Innovation Report: Idea for Commercial Enterprise using Augmented Reality (AR)

Running Head: Innovation 0
Innovation
Report
Student name

Innovation 1
Table of Contents
Introduction.................................................................................................................... 2
The idea for commercial enterprise....................................................................................... 2
Process your group followed to develop your idea or opportunity.................................................3
Skills needed to be a successful entrepreneur...........................................................................4
Evaluation of commercial enterprise..................................................................................... 5
The importance of commercial enterprise within society.............................................................6
Conclusion..................................................................................................................... 7
Survey questionnaire........................................................................................................ 7
References..................................................................................................................... 8
Appendix..................................................................................................................... 10
Survey through questionnaire...............................................................................10
Analysis................................................................................................................. 12
6-Months budget................................................................................................... 16

Innovation 2
Introduction
Innovation is a fresh idea for solving a critical issue of making things easy for human
beings. There are many innovations in the various industries, which can be useful in the other
industry for enhancing their profit and performance. In addition, commercial enterprises are
based on innovations, as their business grows in the market because of innovations. In addition,
regional innovations are helpful in the improvement of the performance of commercial
enterprises (Asheim, 2007).
This report will provide an idea for a commercial enterprise. It will explain the role of
innovation and entrepreneurs in the business. Business is based on different ideas to make
changes in the products and services. This report will describe skills needed for successful
entrepreneurs as well as the importance of commercial enterprise in the society.
The idea for commercial enterprise
A commercial enterprise has based on good, services and money. They make money
from their business in which they sold their products in the market with legal policies. It has
product-based businesses, which provide huge benefits to the enterprise and their stakeholders.
There is an idea to enhance the productivity and performance of the commercial business in the
field of retail business. I have an idea about the commercial enterprise that will provide help into
the integration of their business function. In addition, digital technologies are highly used in
commercial enterprises. Augmented Reality (AR) is a new technology that can be used in the
commercial enterprise to provide information about products and service to their customers in
better ways (Brown & Ulijn, 2004). It will increase the profit of the company, as customers
attract from such types of technologies. It makes things easier to understand. The increase of
augmented fact (AR) packages in recent years can be attributed to answers that allow consumers

Innovation 3
to visualize merchandise and imagine what it would sense want to personal the product or
experience the carrier before truly shopping it. As augmented era turns into extra state-of-the-art
and the cost-saving and enterprise programs enlarge, the demand and investment in AR will
increase (Chemmanur, Loutskina, & Tian, 2014).
When someone talks approximately AR, they are relating to technology that overlays
facts and digital gadgets on actual-international scenes in actual-time. It uses the existing
environment and adds records to it to make new artificial surroundings. Many developers are
creating augmented fact apps, and this has spread out the generation to many applications and a
broader audience.
Process your group followed to develop your idea or opportunity
The identification of the opportunity requires group to follow the process in which each member
contribute effective because this is the only way through which they can develop the opportunity.
 Initially members of the group conduct the research in the market in which they analyses
the use of technology by the customers while making the purchase from the company.
 The need and importance of the commercial enterprise is evaluated for the business
majorly for the integration of the activity.
 One of the team members who have good technology followed the process in which the
identification for the technology and their effective use is considered.
 The determination of the AR technology is done which involved the digital gadgets that
help the customers to visualize merchandise and imagine before purchasing the product.
 Another team member with the good knowledge of finance took the responsibility of the
estimating the budget. (Refer appendix 3)