Managing Innovation Presentation Assignment Sample

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Managing Innovation Presentation Assignment

1. Determination and justification of one identified innovation

At 2014, Apple started building “Project Titan” with up to 1000 car specialists and engineers in a secret site near the “Cupertino” office. Apple also develops a new battery architecture that can “dramatically” reduce battery costs and extend the range of vehicles. Apple has a monocell design to expand the size of individual battery cells by removing pouches and modules that carry battery components to release area within the battery pack. The first Apple vehicle will be self-driving, that is, the cars will fully drive on their own, and CNBC speculates that the early Apple Cars can be directed at food supply services and robotic companies (Castro Caballero et al., 2020).

Apple talks to manufacturers and suppliers in preparation for Apple Car development. Apple’s drive into the automotive supply chain was described as “strong,” which implies that “every area of automotive engineering and production is examined” (Carvalho, 2020). The Apple Car is not an ordinary electric vehicle; it is entirely autonomous and drives. To manoeuvre, the car will be equipped with “LiDAR” sensors to “see” its environment.

Apple Inc. has developed its image as one of the world’s most imaginative and valuable firms over the years, and the company is naturally very interesting and anticipated in its attempts to create a truly unique electric automobile. The “Apple Car Project” was therefore chosen as the theme of the current endeavour.

Analysis and evaluation of potential external challenges from several sources, which could influence progression of the identified innovation through the innovation process stages and the role of management

The five basic stages of the process of innovation, and the potential challenges which could impact the progression of the identified innovation of Apple Inc. will be discussed in the following section.

Idea Generation and Mobilization

In the process of generating a creative and innovative idea to take it a step further with its car, Apple may end up envisioning something too ambitious, and jeopardize the possibility of building a commercial enterprise around it (Kumar, N.D.).

Advocacy and Screening

At this stage, where only the practical and realistic possibilities are retained and decided to work upon, the most innovative ideas which might have been the basis of the entire process of innovation may be identified to be impractical and inappropriate for commercialization.

Experimentation

The efficiency and reliability of features like auto-pilot may prove to be sub-standard compared to that offered by the competitive forces, or the battery life may not be sufficient to offer a comfortable driving experience to the customers (Ghosh, 2020). The whole idea may be needed to re-thought and redesigning it completely may become a necessity, costing the company too much.

Commercialization

The projected selling price of the innovative product created by Apple may turn out to be too high for majority of the population, and this may bring down the business possibilities of the innovative product big time (Bohnsack, et al., 2020).

 Diffusion and Implementation

If the innovative idea does not satisfy the workers of the company, appears impractical to them, chances are that it would be difficult to engage them and earn their full commitment towards the project. This may eventually hinder the entire process and cause delays and financial losses for the company.

The management of Apple makes all critical strategic choices throughout the innovation process, exerting decisive control over and influencing the success of innovation operations (Bohnsack et al., 2020). They employ an innovation manager to oversee operations, create and design innovation frameworks, and moderate innovation processes.

Owing to the autocratic leadership and management style that is practiced at Apple Inc., it is the management body which makes all choices and has no confidence in anybody else. The outcome is self-evident: fewer motivated employees who are less inclined to give novel ideas and proposals in an environment where the boss always knows best.

3. An evaluation of performance improvement measures considered appropriate at each stage of the business’ innovation process

In order to improve the process of innovation, the innovation manager of Apple needs to take certain steps to ensure that every factor which has a role to play in the process gets handled in the proper way.

In order to improve idea generation

  • Inviting everyone to participate in the search for novel ideas.
  • Involve customers in the idea generation process.
  • Find innovative ways to engage with customers.
  • Concentrate on the unspoken demands of clients.
  • Solicit input from new consumer segments.
  • Involve suppliers in the development of new products

(Tinkler & Westlin, 2020)

Screening

For this, the “Three Lenses of Innovation” method should be used, and the questions to be considered are as follows:

Desirability
How wanted the idea it is, and if there is a group that desires this solution, and if it solves a problem (Murraya & Jalalb, 2019).

Feasibility

If it would be possible to make the idea into a reality, and if the company has the right skills, technology, or people to do it.

Viability
How strong this idea would be over time, and if it contains both an economical and sustainable model to maintain (Murraya & Jalalb, 2019).

This model of the three lenses is usually visualized through the three crossing circles meeting in the middle.

Experimentation

To improve the testing process, Apple should create a well-designed prototype and keep overhead expenditures to a minimum and the results should be accurately documented.

Commercialisation

  • Involve the value chain
  • Unambiguous definitions of duties and responsibilities
  • Risk mitigation

Diffusion and Implementation

  • Making people aware
  • Persuading them to opt for it
  • Decision regarding keeping the innovation
  • Execution
  • Verification

(Tucker & Stanny, 2021)

“Turnover” and “profit” are key performance metrics for Apple Inc. to assess the success of the mentioned innovation. These two financial metrics, however, are insufficient incentives for new business formation efforts, particularly in their early stages. A venture’s focus should be on the fundamental mechanisms that drive income and expense. The emphasis should be on leading performance indicators rather than trailing indicators. Because established firms like Apple Inc. are more or less predictable, managers place a premium on projected profits, whereas ventures place a premium on acceptable loss due to the uncertainty involved.

References

Bohnsack, R., Kolk, A., Pinkse, J., & Bidmon, C. M. (2020). Driving the electric bandwagon: The dynamics of incumbents’ sustainable innovation. Business Strategy and the Environment29(2), 727-743.

Carvalho, M. L. N. (2020). Uber, a path for profitability or a market misperception?–Advanced TechnologiesGroup and Other Technology Programs (Doctoral dissertation).

Castro Caballero, N. M., Castro, S., Acosta, O., Llanos, L., Palau, A., & Oller, R. (2020). Acquisition of Tesla Inc by Apple Inc (Doctoral dissertation, Universidad del Rosario).

Ghosh, A. (2020). Possibilities and challenges for the inclusion of the Electric Vehicle (EV) to reduce the carbon footprint in the transport sector: A review. Energies13(10), 2602.

Kumar, B. A Study on Electric Vehicles (EV) With Challenges and Opportunities of Production.

Murraya, A., & Jalalb, A. (2019). The 5 Stage Approach: A blueprint for supporting the innovation process. Journal of Higher Education Service Science and Management2(3), 33.

Tinkler, E., & Westlin, P. (2020). Fostering Continuous Improvement and Innovation Through the Complaints Process: A case study at a global manufacturing company.

Tucker, C., & Stanny, C. J. (2021). Promising Failure: Driving Innovation by Exposing Imperfection. Intersection: A Journal at the Intersection of Assessment and Learning2(3), 24574.

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