Innovation Management of Rust-Oleum NeverWet Liquid Repellent - Coursework Example

Innovation Management: Rust-Oleum NeverWet Liquid Repellent Introduction Companies have continued to face increasing competition in the modern world and this leads to increasing pressure to come up with new and innovative products that stand out in the consumer market. This explains the reason why The HardwareCity.com one of the well-established online trader for home appliances and tools introduced Rust-Oleum NeverWet Liquid Repellant in September 1st 2012 in Canada where The Home Depot - Rust-Oleum is based (Rothman, 2013). This product was introduced to provide coating to all kinds of surfaces by repelling mud, rain and ice and other kinds of water based liquids. This product has attracted increased attention from the consumers. Pre-innovation and Post Innovation Before the innovation of the Rust-Oleum Never Wet Liquid Repellant, the consumers were not aware of the concept of a paint-like substance that could protect surfaces against all water based liquids. Consumers had a hard time cleaning various surfaces indoors and outdoors owing to water based and dust based stains (Walpole, 2013). Surfaces made of different materials may be difficult to clean and this is why the innovation is considered to be of great use for industrial and domestic use. After introduction of the product into the market, there was an overwhelming demand for the product especially industrial sector. Rust-Oleum NeverWet Liquid Repellent is commonly used as a coating on plastics, masonry, metal, wood and concrete (Rothman, 2013). It is also used on machinery, pumps, gutters, coins and motor safety equipment. Drops of water and other water-based liquids roll off surfaces that have coated with the repellent and this protects a protective layer making the surface more durable and easy to clean. Theories of Innovation Theory of Diffusion of Innovation One of the theories that can be used to explain the innovation of Rust-Oleum NeverWet Liquid Repellent is Rogers’ diffusion model (Rogers, 2010:330). This model states the process through which a given innovation is communicated through specific channels to the members of society over a specific time. There are five stages of adoption of a given innovation including awareness, interest, evaluation, trial and adoption (Rogers, 2010:330). The innovation has gone through all the stages successfully and is currently at the adoption level. Five Generations of Innovation Models Rothwell’s five generations framework provides a historical outline of industrial innovation from the 1950s to date. The five generations of innovation are described below: i) Technology push The fast economic growth from 1950s t0 1960s led to increased demand for technological growth and innovation in the Western world (Berkhout, et al., 2004:390). ii) Market Pull This took place in the 1960s and 1970s where companies were engaged in a battle for market share (Berkhout, et al., 2004:394). Companies had to come up with ways of satisfying the customers’ needs through research and development. iii) Coupling Research and Development with Marketing This took place between 1970s and 1980swhen companies moved away from R&D and coupled it with marketing (Berkhout, et al., 2004:390). Prominence is given to the interface between marketing and R&D. iv) Integrated Business Process This took place between 1980s and 1990s during the recovery of the Western economy (Berkhout, et al., 2004:392). There were well-established relationships between suppliers and leading customers. v) System Integration and Networking After the 1990s, businesses were faced by increasing challenges such as resource constraints, increasing competition and financial crisis (Berkhout, et al., 2004:393). This has led to advanced innovation such as the Rust-Oleum NeverWet Liquid Repellant by Rust Oleum. The Valley of Death Theory of Innovation Innovation of a product or service is a long process that requires the investment of a substantial amount of funds and time. Moreover, there are numerous challenges facing the process such as the lack of funds, expertise or materials to continue with the process (Fichter and Beucker, 2012). For instance, introduction of the Liquid repellant took a long time before the final product was finally launched into the market. Finally, after introduction of the product, there was resistance from some consumers over durability and its health concerns as there are those who believed that the product could cause cancer. Innovators often state that a Valley of Death or a funding gap exists between the commercialization and introduction of new and innovative products and basic research on the product. It is clear that the basic explanations for underinvestment in research and development are not the main cause of this trend. The Death Valley occurs where there are non- economic investments are made at the early stages of the innovation without adequate attention being given to the final stages of the innovation process. It is important to note that the innovation of the repellent did not rely on any funding from the government. The funding entirely came from the industry itself. Nature of Innovation This innovation entails the introduction of a new product in the market. The product was