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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366 1 Management of Innovation 301 Innovation Focus Company: Digital Report Meridian Safety Pty Ltd by Leigh Dowie Total file word count 3835 Less Cover Page 17 Less Table of Content 112 Less Tables and Figures 316 Less In-text Reference 102 Less Reference Lists 488 Total net word count 2746 Name : Tricia Yoon Suk Juan Student ID : 14909366, 7D9A6394 Seminar : Friday 2-5pm Lecturer : Adriel Sim
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Meridian Safety Pty Ltd

Mar 29, 2016

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This report aims to describe the success invention, T-Line safety system, and the future development, Pipelines. It oughts to answer the questions from the CEO.
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Page 1: Meridian Safety Pty Ltd

Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

1

Management of Innovation 301

Innovation Focus

Company: Digital Report

Meridian Safety Pty Ltd by Leigh Dowie

Total file word count 3835

Less Cover Page 17

Less Table of Content 112

Less Tables and Figures 316

Less In-text Reference 102

Less Reference Lists 488

Total net word count 2746

Name : Tricia Yoon Suk Juan

Student ID : 14909366, 7D9A6394

Seminar : Friday 2-5pm

Lecturer : Adriel Sim

Page 2: Meridian Safety Pty Ltd

Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

2

Table of Content

1.0 Executive Summary 4 2.0 Company Profile & Background 5-6

3.0 Establishing an environment for innovation 7

3.1 IP Strategies 7-8

3.2 Managing organizational knowledge and innovation strategies 8-9

3.3 Collaboration Strategies 9-10

Question from the CEO 10

4.0 Implementing Innovation 11

4.1 Managing innovation and operation management 11

Pearson’s uncertainty map 11-12

Organizational characteristics that facilitate innovation 12-13

4.2 New Product Development 13

New product development as a strategy growth 13-14

Network Model of NPD 14-15

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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

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Generation of business opportunities 15

Screening of business opportunities 16

Question from the CEO 17

5.0 Conclusion and recommendation 17

6.0 Reference List 18-20

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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

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1.0 Executive Summary

This report was drafted for the Meridian Safety Pty Ltd, to discuss the successful

development of the current invention, T-Line Safety System and in response to the questions

from the CEO, Leigh Dowie for his future development and ability to serve safety field users.

Meridian which focuses on providing the safety devices to protect the workers and to reduce

serious injuries cases in the workplaces. First, there will be a brief discussion on company

and Leigh Dowie background. A timeline chart will be showed in order to give reader a clear

idea. In the part of establishing an environment for innovation, it covers four parts which

include IP strategies, managing organizational knowledge and innovation strategies,

collaboration and one of the questions from CEO. In the term of implementing innovation,

there are three parts under this section, which are managing innovation and operations

management, managing the new product development process and last question from Leigh.

There are two recommendations proposed in the report to answer the questions. The first

recommendation is to continue improve on patent protection for its invention and

technologies. The second recommendation basically is in response to the Leigh’s future

development pipelines. It recommends that Leigh should focus on technologies and R&D. A

conclusion has been carried out to summarize the discussion below.

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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

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2.0 Company Profile & Background

Meridian Safety Pty Ltd was established in the year of 2005 by Leigh Dowie. The

company is under Meridian Safety Holdings Pty Ltd. In its holding firm, 90% of the shares

are from Amargi Investment, and another 10% is from UK Safety Company. The key idea

that inspired Leigh to form the company is he realized there is a gap in safety industries

where the existing fall prevention device in the market has restricted the user movement. For

instance Static Line only allows users to do horizontal movement and Retractable Lanyard

only allows users to move vertically. Therefore, Leigh came out an idea to develop a fall

prevention device, T-Line which allows users to move vertically and horizontally. It is

comparable to a “Loop” of Safety Line. The Loop rotates when the user move horizontally

and expands or contracts when user move vertically. If the loop expands too fast, the device

will activate the locking mechanism to prevent user from falling on the ground. Leigh’s

working experiences include Site Engineer in CBI and Mirvac Fini, Site Engineer and Design

Manager Brookfield Multiplex, Project Engineer and Manager Calibre Mining. Leigh is

graduated under Bachelor of Engineer (Civil and Construction) in Curtin University. Patience

is the key issue that led Leigh to be a successful innovator. Besides, The Figure 2.0 shows the

timeline of developing T-Line.

