BSBINN501- Establish Systems that Support Innovation
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Elite Education Vocational Institute
Establish Systems that Supports Innovation (BSBINN501)
Added on 2020-04-15
BSBINN501- Establish Systems that Support Innovation
Elite Education Vocational Institute
Establish Systems that Supports Innovation (BSBINN501)
Added on 2020-04-15
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Online Learning Component Cover SheetWeek 8 Term and YearTerm 4 2017Assessment TypeDiscussion questionDateStudent Name:Student ID No:Submission deadline:Due at the end of Week 8 (upload on Sunday by 11:59pm) via Moodle SubmissionPoint Qualification :BSB50215 Diploma of BusinessUnit Code:BSBINN501Unit Title:Establish systems that support innovationAssessor’s NameStudent Declaration: I declare that this work has been completed by me honestly and with integrity. Name:Signature:Date: V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 1 of 6
Online learning/ evidence gathering conditionsEach online learning component is recorded as Five hours (5), Three hours (3) or Zero hours (0). A student can only achieve competence when all online learning components listed under procedures and specifications of the fulfilling the 5-hour online learning per week section are Satisfactory. Your trainer will give you feedback in the student learning management system after the completion of each online learning component. A student who is assessed as Zero hours (0)is eligible for re-submission. Should the student fail to submit the online learning component, a result outcome of Zero hours (0) will be recorded. Any form of plagiarism or copying other students’ work would also result in a Zero hours (0) record outcome and there would be no provisions for a re-submission.Resources required for this AssessmentAll documents must be created using Microsoft Word.Upon completion, submit the online learning component (using this official template) via the student learning management system to your trainer along with the completed assessment coversheet.Refer the notes on eLearning to answer the tasksAny additional material will be provided by TrainerInstructions for StudentsPlease read the following instructions carefullyThis online learning component is to be completed according to the instructions given by your assessor.Students are required to conduct their research and complete this online learning component outside the class contacttime.Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the online learning component due date.Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspect of this online learning component, please ask for clarification from your assessor.Please refer to the College re-submission policy for more information.V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 2 of 6
TaskExplain the innovation incubation process (not more than 800 words).Innovation is the process of converting a creative idea for product or service into reality to create value or improve the efficiency of operations. In the corporate sector, modern corporations focus on promoting and supporting innovative ideas and approach because it provides them a competitive advantage and sustain their future development. Modern corporations use two methods to implement an effective innovation approach in the business, strategic entrepreneurship and corporate venturing (Khalil and Olafsen, 2010). The corporate venturing strategy works by adding new and potential businesses to the organisation. Google has implemented this approach in its organisational environment; the company invest in new and potential startup ideas and purchase them to add their innovative approach to its culture. The strategic entrepreneurship focuses on adopting an innovative approach in the business model to promote innovating ideas; Innovation incubators come under the category of strategic entrepreneurship. Incubation means providing necessary support to entrepreneurs in order to assist them in developing their own business; in other words, it focuses on providing required support to new entrepreneurs to help them build their own company (Cooke et al., 2011). Business incubators are the corporations that provide support and help new entrepreneurs or start-up firms in developing their business by offering services such as office space, internet connection, training or others. The incubators allow entrepreneurs to use help from experts and implement it into their business that assists them rapidly develop their businesses. The innovation based incubator is a business development center that providesits services to small corporations and new entrepreneurs to develop their innovative ideas (Al Mubaraki and Busler, 2011). The innovation incubation focused on promoting and supporting new ideas for increasing the efficiency or building new products design to sustain a business growth. In an existing corporation, if top-level management decides that they need to increase company’s growth rate to fulfill the requirement of shareholders andexisting policies are not enough to accomplish organisational targets, they may decide to establish an innovation incubator. The innovation incubation process involves three stages, i.e., pre-incubation, incubation, and post-incubation. These stages focus on establishing an effective incubation system for new innovations to transform them into reality for the benefit of the company. An incubator performs the innovation incubation procedure, and it assists an entrepreneur to achieve its innovation objectives (Chandra, Srivastav and Shah, 2003). The pre-incubation stage focus on providing support to the potential entrepreneur to assist him in developing his idea, plan and business model. Following is the process of pre-incubation:V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 3 of 6
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