Innovation Model of the Company Spring - Essay Example

Innovation Model of the Company Spring Table of Contents Introduction 3 Analysis of the Application of the Innovation Model 3 An Explanation about How the Original Business Model of Spring Changed and the Contribution of Entrepreneurship and Innovation in Making Such Changes  5 Conclusion 7 References 8 Introduction In previous years, several organisations were able to survive in the respective financial markets even with a limited amount of innovation. Their only focus laid on offering quality products and updating about any sort of product change to the customers in order to attain superior competitive position (Raphael & Christoph, 2012). Thus, with this concern, the essay intends to analyse one of the innovation models of a new mobile shopping app i.e. Spring and determine about how the entrepreneurship as well as innovation procedures have contributed in making changes to its business model. Analysis of the Application of the Innovation Model The new app of mobile shopping i.e. Spring was launched by David Tisch, Alan Tisch, Ara Katz and Octavian Costache. Through this app, one can browse style outfits along with purchase their liked things by just swiping finger across the device’s screen. In order to analyse one of the innovation models relating to the app i.e. Spring, various significant aspects including paradigm, process, position and product or service have been taken into concern for discussion (Tidd & et. al., 2005). Innovation has several forms that tend to make appropriate directions of change. Innovation business model could either create a new market or allow exploitation of new opportunities in existing markets (Pivotal Software, 2015). With this concern, an attempt has been made towards applying “The 4Ps of Innovation Space” as one of the innovation models in the business processed conduct by Spring, which is elaborately discussed hereunder. Product or Service Innovation: It is quite monotonous to download various apps for any single reason. In this context, Spring mobile app would help to get various styling goods just a single swiping of finger on device’s screen. It has its own unique system software management with the inclusion of varied resolver services. These services include mobile as well as tablets’ server side detection, site performance management which allows users to prefer their ‘mobile’ or ‘tablet’ or ‘normal’ experience and site switchers that help users to switch into most appropriate sites (Raphael & Christoph, 2012). Process Innovation: In certain situations, people could identify their respective needs and thus they just hangout in shops. Spring app just recreates shopping experience with the app named Spring Street, which tends to encourage the users to share products and make them to possess a clear aspiration of e-commerce (Kessler, 2014). Position Innovation: Position or promotion innovation could be related with business in psychological way, depending much upon the users’ psychological mentality. It will be vital to mention this regard that the users of Spring could check details in a single swipe on device’s screen. This positions the app to a favourable position as compared to others that are readily accessible in the respective financial markets (Kessler, 2014). Paradigm Innovation: It means market segmentation with a clear view of users’ choices and needs. In today’s world, most of the users desire to spend every 16 min in each hour online visiting in Instagram, Facebook and other sites of social networking. Thus, the paradigm innovation could be applied within Spring, which mainly gets determined in the form of developing the attributes of the products or services that the app offers to the end users and also conducting operations in an efficient way (Kostic, 2003). A diagrammatical illustration has been depicted for better comprehension of the above analysed innovation model. Source: (Tidd & et. al., 2005) In relation to the above context, Spring mobile app could use all the aforesaid innovative concepts at a single time through process improvement, thereby generating better product results and positioning as well (Spring Singapore, 2014). An Explanation about How the Original Business Model of Spring Changed and the Contribution of Entrepreneurship and Innovation in Making Such Changes  Spring app is regarded as the easiest and the most personalised way to shop in your mobile. The management team of Spring would require following certain new rules for making an alarming start in a saturated market. It can be apparently observed that there lay certain potential reasons for which the original business model of the app has changed in this modern world. In this regard, such changes included transformation within the norms of