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Management of Innovation 301

Figure 2.0 T

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

Figure 2.0 T-Line development timeline (2002-2012)

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Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

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3.0 Establishing an environment for innovation

3.1 IP Strategies

It is essential for a company to apply intellectual property protection in order to

prevent its competitors from utilizing, duplicating or trading the innovation as well as gain

advantages from it (Kanwar and Evenson 2009, 52). The Table 3.1.1 shows that there are

types of intellectual property and the major characteristics for each of it (Trott 2008).

Category of intellectual property Major characteristics

of particular protection

1. Patents Provides monopoly for 20 years only.

2. Copyright Offers private legal rights to artistic

individuals in order to protect their dramatic

or musical works.

3. Registered designs Offers private legal rights to designers for the

protection of their visual appearance of the

invention which up to 15 years.

4. Registered trademarks Includes unique mark, name or symbol that is

recognized with particular organization’s

innovations.

Table 3.1.1 (Trott 2008, 147)

T-Line Safety System provides inclusive solution of height safety through allowing

users to move both vertically and horizontally without Pendulum Effect (Meridian Safety Pty

Ltd 2012). One study has proved that organization is able to gain adequate incentives from

licensing its innovations as to undertake more research and development activities (Kabiraj

and Yang 2001, 248). Therefore, Leigh stated that he will probably keep licensing for T-Line

system in future.

T-Line is currently patent under several areas, the two supply spools part which

interconnected via a single locking mechanism is the most elemental claim. It offers

differentiation over all technologies in the current market, intrinsically should provide

security function for the users. T-Line trademark is registered in the U.S. to protect the

differentiation attributes of the invention. Patent protection assists T-Line to stop others to

duplicate the similar benefits with no infringing beyond the patent (Allred and Park 2007, 98).

Page 8: Meridian Safety Pty Ltd

Management of Innovation 301

The application for T-line system is still in the pending progress in both United Stated

Europe.

Leigh is on the right track to protect his company’s innovation. The research has

showed that patent system can helps to recover the R&D cost effectively and to protect the

advantages of being first mover. Besides, patent protection has recogn

innovator to invent new product. Patenting innovation can ensure the long

as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).

However, Leigh discovered that the further invest

limited due to the available funding due to the high

Government n.d.).

3.2 Managing organizational knowledge

The rising of literature on innovation systems, organizational knowledge, core

competencies as well as dynamic capability has rise the importance of managing knowledge

for a firm (Vekstein 1998, 552). Hamel and Prahalad stated tha

from the innovation when the protection level is high and low extent to others to imitate its

core competencies.

Figure 3.2 core competencies, imitability and profits

Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in

Figure 3.2. Based on Leigh’s invention which is T

term profits where only few to no

Knowledge has been recognized as a very important element for the dynamic core

competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

line system is still in the pending progress in both United Stated

Leigh is on the right track to protect his company’s innovation. The research has

showed that patent system can helps to recover the R&D cost effectively and to protect the

advantages of being first mover. Besides, patent protection has recognized as major driver for

innovator to invent new product. Patenting innovation can ensure the long

as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).

