Creativity Innovation and New Venture Creation for RunnersPro
Added on 2023-05-27
38 Pages9629 Words354 Views
Running head: CREATIVITY INNOVATION AND CREATIVITY
RunnersPro
Name of the Student:
Name of the University:
Author’s Note:
RunnersPro
Name of the Student:
Name of the University:
Author’s Note:
1CREATIVITY INNOVATION AND NEW VENTURE CREATION
Executive Summary
The aim of the assignment is to carry out an evaluation and assessment of a new startup product
by the venture fund “RunnersPro”-Innovation for Athletes. The product addresses the key fact
about the use of the same by the Athletes and Sportsman in the various form of sports. The
product evaluation in the context of the market analysis, industry view and approach of the same
analysis helped us evaluate the context and future viability of the product. The product
RunnersPro will be an fitness product one of its kind where the users would be able to access
much advanced and pro technological features and innovations like live tracking, health
monitoring and additive features like enabled SOS service in the product for the use in case of
emergency. The viability of the product in the context of market, industry overview, analysis of
the product and the key financial evaluation will give us a forecast whether the product
development will be profitable or not. The same will be analyzed via the use of the risk
assessment tools like scenario analysis in order to forecast and asses the various possibility
scenario at which the product will land up.
Executive Summary
The aim of the assignment is to carry out an evaluation and assessment of a new startup product
by the venture fund “RunnersPro”-Innovation for Athletes. The product addresses the key fact
about the use of the same by the Athletes and Sportsman in the various form of sports. The
product evaluation in the context of the market analysis, industry view and approach of the same
analysis helped us evaluate the context and future viability of the product. The product
RunnersPro will be an fitness product one of its kind where the users would be able to access
much advanced and pro technological features and innovations like live tracking, health
monitoring and additive features like enabled SOS service in the product for the use in case of
emergency. The viability of the product in the context of market, industry overview, analysis of
the product and the key financial evaluation will give us a forecast whether the product
development will be profitable or not. The same will be analyzed via the use of the risk
assessment tools like scenario analysis in order to forecast and asses the various possibility
scenario at which the product will land up.
2CREATIVITY INNOVATION AND NEW VENTURE CREATION
Table of Contents
1.0 Introduction...........................................................................................................................4
1.1 Type of Business....................................................................................................................4
1.2 Report Ethics.........................................................................................................................5
2.0 Market needs and opportunity:..................................................................................................6
2.1 Market growth and profitability potential:............................................................................8
3.0 Idea Generation..........................................................................................................................9
Ideas for Product Strategies.........................................................................................................9
(a) Product Merchandising/Displays/Availability: (Creative Idea description)..........................9
(b) Delivery of the Products: (Creative Idea description).........................................................10
4.0 Idea evaluation and selection...................................................................................................10
4.1 Analysis and evaluation of the creative ideas......................................................................10
4.2 Justification of the idea........................................................................................................11
5.0 Market Feasibility....................................................................................................................12
5.1 Analysis of the Types of Innovation....................................................................................12
5.2 Degree and Scope of Innovation..........................................................................................13
5.3 Analysis of Market Potential, Scope and Viability for Value Creation..............................14
6.0 Organizational Feasibility........................................................................................................15
7.0 Financial Feasibility.................................................................................................................16
7.1 Analysis of Key Inputs........................................................................................................16
Table of Contents
1.0 Introduction...........................................................................................................................4
1.1 Type of Business....................................................................................................................4
1.2 Report Ethics.........................................................................................................................5
2.0 Market needs and opportunity:..................................................................................................6
2.1 Market growth and profitability potential:............................................................................8
3.0 Idea Generation..........................................................................................................................9
Ideas for Product Strategies.........................................................................................................9
(a) Product Merchandising/Displays/Availability: (Creative Idea description)..........................9
(b) Delivery of the Products: (Creative Idea description).........................................................10
4.0 Idea evaluation and selection...................................................................................................10
4.1 Analysis and evaluation of the creative ideas......................................................................10
4.2 Justification of the idea........................................................................................................11
5.0 Market Feasibility....................................................................................................................12
5.1 Analysis of the Types of Innovation....................................................................................12
