Innovation and Business Development

Running head: INNOVATION AND BUSINESS DEVELOPMENT
Innovation and Business Development
Name of student
Name of University
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INNOVATION AND BUSINESS DEVELOPMENT
Table of Contents
Innovation and Business Development........................................................................................................1
1. Introduction.........................................................................................................................................3
1.1 Innovation management.....................................................................................................................4
2. Innovation strategy for Bizteczec using the 4Ps of Innovation Space Framework...............................6
4. Conclusion.............................................................................................................................................10
References.................................................................................................................................................11

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INNOVATION AND BUSINESS DEVELOPMENT
1. Introduction
The topic introduces the concepts of innovation management considering the business
organization named Bizteczec in United Kingdom, which is a creative technology based
company in London with its specialized services focusing on mobile apps, gamification, web
development, UI and UX development and Internet of things solutions. There are clients from all
over UK and the number of employees is 35. The company has a good revenue generated last
year though due to its lack of growth, the revenue has fallen down to more than 10 percent,
which is not a good sign for a company like Biztecze4c in London, UK. The high level of
competition by other companies, lack of sufficient projects from clients and increased price
pressure from the new companies have made it difficult for the company to sustain I the
competitive business environment. The innovation strategy is an essential aspect that can make
the company regain its good position and succeed in the competitive marketplace of UK through
putting new ideas and concepts and focusing on strategic analysis, strategic selection and finally
implement effective strategies. The strategic analysis will start with the identification of
innovation space and then evaluate the areas where innovation shall be worth doing of to
determine the opportunities and threats that may arise in the future. The strategic selection will
ensure using the right skills, competencies and resources for ensuring smooth business
functioning. These are the vital aspects that are needed to be considered for managing situation
and address situations cautiously to improve the business functioning. I have been appointed as
the Innovation Director and thus my roles are to develop the innovation management plan for

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INNOVATION AND BUSINESS DEVELOPMENT
making Bizteczec achieve growth and attain competitive advantage in the next five years to
come.
1.1 Innovation management
According to Yoo (2013), the modularity concept has emerged as a successful approach to
deal with the issues related to complex systems. It has not only facilitated the innovation
procedure, but also has enabled the organizations to develop unique ideas and design complex
products and services by using various smaller sub systems and components. The information
system has acted as a great component of the theory of modularity that has influenced the
innovation management and also has brought positive changes to digitalization and created
innovation (Yoo 2013). With the advancement of technologies and communication, along with
mobile communications with embedded computer technologies, the businesses have gained
convergence, mobility and better Revenue scale. As stated by Volberda, Van Den Bosch and
Heij (2013), innovation is always considered as central component to the organization’s
competitive advantage and thus innovation research is the cornerstone of strategic management
that can influence technological innovation and strategies required to accomplish the business
goals with ease and efficiency (Volberda, Van Den Bosch and Heij 2013).
The innovation concept relies on new and innovative approaches that has provided better
conceptualization of innovation perspectives as well as centered upon issues related to
incremental and radical innovation. Other than the significance of technological innovation,
Dodgson et al. (2013) also suggested that developing more advanced and innovative products
and services, managing enhanced production process and technology along with marketing
techniques that are unique and innovative are integral to the success of a firm in UK. With the