BSBINN501 Establish Systems that Support Innovation
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Elite Education Vocational Institute
Establish Systems that Supports Innovation (BSBINN501)
Added on 2020-04-15
BSBINN501 Establish Systems that Support Innovation
Elite Education Vocational Institute
Establish Systems that Supports Innovation (BSBINN501)
Added on 2020-04-15
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Online Learning Component Cover SheetWeek 8 Term and YearTerm 4 2017Assessment TypeDiscussion questionDateStudent Name:Student ID No:Submission deadline:Due at the end of Week 8 (upload on Sunday by 11:59pm) via Moodle SubmissionPoint Qualification :BSB50215 Diploma of BusinessUnit Code:BSBINN501Unit Title:Establish systems that support innovationAssessor’s NameStudent Declaration: I declare that this work has been completed by me honestly and with integrity. Name:Signature:Date: V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 1 of 6
Online learning/ evidence gathering conditionsEach online learning component is recorded as Five hours (5), Three hours (3) or Zero hours (0). A student can only achieve competence when all online learning components listed under procedures and specifications of the fulfilling the 5-hour online learning per week section are Satisfactory. Your trainer will give you feedback in the student learning management system after the completion of each online learning component. A student who is assessed as Zero hours (0)is eligible for re-submission. Should the student fail to submit the online learning component, a result outcome of Zero hours (0) will be recorded. Any form of plagiarism or copying other students’ work would also result in a Zero hours (0) record outcome and there would be no provisions for a re-submission.Resources required for this AssessmentAll documents must be created using Microsoft Word.Upon completion, submit the online learning component (using this official template) via the student learning management system to your trainer along with the completed assessment coversheet.Refer the notes on eLearning to answer the tasksAny additional material will be provided by TrainerInstructions for StudentsPlease read the following instructions carefullyThis online learning component is to be completed according to the instructions given by your assessor.Students are required to conduct their research and complete this online learning component outside the class contacttime.Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the online learning component due date.Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspect of this online learning component, please ask for clarification from your assessor.Please refer to the College re-submission policy for more information.V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 2 of 6
TaskExplain the innovation incubation process(not more than 800 words).Innovation can be defined as a change that creates or adds value for providing competitiveadvantage. Innovation is applying something new for a particular use. It requires a deepknowledge existing conditions and more creativity. It is related to how things work, whatcan be done for their improvement and what things were left out. With the help of creativityand imagination to invent, mentor and finding new opportunities, which will make the users,believe as having a benefit. Innovation focuses on existing links to provide broader marketfor innovation and entrepreneurs. In 1934, an Austrian economist Joseph Schumpeter whowas the first economist address the significance of innovation in the economic cycles. Heconsidered entrepreneurship putting more focus on innovation. According to him, innovationwith, new products, new methods of production, new markets and new types of enterprises(Phan and Lamine 2016)Incubation is the process that is activated when there is a need for supporting entrepreneursso that they can develop business. As per the concept of innovation, it is no different fromentrepreneurship. They are related and interdependent largely. The entire process or certainparts the process are placed whenever the requirement for developing new entrepreneurs,develop the business idea and to transform it into viable and sustainable activity is felt (Phanand Lamine 2016).The phases of Incubation consists of three stagesPre-incubation- Pre-incubation is concerned with all the activities that are required tosupport the entrepreneurs in development of business ideas, business model and businessplan in order to enhance the chances of creating an effective start-up. This stage consist ofassessing the idea, training, and direct assistance that is required to put the entrepreneurs insituations to make a business plan. Pre-incubators are mostly university-affiliated incubators.Incubation- This stage is concerned with giving support to the entrepreneurs from theintroduction stage to the phase of expansion. This is a mid-term process generally lasting forthree years from the establishment of the enterprise. The activated actions are accessibility tofinancial resources, coaching services, hosting services, mentoring services and theappropriate training. Physical incubation is a part of the whole incubation process. Post incubation- This stage is concerned with the operations that are to be carried out whenthe company has matured. This is the stage when if the company were in a physicalincubator would leave it. There are varieties of services that will be required by small andmedium enterprises like increase in sales or improvement in productive processes. With thehelp of scouting and detecting activities innovation introduction is done. Post incubators arerenamed as accelerators (Patton 2014). V2017.T4. 1.0BSB50215 Diploma of Business/ BSBINN501/ 2017/ T4/ Online Learning / WK 8 Page 3 of 6
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