slide presentation in which you complete the following:
- Prepare an Introduction or Executive Summary.
- Develop a deployment strategy and schedule for introducing the innovation project to the market.
- Determine key go-to-market considerations, which may include plans for: Advertising, Marketing, Sales channels/distribution, Communications or promotion.
- Estimate the cost and analysis for: Development or manufacturing, Delivery, Infrastructure and product support, High-level financial considerations, including the potential size of the market for the company and profitability.
- Justify the innovation investment and alternative investments or a non-investment (e.g., What if the executive team disapproves the project?) and future product plans, evolution, and so on (e.g., What’s next for this product in the market?).
Prepare a conclusion with a recommendation or call-to-action statement.