Innovation and Its Promotion- Management Assignment Solution Sample

QUESTION

 

You need to prepare a 3-4 page overview on the following themes:
  1. How to promote innovation within a company?  -need examples, 8-10 references with intext, 750 words, models , figures and diagrams
  2. Innovation pathways –  need examples, 8-10 references with intext, 750 words, models , figures and diagrams
  3. Why does innovation go wrong?  –  need examples, 8-10 references with intext, 750 words, models , figures and diagrams
  4. How does the NZ government promote innovation?  –  need examples, 8-10 references with intext, 750 words, models , figures and diagrams
  5. How to protect an idea?  –  need examples, 8-10 references with intext, 750 words, models , figures and diagrams

 

 

ANSWER

 

Q1. Answer

Introduction

Many companies nowadays want to implement innovative culture and atmosphere within their organization to promote creativity as well as to encourage flexibility of the staffs. Technological advertisements and several other influencing factors such as new model of works as well as demographic changes in work structures are challenging the whole management team to rethink about their work cultures and ways to build innovative models in existing atmosphere in order to address current and future needs of the business.

Promoting Innovation in business context

Innovation is needed when an organization is lack of unique things to introduce in market and the employees are become hopeless by regular and boring work cultures. According to Saebi & Foss (2015), in order to rejuvenate and encourage the employees as well as to modify the work culture, different steps have to be taken by the organization. In order to improve quality of performance through innovative implications, organization can focus on linear model of innovation. Linear model can help organizations to implement technological changes. The steps for promoting innovation within an organization are as follows:

Figure 1: Linear model of Innovation

(Source: Influenced from views of Biemans, 2018, p.21)

Comfortable work environment

Working atmosphere is an important factor for the employees to put their thinking and analysis in company’s success. Good work culture can promote employee’s productivity by letting them to put their ideas. Hannigan, Seidel & Yakis-Douglas (2018) opined that, flexible timings for workers can encourage them to come to their work area with a peaceful and relaxed mind which leads them to give their best in their work.

Focus on Culture

Employees are the main element to embrace the culture of any organization and add innovative thoughts in order to redefine the work culture. HR department of a company required to always look for team members who can understand company’s vision and work culture. As per the views of Jensen et al. (2016), a team that shares same vision and mission and work together can think innovatively and put those ideas together in company’s success.

Brainstorming sessions

Leaders of a team in organizations need to plan several ideas and steps in order to allow the employees to think uniquely. This can be done by arranging brainstorming sessions where members are instructed to sit and talk with each other about various ideas and debate argue for the best idea. According to Biemans (2018), brainstorming sessions will lead them to express their ideas among group of people which will make them understand about validity of their ideas as well ways to implement those ideas in innovation.

Importance of innovation

It is very much important to make the employees understand that it is their job to think and put their ideas into company’s success line. Bain & Kleinknecht (2016) stated that this understanding will lead them to do their job properly as well as think innovatively that can add value to company’s services.

Arranging campaigns

Organization can arrange campaigns about their new ideas to attract people towards their new ideas. Along with that they can invite the crowd as well as other companies to take part in their campaigns in order to share their opinion about company’s ideas as well as to express their own thoughts regarding the ideas. Through implementing innovative marketing campaign Babycity, store of child accessories can enhance sales. As per the views of Parker & Van Alstyne (2017), this interaction can bring various drawbacks and advantages about the new idea by which the organization is able to work more on that idea to make it error free and satisfactory for the customers.

Spying on competition

Leaders can encourage the employees to check out their competitions in market in free time. As opined by Ahmed (2016), checking out the competition will help employees to think about different ways to implement new ideas in company’s logistic, marketing and service. In order to gain competitive advantages, Bendon can improve quality of performance to retain position in this market of competition.

Planning for supporting frameworks

The new ideas that will take part in innovation have to out in several frameworks as well as in processes and metrics to calculate various aspects of those ideas in terms of marketing. Yao & Yin (2018) stated that company has to grow various systems for prioritizing the ideas in order to commercialese it. Commercialization of new ideas is an important part of implementation of innovations.

