s3634124_A1.docx - ASSIGNMENT COVER PAGE Course Code BUSM4537 Course Name Management of Technology and Innovation Location Campus RMIT University \u2013

s3634124_A1.docx - ASSIGNMENT COVER PAGE Course Code...

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ASSIGNMENT COVER PAGE Course Code: BUSM4537 Course Name: Management of Technology and Innovation Location & Campus: RMIT University – City campus Title of Assignment: Assessment 1.1: Enablers and barriers to business innovation File (s) Submitted: S3634124_A1 Student name: Dat Huynh Student ID: S3634124 Student Email: [email protected] Class: Monday 2.30 PM Assignment Due Date: 01 September 2019, before 23.59 Date of Submission: 01 September 2019 Number of Pages including this one: 8 Word Count Main content, excluding appendices and references) 1553 Table of Contents 1
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INTRODUCTION ................................................................................................................................ 2 LITERATURE STUDY ........................................................................................................................ 2 ENABLERS AND BARRIERS TO INNOVATION ............................................................................. 3 1. Enablers ..................................................................................................................................... 3 2. Barriers ...................................................................................................................................... 4 RECOMMENDATIONS ...................................................................................................................... 5 REFERENCES ..................................................................................................................................... 7 2
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INTRODUCTION Recently, a famous start-up investor and mentor Susan Wu has decided to establish a new education-focused venture called Luminaria (Powell, 2018). This organization aims to provide children a new type of school and educating model which mainly concentrates on resilience, adaptability and help children get ready for an unforeseeable and ever-changing future world. Realizing that the business world is approaching the age of 4.0, Susan Wu decides to create a Lumineer Academy which aims to give children empowerment to grow themselves and help them prepare to understand, contribute to and turn into brave “designers” of our speedily changing society. Although Luminaria is an innovative start-up in education sector which has got a lot of important enablers, the company is still some barriers that hinder it from innovation. Therefore, the purpose of this report is to investigate some of enablers and barriers to innovation of Luminaria, then give some recommendations that help the company strengthen its enablers and get over the barriers. LITERATURE STUDY In recent years, it is undoubted that innovation is one of the most fundamental parts that decides the success and sustainability of a company in the long-run survival. The business world is always changing at a high pace so that it is required that every organization must create competitive advantages through creativity and innovation. As mentioned by Laursen and Salter (2006), innovation does not simply mean creating something new, but it refers a procedure of thinking and producing new ideas by utilizing creativity to enhance the business performance and increase productivity. However, approaching to innovation is never easy. Every organization has its enablers and barriers to business innovation. Therefore, effective innovation relies on how the firm utilizes the enablers to improve its performance and surpasses the hidden barriers that hinder the innovative process. 3
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ENABLERS AND BARRIERS TO INNOVATION 1. Enablers a. Sustainable financial source: There is no doubt that innovation is not only a simple work. It requires times, patience, and the most important factor is budget for research and development (R&D). Co-founder of Luminaria, Ms. Susan Wu who has been working for years as an investor and advisor for some big companies which is widely popular on these days including Twitter, Reddit and Stripe.
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