However, Leigh discovered that the further investment in patenting the innovations has been

limited due to the available funding due to the high annual fees required (Australian

Managing organizational knowledge and innovation strategies

The rising of literature on innovation systems, organizational knowledge, core

competencies as well as dynamic capability has rise the importance of managing knowledge

for a firm (Vekstein 1998, 552). Hamel and Prahalad stated that a firm is able to gain benefits

from the innovation when the protection level is high and low extent to others to imitate its

Figure 3.2 core competencies, imitability and profits (Trott 2008, 188)

Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in

Figure 3.2. Based on Leigh’s invention which is T-Line, Meridian is able to produce long

to no firms able to imitate its core competencies.

wledge has been recognized as a very important element for the dynamic core

competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,

Tricia Yoon Suk Juan 14909366

8

line system is still in the pending progress in both United Stated and

Leigh is on the right track to protect his company’s innovation. The research has

showed that patent system can helps to recover the R&D cost effectively and to protect the

ized as major driver for

innovator to invent new product. Patenting innovation can ensure the long-term profitability

as competitors cannot imitate the inventions (Encaoua, Guellec and Martinez 2006, 1423).

ment in patenting the innovations has been

required (Australian

The rising of literature on innovation systems, organizational knowledge, core

competencies as well as dynamic capability has rise the importance of managing knowledge

t a firm is able to gain benefits

from the innovation when the protection level is high and low extent to others to imitate its

Trott 2008, 188)

Meridian Safety can be placed in the uppermost right hand quadrant of the matrix in

Line, Meridian is able to produce long-

able to imitate its core competencies.

wledge has been recognized as a very important element for the dynamic core

competencies development (Massa and Testa 2009, 130). Leigh obtained personal knowledge,

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utilized small team and hired external skills to build a strong organizational based. Leigh

concerns relevant standards and certification, including the test procedures for invention. He

also understands manufacturing activities and the needed materials. He has a strong business

management knowledge base in the term of licensing, logistics and so on due to the studies

and working experiences.

Researches show that the external knowledge can help organizations to build

breakthrough inventions (Bapuji, Loree and Crossan 2011, 215). Patent protection is required

as to ensure that invention is always protected. CAD drafting and/ mechanical engineering is

required in order to gather more ideas in completing the T-Line. Leigh obtained legal services,

accountant, contract manufacturer and logistics from the external sources, and hired certified

testing agencies to repeating test and examine on the inventions. Leigh has gained benefits

from the use of small team, such as ensuring proper coordination of legal issue, technical and

market requirements through the close overview of all business knowledge. Small team has

raised the Meridian capability in responding to changing needs of market with easily. This

has been done through streamlined the decision making process.

The understanding and use external knowledge for business operation is recognized as

absorptive capacity (Escribano, Fosfuri and Tribo 2009, 99). Firm knowledge base is relying

on its role of absorption plays effectively when the flows of external knowledge are

accessible (Yang, Fang and Lin 2010, 231). Meridian Safety Pty Ltd has involving in many

other projects in safety field, such as transport, handling of materials, building and home

products (Meridian Safety 2012). According to the Leigh’s background and Meridian profile,

it shows that Leigh have identifiable absorptive capacity. Leigh education background

provides insufficient knowledge to manage all areas.

3.3 Collaboration Strategies

In order to well manage the new product process and developments of capacity,

organizations need to evaluate their collaboration strategies as inventions always have short

life cycle (Yuan, Shen and Ashayeri 2010, 647). In order to expand distribution capabilities,

Leigh has partnered with major distributors in each of the territory. This partnership is

through compliance and knowledge from local market. Generally, Leigh manages the

different key distributors in charge in different market segments. Leigh set up presence of

Meridian Safety in the major markets for distributor in easily managing and maintaining the

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stock levels regionally. Leigh avoid collaborate with licensing especially involving

distinctiveness due to the bad experience.

Organizations can generate greater economic returns if they introduce inventions

quicker than others. Nevertheless, the rapid changing of technology has forced companies to

rely on external skills and knowledge of technological, and this required a lot of investments.

Therefore Leigh can motive R&D collaboration with the others in order to solve the issues of

capabilities and resources within the firm and to obtain efficiently in the market (Tsai 2009,

765).

