Innovation Proposal | Part 1 – Feasibility and Sustainability of Innovation

Part 1 - Feasibility and Sustainability of Innovation

SUMMARY

AMAZON

Launching a new innovation will always include some level of inherent risk. Failed attempts at innovation can be costly. For this reason, it is important to assess the viability and risk of the innovation. 

  • Innovation Need: Examine why the organization is in need of this innovation. Are there 
  • Rrepercussions of remaining stagnant? What benefits would the innovation yield? Is there a consumer known or unknown need that would be satisfied through this innovation? 
  • Risks: What are the potential risks of launching this initiative? 
  • What are the repercussions of this innovative launch not being successful? Would they impact productivity, customers, sales, brand reputation, and financial security? 
  • What are the potential benefits and gains if the innovation is successful (new efficiencies, increased sales, new market share, etc.)? 
  • Competitor Considerations: 
  • Has something similar been attempted by another organization? If so, how is this better, or different? 
  • Is this innovation something that competitors can easily copy? Is there anything that you could do to prevent competitors from copying your organization? 
  • How does this differentiate you from your competitors?
  • External Forces:
    • Are there any legal changes or regulations that could potentially affect your organization? Are the advantages gained from this innovation sustainable for the long-term? Would your organization be impacted if there are major changes in the economy?
    •  
  • Citation Requirements: minimum of 2
  • Word Count: 900
  • APA Formatting
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