Time Constrained Assessment Assignment Sample

Introduction Of Time Constrained Assessment Assignment 

Innovation may be served as lifeblood of the start-ups which drives the product development, helps in gaining competitive edge, attracts investors as well as promotes the culture of experiment and creativity. By understanding the factors which drive innovation as well as promote the culture of creativity, companies can differentiate them from the competitors along with meeting the changing needs of customers. Mito Red Light has been founded by Scott Chaverri which offers the therapy devices which are designed to assist the individuals in enhancing their health (Mito Red Light, 2025). Innovation assists in streamlining the business procedures which lead enhancement of the productivity. This business has reported advantages like skin rejuvenation, enhances sleep, pain relief as well as improves hair growth with the regular use of the red light therapy devices. SMEs also plays a significant role in offering aid to millions of individuals as well as vulnerable people throughout the globe.

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Innovation Influencers: The Formation and Management of Startups

Entrepreneurial intentions are impacted by the range of aspects like external environment as well as internal conditions. This understanding facilitates grabbing opportunities, optimize resources, comply with regulations as well as enhance customer satisfaction which supports the sustainable business development. Effectuation theory is an efficient approach which used by the entrepreneurs that emphasizes on taking the smart action with the accessible resources. This practical framework assist experienced as well as new entrepreneurs which assists in reducing the start-up risks as well as cost while building an efficient venture. Scott Chaverri’s journey started with his personal struggle as a young adults. The light bulb exposure has released the artificial lighting disrupting his sleep. He has bootstrap the self-sustaining business as well as grown the business by using the limited resources. By taking action as well as working with other, he shaped his own success. By allowing estimates of affordable loss to drive decisions, he stop depending on the predictions. Schumpeter’s Theory of Innovation was central to economic change as well as development. The entrepreneurs who develop new technologies as well as product disrupts the existing market signify as creative destruction. Scott Chaverri was accountable for overseeing the change management by educating both customers as well as internal staff about the impact of change. Schumpeter’s description of creativity procedure as well as their diffusion continue to be the characteristics within the technologically driven global economy. Determined to make the difference, Scott Chaverri set out a functional, affordable as well as efficiently designed red light therapy device for each one. His business mission is to empower the people to live a healthy lifestyle by combating the harmful effects of the junk light as well as exposure to the blue light which harm the natural rhythms of the body. The resource based view (RBV) highlight the significance of nurturing as well as developing organizational competence to efficiently enhance resources. This will also sustain the competitive advantage over the long term. This framework for enhancing organizational competence by leveraging the internal resources efficiently. It is an integration of the range of competencies which enablers Scott Chaverri to exploit his resources as well as create value. This will allow him to use resources to accomplish strategic objectives as well as respond to market needs (Del Giudice et al, 2023). Mito Red light’s bestselling product include Mito Pro 300X which is a balance of function and form. This feature user friendly touch screen interface, clean aesthetic as well as wavelengths of light which highlight the way design improve the experience of users. Each of his products is designed which is resistant to wear and durable which ensure that the clients can use this device for years without the replacements. The products are designed for being energy efficient, long lasting as well as cost efficient which are central to business deign ethos. Scott Chaverri has analysed the significance of protecting the intellectual property such as patents, trademarks as well as designs. By emphasizing on design protection, Mito Red lights aims to make sure its creation stand out within the crowded market, investment in creativity as well as research from the competitive threats. This offers cost efficient way to protect the creation to avoid the financial burden of defensive design while ensure safeguarded against the manipulation (Enaifoghe, 2024).

Product Development Strategies, Business Models, and Co-Creation

Mito Red Light’s emphasize on incremental innovation that include making the small improvements to the current products as a part of their strategy for innovation.

Product Development Strategy

Market pull adopts the customer centric viewpoint which prioritizes the identification as well as satisfaction of the existing customer requirements. The light therapy device is experiencing the major development because of raising awareness regarding the skincare as well as non-invasive treatments. Technological advancements has led to more user-friendly as well as efficient devices which lead to market expansion for the Mito Red Light. This innovation is making easier for the customer to implement the light therapy treatments in their everyday routines which can drive market penetration. The rise of social media as well as influencer marketing can play a vital role in encouraging the light therapy devices as well as creates more demand in the market. Each product of Mito Red Light is designed to be resistant and durable to wear no planned obsolescence which ensures that the customer can use their devices for the years without any replacements. LED’s are known for energy efficient, long lasting as well as cost effective solutions which drives innovation.

Business model

Direct-to-Consumer (DTC) allow Mito Red Light to sell products directly to the customers. The firm has branched out as well as opened physical store but their main source of sales is through the online stores. When business sell their product through the retailer own the customer relationship. The company directly collects the first party customer data which required to develop as well integrate product fast as well as build the lasting relations with the customers. WIPO Hague system offer the organization with the international mechanism for handling as well as securing design rights in various regions with one application as well as one language. This will allow Mito Red Light to secure their design in multiple regions with international application. The firm emphasizes on diversifying their product which assists them in capturing new markets as well as enhances profits. This will assist in capturing new markets as well as enhances profitability (Joy-Camacho and Thornhill, 2024). By adding the new products in their portfolio, the business opens the door for new customer segments in the new market. By diversifying their product range, the firm can reduced the risk of dependence on single product. Diversification motivate innovation by pushing business to develop new ideas, enhance procedure as well as stay updated with the market trends.

