MYCARD Innovation Strategy Free Samples †MyAssignmenthelp.com

Question: Discuss about the MYCARD Innovation Strategy. Answer: Team's innovation strategy MYCARD innovation strategy brings a very secure system in the market. Upon registration, a user will get an opportunity of verifying the card using a designed mobile application from their phones. This will help reduces chances of stealing personal details of a customer. Furthermore, the card provides various ways of application such as swiping, barcode scanner, and digit entry. This type of innovations creates convenience to customers as they have options of usage, unlike others which prove one option at a time. Various businesses will also have to choose their preferred mode of billing depending on their level of operations. Innovations strategy of MYCARD accommodates 30 cards. This makes it easy to carry around and thus reduces chances of losing it. In addition, we intend to include location tracking of the card which makes it convenient to track it in case the customer misplaces it or when one loses it. In addition, the card incorporates remote wipe technology, E-paper display, EMV chip to enhance its usage security. Moreover, the card is thin like an ordinary one. This feature makes it more desirable and convenient to carry around and enable multiple transactions. Financing and sustaining the innovation Since the initial production cost of the card is $25 and we target to sell it at $75, the margin of $50 will be adequate to finance our marketing plan in a bid to penetrate in other markets. Cassar (2004) observes that finances are key in rolling out an idea and make it a reality. As such, we intend to raise 25 percent of the estimated initial investment of $20,000 from our savings, friends, and families. Besides, we plan to seek for the remaining 75% from incubators, angel investors, partnership, or bartering some stakes of our invention. Our group unanimously agreed that the partnership will help secure goodwill as well as fund some proportion of manufacturing fee. The business model of MYCARD The initial business model will include a partnership with an established information technology (IT) company which will help us in developing the card and mobile application of MYCARD. This partnership is very important as it will ensure that the use of the highest level of protection available in the market to prevent cases oh hacking and infiltration into our system. This IT Company will also form the basis of winning goodwill in the market as the data of our customers will be secure and identity theft curtailed (Weiblen and Chesbrough 2015). According to Alvarez and Barney (2001), partnerships help share the burden of a business by providing companionship, giving mutual support since it is often frightening and lonely to run a new business alone. Additionally, the partnership enables access to more skills, knowledge, and experience which is essential to running a business. It provides a wider know how, complementary experience and skills base which can help sell and expand the business in many towns, cities, and countries. As such, the partnership business model will act as role models in achieving greatness in this new venture. The intellectual property protection In our group, we came up with the following strategies to protect our innovation from people who might infringe on our rights. The strategies are, signing contracts, applying for the patent and designing our personal trademark. As said by Alikhan (2000), intellectual property is the creation of the intellect which assigns monopoly to the designated owners by law. It may include literature and music, designs, symbols, phrases, words. Inventions, and discoveries. Signing the contract We intend to draft a contract that every individual using MYCARD will abide by. It will highlight terms and conditions for using the card which restrict users from copying the concept and using the card in ways which are against the law. The contract will highlight what to do in case our customer loses or damages the card by any form of accident. Applying for the patent Gaining the exclusive right to sell MYCARD idea will be bestowed on our company only as long as we operate. The patent will grant us the exclusive rights of issuing MYCARD to users without other people copying the idea. It will also ensure that we have a strong market position to get a high return on investment since we shall control the supply by either doing it ourselves or contracting other firms (Alikhan 2000). Patents will also grant us the opportunity to license or sell the invention as well as enhancing our image on the payment platform services. Designing the trademarks Alikhan (2000) emphasizes that trademarks help in easy identification of a brand. Since MYCARD will be a force in the market, some people may want to copy the idea. However, having a registered trademark in place will ensure that we trade exclusively on our brand. References Alikhan, S., 2000.Socio-Economic Benefits of Intellectual Property Protection in Developing Countries(No. 454). WIPO. Alvarez, S.A. and Barney, J.B., 2001. How entrepreneurial firms can benefit from alliances with large partners.The Academy ofManagement Executive,15(1), pp.139-148. Cassar, G., 2004. The financing of business start-ups.Journal of business venturing,19(2), pp.261-283. Weiblen, T. and Chesbrough, H.W., 2015. Engaging with startups to enhance corporate innovation.CaliforniaManagement Review,57(2), pp.66-90.