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This report aims to describe the success invention, T-Line safety system, and the future development, Pipelines. It oughts to answer the questions from the CEO.
Citation preview
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
1
Management of Innovation 301
Innovation Focus
Company: Digital Report
Meridian Safety Pty Ltd by Leigh Dowie
Total file word count 3835
Less Cover Page 17
Less Table of Content 112
Less Tables and Figures 316
Less In-text Reference 102
Less Reference Lists 488
Total net word count 2746
Name : Tricia Yoon Suk Juan
Student ID : 14909366, 7D9A6394
Seminar : Friday 2-5pm
Lecturer : Adriel Sim
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
2
Table of Content
1.0 Executive Summary 4 2.0 Company Profile & Background 5-6
3.0 Establishing an environment for innovation 7
3.1 IP Strategies 7-8
3.2 Managing organizational knowledge and innovation strategies 8-9
3.3 Collaboration Strategies 9-10
Question from the CEO 10
4.0 Implementing Innovation 11
4.1 Managing innovation and operation management 11
Pearson’s uncertainty map 11-12
Organizational characteristics that facilitate innovation 12-13
4.2 New Product Development 13
New product development as a strategy growth 13-14
Network Model of NPD 14-15
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
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Generation of business opportunities 15
Screening of business opportunities 16
Question from the CEO 17
5.0 Conclusion and recommendation 17
6.0 Reference List 18-20
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
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1.0 Executive Summary
This report was drafted for the Meridian Safety Pty Ltd, to discuss the successful
development of the current invention, T-Line Safety System and in response to the questions
from the CEO, Leigh Dowie for his future development and ability to serve safety field users.
Meridian which focuses on providing the safety devices to protect the workers and to reduce
serious injuries cases in the workplaces. First, there will be a brief discussion on company
and Leigh Dowie background. A timeline chart will be showed in order to give reader a clear
idea. In the part of establishing an environment for innovation, it covers four parts which
include IP strategies, managing organizational knowledge and innovation strategies,
collaboration and one of the questions from CEO. In the term of implementing innovation,
there are three parts under this section, which are managing innovation and operations
management, managing the new product development process and last question from Leigh.
There are two recommendations proposed in the report to answer the questions. The first
recommendation is to continue improve on patent protection for its invention and
technologies. The second recommendation basically is in response to the Leigh’s future
development pipelines. It recommends that Leigh should focus on technologies and R&D. A
conclusion has been carried out to summarize the discussion below.
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
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2.0 Company Profile & Background
Meridian Safety Pty Ltd was established in the year of 2005 by Leigh Dowie. The
company is under Meridian Safety Holdings Pty Ltd. In its holding firm, 90% of the shares
are from Amargi Investment, and another 10% is from UK Safety Company. The key idea
that inspired Leigh to form the company is he realized there is a gap in safety industries
where the existing fall prevention device in the market has restricted the user movement. For
instance Static Line only allows users to do horizontal movement and Retractable Lanyard
only allows users to move vertically. Therefore, Leigh came out an idea to develop a fall
prevention device, T-Line which allows users to move vertically and horizontally. It is
comparable to a “Loop” of Safety Line. The Loop rotates when the user move horizontally
and expands or contracts when user move vertically. If the loop expands too fast, the device
will activate the locking mechanism to prevent user from falling on the ground. Leigh’s
working experiences include Site Engineer in CBI and Mirvac Fini, Site Engineer and Design
Manager Brookfield Multiplex, Project Engineer and Manager Calibre Mining. Leigh is
graduated under Bachelor of Engineer (Civil and Construction) in Curtin University. Patience
is the key issue that led Leigh to be a successful innovator. Besides, The Figure 2.0 shows the
timeline of developing T-Line.
Management of Innovation 301
Figure 2.0 T
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
Figure 2.0 T-Line development timeline (2002-2012)
Tricia Yoon Suk Juan 14909366
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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
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3.0 Establishing an environment for innovation
3.1 IP Strategies
It is essential for a company to apply intellectual property protection in order to
prevent its competitors from utilizing, duplicating or trading the innovation as well as gain
advantages from it (Kanwar and Evenson 2009, 52). The Table 3.1.1 shows that there are
types of intellectual property and the major characteristics for each of it (Trott 2008).
