Innovation and Entrepreneurship Strategies

This assignment details Transfer Travel's approach to innovation and entrepreneurship, focusing on implementing novel strategies to drive growth. By examining various case studies and theoretical frameworks, Transfer Travel aims to establish a strong trust with customers and capitalize on emerging opportunities in the market.

INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1 Describe the innovation theories and difference between innovation and invention...............3
2 Historical development of product and services with help of innovative theories and
different pathways for future development of these products.....................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation helps in providing better solutions and meet customers' requirement according
to different market needs. Transfer Travel is UK based firm founded in 2016 which bring people
together and provide them amazing travel packages to consumers (Dubois and Barbosa, 2018).
The study is based on Innovation and its theories which help the organisation to compete in
market. Difference between innovation and invention is also explained briefly. Further study will
describe innovation theories and will apply it to the chosen firm. With help of innovation
theories historical and future development of products and services become easy and it provides
different pathways for the same.
TASK 1
1 Describe the innovation theories
Innovation-it is a process of introduction as well implementing new ideas or methods. It
is a method that involves multiple activities to produce something new with lots of creativity. It
creates bigger opportunities. Through innovation Transfer Travel company can recognize new
opportunities and take methods to solve the current existing problems.. Uncertainties is common
aspect as well as leaders are more curious and optimistic to take risks and dare to accept their
consequences (Vovk Korže and Zeman, 2017).
It refers to the phenomenon of occurrence of new ideas of Transfer Travel or product that
has never been made before, basically it is phenomenon of creating new product. It refers to the
adding value to the product that is already exist in the market or it is an implementation of the
new idea or product to the first time (Blândul, 2015). Here collective sets of marketing and
technical skills required with practical implementation of working in Transfer and Travel.
Amazon, Uber where good and services can be exchanges as well of online selling or purchasing
is also there. A need of improvement in the existing product for increases its sales as compare to
other products in the market. It is related to different product and process.
Factors that need to be considered for innovation- following factors are considers for
innovation:
Management commitment to creativity- there is lack of creativity in innovation
management than the leaders of the innovation management will always fight with each other
and this led to conflicts and create turmoil .there is always commitment to creativity all the
mangers of Transfer Travel company because as per the requirement of the outside innovations

happening day per day there is need of time, specified budgets as well as necessary support
which can only get through commitment to creativity. (Setiawan, 2017)
Value Creation- Continuous improvement with individual oneself as well Transfer Travel
company . it is well said “you have to become better than yesterday”.it doesn't mean to run fast
it means to work in smart way by improving strategies. Here in value creation an individual as
well organization focuses to become better each day by improving all the strategies related to
innovation. Another area which need to focus is the infrastructure which has the abilities to make
quick changes as per the requirement of environment as well people. Such as testing new ideas
creates value creation for people that what works or what doesn't. This enables faster growth as
well development of the organization as it enables new features and also guarantees that business
will run more smoothly in right direction (Putra, I Sugiartha and Sariada, 2017).
Disruptive Innovation theory:
Disruptive innovation creates new market by destroying existing market and inventing
new markets and value networks by producing new products. These innovations are produced by
entrepreneurs and other start-up business and not from existing companies. It also refers to a
concept of good and service that produce a new value network likewise by disruptive an existing
market or generate a new market. In the starting of the life cycle of an innovation, disruptive
innovation normally assigns lower performance, and during these types of innovations frequently
are not that much good to satisfy the current customers. The term means use of technology that
changes the structure of company. It affects Transfer Travel company functions.
(Source: What is disruptive innovation, 2019)

One of the most important aspect of the theory is management of established companies
thinks that they are making right decision regarding to the take over of new company at low end
of market. The reason behind it the low end of market is least profitable, and through converting
it from customer base and the big organisations are become more profitable. Disruptive
innovation is a force not a tool. This innovation has no power to predict. All innovation are not
disruptive even if they are revolutionary. For example: automobiles in 19th century is not a
disruptive innovation, because automoblies were luxury and expensive products that did not
disrupt the market (Ketut and et.al., 2016).
In a Morden era of disruptive innovation an example is internet that is significantly
altered the way organisation did business and it negatively impacted the organisation that were
not willing to adapt to it. Disruptive innovation is different from disruptive technology; in
disruptive technology it focuses on the use of technology not that technology it self.
Example of disruption: An example of disruptive innovation is a transistor radio, which
initially offered worst sound quality in comparison to big radio companies. Amazon Alexa ,
Airbnd are some of the other examples of the disruptive innovation.
This theory states that technological innovations always give amazing results to the
business unit, if company is using internet or any other advance technology then it would be
beneficial in increasing productivity of the entity. Implementation of disruptive innovation
theory sometimes create problematic situation for the investors because they have to invest on
disruptive technologies rather than paying more attention on developing any new technique.
Disruptive innovation needs a particular strategy process. This process must be nascent and
focused on unforeseen opportunities, trouble and occurrence, rather than intended and centred on
improved of what work and what does not. Disruptive business can not achieve huge profits
margin very fast due to its addressing new market nature and low end of existing market nature.
Venture capitalists are increasingly restive for businesses to deliver profits. Another limitation of
disruptive innovation theory is competitive goods is already exist. In disruptive innovation there
is huge risk and there is no guarantee of success.
Disruptive innovation needs a particular strategy process. This process must be nascent
and focused on unforeseen opportunities, trouble and occurrence, rather than intended and
centred on improved of what work and what does not. Disruptive business cannot achieve huge
profits margin very fast due to its addressing new market nature and low end of existing market