Question from the CEO

Yes, Meridian should proceed with patenting improvements to its invention, T-Line

and the other related technologies in order to raising the market share and to ensure its long-

term profitability. Leigh should always concern the changes innovation patent rights. That is

because it has been proved that there is a strong positive relationship between the patent

rights level and changing in innovation patent rights (Allerd and Park 2007, 93). It considered

as vital sources for Leigh as he decided to expand his market globally. Patent system not only

helps to encourage innovations disclosure, it promotes research and development too. If

Leigh continues patenting T-Line, it can stop competitors from duplicating its inventions as

well as gain advantages from it. Due to it is the only innovative product in the market, it can

helps Leigh to gain market share and low imitable of its core competencies assure its long

term profitability.

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Management of Innovation 301

4.0 Implementing Innovation

4.1 Managing innovation and operation management

Organization should always view innovation as part of the management process in the

firm context. Product innovation involves various factors performing independently a

regularly affecting one another. The innovation management process builds up the creative

firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).

Pearson’s uncertainty map

Figure 4.1 Pearson’s uncertainty map

Uncertainty management is the central trait of innovation management process.

Figure 4.1, Pearson’s uncertainty map analyze and identify

uncertainty. The framework divided the uncertainty into two dimensions which are

uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for

T-Line, it can be place in the quadrant 4, which

technical capabilities where the inventive performances of Leigh project is very certainty.

Leigh close communicate with his distributors in every regions as to give input about the

market opportunities and other

existing inventions and producing new products

market penetration through offering solution

his consumers. Leigh planned to build up an effective distribution capabilities within his

entire markets with supporting or complementary inventions. Leigh consider possible

mergers and/ acquisitions for the T

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

Implementing Innovation

Managing innovation and operation management

Organization should always view innovation as part of the management process in the

firm context. Product innovation involves various factors performing independently a

regularly affecting one another. The innovation management process builds up the creative

firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).

Figure 4.1 Pearson’s uncertainty map (Trott 2008, 78)

Uncertainty management is the central trait of innovation management process.

Figure 4.1, Pearson’s uncertainty map analyze and identify the process of innovation and its

uncertainty. The framework divided the uncertainty into two dimensions which are

uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for

it can be place in the quadrant 4, which is combining market opportunities with its

technical capabilities where the inventive performances of Leigh project is very certainty.

Leigh close communicate with his distributors in every regions as to give input about the

market opportunities and other emerging or competing technologies in order to improve

existing inventions and producing new products. Leigh is currently concentrated

market penetration through offering solutions to his major markets and applications as well as

. Leigh planned to build up an effective distribution capabilities within his

entire markets with supporting or complementary inventions. Leigh consider possible

mergers and/ acquisitions for the T-Line growth to develop a completely new product for the

Tricia Yoon Suk Juan 14909366

11

Organization should always view innovation as part of the management process in the

firm context. Product innovation involves various factors performing independently and

regularly affecting one another. The innovation management process builds up the creative

firm potential, encourage new ideas and promote creativity (Goodale et al. 2011, 118).

2008, 78)

Uncertainty management is the central trait of innovation management process.

the process of innovation and its

uncertainty. The framework divided the uncertainty into two dimensions which are

uncertainty about ends and uncertainty about means (Trott 2008, 78). In the development for

is combining market opportunities with its

technical capabilities where the inventive performances of Leigh project is very certainty.

Leigh close communicate with his distributors in every regions as to give input about the

in order to improve

concentrated in ensuring

s to his major markets and applications as well as

. Leigh planned to build up an effective distribution capabilities within his

entire markets with supporting or complementary inventions. Leigh consider possible

Line growth to develop a completely new product for the

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market in order to raise its market position. With the dramatic effect in market, Leigh faced

challenges for T-Line growth and future planning, which include sufficient funds to expand

the business and capabilities of production in responding quickly to market demand.