Category of intellectual property Major characteristics
of particular protection
1. Patents Provides monopoly for 20 years only.
2. Copyright Offers private legal rights to artistic
individuals in order to protect their dramatic
or musical works.
3. Registered designs Offers private legal rights to designers for the
protection of their visual appearance of the
invention which up to 15 years.
4. Registered trademarks Includes unique mark, name or symbol that is
recognized with particular organization’s
innovations.
Table 3.1.1 (Trott 2008, 147)
T-Line Safety System provides inclusive solution of height safety through allowing
users to move both vertically and horizontally without Pendulum Effect (Meridian Safety Pty
Ltd 2012). One study has proved that organization is able to gain adequate incentives from
licensing its innovations as to undertake more research and development activities (Kabiraj
and Yang 2001, 248). Therefore, Leigh stated that he will probably keep licensing for T-Line
system in future.
T-Line is currently patent under several areas, the two supply spools part which
interconnected via a single locking mechanism is the most elemental claim. It offers
differentiation over all technologies in the current market, intrinsically should provide
security function for the users. T-Line trademark is registered in the U.S. to protect the
differentiation attributes of the invention. Patent protection assists T-Line to stop others to
duplicate the similar benefits with no infringing beyond the patent (Allred and Park 2007, 98).
Management of Innovation 301
The application for T-line system is still in the pending progress in both United Stated
Europe.
Leigh is on the right track to protect his company’s innovation. The research has
showed that patent system can helps to recover the R&D cost effectively and to protect the
advantages of being first mover. Besides, patent protection has recogn
innovator to invent new product. Patenting innovation can ensure the long
as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).
However, Leigh discovered that the further invest
limited due to the available funding due to the high
Government n.d.).
3.2 Managing organizational knowledge
The rising of literature on innovation systems, organizational knowledge, core
competencies as well as dynamic capability has rise the importance of managing knowledge
for a firm (Vekstein 1998, 552). Hamel and Prahalad stated tha
from the innovation when the protection level is high and low extent to others to imitate its
core competencies.
Figure 3.2 core competencies, imitability and profits
Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in
Figure 3.2. Based on Leigh’s invention which is T
term profits where only few to no
Knowledge has been recognized as a very important element for the dynamic core
competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
line system is still in the pending progress in both United Stated
Leigh is on the right track to protect his company’s innovation. The research has
showed that patent system can helps to recover the R&D cost effectively and to protect the
advantages of being first mover. Besides, patent protection has recognized as major driver for
innovator to invent new product. Patenting innovation can ensure the long
as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).
However, Leigh discovered that the further investment in patenting the innovations has been
limited due to the available funding due to the high annual fees required (Australian
Managing organizational knowledge and innovation strategies
The rising of literature on innovation systems, organizational knowledge, core
competencies as well as dynamic capability has rise the importance of managing knowledge
for a firm (Vekstein 1998, 552). Hamel and Prahalad stated that a firm is able to gain benefits
from the innovation when the protection level is high and low extent to others to imitate its
Figure 3.2 core competencies, imitability and profits (Trott 2008, 188)
Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in
Figure 3.2. Based on Leigh’s invention which is T-Line, Meridian is able to produce long
to no firms able to imitate its core competencies.
wledge has been recognized as a very important element for the dynamic core
competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,
Tricia Yoon Suk Juan 14909366
8
line system is still in the pending progress in both United Stated and
Leigh is on the right track to protect his company’s innovation. The research has
showed that patent system can helps to recover the R&D cost effectively and to protect the
ized as major driver for
innovator to invent new product. Patenting innovation can ensure the long-term profitability
as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).
ment in patenting the innovations has been
required (Australian
The rising of literature on innovation systems, organizational knowledge, core
competencies as well as dynamic capability has rise the importance of managing knowledge
t a firm is able to gain benefits
from the innovation when the protection level is high and low extent to others to imitate its
Trott 2008, 188)
Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in
Line, Meridian is able to produce long-
able to imitate its core competencies.
wledge has been recognized as a very important element for the dynamic core
competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
9
utilized small team and hired external skills to build a strong organizational based. Leigh
concerns relevant standards and certification, including the test procedures for invention. He
also understands manufacturing activities and the needed materials. He has a strong business
management knowledge base in the term of licensing, logistics and so on due to the studies
and working experiences.