Award for risk taking

It is not possible for an organization to make the thing in one shot. The process of implementing an idea takes time and includes various risk factors and failures to the way of innovation. Company can take initiative to build a trust environment among workplace where failure is determined as learning experience and risk taking is awarded. Promoting a work area to express thoughts where failure is not assessed as punishment.

Conclusion

It can be seen by previous section that embracing ideas of employees in an organization can promote the thought process of the employees which make a significant difference in company’s success. It is responsibility of the company to create work culture in which employees are able to work comfortably and in flexible manner which promotes innovation process successfully in a company.

References 

Ahmed, S. (2016). Promotion of Innovation and S&T: The Role of Finance. Retrieved on : 7th march, 2019. Retrieved from :http://121.52.153.178:8080/xmlui/bitstream/handle/123456789/15341/13%20Ahmed%20and%20Khan%20AAC%20ED.pdf?sequence=1&isAllowed=y

Bain, D., & Kleinknecht, A. (Eds.). (2016). New concepts in innovation output measurement. Berlin: Springer. Retrieved on 2 March 2019. Retrieved from https://books.google.co.in/books?hl=en&lr=&id=Bv6-DAAAQBAJ&oi=fnd&pg=PA1&dq=Bain,+D.,+%26+Kleinknecht,+A.+(Eds.).+(2016).+New+concepts+in+innovation+output+measurement.+Berlin:+Springer.&ots=bKJA7IhTfk&sig=CqmkfI7XOKLPs6etvjbWsyCLg4c#v=onepage&q&f=false

Biemans, W. (2018). Managing innovation within networks. Abingdon: Routledge. Retrieved on 2 March 2019. Retrieved from https://www.taylorfrancis.com/books/9781351330442

Hannigan, T. R., Seidel, V. P., & Yakis-Douglas, B. (2018). Product innovation rumors as forms of open innovation. Research Policy, 47(5), 953-964. Retrieved on 7th march, 2019. Retrieved from :https://www.researchgate.net/profile/Timothy_Hannigan/publication/323758144_Product_innovation_rumors_as_forms_of_open_innovation/links/5abe8b74a6fdcccda65a0297/Product-innovation-rumors-as-forms-of-open-innovation.pdf

Jensen, M. B., Johnson, B., Lorenz, E., Lundvall, B. Å., & Lundvall, B. A. (2016). Forms of knowledge and modes of innovation. The Learning Economy and the Economics of Hope; Anthem Press: London, UK, 155, 155-182. Retrieved on 7th march, 2019. Retrieved from : https://www.oapen.org/download?type=document&docid=626406#page=172

Parker, G., & Van Alstyne, M. (2017). Innovation, openness, and platform control. Management Science, 64(7), 3015-3032. Retrieved on 7th march, 2019. Retrieved from :https://pubsonline.informs.org/doi/pdf/10.1287/mnsc.2017.2757

Saebi, T., & Foss, N. J. (2015). Business models for open innovation: Matching heterogeneous open innovation strategies with business model dimensions. European Management Journal, 33(3), 201-213. Retrieved on 7th march, 2019. Retrieved from https://brage.bibsys.no/xmlui/bitstream/handle/11250/298636/Saebi_Business.pdf?sequence=3

Yao, S., & Yin, H. (2018, August). A Study of the Promotion Effect of Industrial Design on Product Innovation of Small and Medium-sized Manufacturing Enterprises. In 2018 2nd International Conference on Education Science and Economic Management (ICESEM 2018). Atlantis Press.  Retrieved on 7th march, 2019. Retrieved from  https://www.atlantis-press.com/proceedings/icesem-18/25900944

Q2. Answer

 

Introduction

Innovation pathways are categorized and structured in several ways in order to connect to employees of a company for contribution of their work in economic and social growth of company. Innovation pathway models are used to find the ways for firm’s innovation. In order to fight against growing threats as well as digitalization and other factors, company is required to build new business models which can take part in company’s innovation and add value to company’s success. Development of innovation models is an important part of any company.