Organisational characteristics that facilitate innovation

Organizsational requirement Characterized by

1. Growth orientation A commitment to long-term growth rather than short-

term profit

2. Organisational heritage and innovation experience Widespread recognition of the value of innovation

3. Vigilance and external links The ability of the organisation to be aware of its threats

and opportunities

4. Commitment to technology and R&D intensity The willingness to invest long-term development of

technology

5. Acceptance of risks The willingness to include risky opportunities in

balanced portfolio

6. Cross functional cooperation and coordination within

organisational structure

Mutual respect among individuals and a willingness to

work together across functions

7. Receptivity The ability to be aware of, to identify and to take

effective advantage of externally developed technology

8.Space for creativity An ability to manage the innovation dilemma and

provide room for creativity

9. Strategy towards innovation Strategic planning and selection of technologies and

markets

10. Coordination of a diverse range of skills Developing a marketable product requires combining a

wide range of specialised knowledge

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Management of Innovation 301

Table 4.1 Summary of the organisational characteristics that facilitate the innovation

According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it

is likely to be in innovation and t

and prepare for long term profits. Meridian company owns strong technological capabilities

and its culture is build to encourage the recognition of innovation value. The small teams and

departments in Meridian are willing to cooperate where they willing to work together and

share ideas among each others. The willingness to knowledge sharing is important which it

can build close communication, boost up the production process as well as good decision

making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D

intensity and technology which include intellectual knowledge in science, engineering and

technologies. Leigh has no formal R&D programs currently, its changes are consistentl

reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology

into planning portfolio to select proper markets and technologies. Meridian combines

expertise skills and knowledge, let the information flow freely and manages t

effectively to ensure that it lies at the central of innovation performances. Leigh seeks

engagement with expertise consultants as a vital issue for his design and assembly

optimization.

4.2 New Product Development

New product development as a

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

ummary of the organisational characteristics that facilitate the innovation

process (Trott 2008, 84)

According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it

is likely to be in innovation and they believe that innovations offer opportunities for growth

and prepare for long term profits. Meridian company owns strong technological capabilities

and its culture is build to encourage the recognition of innovation value. The small teams and

s in Meridian are willing to cooperate where they willing to work together and

share ideas among each others. The willingness to knowledge sharing is important which it

can build close communication, boost up the production process as well as good decision

making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D

intensity and technology which include intellectual knowledge in science, engineering and

technologies. Leigh has no formal R&D programs currently, its changes are consistentl

reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology

into planning portfolio to select proper markets and technologies. Meridian combines

expertise skills and knowledge, let the information flow freely and manages t

effectively to ensure that it lies at the central of innovation performances. Leigh seeks

engagement with expertise consultants as a vital issue for his design and assembly

New Product Development

New product development as a strategy growth

Figure 4.2.1 Ansoff matrix

Tricia Yoon Suk Juan 14909366

13

ummary of the organisational characteristics that facilitate the innovation

According to the Table 4.1, Meridian Safety considered as a growth oriented firm, it

hey believe that innovations offer opportunities for growth

and prepare for long term profits. Meridian company owns strong technological capabilities

and its culture is build to encourage the recognition of innovation value. The small teams and

s in Meridian are willing to cooperate where they willing to work together and

share ideas among each others. The willingness to knowledge sharing is important which it

can build close communication, boost up the production process as well as good decision

making (Damanpour and Gopalakrishan 1998, 3). Leigh’s firm is commitment to R&D

intensity and technology which include intellectual knowledge in science, engineering and

technologies. Leigh has no formal R&D programs currently, its changes are consistently

reflected on distributors’ feedback. Meridian has possesses knowledge, skill and technology

into planning portfolio to select proper markets and technologies. Meridian combines

expertise skills and knowledge, let the information flow freely and manages the knowledge

effectively to ensure that it lies at the central of innovation performances. Leigh seeks

engagement with expertise consultants as a vital issue for his design and assembly

Page 14: Meridian Safety Pty Ltd

Management of Innovation 301

Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff

combining two major elements, which are increases in both market and product opportunities.

New product development (NPD) is one of the strategies to promote improved or new

product to existing markets (Weiss 1991, 122).

Pipeline, which is the fu

In order to successfully increase his company market share, Leigh plans to offer alternative

models for different segments as in low

product is afforded by all customers. In this future development, Leigh plans to offer further

specific invention providing for expertise appliances which include off

environmental and so on.