Researches show that the external knowledge can help organizations to build
breakthrough inventions (Bapuji, Loree and Crossan 2011, 215). Patent protection is required
as to ensure that invention is always protected. CAD drafting and/ mechanical engineering is
required in order to gather more ideas in completing the T-Line. Leigh obtained legal services,
accountant, contract manufacturer and logistics from the external sources, and hired certified
testing agencies to repeating test and examine on the inventions. Leigh has gained benefits
from the use of small team, such as ensuring proper coordination of legal issue, technical and
market requirements through the close overview of all business knowledge. Small team has
raised the Meridian capability in responding to changing needs of market with easily. This
has been done through streamlined the decision making process.
The understanding and use external knowledge for business operation is recognized as
absorptive capacity (Escribano, Fosfuri and Tribo 2009, 99). Firm knowledge base is relying
on its role of absorption plays effectively when the flows of external knowledge are
accessible (Yang, Fang and Lin 2010, 231). Meridian Safety Pty Ltd has involving in many
other projects in safety field, such as transport, handling of materials, building and home
products (Meridian Safety 2012). According to the Leigh’s background and Meridian profile,
it shows that Leigh have identifiable absorptive capacity. Leigh education background
provides insufficient knowledge to manage all areas.
3.3 Collaboration Strategies
In order to well manage the new product process and developments of capacity,
organizations need to evaluate their collaboration strategies as inventions always have short
life cycle (Yuan, Shen and Ashayeri 2010, 647). In order to expand distribution capabilities,
Leigh has partnered with major distributors in each of the territory. This partnership is
through compliance and knowledge from local market. Generally, Leigh manages the
different key distributors in charge in different market segments. Leigh set up presence of
Meridian Safety in the major markets for distributor in easily managing and maintaining the
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
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stock levels regionally. Leigh avoid collaborate with licensing especially involving
distinctiveness due to the bad experience.
Organizations can generate greater economic returns if they introduce inventions
quicker than others. Nevertheless, the rapid changing of technology has forced companies to
rely on external skills and knowledge of technological, and this required a lot of investments.
Therefore Leigh can motive R&D collaboration with the others in order to solve the issues of
capabilities and resources within the firm and to obtain efficiently in the market (Tsai 2009,
765).
Question from the CEO
Yes, Meridian should proceed with patenting improvements to its invention, T-Line
and the other related technologies in order to raising the market share and to ensure its long-
term profitability. Leigh should always concern the changes innovation patent rights. That is
because it has been proved that there is a strong positive relationship between the patent
rights level and changing in innovation patent rights (Allerd and Park 2007, 93). It considered
as vital sources for Leigh as he decided to expand his market globally. Patent system not only
helps to encourage innovations disclosure, it promotes research and development too. If
Leigh continues patenting T-Line, it can stop competitors from duplicating its inventions as
well as gain advantages from it. Due to it is the only innovative product in the market, it can
helps Leigh to gain market share and low imitable of its core competencies assure its long
term profitability.
Management of Innovation 301
4.0 Implementing Innovation
4.1 Managing innovation and operation management
Organization should always view innovation as part of the management process in the
firm context. Product innovation involves various factors performing independently a
regularly affecting one another. The innovation management process builds up the creative
firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).
Pearson’s uncertainty map
Figure 4.1 Pearson’s uncertainty map
Uncertainty management is the central trait of innovation management process.
Figure 4.1, Pearson’s uncertainty map analyze and identify
uncertainty. The framework divided the uncertainty into two dimensions which are
uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for
T-Line, it can be place in the quadrant 4, which
technical capabilities where the inventive performances of Leigh project is very certainty.
Leigh close communicate with his distributors in every regions as to give input about the
market opportunities and other
existing inventions and producing new products
market penetration through offering solution
his consumers. Leigh planned to build up an effective distribution capabilities within his
entire markets with supporting or complementary inventions. Leigh consider possible
mergers and/ acquisitions for the T
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
Implementing Innovation
Managing innovation and operation management
Organization should always view innovation as part of the management process in the
firm context. Product innovation involves various factors performing independently a
regularly affecting one another. The innovation management process builds up the creative
firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).
Figure 4.1 Pearson’s uncertainty map (Trott 2008, 78)
Uncertainty management is the central trait of innovation management process.
Figure 4.1, Pearson’s uncertainty map analyze and identify the process of innovation and its
uncertainty. The framework divided the uncertainty into two dimensions which are
uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for
it can be place in the quadrant 4, which is combining market opportunities with its
technical capabilities where the inventive performances of Leigh project is very certainty.
