Individual Product Innovation Proposal Instructions

In this course you will be asked to submit both individual and group Product Innovation Proposals. Your Individual proposal may focus on any type of product (or process) innovation that you would like. This individual proposal will be due near the mid-point of the semester, during Lesson 7, and the assignments from each week leading up to the due date are designed to help you build toward your proposal. Your proposal submission will include both a 3– to 5–page written portion and a 2– to 5–minute Bongo video portion, addressing some specific highlights of your written proposal. The videos will be shared among the classmates in order for the students to evaluate each other’s proposals according to a rubric which will be provided to them.

The evaluation rubric will emphasize the points below, which are drawn directly from the lesson content.

1. Make the case that the product innovation you are proposing is appropriate for the market context.
   1. Explain how the proposed innovation will influence product sales.
      • For example, will it encourage the sale of more products to the same market, new products to the same market, the same product to new markets, or new products to new markets?
   2. Explain whether the market which you plan to launch your product into is generally dynamic or competitive.
      • Has a dominate design emerged, or is the market for this product still fluid?
   3. Explain why the proposed innovation fits market conditions.
      • For example, is the innovation focused on changes to the product, process or user experience, and what justification do you have for your approach?
2. Make the case for the category of innovation you are proposing with respect to the market and organizational context.
   1. Detail which major category of innovation (incremental, radical, disruptive, open) you have elected and why?
   2. Briefly describe the market for your proposed innovation.
      • For example, are you proposing functional improvements to an existing product for its existing market? Or have you proposed a less functional and less expensive product to open up down market opportunities? Is this a radical innovation, and if so, what is the intended market?
   3. How would your proposed innovation affect the current state-of-the-art?
      • For example, is it radical and competence-consuming? Or does it utilize existing resources either inside or outside of the boundaries of the organization? Please explain your rationale.
3. Make a case for the type of innovation you are proposing.
   1. Is your proposed innovation focused primarily on the product concept, package or process (as defined for the purpose of this course)?
   2. What is the customer value proposition of the innovated product?
   3. What innovation tools (if any) did you use to arrive at the proposed innovation (see the second half of your Fundamentals of Product Development text for tools)?
4. Make a case that the proposed value proposition is a fit for the proposed market.
   1. Define the market and concisely detail the benefits of your proposed innovations for that target market.
   2. Explain why your innovated product offering would be preferably over existing offerings and substitutes?
   3. Explain the “problem” that your innovated problem solves and make your case for why consumers will pay for your solution.

Based on the outcome of the peer and instructor evaluations, students will then be assigned to work in teams to further develop the highest rated pitch(es). The Team Product Innovation Proposal will be due at the end of the semester.

Note: You do not need to offer any specifics about the “secret sauce” of your innovation, particularly if it has a basis in your professional work. This assignment is being graded on your application of the principles of innovation in new product development…and not on any particular assessment of the technology itself. If you are using a “real-life” innovation for this project and are unsure about how to make your pitch without saying too much (or too little), please consult with the course instructor about how to maintain confidentiality.

Please keep track of the due date for this assignment and begin working on it as soon as you have solidified your product innovation idea. The instructions for this assignment are not repeated later in the course so it will be your responsibility to refer back to this page and manage your time in order to produce a quality response to the assignment by the due date.