Network Model of NPD

Figure 4.2.2 A network model of

Network model highlights the external relationships associated with the internal

performances to contribute into the successful product development. Research showed that

these external associations can help extra knowledge runs in the firms and therefore

improving the process of product development.

opportunities in the market and product.

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff

combining two major elements, which are increases in both market and product opportunities.

New product development (NPD) is one of the strategies to promote improved or new

product to existing markets (Weiss 1991, 122).

which is the future development that planned by Leigh for growing the firm.

In order to successfully increase his company market share, Leigh plans to offer alternative

models for different segments as in low-, medium- and high-price range to make sure that the

s afforded by all customers. In this future development, Leigh plans to offer further

specific invention providing for expertise appliances which include off

Figure 4.2.2 A network model of NPD

Network model highlights the external relationships associated with the internal

performances to contribute into the successful product development. Research showed that

these external associations can help extra knowledge runs in the firms and therefore

mproving the process of product development. NPD actually is the process of identifying the

opportunities in the market and product. In the case studies, Leigh takes external acquisition

Tricia Yoon Suk Juan 14909366

14

Figure 4.2.1 is a famous directional policy matrix which invented by Ansoff through

combining two major elements, which are increases in both market and product opportunities.

New product development (NPD) is one of the strategies to promote improved or new

planned by Leigh for growing the firm.

In order to successfully increase his company market share, Leigh plans to offer alternative

price range to make sure that the

s afforded by all customers. In this future development, Leigh plans to offer further

specific invention providing for expertise appliances which include off-shore, explosive,

Network model highlights the external relationships associated with the internal

performances to contribute into the successful product development. Research showed that

these external associations can help extra knowledge runs in the firms and therefore

NPD actually is the process of identifying the

In the case studies, Leigh takes external acquisition

Page 15: Meridian Safety Pty Ltd

Management of Innovation 301

as well. He engages with major industries such as trucking, transport

others in order to identify the market opportunities.

Generation of business opportunities

The second activity in the NPD process is generating the business opportunities. In

the NPD process, it helps to gather the useful business

developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new

product ideas can come out from many bases.

Figure 4.2.3 Sources of business opportunity

Leigh’s ideas for the business opportunity are basically from the existing products in

the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he

studied safety system users in order to identify useful product ideas. He generated the id

from the unmet demand in the market.

IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology

which to transmit technology to the firm.

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

as well. He engages with major industries such as trucking, transport, chemical transport and

others in order to identify the market opportunities.

Generation of business opportunities

The second activity in the NPD process is generating the business opportunities. In

the NPD process, it helps to gather the useful business opportunities which could logically be

developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new

product ideas can come out from many bases.

Figure 4.2.3 Sources of business opportunity (Trott 2008, 523)

the business opportunity are basically from the existing products in

the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he

studied safety system users in order to identify useful product ideas. He generated the id

demand in the market. Besides, the working experience on Woodside’s LNG

IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology

which to transmit technology to the firm.

Tricia Yoon Suk Juan 14909366

15

, chemical transport and

The second activity in the NPD process is generating the business opportunities. In

opportunities which could logically be

developed by the firm for successful inventions. From the Figure 4.2.3, it shows that new

Trott 2008, 523)

the business opportunity are basically from the existing products in

the safety industries. Leigh found difficulties in maintaining the safety standard. Besides, he

studied safety system users in order to identify useful product ideas. He generated the ideas

Besides, the working experience on Woodside’s LNG

IV Project has inspired him to develop a new product. Lastly, the ideas flow from technology

Page 16: Meridian Safety Pty Ltd

Management of Innovation 301

Screening of business opportunities

Figure 4.2.4 Process of screening business opportunities

In the screen opportunities process, a firm is going to evaluate and select the most

potential opportunities that can help in its NPD

screening process, firm must has the ability to identify which product is possible to achieve.