Leigh close communicate with his distributors in every regions as to give input about the
market opportunities and other emerging or competing technologies in order to improve
existing inventions and producing new products. Leigh is currently concentrated
market penetration through offering solutions to his major markets and applications as well as
. Leigh planned to build up an effective distribution capabilities within his
entire markets with supporting or complementary inventions. Leigh consider possible
mergers and/ acquisitions for the T-Line growth to develop a completely new product for the
Tricia Yoon Suk Juan 14909366
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Organization should always view innovation as part of the management process in the
firm context. Product innovation involves various factors performing independently and
regularly affecting one another. The innovation management process builds up the creative
firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).
2008, 78)
Uncertainty management is the central trait of innovation management process.
the process of innovation and its
uncertainty. The framework divided the uncertainty into two dimensions which are
uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for
is combining market opportunities with its
technical capabilities where the inventive performances of Leigh project is very certainty.
Leigh close communicate with his distributors in every regions as to give input about the
in order to improve
concentrated in ensuring
s to his major markets and applications as well as
. Leigh planned to build up an effective distribution capabilities within his
entire markets with supporting or complementary inventions. Leigh consider possible
Line growth to develop a completely new product for the
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
12
market in order to raise its market position. With the dramatic effect in market, Leigh faced
challenges for T-Line growth and future planning, which include sufficient funds to expand
the business and capabilities of production in responding quickly to market demand.
Organisational characteristics that facilitate innovation
Organizsational requirement Characterized by
1. Growth orientation A commitment to long-term growth rather than short-
term profit
2. Organisational heritage and innovation experience Widespread recognition of the value of innovation
3. Vigilance and external links The ability of the organisation to be aware of its threats
and opportunities
4. Commitment to technology and R&D intensity The willingness to invest long-term development of
technology
5. Acceptance of risks The willingness to include risky opportunities in
balanced portfolio
6. Cross functional cooperation and coordination within
organisational structure
Mutual respect among individuals and a willingness to
work together across functions
7. Receptivity The ability to be aware of, to identify and to take
effective advantage of externally developed technology
8.Space for creativity An ability to manage the innovation dilemma and
provide room for creativity
9. Strategy towards innovation Strategic planning and selection of technologies and
markets
10. Coordination of a diverse range of skills Developing a marketable product requires combining a
wide range of specialised knowledge
Management of Innovation 301
Table 4.1 Summary of the organisational characteristics that facilitate the innovation
According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it
is likely to be in innovation and t
and prepare for long term profits. Meridian company owns strong technological capabilities
and its culture is build to encourage the recognition of innovation value. The small teams and
departments in Meridian are willing to cooperate where they willing to work together and
share ideas among each others. The willingness to knowledge sharing is important which it
can build close communication, boost up the production process as well as good decision
making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D
intensity and technology which include intellectual knowledge in science, engineering and
technologies. Leigh has no formal R&D programs currently, its changes are consistentl
reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology
into planning portfolio to select proper markets and technologies. Meridian combines
expertise skills and knowledge, let the information flow freely and manages t
effectively to ensure that it lies at the central of innovation performances. Leigh seeks
engagement with expertise consultants as a vital issue for his design and assembly
optimization.
4.2 New Product Development
New product development as a
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
ummary of the organisational characteristics that facilitate the innovation
process (Trott 2008, 84)
According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it
is likely to be in innovation and they believe that innovations offer opportunities for growth
and prepare for long term profits. Meridian company owns strong technological capabilities
and its culture is build to encourage the recognition of innovation value. The small teams and
s in Meridian are willing to cooperate where they willing to work together and
share ideas among each others. The willingness to knowledge sharing is important which it
can build close communication, boost up the production process as well as good decision
making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D
intensity and technology which include intellectual knowledge in science, engineering and
technologies. Leigh has no formal R&D programs currently, its changes are consistentl
reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology
into planning portfolio to select proper markets and technologies. Meridian combines
expertise skills and knowledge, let the information flow freely and manages t
effectively to ensure that it lies at the central of innovation performances. Leigh seeks
engagement with expertise consultants as a vital issue for his design and assembly
New Product Development
New product development as a strategy growth
Figure 4.2.1 Ansoff matrix
Tricia Yoon Suk Juan 14909366
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ummary of the organisational characteristics that facilitate the innovation
According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it
hey believe that innovations offer opportunities for growth
and prepare for long term profits. Meridian company owns strong technological capabilities
and its culture is build to encourage the recognition of innovation value. The small teams and
s in Meridian are willing to cooperate where they willing to work together and
share ideas among each others. The willingness to knowledge sharing is important which it
can build close communication, boost up the production process as well as good decision
making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D
intensity and technology which include intellectual knowledge in science, engineering and
technologies. Leigh has no formal R&D programs currently, its changes are consistently
reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology
into planning portfolio to select proper markets and technologies. Meridian combines
expertise skills and knowledge, let the information flow freely and manages the knowledge
effectively to ensure that it lies at the central of innovation performances. Leigh seeks
engagement with expertise consultants as a vital issue for his design and assembly
Management of Innovation 301
Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff
combining two major elements, which are increases in both market and product opportunities.
