Entrepreneurship and Innovation for Technology- myassignmenthelp

Question: Discuss about theEntrepreneurship and Innovation for Technology Transfer. Answer: A proposal for an Innovation with a Business Start-Up plan: SmartPack Introduction The purpose of this task is to provide a brief overview about an innovation initiated in a business start-up. The below mentioned report provides a brief overview of a new start-up in the baggage industry. The company provides product differentiation in the market. The company implements the innovation process in the organization to provide efficient products in the external market. Further, it should be noted, that innovation is the only aspect that keep an organization going in long run. In the competitive environment where all organizations are struggling hard to earn a reputable position in the market, in such market, it becomes difficult for a start-up venture to establish them (Drucker 2014). Therefore, in order to bring up a new start-up in the market, an organization should use efficient and effective innovation in their business process in order to succeed. It should be noted that with the help of such innovation, the start-up should attain competitive edge in the market. Sustainability should not be the objective, but sustainable competitive edge should be the aim of the start-up. Further the below mentioned report provides a proposal for a new start-up venture SmartPack that is engrossed in providing smart and efficient bags in the market. It provides description of the start-up and innovation used in the products, it also explains target market, business model, success factors and risks related to it. More details about the task are discussed below: Description of Start-up SmartPack is the name of start-up introduced in the market, the company is a Malaysia based organization that provides bags to the customers present in the market. The company is a new experiment led by the CEO of the company who has implemented innovation in its product. The main aim of the organization is to successfully place them in the external market. Further, the vision of the company is to come under the segment of most innovative companies present in the market (Mas-Tur, and Soriano 2014). In addition, the mission of SmartPack is to successfully fulfill the requirements of customers present in the market. The organization initially wants to capture the domestic market and then expand its sales in the external international market as well. Further, it should be noted that SmartPack aims to product differentiation in the market and then subsequently increase sales. The company welcomes loyal customers suggestions and feedbacks for their growth. They also uses a diagonal organizational structure which helps the employees to easily communicate with employees of other department and even higher level managers (Ahlin, Drnovek, and Hisrich 2014). There is flexibility in the internal process of the organization and the product development process is strictly monitored. Innovation The company aims to provide travel technology products in the market, they aims to develop the products with the use of Internet of Things (IoT) technology. Some of the products offered by the company are, Smart laptop bags, smart passport pouch, smart travel bags etc. The organization aims to provide high quality carry on suitcase that can be easily controlled through smartphones easily. From the app (available at play store and iOS store) one can easily lock and unlock it, track its location, weight it and get notifications if it is left to an unknown place (Dees 2017). The company aims to in-build numerous innovative services is their products that are listed below: Location Tracking: An estimate says that over 25 million of suitcases go on missing each year. But if a person loses their SmartPack bag or it gets rerouted by the airlines then they can easily get it back by using the 3G+ GPS available with the bag. One can easily track its location as the SmartPack provides a global coverage so that the customer can easily track the location of their suitcase any time. This saves the product from theft or robbery (Galindo, and Mndez 2014). USB Charger and Battery: Smart phone battery died is a very common people which very person bears while traveling. Phone off disconnects a person from the network, map and itinerary. The company SmartPack helps the customer in staying connected on any trip, as they understand the importance of a fully charged phone while traveling. Due to which the company offers chargers in their bag with the help of which customers can charge their phone when the battery is dead (Moghavvemi, and Akma Mohd salleh 2014). Remote lock: The electronic lock is one of the biggest innovations that is present in the baggage industry. The company SmartPack provides application with the help of which the customer can easily lock their bag from the phone, all details about the travelling can be tracked through this app and travel habits of the customers as well. In addition, it is TSA approved so there would be no problem if someone asks to check the bag (Zhou 2015). Digital Scale: The airlines cabins have become more strict and expensive as well. If the travel bag is too heavy or expensive then it can cost too much to the person so the company has developed the feature of digital scale. This helps the customers in knowing ahead of time if the bag is overweight. Just by pulling the handle, the traveler can easily know the weight of the bag through the app (Maritz, and Donovan 2015). Laptop