Discussion
The task of idea generation is important for the purpose of business success. The generation of fresh ideas would help the business to perform a task in a creative manner (Drucker 2014). The modern day organizations realize the importance of ongoing and constant innovation so that they can stay ahead of the competition (Drucker 2014). The organizations are increasingly fostering creative thinking skills in the team. The skill of idea generation needs to encourage so that the team can give unique ideas that can be incorporated in the service range or the product range.
The innovative business idea generated is the “Baby Warmer”. This would be helpful for the premature infants born in the developing countries, especially in remote villages. This product would be a sleeping bag for babies who would act as incubator and there is no need of electricity. One of the heating elements of the bag has the option of removal and recharging in boiling water, when required. This essay would discuss about the essence of the business idea, process of idea generation, idea validation, target audience, competitiveness, patent protection and others.
The essence of the business innovation is that it would help in improving the health of the premature babies. This would be highly beneficial in the remote areas where there is lack of electricity and lack of advance medical facilities. It is true that the medical industry has witnessed some of the biggest technological advancements; however, the developing countries do not have access to these advanced facilities, especially in their rural sections (Drucker 2014). This is an innovative business idea which would not only help in generating more revenues, but it would also lead to the reduction of the infant mortality rates. The heart of the entrepreneurship is considered as the “innovation”, which is considered as the techniques for delivering new things (Zott and Amit 2015). It is also an important component of entrepreneurial success.
The business ideas were generated by using a combination of different techniques. The “psychoanalytical theory of creativity” was used for the purpose of business idea generation. This theory states that the people tend to become more creative when they are put in difficult situations or under repressed emotions (Capuzzi and Stauffer 2016). This theory claims that the people are more likely to regress prior to becoming creative. When the surrounding situations are unlikely and create feelings of inferiority, then people tend to use creative ideas so that they can feel superior. I was driven by the fact that the remote areas should have access to advanced medical facilities so that the common people can have access to the health care. I believe that creativity stems out from the unconscious drives and this was exactly the case when I came to know that the rural areas do not have access to sufficient hospitals. The healthcare facilities in the rural areas do not have advanced medical departments like Neonatal Intensive care unit (for taking care of the premature babies) (Kulzhanov and Rechel 2016). It was not possible to create additional departments in rural hospitals due to budget constraints or issues in government regulations. This made me challenge the key assumptions of the society and think something innovative that could solve the existing problems of premature babies in rural areas. This made me to think about creating an innovative solution for taking care of the premature babies. I have gone in the reverse thought process and deduced this unique model. This process was done by using the Business Model Canvas, which identifies the different internal as well as external elements which come together for the creation of a viable product (Dudin et al. 2015).
Idea Validation
The process of idea validation is concerned with the testing, validating of the idea, which is done before introducing a new product or service (Oppezzo and Schwartz 2014). The purpose of the idea validation is concerned with the testing of the target audience’s attitude towards the new idea and then launches the final product (Oppezzo and Schwartz 2014). The idea validation was done by taking into consideration the viewpoints of the healthcare workers as well as non-profit organizations. I found that they are very enthusiastic about the new product and they believed that this product would be helpful in addressing the needs of the new parents. The idea validation was done by taking into account a series of steps. The first step was concerned with brainstorming (Rietzschel Nijstad and Stroebe 2014). I have written down number of ideas that came to my head after I thought about the real problem. This helped me to combine several individual components of the ideas and come up with the innovative idea.
The selection of the target audience is an important component for the success of the business idea generation. The STP Theory- Segmentation, Targeting and Positioning were used for the purpose of deciding suitable target market for implementing new business idea (Pyo 2015). The segmentation process involves the breakdown of the larger market into smaller chunks based on their geographic, demographic, behavioral and psychographic analysis. After the selection of suitable market segments, it is important to promote the new product among the target market audience (Armstrong et al. 2014). This step would be followed by the positioning of the new product. Positioning process involves the way a particular product or brand is perceived by the target customers and it is distinguished from the products of the competitors (Kotler et al. 2015). The target market for the Baby Warmer is the new parents, young couples, private hospitals, public hospitals, nursing homes, secondary health centers, NGO and others. The couples or new parents belonging to financially deprived backgrounds would be the primary target market of the new product. The secondary target market would be the hospitals and the health care centers who handle pregnancy and delivery cases. The obstetrics clinics located in the semi-urban areas would also be targeted, who would need specialized equipments for taking care of the premature babies.