5.2 Degree and Scope of Innovation..........................................................................................13
5.3 Analysis of Market Potential, Scope and Viability for Value Creation..............................14
6.0 Organizational Feasibility........................................................................................................15
7.0 Financial Feasibility.................................................................................................................16
7.1 Analysis of Key Inputs........................................................................................................16
3CREATIVITY INNOVATION AND NEW VENTURE CREATION
7.2 Model Output.......................................................................................................................18
7.3 Key Factor Analysis........................................................................................................18
7.4 Sensitivity Analysis.........................................................................................................21
8.0 Growth and sustainability potential:........................................................................................22
8.1: Analysis for identification of venture’s scalability.............................................................22
8.2 Identification of growth strategies:......................................................................................22
8.3 Funding strategies:...............................................................................................................24
8.4 Key sources of competitive advantage:...............................................................................24
8.0 Conclusion...............................................................................................................................25
Reference.......................................................................................................................................27
Appendix........................................................................................................................................31
7.2 Model Output.......................................................................................................................18
7.3 Key Factor Analysis........................................................................................................18
7.4 Sensitivity Analysis.........................................................................................................21
8.0 Growth and sustainability potential:........................................................................................22
8.1: Analysis for identification of venture’s scalability.............................................................22
8.2 Identification of growth strategies:......................................................................................22
8.3 Funding strategies:...............................................................................................................24
8.4 Key sources of competitive advantage:...............................................................................24
8.0 Conclusion...............................................................................................................................25
Reference.......................................................................................................................................27
Appendix........................................................................................................................................31
4CREATIVITY INNOVATION AND NEW VENTURE CREATION
1.0Introduction
In the era of growing and modernizing economy, it is important for everyone to be
upgraded to technological and innovational changes that may provide each one get access to
better technology and efficient product. The Product developed for the Venture fund is a Pro and
an active product that will be an innovative product for the athletes. The product will offer with
various kinds of advanced feature to the athletes and fitness enthusiast. The product will offer an
all-round provided feature for the sport fitness from health care tracking, medical update of the
user, location tracker, direction navigation feature along with the option of the save our self
(SOS) to be used in the case of emergency. The product is different from other various smart
watches like the Fit bit. The runners pro will be working on solar energy and so is quite different
from other products in the market. The venture capital will be focusing on the product
innovation, which would comprise of the features mentioned (Peltola, Vainio & Nieminen,
2015). The product development will comprise of the different stage of product development.
The principal and the main customers for the product will be the sports enthusiast who actively
take part in marathon, cycling, jogging and running (Triaa, Gzara, & Verjus, 2016).
1.1 Type of Business
The product “Runners Pro” will be an innovative product for the sports enthusiast and
sports lover who actively take part in various kinds of sports and physical activities. Tracking the
health condition to overall medical update of the user of the product will be updated. Blood
pressure, heart beat rate to water content level in the body of the user will determined by the
smart wearable product, which is in the form of a wrist band (Lawton, 2017). Currently there are
products that give the opportunity for the sportsman the facility of navigation and direction
facility but the advanced pro product will give an all-round facility for the users. From health,
1.0Introduction
In the era of growing and modernizing economy, it is important for everyone to be
upgraded to technological and innovational changes that may provide each one get access to
better technology and efficient product. The Product developed for the Venture fund is a Pro and
an active product that will be an innovative product for the athletes. The product will offer with
various kinds of advanced feature to the athletes and fitness enthusiast. The product will offer an
all-round provided feature for the sport fitness from health care tracking, medical update of the
user, location tracker, direction navigation feature along with the option of the save our self
(SOS) to be used in the case of emergency. The product is different from other various smart
watches like the Fit bit. The runners pro will be working on solar energy and so is quite different
from other products in the market. The venture capital will be focusing on the product
innovation, which would comprise of the features mentioned (Peltola, Vainio & Nieminen,
2015). The product development will comprise of the different stage of product development.
The principal and the main customers for the product will be the sports enthusiast who actively
take part in marathon, cycling, jogging and running (Triaa, Gzara, & Verjus, 2016).
