ELECTRONIC ASSIGNMENT COVERSHEET

Course/Unit Information
Qualification Pearson BTEC Level 5 Higher National Diploma in Business
Unit No and Name Unit 8 Innovation and Commercialisation
Unit Code D/618/5042
Validity Date January 2024 to December 2024
Batch Onsite Batch

Instructor Information
Name Jessica Pius
Email ID [email protected]

Contact Number +971 52 401 6254

Assignment Information
Schedule Code
Full/ Part Assignment Full Assignment
Date Assignment Issued 12/02/2024
Date Assignment Due 11/03/2024

Student Information
(To be filled by the student prior submitting the assignment)
Name Esrat Jahan
Student ID
Email ID [email protected]
Date of Submission 17/03/24

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 Student Declaration

I, ______Esrat Jahan_______________ hereby confirm that this assignment is my own

work and not copied or plagiarized. It has not previously been submitted as part of any
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Student Name : Esrat Jahan

Date : 17/03/24

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 Achievement Feedback Summary

Assessor’s Name Jessica Pius

Grades
Pass Merit Distinction
Awarded

LO1 Investigate how innovation is sourced and supported within different types of organisations

M1 Analyse the ways in P1 Achieved/

P1 Discuss the ways in which
which innovation is sourced Not Achieved
different organisations source
and supported within different
and foster innovation, using
organisation environments M1 Achieved/
specific examples.
and cultures. LO1 and LO2 Not Achieved

LO2 Explore the processing of different types of innovation D1 Critically analyse how
within organisations innovation is successfully
developed and embedded
in different organisational P2 Achieved/
contexts. Not Achieved
P2 Differentiate between M2 Analyse how different
different types of innovation types of innovation are M2 Achieved/
and how they are processed successfully processed within Not Achieved
within organisations. different organisation settings
D1 Achieved/
Not Achieved

LO3 Apply the process required to commercialise innovation within an organisation

P3 Produce a detailed business M3 Produce an evidence P3 Achieved/

case for innovation for an based business case analysis Not Achieved
organisation, including risks, for innovation that
benefits and ways to access emphasises the business value LO3 and LO4 M3 Achieved/
funding. for potential investment. Not Achieved
D2 Produce a
LO4 Evaluate the range of methods for protecting commercially driven
innovation within organisations. business case for
 P4 Achieved/
M4 Critically evaluate the
Not Achieved
P4 Evaluate the different different tools that organisations
tools that organisations can can use to develop, retain and
M4 Achieved/
use to develop, retain and protect knowledge and
innovation, including an Not Achieved
protect knowledge and intellectual property in the
action plan for
intellectual property. context of the wider business
development and methods D2 Achieved/
environment.
for its successful protection Not Achieved
in the context of the wider

[To Achieve a PASS, all P grade

PASS/ descriptors should be achieved; To Date:
MERIT/ achieve a MERIT, all P and M grade
Overall Result/Grade DISTINCTION/ descriptors should be achieved; To
REDO achieve a DISTINCTION, all P, M
and D grade descriptors should be
achieved.]

Summative Feedback:

Overall Feedback on current

work with emphasis on how
the student can improve and
achieve higher grades in
future.
 GENERAL GUIDELINES
(Please read the instructions carefully)

1. Complete the title page with all necessary student details and ensure that the signature of
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Assignment title Innovation Business Case

LO 01 Investigate how innovation is sourced and supported within different types of organisations

LO 02 Explore the processing of different types of innovation within organisations

LO 03 Apply the process required to commercialize innovation within an organisation

LO 04 Evaluate the range of methods for protecting innovation within organisations.

Scenario:
The learner is requested to choose two organizations which are innovative and address the questions
below, with adequate examples from the chosen organizations that foster innovation.
Task 1 – Review of Innovation strategies
 Discuss and analyze the ways in which different organizations source and foster innovation, in their
environments and cultures, using specific examples.
 Differentiate between different types of innovation and analyse how they are processed within
different organization settings citing examples.
 Based on the above discussions, critically analyze how innovation is successfully developed and
embedded in different organizational contexts.