Compartment: SmartPack Company makes it extremely easy for the customers to easily access the electronic appliances with the compartment present at the front of suitcase that is specially designed to hold the laptop and tablets. In addition, it provides proximity alert, as if the things are left behind or stolen then the app will notify the respected person. So, these are the innovations that the SmartPack start-up aims to introduce in their bags for the convenience of customers. Target Market The global smart bag is the demand of every person present in the environment that travels and has a threat to lose his or her bags and important luggage while travelling. The target market for a company is the adequate market, which an organization aims to target, and it involves people who are interested in buying the products of the company (Acs, Audretsch, Lehmann, and Licht 2017). Further, evaluating the segmentation of the company, following details are listed below: Approaches to segmentation Market to consider Demographic Segmentation It includes segmentation of people according to age, ethnicity, gender, marital status, education etc. Under this segment people should be target under three basis that are, 25-35: People under this segment are those who are unmarried and travel for business meetings more often. These people travel from one place to another regularly without taking any gap in between (Amini 2012). 50-70: People under this segment are those people who are old and retired. These people travel for fun and go on vacation often. However, due to their age they tend to forget things at places while travelling. Therefore, this type of luggage would be very useful to them (Jerinabi, and Santhi 2012). Geographic Segmentation The geographic segmentation talks about the region, country, city or any geographical place that influence the sales of the SmartPack products in the market. As the startup founded in Malaysia, so it is the hub for the company. Apart from that, the product is not differentiated on the basis of geographies because now days all people go on business meetings and like to travel (Okpara 2007). Behavioral Segmentation This segment talks about the behavior of people related to the product and their loyalty towards them. The SmartPack is a start-up so the company needs to find more people who show their loyal behavior towards the product. In addition, the product has specifications that attract the customers and make long-term members as well. Psychographic Segmentation People under this segment are differentiated on the basis of their personal views and expressions towards certain products and services. People having a professional lifestyle tend to have of the products of SmartPack. As the company provides travel aid to the travelers, so under this case the company targets people who go on business tours. Thus, it should be noted that the above-mentioned segmentation adequately assists the company in target the people in the market who will purchase their products and will become a loyal customer for them as well. The company should target people of age groups, 25-35 and 50-70. These people should be interested in travelling or go on business meetings monthly. These people should be upper middle class and high-class people who have a habit of travelling and are gadget gurus. Thus, in this way the market should be targeted under which such people are present. This will enhance the sales for the company SmartPack as well. Business Model The business model Canvas is that template which is created by the organization to define different aspects present in the organization. It refers to a visual chart that explains various elements that helps a business to grow. Infrastructure, customers, value proposition etc. are some of the aspects presented in this canvas (Johnson, Christensen, and Kagermann 2008). The business model canvas of the company SmartPack is discussed below: Key Partners Equipped with technology Integrated communication solution provider Supply chain management partners Institutions Brokers/ Suppliers Retail partners Key Activities Manufacturing of smart and technically equipped luggage bags Use of innovation in the business process and production of goods. Generation and growth of profits and revenues delivery on time. Value Proposition First company to provide smart travel bags with highly equipped technology in Malaysia. Utilization of advanced and smart technology Diversity in products Travel bags with technically smart features Customer Relationships Use of Innovative techniques After sale service and follow ups. Offer safety to travellers. Effective and efficient advertising and promotion activities. Customer Segments Itinerants Tech savvy people Smart phone users Mass population Key Resources Fixed Assets Manpower Technology advancement Web and software developer Channels Mobile app of SmartPack partners with retail sector Online web partners Online website of SmartPack Cost Structure Cost of maintaining the website Expenses of mobile application developers and software developers Cost of marketing Costs of procuring raw materials Cost of adopting technology IT infrastructure costs Revenue Streams Sale of smart travel bags Product crowd-funding Sponsorships Revenue received from the target market Success Factors The company SmartPack is an organization that has introduced itself with a very different products and services offered in the market. The major success factor of the company would be it innovation and use of technology in creating the products in the