In Phase 2, your team will work together to develop a detailed description and implementation plan for the innovation you selected to pursue in Topic 3. Each team member must research and describe a product development or management process, methodology, or model that could be utilized to implement the innovation. The group should select and use one of these models for developing its own implementation plan. ***WE ARE USING THE LEAN STARTUP PLAN MODEL***
For this assignment, write a paper of 2,000-3,000 words that addresses the following: (I am only responsible for questions 1 and 2)
Describe the value the new product or service will provide to customers and describe the need it will meet.
Create a implementation plan with a realistic timeframe and budgeting options, which will take into account contingencies and risks
For your next paper (Week 6), add a few things to be outstanding again. 1. Make sure the paper is written in one voice. This is mostly done with this paper, but do it even a little better. 2. SHOW ME THE MONEY!!! Pretend I am in investor and you need my money to stat your company. If you can’t show me your profit and my ROI, I won’t invest. 3. Use lots of charts, graphs, financial statements to show me #2 A picture is worth 1,000 words.
ENT 435: Intrapreneurship
Mia’s Innovative Idea
One innovative idea that can be transformed into a viable business is to develop solar-powered mobile phones. This product can potentially be convenient for users who are located in remote parts of the world where there is no electrical connectivity. The product can also be ideal for people who travel long distances but have forgotten about carrying their chargers. In addition, security personnel and people who go for camping may encounter challenges such as power outages that can interfere with their communication. Similarly, the product can come to the rescue of people who wish to make emergency calls but cannot due to low battery power.
A solar-powered mobile phone uses solar chargers, which are devices that are applied as an alternative to power source for charging. They are not only user-friendly, but they do not require paying branching by a shop to pay for charging fees. Another benefit of utilizing this charger is that it can be employed to store energy, which can be later utilized when the sun is unavailable or during wet and cloudy days. Users may charge the battery of their cell phones without necessarily taking them out in the sun. They can also store the solar energy in the charger during the day and utilize it at night to charge their phones.
The users can easily store and hold the solar phone chargers, which have an alternating current (AC) outlet for charging other devices that require power, including tablets and laptops. It can also be placed at convenient and safe place where it can be exposed to sun rays that are sufficient to amass solar energy. The number of panels that are available on the charger will influence the level of power that it can store.
Innovation selected for further research and development.
While all of the suggested innovations had merit and the team wanted to pursue them all the consensus was to focus on the idea proposed by Mia, the solar powered cell phone. This decision was made because it was well thought out and was evaluated using the Lean Startup Plan evaluation model. This framework favors the experimentation of the idea and allows innovators to justify the need to start a business quickly. The model also allows for the creation of a business plan, which is critical in implementing the solar-powered cell phone idea. Moreover, it encourages investors to allocate funds towards transforming the idea into a viable and actionable business (Mansoori, 2017). The lean startup plan is also important for this idea because it can start as a small business and expand gradually as it begins to generate returns on investment. This is because the theory holds the view that startups do not unfold in accordance with master plans but should adapt to the environment gradually (Nirwan & Dhewanto, 2015). Through continuous iterations, the idea can be improved over time.
For the next two parts of the project the team has decided to break down the workload in the following manner. Celina is going to describe the value of the innovation for customers and how it will fill their need. Guadalupe and Mia are going to work together to go further in depth with the Lean Startup Plan model and create a implementation plan with a realistic timeframe and budgeting options, which will take into account contingencies and risks. Maricela and Justin are going to create any graphics that will assist in increasing the readability and professional appeal of the plan, as well as combining and editing the final paper.
To see a problem and come up with a creative solution is part of human nature. In today’s business world innovation is a must in order to survive and these ideas need to be processed by some kind of criteria in order to ensure their validity. While every team member put forth great ideas for innovation and they were all capable of being implemented, the group’s final choice was the solar powered cell phones. The team has come up with a plan for next step of the project and will push forward.
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