Part 1: Provide a critical review of existing literature on the concept of Innovation Management. This should demonstrate your understanding and knowledge of this topic through the review of established literature
838N1 Managing Innovation
LO1 Acquire a systematic understanding of the empirical research on technology and innovation management.
LO2 Develop a comprehensive and critical understanding of the processes and tools necessary to manage technology and innovation.
LO3 Select, apply and evaluate relevant research outcome to management practice
Innovation Management Case:
Bizteczec is a creative technology company with its headquarters based in London, and after working there for two years as a Client Manager, you have now been internally promoted to Innovation Director. Originally founded in early 2004 as a small company in Brighton, Bizteczec has grown into a noteworthy creative technology company in the UK focusing on a range of services and products such as: Mobile apps Web development UI and UX development Gamification engagement Internet of things solutions
Report: The company has a small number of corporate clients across the UK, and has more than 35 employees. Company revenue last year was £25m, and this year revenue has slumped by more than 10% as a result of a lack of client projects, and increasing price pressure from growing international competition. In order to address this situation, Bizteczec’s CEO, Ms Sarah Swans, has tasked you as the company Innovation Director to develop a three part innovation management report to ensure the company’s growth over the next five years:
Part 1: Provide a critical review of existing literature on the concept of Innovation Management. This should demonstrate your understanding and knowledge of this topic through the review of established literature, stemming from high quality papers published in academic journals.
Part 2: Suggest a new innovation strategy for Bizteczec using the 4Ps of Innovation Space Framework, by focusing on Product, Process, Position, and Paradigm. For example, this can reflect either a new service or product for the company, or alternatively an analysis of the company’s existing services and products as outlined in the case. This should demonstrate your understanding and knowledge of the 4Ps and how they can be applied to Bizteczec
Part 3: Based on your new innovation strategy for Bizteczec, recommend and justify its implementation by drawing on only one of the following concepts: o Open Innovation (OI) o Diffusion of Innovation (DoI) o New Product (or service) Development (NPD) o Corporate Venturing (CV) This should demonstrate your understanding and knowledge of one of the above topics, and how it can help Bizteczec.
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