M-508-0494 - Innovation and Commercialization - Management Assignment Help

Assignment Task

LO1 Explain the context for innovation and determine the difference between invention and innovation.

P1 Explain innovation and determine its importance to organizations in comparison with invention.

P2 Explain how organizational vision, leadership, culture and teamwork can shape innovation and commercialization.

P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas.

P4Explain developments in frugal innovation and provide examples of how it is used in an organizational context.

M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation.

M2 Analyze and apply the innovation funnel in an organizational context.

M3 Evaluate the role of frugal innovation in an organisational context.

Assignment Title Business Case on Innovation and Commercialization

Case Study: CHICAGO -- 3M Co
Dow Jones Newswires
CHICAGO -- 3M Co. is developing a new type of hybrid power line that can handle as much as three times more electricity than standard wires and may in turn help utilities reduce the number of outages and blackouts.The new power line is also stronger and doesn't sag when heated during the summer months, addressing a problem that has plagued engineers for decades. When power lines are overworked, they expand and can droop onto nearby tree limbs or other objects, sometimes causing an outage.
Sagging power lines in northern Ohio last year were blamed for triggering a series of events that led to the nation's largest blackout, putting some 50 million people in the dark in the Northeastern U.S. and Canada.Utilities are buzzing about 3M's technology because it eliminates the burdensome regulatory hurdles and the high costs associated with siting and building new towers, which have been the typical remedy for easing congestion on the power grid. There are some 158,000 miles of high voltage transmission lines in the U.S.
3M's power line, which became available earlier this year, got a boost in August when Xcel Energy Inc. agreed to use the material as an upgrade to a 10-mile section of the utility's transmission wires in Minnesota. Xcel Energy, of Minneapolis, got early access to the material through a special pilot program with 3M and after putting the material through the paces -- was impressed enough to begin commercial installation next year.
"We're confident that the 3M product has the reliability we need and will perform as promised," said Steve LaCasse, an Xcel Energy transmission engineer. "There's no doubt that the need is out there." Industry analysts expect other utilities to sign on over the next several months and say the material could generate as much as $100 million in annual sales within the next five years.

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