Health sensor gloves:
I. Innovation Type
Identify the specific innovation concept type. Select ONE concept type (select one only; types are mutually exclusive) from the appropriate innovation category! See Innovation Categories above for descriptions of innovation types.
Discontinuous innovation:
[ ] New to the world
Dynamically continuous innovation:
[ ] New to the market [ ] New product line
Continuous innovation:
[ ] Extension of existing line [ ] Product revision
[ ] Product support
II. Innovation Concept (product, service, or process)
Describe the innovation concept. Very important: explain/justify why the concept meets the concept type. Note: stating that your concept is a “New to the world” type does not make it so!!! See “Types of Innovation and the Risk Factor” for the relationship of concept type to risk.
Explain/Justify the concept as meeting EACH of the minimum requirements for an innovation concept:
a) it must provide a benefit to a user
(Provide explanatory commentary)
b) it is unique and not easy to imitate
(Provide explanatory commentary)
c) it is feasible and can be implemented
(Provide explanatory commentary)
d) its return exceeds its cost
(Provide explanatory commentary)
e) it offers a complete value proposition
(Provide explanatory commentary)
III. Company, Products, Markets
Describe the company, its prime business, mission, and strategic objectives Describe the company’s product line
Describe the company’s markets
IV. Company Fit
Explain how the innovation concept fits the company’s mission and strategic objectives
V. Intended Target Market and Competition
Describe the innovation concept target market and customer fit (needs solution) Describe the competition (competitive products, services, processes)
VI. Features, Functions, and Benefits of the Innovation Concept (product, service, or process)
Feature – any physical characteristic of the concept
Function/Advantage – what the innovation concept does; the performance characteristic of a concept that describes how it can be used or will help the customer
Benefit – a favorable result the customer receives from the innovation concept because of a particular advantage that had the ability to satisfy a customer’s need
VII. Competitive Differentiation of the Innovation Concept (product, service, or process)
Describe how the innovation concept is different from competitive offerings
Describe the sustainable competitive advantage of the innovation concept; see “Sustainable Competitive Advantage.”
VIII. Critical Risks and Limitations
Describe potential critical risks and limitations (marketing, technological, financial, legal, & other) and possible solutions or alternatives
Company of choice: https://www.wayne-ent.com/what_we_do/fr_clothing.html#
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