The new business idea needs to be assessed in terms of the level of competitiveness in the market. This process is done by using the Competitive Rivalry component of the Porter’s Five Forces Model. This model specifies that there are different factors that determine the competitiveness of a target market (E. Dobbs 2014). These factors include barrier to exit, switching costs, high fixed costs, multiple equal competitors and undifferentiated products (E. Dobbs 2014). This makes me clear that my business idea is definitely a undifferentiated product in the rural sector of the third world countries. My business idea has unique selling proposition (USP), which implies that my product would be more favorable among the target masses. The USP of my product is that the equipment does not need electricity to operate. This would enable target audience to purchase the product and use them in their own home or healthcare entity. This would be greatly effective in areas where there is limited supply of electricity or there is no electricity at all. This would certainly increase the competitive edge of the new product as this is a unique product which is based on the needs and the preferences of the target market. In the Infant Care and Baby Care Equipment Market, the Asia-Pacific is considered as one of the most lucrative market for infant care products (Steenkamp 2017). The major players in this market include GE Healthcare, Philips Healthcare, Abbott Nutrition, Novamed USA and others (Ramdorai and Herstatt 2017).
Selection of Target Audience
The patent protection is considered as one of the most important factors for propagating the unique business ideas (Iwaisako and Futagami 2013). The main form of patent protection would encompass the two main ideas such as designs and the patents. The patent is being granted only after the successful examination and search process (Iwaisako and Futagami 2013). I have to protect my work from being misused by other companies or individuals. So, it is important to apply for patents as the process of gaining patents is relatively long process.
Conclusion
This idea of the business idea generation has given me immense pleasure as I was able to understand the true reason for the innovative products made by the companies. I was practically involved in the steps of generation of new ideas. I did brainstorming and came up with the innovative idea of the Baby Warmers, for the betterment of the infants in the rural regions of the developing countries. This gave me enriching experience about how to derive a business idea. I learnt that it is important to determine the actual need or requirement, which can be done by suitable market research. I also learnt the techniques of validating the business ideas and analyzing the level of competition in the industry. I have learnt that it is also important to protect my work from being duplicated by other persons. I have learnt the art of generating more business ideas so that it can solve the potential business issue. This paper would broaden the understanding of the business idea generation.
References
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Capuzzi, D. and Stauffer, M.D., 2016. Counseling and psychotherapy: Theories and interventions. John Wiley & Sons.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Dudin, M.N., Kucuri, G.N., Fedorova, I.J.E., Dzusova, S.S. and Namitulina, A.Z., 2015. The innovative business model canvas in the system of effective budgeting.
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Iwaisako, T. and Futagami, K., 2013. Patent protection, capital accumulation, and economic growth. Economic Theory, 52(2), pp.631-668.
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Kulzhanov, M. and Rechel, B., 2016. Kazakhstan: health system review. Health systems in transition, 9(7), pp.1-158.
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Pyo, S., 2015. Integrating tourist market segmentation, targeting, and positioning using association rules. Information Technology & Tourism, 15(3), pp.253-281.
Ramdorai, A. and Herstatt, C., 2017. Lessons from low-cost healthcare innovations for the Base-of the Pyramid markets: How incumbents can systematically create disruptive innovations. In Lead Market India (pp. 119-144). Springer International Publishing.
Rietzschel, E.F., Nijstad, B.A. and Stroebe, W., 2014. Effects of problem scope and creativity instructions on idea generation and selection. Creativity Research Journal, 26(2), pp.185-191.
Steenkamp, J.B., 2017. Global Marketing Mix Decisions: Global Integration, Not Standardization. In Global Brand Strategy (pp. 75-109). Palgrave Macmillan UK.
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