Innovation models for developing pathways

In order to achieve successful business model for innovation pathways, business need to develop new business models rather than modify existing ones. As per the views of Taufik (2018), the thoughts which are incorporated in new business models can be worked perfectly because they have already optimized for delivering the prioritized work through the model.

Three stages of a Business innovation model

Pathways for innovation includes business innovation model which is an established component of any business that contributes in sustainability of that business.

Creation refers to the situations and frameworks where the model is directed in various ways to start the business. Fornasier, Demarchi & Martins (2016) stated that this stage includes creating marketing ideas, effective matrices for the job, collection of resources and set value proposition.

Sustainable values

After creation of the business ideas, next stage is to calculate sustainable values of the business. This calculation includes metrics of income statements by the business as well as customer information and effectiveness of the processes. According to Fuglsang & Rønning (2015), this will indicate the chance of sustainability of the business.

Efficiency

Efficiency of any business model includes all four contexts by which a business can stand out in market. Profit formula is focused more in this section. As opined by Fornasier, Demarchi & Martins (2016), different profit statements such as balance sheets, ratio metrics are thoroughly investigated in this stage to calculate all risks that could be come in the way of success.

New Zealand business organizations are using an excellent way by which they can boost the pathway towards innovation for their company. Grove Mill is consumer goods manufacturing firm in New Zealand. They are facing issues regarding their old fashion goods which are losing their demand in trending market for their orthodox looks and usage.

Grove Millar has taken the initiative to renovate their products look and usage by incorporating innovation funnel into their marketing strategy. Palacios-Marqués, Merigó & Soto-Acosta (2015) stated that the basic way of starting any process is that a business analyst or members of research and development section start with different products that need to be examined according to issues. After that a final concept is selected by various ways of testing. Innovation funnel includes the following main sections which are used by the company to overcome issues.

Opportunity Assessment

Organization has to analyze through various aspect of marketing such as market data, several information sources and customer data. They have to determine the response and opportunity for new product or design that they are planning to launch.

Ideation

Based on the response of opportunity the company now needs to plan various offers and strategies in order to capitalization of the opportunity. As per the views of Díaz-García, González-Moreno & Sáez-Martínez (2015), insights of the marketers and business analysts draw heavy attention on market and target customers. Brainstorming sessions with customers and several other strategies like market surveys, online communities, focus group and crowd sourcing can boost the ideation process.

Conceptualization

In this stage the marketing team designs precise concepts for actual ideas that are selected in top most priority list that came out from ideation stage. Coccia (2017) opined that this designing stage includes packet designing, making of advertisements and different configurations of product quality and features. Several stages of configurations help the product to bring out its attractive features which can add value to marketing of the product.

Benchmarking

This part includes testing for the configurations by customers and different concepts. Different kinds of testing will be done in this stage. As per the views of Lemley & Feldman (2016), the test will evaluate further process of interaction or testing if needed.

Launch

After completing all the previous stages as well as the stage of go-ahead, final suggestions have been given to the product. Finally the product or service is launched into the market and idea has brought to life.

Figure 1: Innovation Funnel

(Source: Coccia, 2017, p.1050)

Conclusion

It can be concluded by the above discussion that different pathways regarding innovation plays a crucial role in success of an organization. Different models of innovation have been used by the companies to construct success path through various obstacles which can be overcome by these models. Innovation funnel has been described here which is a common technique of applying innovation into business by the companies of New Zealand.