Task 2 – Business Case for Innovation:

Scenario:
You have been hired as the Innovation Consultant for the government and have been asked to come
up with a commercial solution that will not only enhance the quality of people’s lives but also help
generate business. Innovation has become the necessity of most companies to survive and retain
competitive advantage. Innovation should be able to give the company USP and also make it
sustainable in the long term. The government has advised you to submit a report on any specific area
of innovation such as innovation for sustainability or any other area in the public domain where your
innovation might be beneficial for the society.
 Produce a detailed commercially driven business case for innovation that includes an action plan for
development and methods for its successful protection in the context of the given scenario. You must
include in the action plan areas that discuss plausible risks, benefits and ways to access funding,
support it with an evidence-based business case analysis for innovation that emphasizes the business
value for potential investment.
 Critically evaluate the different tools that can be used to develop, retain and protect knowledge and
intellectual property keeping the given scenario as a frame of reference.

Submission Format

The submission on the LMS is in the form of an individual written report. This should be written in a
concise, formal business style using single spacing and font size 12. You are required to make use of
headings, paragraphs, and subsections as appropriate, and all work must be supported with research and
referenced using the Harvard Referencing System. Please also provide a Reference List using the Harvard
Referencing System. The recommended word limit is 3500 to 4500, although you will not be penalized for
exceeding the total word limit.

Recommended Resources:

Textbooks:
BESSANT, J. and TIDD, J. (2016) Innovation and Entrepreneurship. 3rd Ed. Oxford: Wiley.
MATTHEWS, C. and BRUEGGEMANN, R. (2015) Innovation and Entrepreneurship:
A Competency Framework. London: Routledge.
TROTT, P. (2017) Innovation Management and New Product Development. 6th Ed.
Harlow: Pearson.
VALIKANGAS, L. and GIBBERT, M. (2015) Strategic Innovation: The Definitive Guide toOutlier
Strategies. London: Pearson FT Press.

Websites
www.biginnovationcentre.com Big Innovation Centre Media and Press (General reference)
www.innovationmanagment.se Innovation Management Articles (General reference)
www.thenextweb.com Next Web News (General reference)
www.trendhunter.com Trend Hunter Content Ideas Insights Trends (Articles)

Innovation
A new and practical product, service, business plan, or approach is considered innovative.
According to Schumpeter's concept, innovation includes technological advancements such as
creating new goods or services or employing approaches or resources that are new for
businesses. The primary idea is that those who adopt new techniques or procedures first are
innovators, while others who adopt them later are followers (Tohidi and Jabbari, 2012).
Commercialization
Commercialization is the process of introducing novel concepts, goods, or technology to the
market and transforming them into profitable operations. Researching the market, developing
products, promoting, selling, distributing, and scaling up operations are some of the tasks
involved. A thorough grasp of consumer behavior, market dynamics, the competitive
environment, and efficient execution techniques are necessary for successful
commercialization.

TESLA

Established in 2003, Tesla has transformed the automobile industry with its innovative
electric vehicles, acclaimed for their cutting-edge technology and eco-friendliness. Beyond
cars, Tesla has also released cutting-edge solar goods like solar panels and solar roof tiles, as
well as energy storage devices like the Powerwall and Powerpack, all of which work together
to provide complete renewable energy solutions. With a mission to hasten the worldwide
switch to sustainable energy, Tesla's unwavering commitment to innovation is helping to
accelerate the global uptake of clean energy solutions.
How does Tesla foster Innovation?
Tesla encourages innovation by utilizing several key strategies and practices:

a. Innovation Culture: Tesla builds a culture that encourages technical innovation,

providing the business a competitive edge in the electric vehicle market, by
maximizing employees for innovative and creative behaviors. Workers are given the
freedom to question the existing quo and explore innovative concepts, creating an
atmosphere that is favorable to innovation. The corporate culture of Tesla drives the
company's expansion and strategic success in the international market for solar,
battery, and electric car products (Meyer, 2023)

b. Effective Team Working: According to neither Solar City nor Tesla encountered any
work stoppages, because it hired a combined total of 30,025 new employees, claims
that Tesla and Space X work together in the R&D department. They are highly
technological and scientifically advanced, and this enables them to innovate. With 37
global locations, Tesla engages in 1,300 team projects worth $70 million, focusing on
technology, finance, research, and marketing, particularly in community resilience,
health, and education. Partnerships with companies like Lotus and Panasonic enable
Tesla to produce innovative vehicles. These strategies make Tesla one of the world's
most innovative companies (Qin, 2022).