Co-Creation

The business engage customers through prototypes which allow Scott Chaverri to seek continuous validation from the real world users with surveys as well as feedbacks. This allows the designers to assess the aesthetics, overall designs as well as user interface of the product. Prototypes are used to best the interactions as well as functionality to recognize any flaws (Durst et al, 2023). By recognizing the potential challenges early on, prototypes assists in mitigating the risk linked with the development procedure as well as resources in long terms.

Enterprise Policy and UK National Support for Innovative SMEs

Government policies on innovation as well as research & development (R&D) funding has emerged as a critical factor which equip the SMEs with resources and tools which they need to thrive within the competitive landscape. Mito Red Light operated with US, despite the economic challenges, innovation is a major driver of development within UK (UK Innovation Strategy, 2023). The UK benefit from the diverse ecosystem of finance for innovative start-ups such as venture capital funds as well as angel investors (Andersen et al, 2022). UK government co-invest with the private investors where the private capital is insufficient to allow innovative company to grow, start as well as scale up. Innovate UK which is a part of research and innovation agency. Their mission is to assist businesses to grow with their commercialization and development of new products, services with innovation system which is agile and inclusive. Patent box was launched to motivate the businesses to retain their intellectual property rights within UK. This accomplish by facilitating the organizations to benefit from the reduced rate of corporate tax on profits derived from the patent inventions. This enables the organization to apply the lower rate of corporate tax to profits earned from the patented inventions as well as other IP rights. The firm needs to undertake qualifying development for the patent which contributes in the creation of the patented invention as well as product incorporating the patented invention. This facilitate the organization to apply the low rate corporate tax to profits earned from the patented inventions (Wapshott and Mallett, 2024). The firm need to make payments to connect parties from their R&D expenditure. Start-ups struggles to attract angel investors, capital firms as well as other sources of funding’s which are essential for enhance their expansion plans. The R&D tax credit in UK is for start-ups which assists the small companies to offset the expenses related to research as well as enhance the cash flows. Many of the barriers are related with the funding constraints, public policy, weak linkage as well as shortage of skilled research and development (R&D) (Mazhar et al, 2024). The most significant challenge is balancing the need for data fuel the AI system as well as respect data privacy. IP laws might conflict and complicate the IP protection within the context. Mito Red Light offers the cost efficient way to safeguard creations globally which avoid the financial burden of defending designs in safeguarding against the exploitation. the business hold the 4 active Hague registration which cover eight design that underscore their responsibility in commitment to comprehensive design protection. This promotes innovation by offering a secure environment for the organization to invest resource and time in developing new ideas with any threat. Mito Red Light ensure that they can reap the rewards for their innovations which motivate risk taking as well as creativity. This improve their competitive edge, drive development of enhanced as well as unique products (Del Giudice et al, 2021). This also contributes in the advance product for customers as well as reinforce their position as a leader within the design innovation. Filling with eHague will offer the firm with complete digital access in all aspect of application. The business can save their application for completion as well as submission letter. With this, Mito Red Light have the opportunity to win the valuable contracts with the public sector organizations. Complicated government buying procedure has been simplified to make its convenient for the small businesses to win contracts, development of local areas as well as bring jobs within UK.

CONCLUSION

In conclusion, efficient product innovation as well as adoption enhance the development of the business as well as industrial enterprise. This facilitate the organizations to turn high profits, grow as well as conquer new markets. Successful organizations find new methods to leverage innovation, domain market as well as gain competitive edge over competitors. Product innovation aims is enhancing the experience of customers, so organizations need to consider the market wants and needs to drive the adoption into the new markets. Success needs balancing three approaches such as incremental enhancements, new products as well as target new markets. This facilitate the organization to grow, turn high profits as well as conquer new markets. Successful brand innovation has the power to elevate the products which must be infuse with added value as well as intent.

REFERENCES

Books and Journals

• Andersen, T.C.K., Aagaard, A. and Magnusson, M., 2022. Exploring business model innovation in SMEs in a digital context: Organizing search behaviours, experimentation and decision‐making. Creativity and Innovation Management, 31(1), pp.19-34.
• Del Giudice, M., Scuotto, V., Papa, A. and Singh, S.K., 2023. The ‘bright’side of innovation management for international new ventures. Technovation, 125, p.102789.
• Durst, S., Edvardsson, I.R. and Foli, S., 2023. Knowledge management in SMEs: a follow-up literature review. Journal of Knowledge Management, 27(11), pp.25-58.
• Enaifoghe, A., 2024. Enhancing Small and Medium Enterprises (SMEs) in a globalized and innovative economy: Challenges and opportunities. Int. J. Business, Econ. Soc. Dev, 5(2), pp.130-138.
• Joy-Camacho, W. and Thornhill, I., 2024. Opportunities and limitations to environmental management system (EMS) implementation in UK small and medium enterprises (SMEs)–A systematic review. Journal of Environmental Management, 367, p.121749.
• Mazhar, M.U., Domingues, A.R., Yakar‐Pritchard, G., Bull, R. and Ling, K., 2024. Reaching for net zero: The impact of an innovative university‐led business support programme on carbon management strategy and practices of small and medium‐sized enterprises. Business Strategy and the Environment, 33(7), pp.6940-6960.
• Wapshott, R. and Mallett, O., 2024. Small business stories in the formation of enterprise policy: a narrative policy analysis of the UK Bolton Committee. Small business economics, pp.1-16.