nature. Venture capitalists are increasingly restive for businesses to deliver profits. Another
limitation of disruptive innovation theory is competitive goods is already existing. In disruptive
innovation there is huge risk and there is no guarantee of success.
2. Historical development of product and services with help of innovative theories and different
pathways for future development of these products
Transfer travel company is the local travel company which provides travel packages to the
consumers. It arranges different kinds of travel packages as per the need of travellers. It provides
accommodation and their facilities so that travellers do not find any kind of trouble during the
trip (Ketut and et.al., 2016).
Historical discussion of innovation
Travel industry is growing with millions of international global travelers , so for making
their journey more joyful and memorable the travel industries keep on innovating their formulas.
Travel transfer company has also come up with some innovation like keeping track of customers
luggage as it is the biggest concern that one will loose their bags. The company gave access to
these services as well, you can track your luggage via an application on your mobile phone.
Internet has emerged as profitable source for promotion and sales in tourism. Internet is an
important aspect while traveling these days, your dear ones should know where are you traveling
and you wanted to upload pictures of the places you are visiting but its not necessary that your
mobile data works in all geographical areas so the industry has come up with a technique of
staying connected by providing wi-fi. Adding power outlets so until traveller reach your
destination your appliances are charged . Transfer travel company has made it easier for the
travellers to book their tickets online (Thornton, 2015)..
Disruptive innovation theory clearly defines that success of any firm can also create
situation of failure for the business unit. This concept describes that if the entity implements any
kind of changes in the organisation then it may create problem for the business unit because it
can incur cost and also it might fail to get success due to these modifications. Sometimes
technological innovation create burden for the travel firm and it fails to meet the needs of
consumers (Ciobanu, Lincaru and Chiriac, 2015).. For example, implementation of new mobile
app can enhance operational cost of the transfer travel and it might fail to inform each single
information through this mobile application. Disruption innovation always emphases on
transforming the exiting market by considering the affordability and convenience so that mass

consumers can get benefit with these changes. It is low cost model hence give benefit to transfer
travel company in implementing the internet changes in the organisation successfully and
reaching to mass audience. By this way now entity has become able to make connection with
international consumers as well and now it is offering outbound services to travellers as well
(Zivkovic and Veljkovic, 2016).
Future innovation pathways
Disruptive innovation theory is considered as most effective theory that helps in brining
changes at workplace and creating value network. By this way entity can expand its business into
new market successfully. As Transfer travel firm has implemented internet innovation, this may
give great benefit to business unit in the coming future. In the modern era many tour operators
are selling their different travel packages online, by this way they can make connection with
mass audience. By using internet this firm can easily show variety of products of the firm and its
amazing services on its website without having any physical stores. This would be beneficial for
the company as it would be able to establish its branch in the new location successfully (Wang
and et.al., 2018). Use of internet can give amazing opportunity to the transfer travel because by
this way enterprise will be able to reach to mass audience without affecting its existing
operations. It is not going to change its existing operations, it is just planning to use another
platform through which it can coordinate with mass audience and can deal with international
consumers as well.
As use of internet was not the disruptive because actual firm has only improved its
existing practices and have applied the new idea of using internet to communicate with the
travellers. If the firm had opened the physical store, then defiantly cost of the firm would get
increased. Travel industry cannot produce much travel packages until there is similar demand of
same kind of products. Hence use of internet always saves time of the firm and support entity in
designing travel packages as per the suitability and necessity of the travellers (Ketut and et.al.,
2016).. Transfer travel is a travel agency which deals offline only know they are thinks to start
their business online too.
The firm should use disruptive innovation theory as all the four elements mentions below.
Incumbents are improving along a trajectory of innovations
This element states the firm should do its existing work with the same focus and try to
some innovation. The travel firm should try to do innovation regarding their online work, but