c. Investing in Research and Development (R&D): Tesla makes major expenditures on

research and development. To promote innovation throughout all of its product lines,
the firm is always testing new concepts, coming up with fresh ideas, and improving
upon already-existing products. By 2022, Tesla was spending close to US$3.1 billion
on research and development (Carlier, 2023). In 2022, Tesla's cars had among of the
best battery life.

d. Open-Source Philosophy: In 2014, Tesla made a bold decision to make its patents
available to the public in an effort to promote cooperation and innovation in the
electric car sector. Tesla's CEO, Elon Musk, said that the business aimed to create a
common, quickly developing technological platform and remove obstacles to the
adoption of electric vehicles (Musk, 2014). By using this strategy, Tesla has also been
able to gain access to outside ideas and innovations, which has improved its product
lineup and broadened its market reach.

7 SOURCES OF INNOVATION
 a. The Unexpected: Unexpected successes, failures, or even organizational occurrences
can serve as sparks for creative thought processes that lead to innovative ideas.

b. The Incongruity: A conflict between what is and what is expected to be is called

incongruity. Because it draws comparisons between what is and what other people
want it to be, it may be a terrific place to find innovative ideas. The gap between
customers' real and perceived expectations is perhaps the most common incongruity
of all.

c. Innovation based on Process Needs: Practical opportunities for innovation arise from
the weak points in your organization's workflows. Process-driven innovation is more
task-oriented than situation-oriented. It strengthens the weak points, improves the
outdated procedures currently in place, and enhances the current ones.

d. Changes in industry structure and market structure: The structure of the industry or
market is always changing, which may lead to great opportunities for innovation so
that businesses can quickly adapt.

e. Demographics: Changes in population number, age distribution, employment, income,

and education are all considered demographic changes. These shifts offer a variety of
opportunities for innovation and are trustworthy predictors of future trends. Demand
for innovative goods and services is driven by the changing demands of each
generation, which also affects target markets, product distribution, and market
dynamics.

f. Changes in Perception: Technological developments change people's perceptions of

brands, goods, and industries. Similar to the "glass half full/half empty" dilemma,
perception adjustments frequently depend more on attitude than fact. Shifting from a
"half empty" to a "half full" viewpoint unleashes great potential for innovation.

g. New Knowledge: New concepts constantly add to the pool of knowledge, fostering
innovation. Scientific and technical advances are essential sources of knowledge-
based innovation, even though it takes time and convergence to occur. Applying new
information involves several organizational aspects, such as utilizing technology to
enhance operations and customer service.

Importance of Vision, Leadership, Teamwork and Culture in developing an Organization

Vision Leadership
A vision statement directs strategic planning The process of guiding team members in an
and provides an insight into the future of organization toward the accomplishment of
your business, mostly for the benefit of objectives is known as leadership. A group's
 workers. It's a dream built on your or organization's overall performance and
combined experiences and efforts rather productivity depend on having effective
than a full blueprint. It's important for leadership. Effective leaders can formulate a
coordinating corporate plans even if it goal and a strategy for achieving it, and they
doesn't provide a step-by-step guide. The can articulate this goal in a way that
vision statement serves as a guide as your encourages and inspires others to strive
business develops, making sure that your toward it. Additionally, they can develop a
initial goals are still met. It facilitates collaborative and happy work environment,
decision-making, draws in talent, keeps which may boost morale and boost output
one's attention, and more (Moran, 2019). (Baker, 2023).
Teamwork Culture
In a variety of industries, teamwork is Company performance is significantly
essential to organizational success because impacted by organizational culture, which is
it promotes efficiency, effective characterized by common beliefs and
communication, problem-solving skills, behaviors. It creates an internal identity by
quick workflow, peer learning, and a sense encouraging employee advocacy and acting
of belonging. Enhancing employee in a way that reflects key values. Top talent
interactions and guaranteeing shared is drawn to and kept in a favorable culture,
accountability leads to higher results and a which also fosters cooperation and improves
happier workplace. Through collaboration, performance. Maintaining alignment with
staff members may take use of their core principles increases retention and
aggregate experience, which improves guarantees employee well-being. In the end,
performance and fosters innovation inside culture drives performance and success by
the company (Padhi, 2019). transforming an organization into a cohesive
team (Moseley, n.d.).
Introduction to 2nd company