market. The company produces Smart Luggage that assists the travellers and provides a god travelling experience to the customers. Technology is used at every phase while manufacturing the product in the internal process of the company. Technologically innovation is the type of innovation that includes use of upgraded technology in the production process of the bags (Cortimiglia, Ghezzi, and Frank 2016). SmartPack produces the use of Internet of Things travel products and bags that a big reason that attracts the customers towards the products of the company. Also, the application of the company that is connected to the bags of the customers, this provides better assistance and experience to the customers while traveling. It becomes easy to manage and control the bags as well. Smart lock is the best feature and the best way in which organization has used the technology to innate in their products. As the luggage of the travelers can be easily locked and unlocked through the application present in their smartphones that gives an ease and assistance to the travellers while traveling. In addition, the sensors present in the bags automatically lock the bag if they are detached from the travelers (Brownlow, Zaki, Neely and Urmetzer 2015). Further, another success factor of the company can be its high rated promotional techniques. The promotion and advertisement strategies of the company are efficient enough that they correctly attract the right target market for their sales. These marketing techniques of the company properly display all the attractive features of the product in the market so that the prospective customer can easily search for the product and buy them as well. The company lays up on the expectations of the customers that can increase their satisfaction level and make them loyal customer as well (Kohler 2015). Implementation The below-mentioned is the implementation plan; it describes the activities, time period, leading head, goal and concerned department of the activities. It explains the activities that should be initiated by the start-up, at what time and by whom (Andersson, Das, Mudambi, and Pedersen 2016). With the help of this management will easily implement their objective in the market. Implementation Plan Activity Time Period (in days) Manager Growth Objective Concerned Department Initiation of Business Plan 365 Marketing Head Increase in outlets of company Marketing Division Office set-up 365 Administration and HR head Reduction in wastage Owners Recruitment of experts 365 HR manager Hiring of experts for new outlet Human resource department Creation of Products 365 Production Head Provide hassle free products Manufacturing department Software Development 365 Creative and Designing managers Input smart technology in the product produced. Information Technology department Sales 300 (starting after creation of products) Sales Manager/ Sales representative Develop sales online and offline. Also, acknowledge people about smart bags and SmartPack company. Sales Department Risk Downside risk is a forecast of the security to suffer a decrease in the value addition of the product if there is change in market conditions. As it is explained above that, the company SmartPack is a new startup venture, so there are varied risks for the company to enter in the market of travel bags and suitcases. The pricing strategy can be risky for the company as the company provides technology efficient products, which increase the cost of production for the organization (Amit, Zott 2012). Further, it should also be noted that there is high degree of risk to introduce a product in the market at high value. As explained above that the upper middle class and higher class are eligible to buy this product but these people also do not have sufficient knowledge about this product in the market. Not having much information of the product can also lead the company into risk (Mukherjee 2016). The Company is liable to set off all problems related to the product due to which many times th e company can face issues due to the inefficiency of the customers to handle the product properly. Also, there might be possibility of failure of smart technology in the product (Spieth, Schneckenberg, and Ricart 2014). Therefore, the company needs to create a plan to solve such upcoming problems. Conclusion Thus, in the limelight of above-mentioned event, it should be noted that the SmartPack is a start-up travel baggage providing company. The company provides innovative travel bags that are equipped with technology. The products assist the customers while travelling. There is great scope for the company to gain revenue in the market, as smart travel bag is an innovative product that is introduced in the market. The company adequately needs to advertise the product in the right target market to increase sales. Further, the report provides business model canvas and implementation plan that should be initiated to gather the market. The report adequately justifies the requirements of the task. References Acs, Z.J., Audretsch, D.B., Lehmann, E.E. and Licht, G., 2017. National systems of innovation.The Journal of Technology Transfer,42(5), pp.997-1008. Ahlin, B., Drnovek, M. and Hisrich, R.D., 2014. Entrepreneurs creativity and firm innovation: the moderating role of entrepreneurial self-efficacy.Small business economics,43(1), pp.101-117. Amini, G., 2012. Creativity, innovation and entrepreneurship.Asian Journal of Development Matters,6(2), pp.194-201. Amit, R., Zott, C., 2012. 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