first introduced by Rust Oleum in Canada and has been recently made available to the general public. The product has gained increased popularity in the consumer market and is commonly used in industrial setting. This is owing to the fact that it is no appropriate to bring the product into contact with food. Type of the Innovation The Rust-Oleum NeverWet Liquid Repellent innovation can be described as a radical innovation. This is because it involves the introduction of a new concept that has never been heard of before. In also involves the abolition of conventional practices in the industry by positively changing the customers’’ expectations (Ries, 2011). Eventually, such innovations end up taking the place of current practices being adopted by consumers in the industry (Rothman, 2013). A radical innovation is one that leads to the production of superior products with unmatched competiveness from the market. It is important to note that the product is its early stages of introduction to the market hence has not managed to replace existing products in the market such as oil based paints. Differentiating Factors The differentiating factors of the product are that it is anti- corrosion, anti- bacterial and anti- icing (Rotham, 2013) In other words, it repels water and related fluids. Reasons why the choice is an Innovation The innovation was chosen owing to its uniqueness, timing, success and functionality. Origin of the Innovation The innovation was fostered by Rust Oleum one of the company that has worked over the years to provide better repellent solutions (Issaquah, 2013). The company sought to come up with a product that was repellent to water and water based liquids making the cleaning process of surfaces at home and industries more effective an d easier. Factors Contributing to its Success or Failure There are numerous factors contributing to the success of the innovation into the market. First, the product has unique features that cannot be found in any other products in the market. The unique one being its ability to repel water and other water based liquids (Issaquah, 2013). Second, the product is highly affordable and now it is readily available to the market in various distribution points. Finally, the repellent is anti- bacterial, anti- corrosion and anti- icing (Rothman, 2013). For instance, any droplets the freeze over a certain surface will simply fall off. It is anti- corrosion because water does not penetrate into the surface. Failure of the product can result to its limited use since the product cannot be used on all surfaces and its concerns with regards to causing cancer. Peri Commercial Factors There are several ethical and safety concerns associated with the use of the product. For instance, consumers have been cautioned not to use the product on electronics or surfaces that are in close contact with food. In addition to, there are those who believe that prolonged exposure to the repellent can cause cancer and this is why it is recommended for use in the outdoors and industries. Conclusion In summary, the innovation of the Rust-Oleum NeverWet Liquid Repellent is known to be an important in the protection of surfaces at home and industry. The innovation was chosen for discussion in this paper due to its uniqueness and increased popularity among consumers. Additionally, the product has been commonly used in the industrial sector that has long waited for such an innovation that leads to increased protectiveness for surfaces thereby increasing durability and making the cleaning process easier. From the above discussion, it is clear that the innovation is radical in nature since it come up with concepts that have not been used before and has provide unique solutions for surface protection. The innovation has gained a huge customer base since it was invented and the company should increase its distribution to the entire UK region. In spite of its impressive qualities, the product has some major weaknesses. To begin with, the durability of the product is not known hence it may only be a temporary solution to the current problem. Secondly, the product should not be used on equipments or electronics that are in contact with food. It is appropriate for plastic, wooden and metals. This goes ahead to prove that the product is highly recommended for industrial use. The bottom line is that the product has shown a lot of promise and further research should be conducted to improve its application in the home setting. References Berkhout, A.J., Hartmann, D., van der Duin, P. & Ortt, R. (2006) ‘Innovating the innovation process,’ International Journal of Technology Management, vol. 34, no. 3/4, pp. 390–404. Fichter, K. & Beucker, S. (2012) Innovation communities: Team working of key persons - a success factor in radical innovation, Springer. Issaquah, W. A. (2013) Rust-Oleum NeverWet revolutionary moisture repellant, viewed 12 Nov 2013 from . Ries, E. (2011) The lean start-up: how todays entrepreneurs use continuous innovation to create radically successful businesses, Crown Business. Rogers, M.E. (2010) Diffusion of innovation, Simon and Schuster. Rothman, R. (2013) Rust-Oleum NeverWet: Is it really foolproof? viewed 12 Nov 2013 from . Walpole, J. (2013). NeverWet: Magic coating to repel any liquid, viewed 12 Nov 2013 from . Read More