References

Coccia, M. (2017). Sources of technological innovation: Radical and incremental innovation problem-driven to support competitive advantage of firms. Technology Analysis & Strategic Management29(9), 1048-1061. Retrieved on 25 February 2019. Retrieved from https://www.researchgate.net/profile/Mario_Coccia/publication/311993766_Sources_of_technological_innovation_Radical_and_incremental_innovation_problem-driven_to_support_competitive_advantage_of_firms/links/59db18beaca272e6096e12c8/Sources-of-technological-innovation-Radical-and-incremental-innovation-problem-driven-to-support-competitive-advantage-of-firms.pdf

Díaz-García, C., González-Moreno, Á., & Sáez-Martínez, F. J. (2015). Eco-innovation: insights from a literature review. Innovation17(1), 6-23. Retrieved on 25 February 2019. Retrieved from https://www.researchgate.net/profile/Maria_Diaz-Garcia2/publication/281690824_Eco-innovation_Insights_from_a_literature_review/links/56486f2708ae54697fbde987/Eco-innovation-Insights-from-a-literature-review.pdf

Fornasier, C., Demarchi, A. P., & Martins, R. (2016). Design Thinking and its visual codes enhanced by the SiDMe Model as strategy for design driven innovation. Systems&design: beyond processes and thinking, 686-699. Retrieved on 25 February 2019. Retrieved from https://riunet.upv.es/bitstream/handle/10251/87807/3298-11308-1-PB.pdf?sequence=1

Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: how far have we come, and where should we go?. Journal of Management43(1), 200-227. https://journals.sagepub.com/doi/pdf/10.1177/0149206316675927

Fuglsang, L., & Rønning, R. (2015). On innovation patterns and value-tensions in public services. The Service Industries Journal35(9), 467-482. https://www.tandfonline.com/doi/abs/10.1080/02642069.2015.1042971

Lemley, M. A., & Feldman, R. (2016). Patent licensing, technology transfer, and innovation. American Economic Review106(5), 188-92. https://www.aeaweb.org/articles?id=10.1257/aer.p20161092

Palacios-Marqués, D., Merigó, J. M., & Soto-Acosta, P. (2015). Online social networks as an enabler of innovation in organizations. Management Decision53(9), 1906-1920. Retrieved on 25 February 2019. Retrieved from https://www.researchgate.net/profile/Pedro_Soto-Acosta/publication/283342746_Online_social_networks_as_an_enabler_of_innovation_in_organizations/links/58a8950ea6fdcc0e07912123/Online-social-networks-as-an-enabler-of-innovation-in-organizations.pdf

Taufik, M. M. (2018). Strategic Innovation, Market Orientation Toward SMEs Performance In Indonesia Mediated by Competitive Advantage. International Journal of Pure and Applied Mathematics119(15), 1059-1074. Retrieved on 25th February 2019. Retrieved from https://acadpubl.eu/hub/2018-119-15/4/715.pdf

Q3. Reasons for failing of innovation

 

Introduction

There are various reasons for the wrong implementation of innovation within an organization. The initiative that has been taken by the company may be gone wrong in market or the campaign may not get that much response which is needed for the idea to be implemented. Wrong application of innovation or business model also leads the innovation to go in wrong direction which can fail the purpose of the innovation. In this part various reasons have been discussed in the context of initiating wrong innovation.

The reasons of failing innovation can be categorized according to a company’s failure factors. Datacom Group of New Zealand has taken an initiative towards innovation of new range of data that can be used for analyzing market statistics. However, according to Phillips et al. (2015), this innovation goes wrong for several reasons. The main four reasons for failure of an innovation discussed below.

Incorrect decision

Management of an organization sometimes set the incorrect course in selection of innovation project or ideas. As per the views of Mian, Lamine & Fayolle (2016), incorrect decisions may cause harm to the initiatives or ideas that are taken within an organization. It can affect in idea prioritization as well as in making of product strategies and in proper selection for development process. Hojnik & Ruzzier (2016) opined that the reasons behind wrong decisions are lack of decision making in corporate strategies and insufficient information at the time of decision making. Managers are responsible for this type of faults.