New product development (NPD) is one of the strategies to promote improved or new
product to existing markets (Weiss 1991, 122).
Pipeline, which is the fu
In order to successfully increase his company market share, Leigh plans to offer alternative
models for different segments as in low
product is afforded by all customers. In this future development, Leigh plans to offer further
specific invention providing for expertise appliances which include off
environmental and so on.
Network Model of NPD
Figure 4.2.2 A network model of
Network model highlights the external relationships associated with the internal
performances to contribute into the successful product development. Research showed that
these external associations can help extra knowledge runs in the firms and therefore
improving the process of product development.
opportunities in the market and product.
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff
combining two major elements, which are increases in both market and product opportunities.
New product development (NPD) is one of the strategies to promote improved or new
product to existing markets (Weiss 1991, 122).
which is the future development that planned by Leigh for growing the firm.
In order to successfully increase his company market share, Leigh plans to offer alternative
models for different segments as in low-, medium- and high-price range to make sure that the
s afforded by all customers. In this future development, Leigh plans to offer further
specific invention providing for expertise appliances which include off
Figure 4.2.2 A network model of NPD
Network model highlights the external relationships associated with the internal
performances to contribute into the successful product development. Research showed that
these external associations can help extra knowledge runs in the firms and therefore
mproving the process of product development. NPD actually is the process of identifying the
opportunities in the market and product. In the case studies, Leigh takes external acquisition
Tricia Yoon Suk Juan 14909366
14
Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff through
combining two major elements, which are increases in both market and product opportunities.
New product development (NPD) is one of the strategies to promote improved or new
planned by Leigh for growing the firm.
In order to successfully increase his company market share, Leigh plans to offer alternative
price range to make sure that the
s afforded by all customers. In this future development, Leigh plans to offer further
specific invention providing for expertise appliances which include off-shore, explosive,
Network model highlights the external relationships associated with the internal
performances to contribute into the successful product development. Research showed that
these external associations can help extra knowledge runs in the firms and therefore
NPD actually is the process of identifying the
In the case studies, Leigh takes external acquisition
Management of Innovation 301
as well. He engages with major industries such as trucking, transport
others in order to identify the market opportunities.
Generation of business opportunities
The second activity in the NPD process is generating the business opportunities. In
the NPD process, it helps to gather the useful business
developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new
product ideas can come out from many bases.
Figure 4.2.3 Sources of business opportunity
Leigh’s ideas for the business opportunity are basically from the existing products in
the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he
studied safety system users in order to identify useful product ideas. He generated the id
from the unmet demand in the market.
IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology
which to transmit technology to the firm.
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
as well. He engages with major industries such as trucking, transport, chemical transport and
others in order to identify the market opportunities.
Generation of business opportunities
The second activity in the NPD process is generating the business opportunities. In
the NPD process, it helps to gather the useful business opportunities which could logically be
developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new
product ideas can come out from many bases.
Figure 4.2.3 Sources of business opportunity (Trott 2008, 523)
the business opportunity are basically from the existing products in
the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he
studied safety system users in order to identify useful product ideas. He generated the id
demand in the market. Besides, the working experience on Woodside’s LNG
IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology
which to transmit technology to the firm.
