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49016 Innovation And Commercialization Assignment - MYCARD

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Technology and Innovation Management (49016)

   

Added on  2020-05-11

49016 Innovation And Commercialization Assignment - MYCARD

   

Technology and Innovation Management (49016)

   Added on 2020-05-11

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Commercialization Plan 1COMMERCIALIZATION PLANby [Name]CourseProfessor’s NameInstitutionLocation of InstitutionDate
49016 Innovation And Commercialization Assignment - MYCARD_1
Commercialization Plan 2Team's innovation strategyMYCARD innovation strategy brings a very secure system in the market. Upon registration, a user will get an opportunity of verifying the card using a designed mobile application from their phones. This will help reduces chances of stealing personal details of a customer. Furthermore, the card provides various ways of application such as swiping, barcode scanner, and digit entry. This type of innovations creates convenience to customers as they have options of usage, unlike others which prove one option at a time. Various businesses will also have to choose their preferred mode of billing depending on their level of operations. Innovations strategy of MYCARD accommodates 30 cards. This makes it easy to carry around and thus reduces chances of losing it. In addition, we intend to include location tracking of the card which makes it convenient to track it in case the customer misplaces it or when one loses it. In addition, the card incorporates remote wipe technology, E-paper display, EMV chip toenhance its usage security. Moreover, the card is thin like an ordinary one. This feature makes it more desirable and convenient to carry around and enable multiple transactions. Financing and sustaining the innovationSince the initial production cost of the card is $25 and we target to sell it at $75, the margin of $50 will be adequate to finance our marketing plan in a bid to penetrate in other markets. Cassar (2004) observes that finances are key in rolling out an idea and make it a reality. As such, we intend to raise 25 percent of the estimated initial investment of $20,000 from our savings, friends, and families. Besides, we plan to seek for the remaining 75% from incubators, angel investors, partnership, or bartering some stakes of our invention. Our group unanimously
49016 Innovation And Commercialization Assignment - MYCARD_2

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