Identify at least one improvement that could have made to the process of innovation in the sector, and one area of best-practice that other sectors could benefit from emulating.

Apple iPhone and Tesla as an innovation

Characteristics of a strong Option 2

1. The key innovation/s made in the sector that you are going to focus on: A strong report will select some key examples to examine in detail and explain why they were chosen. Focus should be placed on a product or service innovation, but stronger reports may also wish to consider marketing innovations during the analysis in sections 3 and 4. It will consider if the innovation was incremental, radical or transformational, including by providing some context to the status of the wider sector at the time.

2. How the opportunity to innovate was identified: A strong report will sho the innovation for example necessity versus opportunity, experience gaine consider the roe of internal knowledge (such as a firm’s existing capacities (such as knowledge spill over).
w an awareness of the motivation for d in previous employment). It will in R and D) and of external knowledge

3. The development and implementation of the innovation/s: A strong report will consider if the innovation resulted in the foundation of a firm, or if it provided an opportunity for an existing firm to grow. It will consider how the innovation was marketed and, if relevant, how finance was obtained to invest in it. It will consider any failures that may have occurred in the process, as well as successes.

4. Barriers or opportunities for growth resulting from the innovation/s. Drawing on the analysis presented in step 3, a strong report will consider issues such as opportunities for growth arising from creating complementary products. The extent to which particular firms may have set standards in their sector that competitors emulated will be examined. Barriers to expansion, such as access to capital and variation in regulatory context or customer preferences across markets, will be addressed.

5. Conclusion: Identify at least one improvement that could have made to the process of innovation in the sector, and one area of best-practice that other sectors could benefit from emulating. A strong report will show an awareness of the wider significance of the innovation within the context of competition in the sector.

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