they should do their offline sales are they were doing earlier. That will help the firm to generate
more revenue to improvise their business exercise.
The pace of sustaining innovation overshoots customers needs
The pace of sustaining innovation overshoots customers needs means the firm/business
should only try to bring innovation in their product and services if the customers needs it.
Nowadays youth are more depended on online services then take offline. This will surely
increase the sales of the firm, and they can cover a huge range of customer from different
location.
Incumbents have the capability to respond but fail to exploit it
The meaning of Incumbents have the capability to respond but fail to exploit it is that the
firm should not waste all of its resources and money in the process of innovation, they should
slowly step up towards the innovation. The travel firm should not launch their mobile app
directly. They should first launch their website or a social media page first because developing
an app will cost lots of money. Its cheaper and safer step to launch website first.
Incumbents flounder as results if the disruption
According to this element the firm should have a proper plan for their innovation, and
they should also have backup plan for every possible outcome if they can't bring the innovation
or the innovation is a failure in market. If the online website of the travel firm doesn't work the
firm should focus more on increasing their brand name, increasing their goodwill and services.
Transfer Travel provides platform where people can buy and sale travel tickets online. Company
is growing in right direction and leading the market because company believe in innovation and
investing in technology. Innovation leads to flow of new ideas and creating new opportunity
within the business (Bauer, Herman and Zápach, 2017).. This innovation theory helps the
consumer to solve everyday problems and it also provides different paths for loyal customers to
take service from the company. Now company is searching new pathways by implementing
internet technology to make their work easy going. Company will be able to search new things
which will help the customers to get more supportive applications (Ciobanu, Lincaru and
Chiriac, 2015).. And is working to prepare new websites and advance mobile apps which will be
launched soon. This will take the company to next level as it will be helping the company to
compete in market with other leading firms. This will help to satisfy the customers’ needs and
they can get their services easily in less period. This will also motivate customers to take

advantage of new technology and learn to use it. New technology usually increase scope of the
company and attract new customers towards them (Blândul, 2015).
Internet innovation has given amazing benefit to the firm and in just 2 years company has
reached this level and if this continues then company can also earn huge revenue with help of
advance technology (Dubois and Barbosa, 2018. Now company is searching for different
pathways for future development of their products in following ways:-With help of this theory
company will be innovating different ideas for investing in development of new websites and
will also provide new mobile applications to their customers which is more supportive in terms
of using. This will increase customers satisfaction and customers will find it easy to use these
apps (Zivkovic and Veljkovic, 2016).
Transfer Travel is taking help of different digital and PR agencies to provide them new
platforms and support their business concepts. These agencies are providing such platforms
which have digital solutions and which match the concepts of business that is what the company
actually need to increase business. This will result in achieving their goals. They are in search of
innovating new technology with help of which they can focus on market and provide good
service to their customers as every company is in search of new opportunity and to grab it a
tough competition is their in market (Putra, Sugiartha and Sariada, 2017). They are also focusing
on strategic partnership with UK and US for expanding their business. This will take the
company to another level of development.
Use of internet will improve customer satisfaction as it will be faster in technology terms.
Nowadays customers search for best facility and never hesitate to switch the brand. So company
have to search for such applications which differ from their competitors (Putra, Sugiartha and
Sariada, 2017)Company will come up with new approaches in listing and purchasing in near
future and is working on unwanted prepaid travel plans. This will help in near future so that
different people can get connected at the same time and get advantage out of it.
CONCLUSION
From above study it is concluded that Innovation plays an important part for growth of the
organisation and to keep your customers satisfied, you have to build some new ideas that can
solve their problems. Customers usually switch the product if they do not find it useful or
different from other products. This is the reason why company needs innovate products and keep
searching new ideas and technology to get their customers attracted. Transfer Travel is leading in

market because of innovative ideas to solve customers’ problem and is using two different
theories to develop their products in near future. These theories helped the company to make
their customers loyal towards their services. Company is also in search of new technology which
will satisfy their customers in near future and working on problem faced by customers.. This will
help the company to compete in market and reach its goal. These technologies are motivating
customers to get services from the company as it builds up a trust between company and
customers. Transfer Travel is working on innovative strategies to take their company at growth
stage with help of different theories.

REFERENCES
Books and Journals
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Management (pp. 51-54). CRC Pres
Blândul, V.C., 2015. Inovation in education–fundamental request of knowledge
society. Procedia-Social and Behavioral Sciences. 180.pp.484-488.
Ciobanu, G., Lincaru, C. and Chiriac, B., 2015, May. A JOB TYPOLOGY FROM THE NEW
COHESION POLICY PERSPECTIVE (International Conference “EUROPEAN
PERSPECTIVE OF LABOR MARKET-INOVATION, EXPERTNESS,
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Ketut, N.and et.al.,2016. The Inovation In Teaching Balinese And Javanese Dances In English
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Balinese Dance Creation. Jurnal Seni Pertunjukan.3(2).
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Sragen Tehcno Park Trough Business Incubator Model. European Journal of Economics
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Thornton, K., 2015. Inovation in Australia's solar PV industry. Energy News.33(1). p.4.
Vovk Korže, A. and Zeman, S., 2017. Natural cleaning systems as inovation approaches for
clean water (in the case of cross-border region between Mura and Drava–Gajševsko
lake). Podravina: časopis za multidisciplinarna istraživanja. 16(31).pp.51-66.
Wang, Z.and et.al., 2018. The microRNA‐1908 up‐regulation in the peripheral blood cells
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Online
What is disruptive innovation. 2019. [Online]. Available through <
https://www.weforum.org/agenda/2016/06/what-is-disruptive-innovation/>

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