GM MOTORS
Global automaker General Motors (GM) is based in Detroit, Michigan, in the United States.
GM, which was established in 1908, is well known for its invention in both conventional and
electric car technology. Globally active, General Motors (GM) manufactures a variety of
automobiles under the names Buick, GMC, Cadillac, and Chevrolet. GM leads the way in the
development of electric cars, pushing sustainable transportation solutions globally with a
particular emphasis on EV technology.

How is Tesla and GM Motors different from each other in terms of Innovation?
Aspect Tesla GM Motors

Innovation Focus Mostly concentrated on Broad focus on innovation,

 technologies related to autonomous encompassing not only electric
driving, renewable energy sources, cars but also conventional cars,
and electric cars. driverless vehicles, and advanced
safety measures.

Corporate Culture Encourages disruptive innovation Embraces innovation while putting

and promotes an entrepreneurial an emphasis on research and
culture of risk-taking. development within a more
traditional business culture.

Speed Of Known for rapid development Generally follows more traditional

Development cycles and frequent update to timeline for newer models and
products. technologies.

Manufacturing Focuses on vertical integration Utilizes a mix of in-house

Approach strategy with many components like manufacturing and partnerships
battery and energy storage produced with suppliers like Strobe.
in-house

Comparison of Innovation Types between Tesla and GM Motors

Types of Innovation Tesla GM Motors
Incremental Innovation Tesla has consistently pursued Developing charging
incremental innovations in EV infrastructure, adding cutting-
cars by enhancing battery edge technology to vehicles,
efficiency and extending and diversifying GM's EV
driving range. Over time, Tesla portfolio across market
has consistently decreased the segments are all part of the
price of its cars while also company's incremental
increasing battery performance. innovation approach. With an
The "4680" battery is one emphasis on safety,
example of one such accessibility, and affordability,
innovation. Tesla strategically initiatives such as BrightDrop
meets consumer demand while concentrate on creative
advancing incremental changes solutions for last-mile delivery
in their battery program (Peng, in order to serve a variety of
2024) market sectors and gain the
confidence of customers
(General Motors , 2022)
Architectural Innovation Tesla's architectural innovation Architectural innovation is
 covers both product and practiced by General Motors
process sectors. Tesla's Battery (GM), which focuses on
Electric Vehicle (BEV) system building new vehicle platforms
exceeds the criteria, in contrast and combining modern
to conventional automotive technology to evolve product
norms. This promotes dynamic architecture. Streamlining
organization and quick product supply chain management and
development that is centered on manufacturing are examples of
continual improvement. In the process innovation. Enhancing
realm of sustainable mobility, safety, accessibility,
traditional automakers are put profitability, and serving a
to the test by integrating variety of market groups are the
supporting architecture around goals of these initiatives. The
the product, which guarantees a emphasis and extent of GM's
flawless end-to-end experience approach may vary, reflecting
(Lezama and Juan, 2016) its strategic goals within the
automobile industry.

Radical Innovation Products like Autopilot and the General Motors (GM) is
Cybertruck, which demonstrate implementing radical
Tesla's radical innovation in the innovation by shifting to
automotive sector, disrupt electric automobiles and
established business structures mobility solutions. This
and establish new standards. As includes creating innovative
part of its radical innovation engines, investigating other
approach, Tesla is making its energy sources, and innovative
technology available to the architecture. Although GM is
public to establish industry moving more slowly than
norms and supply the necessary Tesla, it is still making a
infrastructure for upcoming significant impact on the
electric cars (Brinley, 2014). industry with projects like the
Chevrolet Bolt EV and its
investment in driverless car
technology through Cruise
Automation (Brinley, 2014).