Spring’s business model, identifying as well as evaluating the market opportunities, preparing an effective business plan for capturing the market and determining the resources that will be required for constructing an effective enterprise management (Robert & et. al., 2005). The contribution made by the procedures of entrepreneurship and innovation in the aforesaid change could be better understood from the discussion provided hereunder. Communicate In A Clear Value: The formation of effective communication with a clear value is regarded as one of the contributory aspects towards making considerable changes in the business model of spring. Take Technical Work Out For Partners: Spring’s technical management is designed in a special way of integrating pre-existing e-commerce system with the common one, which certainly lessened the pressure of conducting any technical work within a specific deadline. The use of this particular practice eventually resulted into making certain changes in the business model of Spring (Raphael & Christoph, 2012). Making The Partners To Feel That They Possess Creative Control: The initiative of Spring in making the involved partners to realise that they hold the potentiality of creative control also deciphers the contribution made by entrepreneurship as well as innovation in changing the business model of Spring (Teece, 2009). Build Diversity Within Team: Spring is basically regarded as a technology based company with the inclusion of male along with female workers. It is worth mentioning in this regard that the promotion of diversity with this company certainly contributed in making wider changes in its business model with greater promotion of entrepreneurship as well as innovative skills of the personnel (Kaplan, n. d.). Simplicity: Spring tends to eliminate extra unnecessary actions for the users while using this app. This aids in avoiding pointless actions and saving time, resulting into making considerable level of changes in the business model of Spring (Lanci, 2007). Attain Company’s Vision: The activities performed by Spring in the form of promoting innovation and developing entrepreneurship skills also contributed in making extensive changes in the business model of the app. It is projected that the above stated activities have aided the app to attain its predetermined business or operational targets (Ortiz, 2015). Conclusion Based on the above analysis and discussion, it can be ascertained that the following of the innovation model concerning 4Ps would certainly aid this new app to attain its predetermined targets. In conclusion, it is to be affirmed that the changes made in the business model of Spring by the entrepreneurship and innovation procedures would assist this new app to respond to transforming market conditions. References Hubner, D., 2006. Innovation Strategies and Actions. European Commission Working Documents, pp. 3-30. Kaplan, S., No Date. Roles and Motivation of Future. The Future of Customers’ Roles and Motivation, pp- 1-20. Kessler, S., 2014. Spring the App That Make the Mobile Shopping Fun. Fast Company [Online] Available at: http://www.fastcompany.com/3034362/spring-the-app-that-promises-to-make-mobile-shopping-fun [Accessed March 31, 2015]. Kostic, M., 2003. Innovation Mix, Innovation Management: 4P’s of Management, [Online] Available at: http://www.veza.biz/eng/4Pinnovation.html [Accessed March 31, 2015]. Lanci, P., 2007. Executive Summery. Innovation Strategy, pp. 4. Ortiz, D., 2015. Crucial Rules For Starting A Fashion App (Or Any Business), Behind The Business Spring Shopping App, [Online] Available at: http://grungygentleman.com/post/view/Behind-The-Business-Spring-Shopping-App [Accessed March 31, 2015]. Pivotal Software, 2015. Features, Spring Mobile, [Online] Available at: http://projects.spring.io/spring-mobile/ [Accessed March 31, 2015]. Raphael, A. & Christoph, Z., 2012. Creating Value Through Business Model Innovation, MITsloan Management Review, Vol. 53, No. 3, pp. 41-49. Robert D. & et. al., 2005. The Entrepreneurial Process, McGraw-Hill Irwin, [Online] Available at: http://sbaer.uca.edu/publications/entrepreneurship/pdf/01.pdf [Accessed March 31, 2015]. Reeves, M. & et. al., 2009. Business Innovations, Business Model Innovation, pp. 3-8. Spring Singapore, 2014. Innovation and Capability. Growing Business, [Online] Available at: http://www.spring.gov.sg/Growing-Business/Voucher/Pages/innovation-capability-voucher.aspx [Accessed March 31, 2015]. Teece, D. J., 2009. Elements of Business Model Design. Business Model, Business Strategy and Innovation, Vol. 43, pp. 172-194. Tidd, J. & et. al., 2005. Management Innovation. Wileyeurope. [Online] Available at: http://www.innovation-portal.info/wp-content/uploads/4Ps-explanation.pdf [Accessed March 31, 2015]. Read More