Less prioritization for the innovation

Prioritizing day to day business needs will lead the organization to give less priority to the initiative of innovation. Díaz-García, González-Moreno & Sáez-Martínez (2015) opined that an organization is failed to fulfill the required things for the innovation which includes lack of discussion on the innovation and exploring new things about the idea which important for the idea to flourish. Day to day workers are always in main .list of the management as they earn money with day to day work and employees need to focus on that to solve the problems regarding the work. They always left behind the fact that tomorrow is also important to earn money and that can only be possible by maintaining uniqueness in this competitive market. As influenced by the view of Autio (2017), uniqueness can achieve only by innovative ideas. Some people are failed to identify the new things that comes with innovation and changes regarding the innovation which brings insecurity and resistance.

This lack of management reflects on all the levels of organization because of low prioritization of innovation. Everyone cares for day-to-day work more rather than future work. Along with this employees are awarded based on their present performance and sales target which will lead them to focus more on present work. That means they have do not have much time to think for future innovations. Another problem in the ways of innovative thinking is that they do not describe always which means it is additional work for some employees. Lack of concern and support for innovation and unrealized commitment are the main reasons for failing of innovation. This results in resource lost and innovations tasks are not worked out properly which reflects in culture of innovation.

Market orientation

  • Lack of market analysis and orientation is another reason for failure of innovation and ideas in business market. Hannigan, Seidel & Yakis-Douglas (2018) opined that the products that are invented through innovative ideas are failed to satisfy customer needs for their unconvincing value or they are not unique from other existing products. Only people who have expertise in understanding customer needs and priorities are able to develop products that attract customers and set the company apart from competition. That means the organizations has to choose correct leadership and managers whom can prioritize customer needs. As per the views of Mian, Lamine & Fayolle (2016), it can be seen that the fact of customer understanding is becoming more important in the context innovative products. Failure of customer and market orientation has following causes:

  • Focus on technology is way too much which resist the managers to think about customers which actually are the main part of any product.

  • Less time for customer analysis which is important part of developing customer based products.

  • Investing in research for customer needs in the main key for implementing an innovation successfully.

Not so fast structures

Structures and process are comparatively slow in large organizations for the huge amount of process which are executing at the same time. As influenced by the views of Som & Diekmann (2017), big process with huge decision making cycles can be death sentence in context of implementing innovation. Main problems which are responsible for this are communication and interface. All of this always has a wrong effect on quality and effectiveness of innovative projects.

Conclusion

It can be viewed by the previous section that there are several reasons for failure of innovation or new products and services on the global market. An organization need to maintain all the facts that will help the innovation to flourish. Understanding of customer needs and market needs are only the key aspects to plant a successful innovation that can own the competitive market by its uniqueness and a Organization need to focus on the important aspects that establish a innovation properly in that particular organization or business.

References

Autio, E. (2017). Growth of Technologybased New Firms. The Blackwell handbook of entrepreneurship, 329-347. Retrieved on : 7th march, 2019. Retrieved from http://www.academia.edu/download/32162522/yli-renko_autio_tontti_wp_2000_4.pdf

Díaz-García, C., González-Moreno, Á., & Sáez-Martínez, F. J. (2015). Eco-innovation: insights from a literature review. Innovation, 17(1), 6-23. Retrieved on 25 February 2019. Retrieved from  https://www.researchgate.net/profile/Maria_Diaz-Garcia2/publication/281690824_Eco-innovation_Insights_from_a_literature_review/links/56486f2708ae54697fbde987/Eco-innovation-Insights-from-a-literature-review.pdf

Hannigan, T. R., Seidel, V. P., & Yakis-Douglas, B. (2018). Product innovation rumors as forms of open innovation. Research Policy, 47(5), 953-964. Retrieved on : 7th march, 2019. Retrieved from :https://www.researchgate.net/profile/Timothy_Hannigan/publication/323758144_Product_innovation_rumors_as_forms_of_open_innovation/links/5abe8b74a6fdcccda65a0297/Product-innovation-rumors-as-forms-of-open-innovation.pdf

Hojnik, J., & Ruzzier, M. (2016). What drives eco-innovation? A review of an emerging literature. Environmental Innovation and Societal Transitions, 19, 31-41. Retrieved on : 7th march, 2019. Retrieved from https://www.sciencedirect.com/science/article/pii/S2210422415300216