Disruptive Innovation Tesla is renowned for While GM Motors has

disruptive innovation in the embraced electric vehicles and
automotive industry, autonomous driving
challenging traditional car technology, its approach is
manufacturers with its electric often seen as less disruptive
vehicles and innovative compared to Tesla's, as it
business model, such as direct- maintains a more traditional
to-consumer sales. dealership model and caters to
a broader market segment.
Task 2
Design Thinking
In order to produce and create innovative company concepts or whole business models,
Design Thinking is a comprehensive customer-oriented innovation strategy. Design
Thinking aims to transfer the techniques and methods of designers onto business processes
(Christian & Roterberg, 2021).

How does Tesla apply Design Thinking?

Design thinking creates products with the requirements of the consumer in mind. One may
characterize it as a customer-focused innovation. Design thinking is a concept that Tesla has
adopted. Tesla is a firm believer in redesigning a car around its energy source (electric) and
driver (using artificial intelligence). It considered the car's possible impact on the
environment rather than the Tesla as a vehicle in isolation. EVs are much more than just
vehicles. It has to do with making the earth sustainable. It considered electric vehicles (EVs)
as something that can alter ecosystems rather than just being a part of them (Ahmad & Khan,
n.d.).

The following are some ways Tesla has implemented design thinking

a. Iterative Prototyping: One of the key elements of Tesla's design thinking approach is
iterative prototyping. They use feedback loops and several iterations to constantly
improve and enhance their designs. Tesla refined their ideas beginning with the
Roadster, their first vehicle to go into production. They achieved notable
breakthroughs in battery technology, range, and charging capabilities.

b. Sustainable Technology: A key principle of Tesla's design thinking process is

sustainability. They integrate sustainable technology into every part of their cars, not
only the electric power system. This entails creating durable, high-capacity lithium-
ion battery packs and making investments in renewable energy sources. To further
reduce their carbon impact, Tesla's battery production facilities, known as
Gigafactories, use renewable energy sources.

c. Exceptional user experience and sleek design are also crucial components of Tesla's
use of design thinking. Their cars have modern technological interfaces, simple
interior design, and easy-to-use controls. Tesla eliminated the myth that driving an
electric car had to sacrifice design or aesthetics in favor of sustainability and luxury.

Overall, by thoroughly analyzing consumer demands, iterating designs, including sustainable

technology, emphasizing elegant design and user experience, and investing in charging
infrastructure, Tesla's application of design thinking has completely changed the car industry.
Their success is encouraging a cleaner future in addition to making electric vehicles more
common.
New Product Development (NPD)

The process of turning a concept into a software product that can be used is known as new
product development. The goals of the New Product Development (NPD) process are to
provide functional software, assess the idea's viability, and seize the market opportunity that
centers around customer demands.

The following are the 7 stages of NPD (Singh, 2022) :

1. Idea Generation: Concentrate on pinpointing issues faced by customers and

generating raw ideas. Emphasize understanding personal issues, defining each issue,
developing solutions, and reducing possibilities by applying techniques such as
Upgrade, Replicate, and Re-Purpose.

2. Idea screening: Assess every idea and select the most feasible one. Use proof of
concept; emphasize technically workable ideas; engage industry experts in SWOT
analysis.

3. Concept Development and Testing: Produce an in-depth version of the idea, calculate
the gain/pain ratio, study competitors, identify the key characteristics of the product,
make a value proposition chart, and test the idea with a small group of clients.

4. Market Strategy/Business Analysis: Create a marketing plan based on McCarthy's 4Ps

(Product, Price, Promotion, Placement), assess the potential of the market, and
establish prices using methods that are either cost- or market-focused.

5. Product Development: Create a visualization prototype, then go on to a Minimum

Viable Product (MVP) that emphasizes incremental and iterative development
utilizing agile approaches.

6. Deployment: Employing DevOps techniques, move from development to a live

environment for the product's deployment. This includes phases such as commit,
build, alpha, beta, and production deployment.