1.1 Type of Business
The product “Runners Pro” will be an innovative product for the sports enthusiast and
sports lover who actively take part in various kinds of sports and physical activities. Tracking the
health condition to overall medical update of the user of the product will be updated. Blood
pressure, heart beat rate to water content level in the body of the user will determined by the
smart wearable product, which is in the form of a wrist band (Lawton, 2017). Currently there are
products that give the opportunity for the sportsman the facility of navigation and direction
facility but the advanced pro product will give an all-round facility for the users. From health,
5CREATIVITY INNOVATION AND NEW VENTURE CREATION
condition to medical update the product will cover different aspect of requirement of the
sportsman (Duckworth & Duckworth, 2016). The fitness and the sports industry has always
thought for an all-round technological product that can give exposure to the sportsman and help
them and technology come together for better innovative way of dealing with problems. The
product RunnersPro will be dealing with various kind of technological innovation that will cater
to various kind of sportsman in there various field of activities from cycling to marathon the
products aims at covering various aspect of sportsman in their field (Kuenkel & Aitken, 2015).
The market size for the product is estimated to be around 5-6% of the New Zealand population
who actively take part in the physical activities. The product will not have any kind of direct
competition, as any other company or organization does not develop the product (Carayann,
Sindakis & Walter, 2015). The product though experiences indirect competition from other
products like “Fitbit” that provides medical and physical activity record, but RunnersPro will
provide an all-round update and support not only in the field of physical activity to medical
update but will also have a enabled GPS system that will provide the navigation help and an
enabled save our soul (SOS) option. The sensors enabled in the product will automatically track
down the heart beat rate and the calorie burned during the activity. The product will be shock
proof, water resistant and will provide an all-round use for events and matches as the live update
of the sportsman will be updated based on the inbuilt Wi-Fi programmer in the same. The
product will also have additive features like voice assistant and will let us know about the
temperature of the surroundings (Yeh, Lee & Pai, 2015).
1.2 Report Ethics
The report ethics will help the venture capital guide about the policy under, which the
venture capital will be operating. The venture capital will be operating as per the mentioned rules
condition to medical update the product will cover different aspect of requirement of the
sportsman (Duckworth & Duckworth, 2016). The fitness and the sports industry has always
thought for an all-round technological product that can give exposure to the sportsman and help
them and technology come together for better innovative way of dealing with problems. The
product RunnersPro will be dealing with various kind of technological innovation that will cater
to various kind of sportsman in there various field of activities from cycling to marathon the
products aims at covering various aspect of sportsman in their field (Kuenkel & Aitken, 2015).
The market size for the product is estimated to be around 5-6% of the New Zealand population
who actively take part in the physical activities. The product will not have any kind of direct
competition, as any other company or organization does not develop the product (Carayann,
Sindakis & Walter, 2015). The product though experiences indirect competition from other
products like “Fitbit” that provides medical and physical activity record, but RunnersPro will
provide an all-round update and support not only in the field of physical activity to medical
update but will also have a enabled GPS system that will provide the navigation help and an
enabled save our soul (SOS) option. The sensors enabled in the product will automatically track
down the heart beat rate and the calorie burned during the activity. The product will be shock
proof, water resistant and will provide an all-round use for events and matches as the live update
of the sportsman will be updated based on the inbuilt Wi-Fi programmer in the same. The
product will also have additive features like voice assistant and will let us know about the
temperature of the surroundings (Yeh, Lee & Pai, 2015).
1.2 Report Ethics
The report ethics will help the venture capital guide about the policy under, which the
venture capital will be operating. The venture capital will be operating as per the mentioned rules
6CREATIVITY INNOVATION AND NEW VENTURE CREATION
and regulation of the same. The product development to innovation will be dependent and based
on the different stages and the feasibility of the same will be assessed using the risk assessment
tool so that the product feasibility and the assessment is forecasted (Frank, Mashevskaya &
Ermolina, 2016). The viability of the product in the context of market, industry overview,
analysis of the product and the key financial evaluation will give us a forecast whether the
product development will be profitable or not as per the rules and guidelines of the company.
2.0 Market needs and opportunity:
Customer wants:
RunnersPro operates as the software powered watch that would take off as the most
innovative fitness application in the growing world of technologies. The market of fitness
equipment has witnessed growing demand from the consumers in both the developed and
developing nations (Malhotra & Peterson, 2014). The increasing awareness regarding the health
and fitness and government initiatives for promoting the better health are treated as some of the
factors that drive the global fitness market for watch.