Market research can help in decision making through providing useful information. Initial

screen and entry screen are to evaluate the ideas. Firms usually use pr

technical and marketing, and comparing to the strategic opportunity. Customer screen is

taking informal discussion with some potential users. However, concept testing is the hardest

part where customers always have problems in per

concept without learning. In the term of technical screen and testing, it is a process from

making phone calls to technical specialist, broad analysis from in

For final screening the ideas, it can be carried through assessment program or scoring models.

The most optimal result of the particular idea will be conducted by the firm. Last is the

business analysis which involving the construction of technological plans, marketing plans

introduction, estimated budgets and financial analysis.

Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

opportunities

Figure 4.2.4 Process of screening business opportunities

In the screen opportunities process, a firm is going to evaluate and select the most

potential opportunities that can help in its NPD (Entrepreneur 2003). In the first stage of

screening process, firm must has the ability to identify which product is possible to achieve.

Market research can help in decision making through providing useful information. Initial

screen and entry screen are to evaluate the ideas. Firms usually use practicability test both in

technical and marketing, and comparing to the strategic opportunity. Customer screen is

taking informal discussion with some potential users. However, concept testing is the hardest

part where customers always have problems in performing toward a completely new product

concept without learning. In the term of technical screen and testing, it is a process from

making phone calls to technical specialist, broad analysis from in-house R&D and third party.

it can be carried through assessment program or scoring models.

The most optimal result of the particular idea will be conducted by the firm. Last is the

business analysis which involving the construction of technological plans, marketing plans

on, estimated budgets and financial analysis.

Tricia Yoon Suk Juan 14909366

16

Figure 4.2.4 Process of screening business opportunities

In the screen opportunities process, a firm is going to evaluate and select the most

. In the first stage of

screening process, firm must has the ability to identify which product is possible to achieve.

Market research can help in decision making through providing useful information. Initial

acticability test both in

technical and marketing, and comparing to the strategic opportunity. Customer screen is

taking informal discussion with some potential users. However, concept testing is the hardest

forming toward a completely new product

concept without learning. In the term of technical screen and testing, it is a process from

house R&D and third party.

it can be carried through assessment program or scoring models.

The most optimal result of the particular idea will be conducted by the firm. Last is the

business analysis which involving the construction of technological plans, marketing plans

Page 17: Meridian Safety Pty Ltd

Management of Innovation 301 Meridian Safety Pty Ltd Tricia Yoon Suk Juan 14909366

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Question from the CEO

Proper technical infrastructures and support systems are vital in making the process of

innovation to be effective and efficient. Therefore, future development for pipelines should

be prioritized in technology and R&D (Bhabha 2006-2007). Developing, examining and

promoting new product require lots of technology used and R&D. Discovering for new and

advanced technologies can help in generating ideas as well as inventing new product. Leigh

has to update in market product range in order to guarantee the success in product innovation.

Leigh can differentiate technology used in the products as well as the market segments.

Besides, invest in R&D is a vital issue for innovative firms in commercializing new product.

R&D can help Leigh in gathering and analyzing a pool of ideas and repeat testing to conduct

the most optimal and useful knowledge in producing the Pipelines. In the development for

Pipeline, Leigh should focus on increasing the market share through offering different price

ranges to the different market segments. This can be the competitive advantage for Leigh to

compete with others.

5.0 Conclusion and recommendation

In conclusion, this report is discussed based on Meridian Safety Pty Ltd’s signature

invention, T-Line safety system which is a fall prevention device that allows users to move

both vertically and horizontally. Based on the patenting question, this report recommend that

Leigh to keep improving on product and technologies in order to raise the market share and to

ensure long term profitability. Patent encourages innovation studies have been carried out to

support the recommendation. Patent helps through expanding global market; promote R&D

as well as ensure that no any imitable products in the market. For the future development

pipeline, it suggest that Meridian should focus on technology and R&D in order to gain extra

knowledge, generate ideas, analyze ideas and implement it into the innovative production to

increase its market position. The proposed recommendations are help to giving a brief idea of

benefits that will be gained from the strategies.

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