Innovation Project: Deadline: 11 June 2017 Objectives

INNOVATION PROJECT
Management of Innovation, Technology & Entrepreneurship MM5014

Mid-Term Report Guideline
Deadline: 11 June 2017
OBJECTIVES
The goal of this project is to get you to think about real innovation, and puts great emphasis on group
work. In this exercise, your group is required to find a technology and to use the course materials to
analyze the potential business scenario for adopting the technology to the market. This project is worth
50% of your final mark; 20% Mid Term Report & 30% Final Report.
THEORETICAL BACKGROUND
The Innovation Project is based on the Technology Commercialization Model proposed by Goldsmith
(2005). We have chosen specific areas within the model for you to assess in your report (see Figure 1)
considering materials covered during this course and hours of work. Your study will be limited to
desktop study (there will be no field work). A breakdown of the expected outcome in your report will be
presented in the next section.
Figure 1. Goldsmith Technology Commercialization Model (adjusted)

SETTING THE PLAYING FIELD
You are the Chief of Innovation Officer (CIO) of a global investment company. Your company aims to
double up on the amount of investment for future technologies in the next quarter. Your company owns
an R&D center that aims in developing new innovative products around breakthrough technologies by
ways of collaborating with the proprietary owner of the technology. The flavor of your companys
investments has always followed the same strategic philosophy, which are:
1. Innovation on top of invention
2. Invest in trends, not fads.
3. Never become a follower, but always a pioneer in the market.
4. Collaboration is key
Your CEO has instructed you to look for breakthrough technologies that are still in the early phase of
adoption and can potentially disrupt the market.
INNOVATION REPORT GUIDELINE PHASE 1

Below is a diagram that will guide you along the process that you are expected to undertake during your
innovation project (Figure 2). Your report should consist of 5 major analysis, which are; technical,
market, value, strategic marketing plan and strategic business plan (depicted in the form of numerical
nodes within the diagram).
1. Technical Analysis (10%)
In this part, you will be conducting a Technical Concept Analysis which can include, but not limited to,
description of the concept behind your technology, the state-of-the-art of the technology, potential use
of the technology, and establish the uniqueness of the technology. Refer to using images and diagrams
to help readers understand your technology.
2. Market Analysis (20%)

The next step is conducting a market analysis to identify a potential market for your technology,
quantify the market size and determine a preliminary value of the product within your chosen market. In
the case where your technology has been applied to several industries, it is in your group interest to
analyze and choose an industry that is still in the early phase of adoption cycle. Keep in mind that we will
be judging your reasoning as to why you chose that industry. (hint: based on what? Market size? Low
barrier to entry? Potential market in the future? Higher value?)
3. Value Analysis (20%)

After concluding your market analysis, you then will proceed to analyze the value proposition of your
technology within the servable market of your choice. Pay deeper attention to what sort of problem
your technology will solve and what gains will your customers experience by using your technology.
Figure 2. Innovation Project Guideline
4. Strategic Marketing Plan (25%)

The next step is to develop a strategic marketing plan that follows the concept of Technology Market
Adoption Lifecycle. In other words, who exactly is the target market, what are its characteristics, what
competitive products does it currently use, how is the product distributed, what are the regulatory,
environmental and economic factors, what are the barriers to market entry, and what will offer you a
sustainable competitive advantage?
5. Strategic Business Plan (25%)
Considering the hours of work, strategic business plan for the mid-term project will be limited to
explaining the rationale of how your business create, deliver and capture the value of your proposed
innovation by using the Business Model Canvas.

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INNOVATION PROJECT

Management of Innovation, Technology & Entrepreneurship MM5014

Figure 1. Goldsmith Technology Commercialization Model (adjusted)

INNOVATION REPORT GUIDELINE PHASE 1

2. Market Analysis (20%)

3. Value Analysis (20%)

4. Strategic Marketing Plan (25%)

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