7. Market Entry/Commercialization: Use a range of marketing techniques, such as

pitching ideas rather than products, creating a distinctive brand voice, and holding
engaging webinars, to draw in and keep clients. For commercialization to succeed in
the market, it also entails making sure that marketing and communication are done
well.
Developing innovative solution
You can do the following actions to come up with creative solutions (AcceptMission, 2021):

1. Identify the Problem:

 Clearly define the issue and recognize its importance.
 Choose a problem to solve while keeping the needs of the client in mind.
 Clearly define your goals and the intended audience.

2. Study the Problem:

 Examine the elements that are causing and worsening the issue.
 Determine the underlying reasons and the effects they have.
 Evaluate development potential and alignment with company goals.
 Determine prospective clients and revenue objectives.
 Assess the market's current offerings and any possible limitations.

3. Gather Ideas:
 Examine previous approaches to the problem to prevent repetition.
 Ask for suggestions from a range of stakeholders, including as associates, clients,
and staff.
 Establish a cutting-edge culture that rewards imagination and boldness.
 Establish locations and processes for submitting ideas.
 Encourage team members to be accountable and cooperative.

4. Choose the Best Concepts:

 Align concepts with both innovation and strategic aims.
 Assess the possible ROI and sustainability over the long run.
 Think about timelines and the ideas' scalability.
 Give ideas with achievable timescales, a favorable return on investment, and
strategic alignment priority.

5. Test Out Your Best Ideas:

 Methodically test concepts to find errors and get input.
 Integrate insights early on in the development process to save money on
adjustments down the road.
 Accept failure as a chance for growth and improvement.
 Experiment to adjust to changing client preferences.
 Experiment with various aspects and technology to speed up invention.

INNOVATION FUNNEL
Organizations utilize an organized procedure called an innovation funnel to gather, filter
through, and prioritize ideas before moving them forward for implementation and growth. It
involves carefully evaluating a never-ending flow of concepts, determining which are
feasible, and choosing the most promising ones to move on through many phases into
commercial launch.

The key elements of innovation funnel include (Cuofano, 2024)

Idea Generation: Generating a wide range of ideas is the first step in the funnel. Companies
frequently utilize open innovation platforms, surveys, crowdsourcing, and brainstorming
sessions to collect ideas from partners, consumers, and staff. Concepts might be associated
with goods, services, procedures, or business plans.
Idea Screening: Ideas are assessed and sorted at this stage in order to determine which have
the greatest potential. Screening criteria might include things like market demand, ROI
expectations, feasibility, and alignment with strategic goals. Promising ideas grow, whereas
those that don't fit these requirements are discarded.
Concept: A few chosen concepts are refined and expanded into prototypes or more complex
concepts. At this stage, to gain a deeper understanding of the concept's practicality and
potential effect, business cases, feasibility studies, and prototypes are designed. The goal of
concept development is to present the innovation's intended functionality a clearer image.
Testing and Validation: Thorough testing and validation are necessary to guarantee that
concepts are workable and capable of producing the desired outcomes. Companies may
conduct small-scale trials, pilot projects, or experiments to evaluate the feasibility and
effectiveness of the idea. Validation helps in locating and resolving any problems or
difficulties.
Implementation: An innovation is prepared for use once it has undergone satisfactory testing.
At this point, the invention must be scaled up, the required resources must be allocated, and it
must be integrated into the organization's daily operations. Depending on the circumstances
in the actual world, the implementation may need modifications and alterations.

Market Launch: Presenting the invention to the target market or market is the last step of the
funnel. To guarantee a successful launch, organizations create marketing strategies,
communication plans, and distribution routes. To further improve the invention, market
reactions, and customer input are continuously tracked.

Tesla’s iterative approach to electric vehicle development, from concept testing to market
launch, demonstrates effective use of the Innovation Funnel in the automotive industry.

Diagram 1.1 provides a simple pictorial representation of the aforementioned elements.

1.1 Source : https://bigbangpartnership.co.uk/how-to-build-an-innovation-funnel-for-
business-growth/

Frugal Innovation

Frugal innovation (FI) is a method of innovation that concentrates on creating innovative

solutions with limited funds, usually aimed toward underprivileged customers in low- to
middle-income nations (LMICs). It places a strong emphasis on developing goods and
services that satisfy basic requirements while being accessible, adaptive, and reasonably
priced. FI is a flexible attitude that focuses on doing more with less by reusing and using
sustainable resources, rather than a novel approach (Hindocha et al., 2021).