Mian, S., Lamine, W., & Fayolle, A. (2016). Technology Business Incubation: An overview of the state of knowledge. Technovation, 50, 1-12. Retrieved on : 7th march, 2019. Retrieved from https://www.sciencedirect.com/science/article/pii/S0166497216000183

Phillips, W., Lee, H., Ghobadian, A., O’Regan, N., & James, P. (2015). Social innovation and social entrepreneurship: A systematic review. Group & Organization Management, 40(3), 428-461. Retrieved on : 7th march, 2019. Retrieved from http://eprints.uwe.ac.uk/24436/3/Social%20Innovation%20G%20%26%20OM.pdf

Som, O., & Diekmann, J. (2017). Barriers of non-technological innovation-explorative case study insight from European firms. International Journal of Business and Systems Research, 11(3), 265-283. Retrieved on : 7th march, 2019. Retrieved from https://www.inderscienceonline.com/doi/abs/10.1504/IJBSR.2017.085470

Q4. Answer

Introduction

New Zealand government has now been focused on setting up the frameworks in order to create the innovative New Zealand to achieve economic and social goals of the country. Government has arranged a campaign where many organizations have taken part as well as public welfare committees. They have share their thought and ideas regarding the topic which can be applied by the government to accomplish their ambition of making New Zealand innovative country.

Strategies taken by government to promote innovation in New Zealand

The Government of New Zealand has revealed a framework for innovation and growth which is aimed to return the country’s per capita income to the top. As per the speech of Prime Minister of New Zealand Helen Clark, country’s economic growths are well organized. However, it is not sufficient for acceleration of further grow of the country (NEW ZEALAND IMMIGRATION, 2019). Various initiatives which are already taken by the New Zealand Government as well as new initiatives in order to speed up the growth process have been covered in below section.

New initiatives

New initiatives to “embrace the innovation culture “include “support for entrepreneur strategies” which focused on more support for mentoring programmers as well as incubators. Government has also taken initiative for cluster development which highlights the improvement of intellectual property scheme in order to safeguard New Zealand will get total value from its innovation venture. This encourages the tertiary education organizations as well as crown research institutes to be more operative across the innovation program. For example, government has suggested these institutions to conclude study regarding commercialization in their research areas.

Development of skills

In order to develop skills and knowledge, New Zealand Government is going to invest as much as possible in department of education and in training industries. Government is involved in search of immigration policies which will help the government in order to find out the specialist and talented skills. These talents will be enlisted then to take part in the venture of Innovative New Zealand (NEW ZEALAND IMMIGRATION, 2019). The idea of Talent Visa as well as Skills Shortage Work Permit will put into action by the government from first half of this year. These two ventures will help the companies of New Zealand to get more skilled people quickly than before. New Zealand government along with various popular companies such as Baby on the Move as well as Aurora Energy and several other large companies has taken the initiative to build network of talented people overseas. As opined by Whittaker, Fath & Fiedler (2016), in order to use those talents for exchanges and training for young talented minds private sectors have also contributed their time and services.

Investment for Innovative New Zealand

The Government is taking a major initiative to invest in growth of innovation which will encourage entrepreneurship as well as talented people. Along with that this will also initiate the growth of economy in New Zealand (Beehive.govt.nz, 2019). Innovative New Zealand is a series of action which includes 25 initiatives which will see 761.4 million New Zealand dollar invested by government over next four years. These actions will help to grow diversify economy of this country as well as support more professions.

Focused areas

Government focuses on various sectors of research and development as well as institutions to in order to grow since system which will help to find out new talented skills and as well as encourage innovation and firms investment in regional New Zealand. Innovative New Zealand will help the government to increase the science investment by 410.5 million new Zealand dollar by coming four years (mbie.govt.nz, 2019). This will lead the government to gain 1.6 billion annually in the field of science by 2019/20. This investment shows significant commitment of government towards science industry in ordered to strengthen the innovation and future of economy in New Zealand.

