INNOVATION EXERCISE
YOUR TASK is to design/innovate an “APP” for a company of your choice (preferably a popular one that exists in the UK).
You should demonstrate a clear understanding of the market and justify why you think this would work
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You will need to show that you have thought about the following issues:
- Innovation in the market place – how is this product new or improved, what specific elements make it innovative?
- The need for this product – how do you know your product is needed – how have you identified this need?
- Target audience –who are you aiming your product at?
- How could it be marketed?
- Estimate of possible price
- Where/ how would it be sold?
- Environmental conditions – more customers want environmentally friendly products
- EU Legislation – you must take this into account when developing your products
- Flexibility/adaptability of product – think creatively
- Would the new product require additional equipment/machinery/staff? The panel will be interested in additional costs and requirements should your project be selected – these things need to be considered
- What academic theory underpins your innovation
You will need to use a variety of tools/approaches to identify the problem, generate ideas and develop an innovative product. You may have already have come across some of them such as mind maps and thought showers.
The ideas/innovations will need to be evaluated – think about suitable criteria to evaluate the ideas and innovations against. What criteria do you think smart phone providers might use?
You will need to select you innovative “App” to present as a poster during activity week.
Think about the above issues but especially; what is innovative about your App?; why do you think there is a need for this product? ; who is your target market?; how could this be sold/marketed. Remember, you may need to provide evidence that there is a potential market for the product.
Teams will display their innovations in poster form. Be as creative as possible therefore it could include video or powerpoint . Remember you are a team of intra/entrepreneurs looking for funding and support
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