1. Jan
1.1. Concept title
1.1.1. Innovation Station
1.1.2. Innovation in a time of plague
1.1.3. Ideation facilitation offering
1.2. Concept description
1.2.1. We aim to create an ideation offering that will enable orginsations to hold innovation challenges and increase employee engagement within the organisation. We will also work closely with the innovation offering providers to be able to facilitate training to generate additional income streams.
1.3. planned activities
1.3.1. 1. Create a general innovation offering that can be tailored to organisations needs and create an ideation solution offering.
1.3.2. 2.Train IQers to become Innovation facilitators and possibly expand upon the available training to offer an additional revenue stream
1.3.3. 3.Collaborate with innovation hosting services to offer internal and external solutions and deliver additional services related to training.
1.3.4. 4.Offer Clients an end-to-end innovation solution that comprises of all components required
1.4. Expected benefits
1.4.1. 1.Increase employee engagement and buy-in. leading to 22% higher profitability 37% lower absenteeism 26% greater stock price growth and 16% greater revenue growth.
1.4.2. 2.Product offering can be directly linked to practices assisting with marketing and creating new opportunities.
1.5. Expected costs
1.5.1. 1.Time for creation of original offering and training of IQers
1.5.2. 2.Software costs if pre-made innovation platforms are utilised.
1.5.3. 3.
1.5.3.1. Monetization of the ideation offering. Costs can be either created by offering fixed fee product launch sessions or creating a subscription model where we help organisations implement long term ideation processes.
1.6. Feasibility
1.6.1. 1.We have the technical skills to facilitate this project if we allocate time and resources to the project.
1.6.2. 2.The offering can be linked to existing business of IQbusiness and can be linked with all practices.
1.6.3. 3.We have access to partners that we can leverage including internal resources and innovation platforms.
1.6.4. 4.The need for this service has increase due to the current environment but will remain desirable after the lock down ends and can be created in a reasonable time frame.
1.7. Viability
1.7.1. The cost of developing the solution is mostly related to human resources. As the bench is currently full these resources can be utilised and the opportunity to create a new offering will be viable.
1.7.2. The target market is scalable as large organisations can be targeted and is not limited to a specific industry. Market size is therefore large with high growth opportunities. The competition is also limited as IQbusiness is uniquely situated to this opportunity due to our internal infrastructure and ancillary services creating a barrier to entry.
1.8. Desirability
1.8.1. Organisations require inovation facilitation and will adopt this solution as IQbusiness has. By becoming the official trainer of this documentation we can enhance desirability
1.9. Originality
1.9.1. By offering additional services alongside the innovation offering we believe IQbusiness can deliver a unique an original solution.
1.10. Market accessibility
1.10.1. We believe that by partnering with Be-novate we will be able to penetrate the market and by becoming the training provider the list of possibilities will be expanded.
1.11. Capacity available
1.11.1. This offering will enable more individuals on the bench to become involved in projects with defined time frames and the capicity limiting factor will only be present in the original training and benchline offering creation phase.