10 Types of Innovation to Increase Product Performance - Essay Sample

Introduction

The Doblin framework provides ten types of innovations that focus on product performance. The ten types of innovations are subdivided into three key areas. The offering, configuration, and experience categories (Woods, 2015). The offering division contains the main elements of the product and how it is organized and integrated and includes product performance and product systems. The configuration category explains how the company is organized to make money. It contains the profit model, network system, process, and structural framework. The experience category details how the organization interacts with its customers, and it includes service, channel, brand, and customer engagement.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

The S-pod innovation can be dissected using the Doblin framework. The main types of innovation are product performance and product system. The product performance describes the quality, features, and capabilities of an innovation. The S-pod has been described as a "self-balancing electric wheelchair." (Blanco, 2020). The S-pod is a version of the Segway scooter but rather in a sit-down model. The S-pod has several innovative features, such as the use of a self-balancing technology known as gyroscopic. The scooter has a maximum speed of 38 km/h, which makes it ideal for closed campuses. The S-pod is fitted with an "adaptive center-of-gravity automatic control system to enable the passenger to easily adjust the speed by handling the knob to change the center of gravity in the pod." (Blanco, 2020). The product system model entails creating additional value by adding extra capabilities to the innovation. The company has fitted the S-pod with a fastening belt to enhance the safety of the customer.

Creating Value From Innovation

The main objective of innovators is to create value from their innovations. An innovator has to consider various strategies that are designed to create and capture value for their product. The first strategy is to consider if the innovation is appropriable or not (Parker & Tietz, 2010). An ideal innovation should be less appropriable so that the innovator does not have to share the profits with numerous other companies. A company can create value from its products by ensuring that rival firms do not easily copy the innovation. The innovators must secure legal protection through patents. Besides, the innovator must take precautions to ensure that the innovation is watertight so that there exist no loopholes that can allow competitors room to invent around the patent.

The second strategy is to cultivate a conducive relationship with the supply chain. An innovator needs to be in a good bargaining position with suppliers to capture the value and leverage the innovation. It is crucial to gain market power over critical assets required in the production of the product. To capture value for innovation, the firm will need to nurture supplier relationships and maintain sales networks. Lastly, managing customer relations will help the innovator to make the innovation profitable. Potential customers for the S-pod include individuals with walking difficulty, tourists in amusement parks, among others.

Intellectual Property Rights

The innovators should protect different types of intellectual property rights to ensure that innovation is legally protected. The common types of intellectual property rights include trademarks, patents, copyrights, and trade secrets (Ackerman, 2017). Each type of intellectual property right has its attributes, requirements, and associated costs. The innovators of the S-pod will require to acquire a patent that protects innovative ideas and processes. Patents form the basic framework of IP protection as they protect new ideas and inventions from imitation by rival firms. An active patent gives the company a competitive momentum and can enhance the performance of the S-pod through product sales and licensing activities.

The firm will need to safeguard its trade secrets to gain a competitive advantage over rival firms. Trade secrets include proprietary information, procedures, strategies, and systems that are confidential and exclusive to an organization. The innovators of S-pod will need to issue non-disclosure agreements and documented assurances to protect the secrecy of their innovation. The company should take the necessary precautions to maintain confidential information and proprietary procedures. It is crucial to take precautionary and security measures to ensure that the trade secrets are not misappropriated. In summary, acquiring intellectual property rights is fundamental in safeguarding innovation against rival firms.

References

Ackerman, P. (2017). The 4 Main Types of Intellectual Property and Related Costs. Available from https://www.innovation-asset.com/blog/the-4-main-types-of-intellectual-property-and-related-costs

Blanco, S. (2020). Segway's New Egg-Shaped S-Pod Scooter Has a Seat, Can Go 24 MPH. Available from https://www.caranddriver.com/news/a30398345/segway-s-pod-scooter-revealed/

Parker, S. & Tietz, M. (2010). How do you capture value from innovation? Available from https://iveybusinessjournal.com/publication/how-do-you-capture-value-from-an-innovation/

Woods, T. (2015). The Ten Types of Innovation Framework - and How to Use It. Available from https://blog.hypeinnovation.com/using-the-ten-types-of-innovation-framework