Research Paper Help-Discuss invention and innovation.
When Mr Daniel Green, the founder of Healthy Juice, started the company two years ago he could not have foreseen the rapid early stage growth that took place. He launched the company with one drink (a healthy milkshake) into the UK market and achieved a dramatic rise in sales in his first year due to the innovative formula and distribution capability. However, as the company enters its third year of trading there has been a significant decrease in sales as a number of competitors have entered the market. Mr Green thinks the answer is to create an innovative new range of drinks, juice or smoothie but does not want to move away from juice. You have been hired as an innovation consultant to evaluate the situation and present recommendations on how the company should move forward. You should answer the following four tasks in a business report format to be presented to Mr Green. The business report will address the following:
Explanation of the difference between invention and innovation.
The value and importance of innovation to organisations and how this can be embedded within the organisational leadership and culture.
The different forms of innovation and the four directions of change an organisation can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Mr Green which form of innovation he should engage in.
Discuss the approaches that Mr Green can take to process innovative ideas, including the innovation funnel and frugal innovation.
Explain the steps Mr Green should go through to derive a new and innovative drink.