The government is taking several more initiatives to invest in various other fields as well to boost the venture of Innovative New Zealand. Government is aiming to increase country’s global connectedness by attracting more quality foreign investment. This will promote aggressive exports of New Zealand which will improve national branding of this country (Beehive.govt.nz, 2019). Government has focused on two more areas which includes information and communication technology along with bio technology.

Figure 1: Strategies for promoting Innovative New Zealand

(Source: Whittaker, Fath & Fiedler, 2016, p.125)

Conclusion

It can be seen by the above discussion that New Zealand government has very much focused in the making of Innovative New Zealand. The government has taken various initiatives as well as focuses on investment for this venture which will directly connected to economic growth of the country. By giving attention on several educational fields the government is boosting the growth of talented minds of New Zealand.

Reference list

Baird, T., & Hall, C. M. (2016). Competence based innovation in New Zealand wine tourism: Partial strategies for partial industrialization. Competence-Based Innovation in Hospitality and Tourism; Pechlaner, H., Innerhofer, E., Eds, 197-224. Retrieved on 10 March 2019. Retrieved from http://dlib.scu.ac.ir/bitstream/Ebook/29322/2/9781472463968.pdf#page=220

Beehive.govt.nz (2019). $761.4m for an Innovative New Zealand Retrieved on 10 March 2019. Retrieved from https://www.beehive.govt.nz/release/7614m-innovative-new-zealand

Business.govt.nz (2019). Fostering innovation Retrieved on 10 March 2019. Retrieved from https://www.business.govt.nz/how-to-grow/growth-and-innovation/fostering-innovation/

MINISTRY OF BUSINESS, INNOVATION  AND EMPLOYMENT (2019). News and success stories Retrieved on 10 March 2019. Retrieved from https://www.mbie.govt.nz/science-and-technology/science-and-innovation/news-success-stories/

NEW ZEALAND IMMIGRATION (2019). NEW ZEALAND NOW. Retrieved on 10 March 2019. Retrieved from https://www.newzealandnow.govt.nz

Whittaker, D. H., Fath, B. P., & Fiedler, A. (2016). Assembling capabilities for innovation: evidence from New Zealand SMEs. International small business journal, 34(1), 123-143. Retrieved on 10 March 2019. Retrieved from https://journals.sagepub.com/doi/pdf/10.1177/0266242614548931

Q5. Answer

Introduction

The ideas that are emerged in the pathways of innovation have to be protected from being theft as well as damaged by various internal and external forces. As per the views of Fang, Lerner & Wu (2017), idea theft is an ongoing and common concern for many industries and businesses as well as business owners. As this will affect on their market position as well as in the work process which will going to lead by the new idea. Herrera (2015) stated that a competitor can snatch the new idea and apply it into their business without investing much time in search of new idea.

However, the most interesting fact in the context of idea stealing is that some people are not much willing to take other’s idea and use that in business to turn it into a million-dollar business. As by this behaviour one’s reputation can damage severely. Still business owners and entrepreneurs who are thinking of starting their own business can take few steps to prevent theft.

Use of non disclosure agreement

A non-disclosure agreement can help in order to protect an idea before opening the idea in front of other associates as well as workers. However, According to Biemans & Griffin (2018), it is important to remember that some investors will not going to take NDA freely as it is their responsibility to check out the idea in which the investors are going to invest. So this has to be in their favor as getting investment is required for any business whether it is on-going or a startup. It is vice-versa for a potential client. They simply can make an agreement of confidentiality rather that signing a NDA on business plan. This will satisfy both sides.

Provisional Patent for the idea

A patent can solve the problem idea stealing. However, this patent will not stay for long time. Along with that it is more expensive for a start-up business. As per the views of Fang, Lerner & Wu (2017), a provisional patent can save an idea only for first month a after that it expires and extension is needed to keep the patent. This is a good option for the owners who are searching for an immediate solution to protect their business idea.