The consumers have emphasised on the cardiovascular health, strength training
equipment and other equipment for maintaining the fitness. Based on the end user it is
categorized into the home consumer, health clubs, gyms and other commercial users that are
further categorized as the medical centres and public institutions. It is expected that the global
increase in the fitness consciousness of the consumer and the level of health awareness have
significantly resulted in the demand for fitness watch (Chernev, 2018). The trend is considered to
be higher in the urban areas and the market is anticipated to experience steady growth in the
semi-urban areas of the developing economies.
and regulation of the same. The product development to innovation will be dependent and based
on the different stages and the feasibility of the same will be assessed using the risk assessment
tool so that the product feasibility and the assessment is forecasted (Frank, Mashevskaya &
Ermolina, 2016). The viability of the product in the context of market, industry overview,
analysis of the product and the key financial evaluation will give us a forecast whether the
product development will be profitable or not as per the rules and guidelines of the company.
2.0 Market needs and opportunity:
Customer wants:
RunnersPro operates as the software powered watch that would take off as the most
innovative fitness application in the growing world of technologies. The market of fitness
equipment has witnessed growing demand from the consumers in both the developed and
developing nations (Malhotra & Peterson, 2014). The increasing awareness regarding the health
and fitness and government initiatives for promoting the better health are treated as some of the
factors that drive the global fitness market for watch.
The consumers have emphasised on the cardiovascular health, strength training
equipment and other equipment for maintaining the fitness. Based on the end user it is
categorized into the home consumer, health clubs, gyms and other commercial users that are
further categorized as the medical centres and public institutions. It is expected that the global
increase in the fitness consciousness of the consumer and the level of health awareness have
significantly resulted in the demand for fitness watch (Chernev, 2018). The trend is considered to
be higher in the urban areas and the market is anticipated to experience steady growth in the
semi-urban areas of the developing economies.
7CREATIVITY INNOVATION AND NEW VENTURE CREATION
Higher price of the fitness watch acts as the major factor in limiting the growth of the
fitness market of watch (Philip, 2017). A considerable amount of demand has been witnessed
among the consumers in upgrading to fitness pro products offering wide range of significant
fitness allowance for the professionals towards more health centred lifestyle.
Competition:
There are key players in the market that provides an in depth analysis of the fitness watch
market with the present trends and future estimations to elucidate the imminent investment
compartments (Weinstein & Pohlman, 2015). RunnersPro provides the competitive edge is their
ability to licence and use the intellectual property of the company that takes into the form of
numerous international patents. RunnersPro is innovative in the sense that watch is only fitness
equipment that enables the users to stand while doing strength exercise. The software enabled
watch would provide the users in conducting the specific upper or lower body workout
(Marshall, 2014). The company would however face an indirect competition from the Fitbit as
the watch provides the record medical and physical activities. RunnersPro however would
provide an all-round update and would lend support in the areas of physical activities records
with medical update and GPS enabled system that would offer navigation help with SOS options
for the users as well.
The competitive edge of the product is that it is enables the automatic tracking of the
heartbeat rate and the amount of calories burned all through the activities. The product would be
shock proof, water resistant and would offer the consumers with the all-round events that
matches up with the live updates of sportsman (Hutchinson et al., 2015). There are presently
ample of fitness watch producing companies in the market and numerous already released
Higher price of the fitness watch acts as the major factor in limiting the growth of the
fitness market of watch (Philip, 2017). A considerable amount of demand has been witnessed
among the consumers in upgrading to fitness pro products offering wide range of significant
fitness allowance for the professionals towards more health centred lifestyle.
Competition:
There are key players in the market that provides an in depth analysis of the fitness watch
market with the present trends and future estimations to elucidate the imminent investment
compartments (Weinstein & Pohlman, 2015). RunnersPro provides the competitive edge is their
ability to licence and use the intellectual property of the company that takes into the form of
numerous international patents. RunnersPro is innovative in the sense that watch is only fitness
equipment that enables the users to stand while doing strength exercise. The software enabled
watch would provide the users in conducting the specific upper or lower body workout
(Marshall, 2014). The company would however face an indirect competition from the Fitbit as
the watch provides the record medical and physical activities. RunnersPro however would
provide an all-round update and would lend support in the areas of physical activities records
with medical update and GPS enabled system that would offer navigation help with SOS options
for the users as well.
The competitive edge of the product is that it is enables the automatic tracking of the
heartbeat rate and the amount of calories burned all through the activities. The product would be
shock proof, water resistant and would offer the consumers with the all-round events that
matches up with the live updates of sportsman (Hutchinson et al., 2015). There are presently
ample of fitness watch producing companies in the market and numerous already released
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