The following criteria are used to identify frugal innovation (Hindocha et al., 2021):

Significant cost reductions: FI products and services are significantly less expensive than
mainstream offerings, which increases their accessibility for customers with low purchasing
power.
Core functionalities: FI goods and services provide a strong priority on necessary features
that satisfy consumers' fundamental requirements while emphasizing usability, simplicity,
and significant customer advantages.

Optimized performance level: Despite resource limitations, FI innovations frequently exceed

predetermined quality requirements by achieving the performance level necessary to satisfy
their objectives and local conditions.
Businesses adopt frugal innovation through (Hindocha et al., 2021):

Adopting an entrepreneurial mindset: Businesses place an emphasis on efficiency, creativity,

and resourcefulness while coming up with solutions.

Reinventing business models: FI entails reinventing conventional business models with an

emphasis on underserved markets, frequently using scalable methods and non-traditional
distribution channels.

Integrating sustainability: By minimizing its effects on the environment, making the best use
of its resources, and promoting a more circular economy, FI places a strong emphasis on
sustainability.

Using local resources: Businesses make use of local knowledge and resources to provide
contextually appropriate solutions that cater to the unique requirements and difficulties of
their target markets.

Working together with stakeholders: In order to successfully co-create and execute FI

solutions, organizations work together with stakeholders including social entrepreneurs,
legislators, and communities.

Overcoming Institutional obstacles: In order to promote the acceptance and spread of FI

innovations, organizations must negotiate institutional hurdles such as financing restrictions,
legal limitations, and sociocultural considerations.

Source : https://www.semanticscholar.org/paper/What-pathways-lead-to-frugal-innovation-
%3A-Some-on-%26-Tiwari-Bergmann/4b05dad2dffbb71f1ceb7a1cd9a6fcd29a46c63b
Business Case
An official document that provides an organization's rationale for pursuing a certain project,
initiative, or investment is called a business case. It provides decision-makers, stakeholders,
and investors with a thorough justification by outlining the expected advantages, expenses,
dangers, and possible rewards of the suggested course of action.

Business Case Template

Source : https://www.google.com/search?
q=business+case+template+empty&tbm=isch&ved=2ahUKEwjGiIuIifyEAxUgVaQEHfX6D
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cCegQIABAA&oq=business+case+template+empty&gs_lp=EgNpbWciHGJ1c2luZXNzIGN
hc2UgdGVtcGxhdGUgZW1wdHkyBhAAGAcYHjIGEAAYCBgeSNkLUIYEWLsKcAB4A
JABAJgBpwSgAewJqgEHMi0zLjUtMbgBA8gBAPgBAYoCC2d3cy13aXotaW1niAYB&sc
lient=img&ei=vkn3ZcaxLaCqkdUP9fW7sAw&bih=695&biw=1536&rlz=1C1GCEA_enAE1
019AE1019#imgrc=Jt9S7UrTpRma-M
Applying this to our Tesla innovation: Tesla Home Energy Storage System

Recommendation:

- Keep an eye out for changes in regulations and adjust your strategies accordingly to
avoid unexpected consequences.
- To remain competitive and keep ahead of technical obstacles, make continual
investments in research and development.
- Monitor the state of the market and the actions of your rivals closely to make
necessary adjustments to your pricing and marketing plans.
- Investigate joint ventures with government programs or utility corporations to
promote acceptance and increase market penetration.
 - In order to raise awareness and stimulate demand for the Tesla Home Energy Storage
System, give priority to consumer education and interaction.

Conclusion:
In summary, the Tesla Home Energy Storage System shows a lot of potential in meeting
households' increasing need for sustainable energy options. This project is well-positioned for
success because it has a solid management, strategy, and timetable base and is accompanied
by proactive risk management measures. Staying abreast of market trends, regulatory
environments, and technology developments will allow Tesla to bolster its leadership in
sustainable energy solutions and have a positive impact on a greener future.

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