Managing Innovation in Business Assignment : Tesla

Managing Innovation
in Business

EXECUTIVE SUMMARY
This project report summarises the concept of innovation which means to create an
innovative idea in order to achieve all the business objectives. Various topics are discussed under
this report that includes future of automotive industry till 2020 and beyond, innovation
requirements of Tesla Inc. till 2020 and beyond etc. A detailed road map is also being formulated
for Tesla Inc. which is going to launch a new electric pick up truck in the automotive sector in
order to capture large market area. Various innovations that are going to be launched in
upcoming period in auto-mobile sector are also described in the below report. The road map
includes suggestions and reasons for the selection of one innovation, impact of the innovation
which is implemented by the Tesla Inc. in order to launch new electric pick up truck in the
market. It also consist information of research and development activities, required resources,
feasibility analysis, approval process, application of the new idea and review of the impact of the
new innovation. A Gantt chart for all the innovations that are going to be launched by Tesla Inc.
in future is also being formulated in this report.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
THE FUTURE OF THE INDUSTRY 2020 AND BEYOND.........................................................1
THE ORGANISATION'S INNOVATION REQUIREMENTS 2020 AND BEYOND.................4
FINDING THE FUTURE INNOVATION CAPABILITIES FOR THE ORGANISATION.........7
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process of generating new ideas which are used by business entities in
order to attain predetermined goals such as profit maximisation and customers satisfaction. If an
organisation is willing to make innovation in its existing products than various resources such as
skilled workers, finance etc. are required for this purpose. Main purpose of innovation is to
acquire large market share so that business can be operated in an appropriate manner (Chen and
Perez, 2018). Proper research is required to make modifications in the products because if
organisations are not having accurate information of market then it is not possible to successfully
implement the innovative idea. Effective planning and strategies are also the main requirements
of innovation process. The business entity which is taken in this assignment is Tesla Inc. which
is an automotive company and operating its business all around the world. It was founded by
Elon Musk, Martin Eberhard, JB Straubel, Marc Tartenning, and Ian Wright in July 2003. Its
production output in year 2018 was more then 245000. Its headquarters are in Palo Alto,
California and United States.
Main purpose of this report is to determine the importance of innovation for an
organisation to achieve all its organisational objectives. In this report various topics are discussed
including future of automotive industry 2020 and beyond, Tesla Inc.'s innovation requirements
2020 and beyond etc. Future innovation capabilities of Tesla Inc. are also covered in this project
report.
THE FUTURE OF THE INDUSTRY 2020 AND BEYOND
Automotive industry is the largest sector in the world which is contributing a large
amount in the national income of different countries such as US, UK etc. There are various types
of products like cars, buses, trucks and other motor vehicles which are manufactured by
companies operating in this sector. Auto-mobile industry was established in the year of 1860 and
since then this sector is running successfully. It is involved in developing, designing, marketing
and manufacturing activities of auto-mobiles. Enhancement of this industry is continuously
increasing and developing the economy of the countries (Archibald and Archibald, 2016). There
are various companies in this sectors which are operating their business in UK and other
countries. It includes Bentley, Land Rover, Lotus Cars, Rolls Royce, Lagonda, Aston Martin,
Tesla etc. Tesla is an automotive sector organisation which is planning to launch different
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