Tricia Yoon Suk Juan 14909366
15
, chemical transport and
The second activity in the NPD process is generating the business opportunities. In
opportunities which could logically be
developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new
Trott 2008, 523)
the business opportunity are basically from the existing products in
the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he
studied safety system users in order to identify useful product ideas. He generated the ideas
Besides, the working experience on Woodside’s LNG
IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology
Management of Innovation 301
Screening of business opportunities
Figure 4.2.4 Process of screening business opportunities
In the screen opportunities process, a firm is going to evaluate and select the most
potential opportunities that can help in its NPD
screening process, firm must has the ability to identify which product is possible to achieve.
Market research can help in decision making through providing useful information. Initial
screen and entry screen are to evaluate the ideas. Firms usually use pr
technical and marketing, and comparing to the strategic opportunity. Customer screen is
taking informal discussion with some potential users. However, concept testing is the hardest
part where customers always have problems in per
concept without learning. In the term of technical screen and testing, it is a process from
making phone calls to technical specialist, broad analysis from in
For final screening the ideas, it can be carried through assessment program or scoring models.
The most optimal result of the particular idea will be conducted by the firm. Last is the
business analysis which involving the construction of technological plans, marketing plans
introduction, estimated budgets and financial analysis.
Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
opportunities
Figure 4.2.4 Process of screening business opportunities
In the screen opportunities process, a firm is going to evaluate and select the most
potential opportunities that can help in its NPD (Entrepreneur 2003). In the first stage of
screening process, firm must has the ability to identify which product is possible to achieve.
Market research can help in decision making through providing useful information. Initial
screen and entry screen are to evaluate the ideas. Firms usually use practicability test both in
technical and marketing, and comparing to the strategic opportunity. Customer screen is
taking informal discussion with some potential users. However, concept testing is the hardest
part where customers always have problems in performing toward a completely new product
concept without learning. In the term of technical screen and testing, it is a process from
making phone calls to technical specialist, broad analysis from in-house R&D and third party.
it can be carried through assessment program or scoring models.
The most optimal result of the particular idea will be conducted by the firm. Last is the
business analysis which involving the construction of technological plans, marketing plans
on, estimated budgets and financial analysis.
Tricia Yoon Suk Juan 14909366
16
Figure 4.2.4 Process of screening business opportunities
In the screen opportunities process, a firm is going to evaluate and select the most
. In the first stage of
screening process, firm must has the ability to identify which product is possible to achieve.
Market research can help in decision making through providing useful information. Initial
acticability test both in
technical and marketing, and comparing to the strategic opportunity. Customer screen is
taking informal discussion with some potential users. However, concept testing is the hardest
forming toward a completely new product
concept without learning. In the term of technical screen and testing, it is a process from
house R&D and third party.
it can be carried through assessment program or scoring models.
The most optimal result of the particular idea will be conducted by the firm. Last is the
business analysis which involving the construction of technological plans, marketing plans
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
17
Question from the CEO
Proper technical infrastructures and support systems are vital in making the process of
innovation to be effective and efficient. Therefore, future development for pipelines should
be prioritized in technology and R&D (Bhabha 2006-2007). Developing, examining and
promoting new product require lots of technology used and R&D. Discovering for new and
advanced technologies can help in generating ideas as well as inventing new product. Leigh
has to update in market product range in order to guarantee the success in product innovation.
Leigh can differentiate technology used in the products as well as the market segments.
Besides, invest in R&D is a vital issue for innovative firms in commercializing new product.
R&D can help Leigh in gathering and analyzing a pool of ideas and repeat testing to conduct
the most optimal and useful knowledge in producing the Pipelines. In the development for
Pipeline, Leigh should focus on increasing the market share through offering different price
ranges to the different market segments. This can be the competitive advantage for Leigh to
compete with others.
5.0 Conclusion and recommendation
In conclusion, this report is discussed based on Meridian Safety Pty Ltd’s signature
invention, T-Line safety system which is a fall prevention device that allows users to move
both vertically and horizontally. Based on the patenting question, this report recommend that
Leigh to keep improving on product and technologies in order to raise the market share and to
ensure long term profitability. Patent encourages innovation studies have been carried out to
support the recommendation. Patent helps through expanding global market; promote R&D
as well as ensure that no any imitable products in the market. For the future development
pipeline, it suggest that Meridian should focus on technology and R&D in order to gain extra
knowledge, generate ideas, analyze ideas and implement it into the innovative production to
increase its market position. The proposed recommendations are help to giving a brief idea of
benefits that will be gained from the strategies.
Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366
18
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