Trademark

A trademark can give an additional step of protection to the idea as a company’s name is always tied closely with the business idea. As opined by Davoudi et al. (2018), by creating a trademark the idea is protected in terms of all legal issues that it going to face in long run. The document that is required to register and apply for a trademark is going to help in the situations where written proof is needed for the time of business idea being put into action. Baird & Hall (2016) stated that these dates are crucial for the business while any other competitor who tries to dispute in terms of starting date of the business.

No-compete agreement

This agreement will help the business owners or idea maker to sign a agreement between their partners and employees where an individual is not allowed to involve in same business ideas that will create a competition among them (business.govt.nz, 2019).

Intellectual property Protection

Intellectual property protection refers to a protection act for inventors, idea makers as well as literary and artistic works, symbols, images and tools created by innovative minds. As opined by Fang, Lerner & Wu (2017), entrepreneurs and business owners are required to understand the basic structures and functionalities of Intellectual Property (IP) law in order to best protect their earned ideas and creation from unfair competition. Intellectual property has a advantage of distinctive items that an individual have created which can result in economic benefit. Intellectual property rights include copyright which is used to protect original works of authorship (iponz.govt.nz, 2019).

This refers to literacy works on music, sculpture as well as choreographic works and all sorts of art works. Along with the help of copyright protection, the creator has special rights to modify, perform as well as create and distribute, copy the work. In order to valid the copyrights written documentation for the work is require.

A business which is responsible for protection of its idea required to apply all the discussed steps for safeguard its business by all means.

Conclusion

It can be understood by above sections that protection is very much important to safeguard the business as well as the innovation which is the main pillar of the business. Non disclosure agreement, trademark as well as intellectual property elements and provisional patent is must to protect an idea from intruders and other competitors who are willing to snatch their idea.


Reference list

Baird, T., & Hall, C. M. (2016). Competence based innovation in New Zealand wine tourism: Partial strategies for partial industrialization. Competence-Based Innovation in Hospitality and Tourism; Pechlaner, H., Innerhofer, E., Eds, 197-224. Retrieved on 10th March 2019. Retrieved from http://dlib.scu.ac.ir/bitstream/Ebook/29322/2/9781472463968.pdf#page=220

Biemans, W., & Griffin, A. (2018). Innovation practices of B2B manufacturers and service providers: Are they really different?. Industrial Marketing Management, 75, 112-124. Retrieved on 10th March 2019. Retrieved from https://www.sciencedirect.com/science/article/pii/S0019850117306831

Business.govt.nz (2019). Fostering innovation Retrieved on 10th March 2019. Retrieved from https://www.business.govt.nz/how-to-grow/growth-and-innovation/fostering-innovation/

Davoudi, S. M. M., Fartash, K., Venera, G. Z., Asiya, M. B., Rashad, A. K., Anna, V. B., & Zhanna, M. S. (2018). Testing the Mediating Role of Open Innovation on the Relationship between Intellectual Property Rights and Organizational Performance: A Case of Science and Technology Park. EURASIA Journal of Mathematics Science and Technology Education, 14(4), 1359-1369. Retrieved on 10th March 2019. Retrieved from http://www.ejmste.com/pdf-83651-19154?filename=Testing%20the%20Mediating.pdf

Fang, L. H., Lerner, J., & Wu, C. (2017). Intellectual property rights protection, ownership, and innovation: Evidence from China. The Review of Financial Studies, 30(7), 2446-2477. Retrieved on 10th March 2019. Retrieved from https://www.nber.org/papers/w22685.pdf

Herrera, M. E. B. (2015). Creating competitive advantage by institutionalizing corporate social innovation. Journal of Business Research, 68(7), 1468-1474. Retrieved on 10th March 2019. Retrieved from http://www.isihome.ir/freearticle/ISIHome.ir-21153.pdf

NEW ZEALAND INTELLECTUAL PROPERTY OFFICE (2019). Legislation In New Zealand, rights for copyright protection are provided for in the Copyright Act 1994 and Copyright Regulations 1995. Retrieved on 10th March 2019. Retrieved from https://www.iponz.govt.nz/about-ip/copyright/legislation/

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