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TIO4180 Innovation Management And Strategy

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TIO4180 Innovation Management And Strategy

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Course Code: TIO4180
University: Norwegian University Of Science And Technology

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Country: Norway

Question:
I have attached the research paper for the help. Its group project so just need to do my part. It’s Commercialization of this project. I put the template which tells that what we have to do.
Answer:

Innovation strategy:
The automated human guided shopping trolley will help the customers to locate items that they are willing to buy. This will reduce the time required for shopping of the customers. The advanced shopping trolleys shall be introduced in the market by providing a detailed practical demo of the shopping trolleys’ use. Such demos should be provided to the super market chains in the country initially (Ross and Byrd, 2015).
Use of sample trolleys:
The trolleys should be made available as sample for free in the leading super market chains in the country. It is a strategy to show the utility of the trolleys in super markets as well as in grocery stores.
Niche market:
Since the trolleys are relatively costly, it is expected to have a niche market. Thus, the strategy will specifically focus on commercializing the trolleys in super markets and large grocery shops. Hence, the promotional strategy shall be made accordingly (Heirati and O’Cass, 2016).
Collaboration with large super markets:
Collaboration with leading supermarkets in the country to commercialize and market the product would be extremely beneficial for the product.
Financing and sustaining the product: 
The innovation and technology is changing at a faster speed than anything else on the planet thus, it is important to finance the product and its sustainability. A combination of own equity and debt fund shall be used to sustain the development of the advanced trolley and finance it. At the early stage own funds will be the primary source to finance the product however, with continuous growth of the product in the future, the company should consider IPO funding to expand the market (Dodgson, 2018).      
Fund and sustain innovation: 
It is expected that initially the company will be able to sale approximately 1000 trolleys, i.e. at the first year of its introduction in the market. It is expected that the sales of the trolleys would increase by 25% annually. Considering the initial investment (Assumption) of $500,000 and variable cost of manufacturing each trolley is $500 and selling price of each trolley of $800, the following calculation shows the NPV of the project (Slater, Mohr and Sengupta, 2014).     

Year

1

2

3

4

5

 Sales (Units)

           1,000.00

           1,250.00

           1,563.00

           1,954.00

           2,443.00

 Sale price per unit  

               800.00

               800.00

               800.00

               800.00

               800.00

 Sales (Units x selling price))

       800,000.00

   1,000,000.00

   1,250,400.00

   1,563,200.00

   1,954,400.00

 Less: Variable cost (Units x 500)

       500,000.00

       625,000.00

       781,500.00

       977,000.00

   1,221,500.00

 

       300,000.00

       375,000.00

       468,900.00

       586,200.00

       732,900.00

 Present value factor @10% pa

                    0.91

                    0.83

                    0.75

                    0.68

                    0.62

 Present value of cash inflow  

       272,727.27

       309,917.36

       352,291.51

       400,382.49

       455,073.24

Particulars

 Amount ($)

 Total present value of cash inflow

   1,790,391.86

Less: Initial investment

       500,000.00

 Net present value  (NPV)

   1,290,391.86

Business model: 
The net present value of $1,290,391.86 over the life of the project shows that there is a genuine business model in the advanced trolley innovation and development. The users shall be given primary importance by providing quality after sales support services. Considering that the product is expected to be profitable, the investors investing in the project shall be provided with maximum return for investing in the project. Thus, creating values for investors and users are the primary focus of the business model in developing automatic human guided shopping trolley.
References:
Dodgson, M., 2018. Technological collaboration in industry: strategy, policy and internationalization in innovation. Routledge.
Heirati, N. and O’Cass, A., 2016. Supporting new product commercialization through managerial social ties and market knowledge development in an emerging economy. Asia Pacific Journal of Management, 33(2), pp.411-433. Available at: https://link.springer.com/article/10.1007/s10490-015-9437-9 [Accessed on 12 October 2018]
Ross, L.W. and Byrd, K., 2015. Business Plan Competitions: Start-Up’Idols’ and Their Twenty-First Century Launch Pads.
Slater, S.F., Mohr, J.J. and Sengupta, S., 2014. Radical product innovation capability: Literature review, synthesis, and illustrative research propositions. Journal of Product Innovation Management, 31(3), pp.552-566. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/jpim.12113 [Accessed on 12 October 2018]

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