Description And Justification Of Innovation

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Description And Justification Of Innovation

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Description And Justification Of Innovation

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Question:
Discuss about the Description and Justification of Innovation.

Answer:

Innovation is the process of taking up new ideas or bringing about changes in an already existing business in order to adhere to the existing trends and patterns existing in the market or to cater to the changing demands and tastes and preferences of the customers (Drucker 2014). In case of a new business which is to be started in order to fill a demand gap existing in the market, innovation involves the use of a new idea that makes the lives of the customers better and fills up the demand gap they are facing.
In this particular case, the business idea or innovation is to fill up the demand gap existing in the context of the patients’ lives. Immediate Doctor is being created in order to make it easier for the patients to locate doctors in close proximity especially in case of urgent and emergency situations. This will effectively be done with the help of an online portal that will help the patients to contact doctors after locating them online. The firm will also take up additional responsibilities of transferring the patient to the hospital immediately if he or she is detected to be in a vulnerable state or situation. This is definitely a successful example of the exploitation of new ideas and innovation.
The concepts of planning innovation are used in building of this business plan. This can be justified with the help of the various concepts prescribed and used within the plan. These include the concepts of value propositions, the target customers, the channels, the customer relationships, the revenue streams along with the cost structures which help in strategizing and planning out the different steps efficiently. This plan also includes an estimated financial analysis which provides an approximation of the expected expenditures, investments and costs that the firm is going to incur (Henry 2016). This is underlying the concepts of funding innovation wherein the ideas of investment are also produced to increase the accountability and validity of the plan.
The plan essentially also enlists the worth and benefits of the service that they are intending to provide. It also includes the various resources that it will need not only to start nut to carry put all the steps for establishing the business efficiently. Further in the context of using the concept of using funding innovation, the plan also lists the decisions and strategies of partnering with other firms in order to expand or reduce the threats posed by competition and rivalry. The plan also enlists the critical success factors that help in justifying the authenticity of the plan and the worth and importance of the innovation used.
In order to conclude the justification, it can be asserted that this business plan is efficient and effective in terms of the innovation presented in the plan. This is so because the idea is new and caters to the effective demand gap existing in the health care sector for the customers. The plan vividly describes the various components that are to be addressed and exploits new ideas in terms of both funding and planning.

References
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Henry, G.F., 2016. Funding innovation: Moving the business forward. Surgery, 160(5), pp.1135-1138.

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