Analyzing Innovation related Risks and Impacts

RETAIL PROJECT
INTERGENERATIONAL COLLABORATIVE
TRAINING PACKAGE
Analyzing Innovation related Risks and Impacts
Project funded by:
Erasmus+ / Key Action 2 -
Cooperation for innovation and
the exchange of good
Strategic Partnerships for VET
education
Erasmus+
Retail Project www.retail.erasmus.site
The European Commission's support for the production of this publication does not constitute an endorsement of the contents,
which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of
the information contained therein.
RETAIL PROJECT
1. Introduction to the topic
2. Learning Objectives
3. Learning Contents
Chapter 1: Why innovation is so important?
Chapter 2: Risk and impact of innovation
Chapter 3: Innovation strategies
Chapter 4: How to analyse innovation?
4. Practical Activity
5. Useful Tools
6. Sources
RETAIL PROJECT
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
1
INTRODUCTION
TO THE TOPIC New businesses in Retail are increasingly looking for
innovative and customised solutions to emerge from
their competitors and gain customers for their
business. Unfortunately, many of them fail to do so.
To enter with your business idea, you need to
understand how important innovation is and how to
analyse the risk of innovation. This will enable you to
respond better to all the obstacles that arise.
This module will show you what to pay attention to
when analysing innovation and the associated risks
and impacts.
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
2
LEARNING
OBJECTIVES
In this module, retailers and
youth will learn to:
• Identify types of innovations;
• Understand why innovation is important;
• Identify places where to look for innovation;
• Identify barriers of innovation;
• Understand risk of innovation;
• Master risk analysis;
• Identify impact of innovation;
• Understand Blue Ocean Strategy.
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3
LEARNING
CONTENTS
This module will be divided into 4 training
chapters, a practical activity, and references to
go further
CHAPTER 1
Why innovation is so important
CHAPTER 2
Risk of innovation
CHAPTER 3
Innovation strategies
CHAPTER 4
How to analyse innovation
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CHAPTER 1
Innovation is the driving force behind both your
business and the reason why civilisation is constantly
developing and people can benefit from solutions
that make their work easier and support their quality
of life.
Cambridge Dictionary defines innovation as:
„(the use of) a new idea or method”
When referring to the RETAIL market, we can talk
about innovation when, for example, we introduce
new better products, new sales models, improve
customer service through the introduction of
technology, etc.
WHAT IS INNOVATION?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
CHAPTER 1
Innovation can take many forms. Here are presented
some areas in which you can look for innovation for
your business:
• Product/Service Innovation
If you sell products that you made yourself, you can
look for new solutions to meet the expectations of
your customers. This can mean improving existing
products or developing new ones.
Types of innovation
Icon made by Freepik from
Flaticon.com
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
CHAPTER 1
• Process innovation
Innovation in the process mainly focuses on
introducing new methods, for example, product
distribution, but can also involve a change of work or
human resources. Their aim is to make business more
efficient in its operation.
Types of innovation
Icon made by Freepik from
Flaticon.com
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
CHAPTER 1
• Business model innovation
This is a type of innovation that is much more
complex than the previous two types. It changes the
process of delivering value to customers. In the Retail
sector, for example, it may involve a change of
business from a stationary shop to online trading.
Types of innovation
Icon made by Freepik from
Flaticon.com
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
CHAPTER 1
Why innovation is
important?
The innovation of your business is one of the most
important methods to gain a competitive advantage,
to attract customers or, in a broader sense, to
introduce some good solutions locally/globally (for
example, those in the field of ecology and sustainable
development).
Innovation can also be a requirement to stay in an
uncertain market.
Innovation
ideas
Innovation
develop Value
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.1 Why innovation
is so important?
CONTENT OF CHAPTER 1
What is innovation?
Types of innovation
Why innovation is important?
Where to look for innovations
CHAPTER 1
Where to look for
innovations
Constant improvement of your business, also by
exploring innovative solutions, is definitely a difficult
task. However, there are several ways that can help
you get inspired, for example:
• Ask customers – it can be done by a simple
questionnaire / interview;
• Observe customers – observing customers can
give you a lot to think about. You can watch your
customers' activity both in the physical shop and
online (for example by usying mouse recorder);
• Eliminate/Add – consider what you can eliminate
or add to your business / product / service to
increase customer experience;
• What if? – create different scenarios and look for
interesting and surprising solutions.
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.2 Risk and impact
of innovation
CHAPTER 2
Risk of innovation
The risk is integrated part of innovation. However, a
lot depends on how you run your business and what
decisions you make.
Different risks may occur depending on what stage
you are at with your business and what type of
innovation you plan to implement:
• Incremental innovation
will be less risky and will generally have a long
duration;
• Radical innovation
innovations that completely change the way business
operates.
CONTENT OF CHAPTER 2
Risk of innovation
Innovation barriers
How to deal with barriers
Risk analysis
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.2 Risk and impact
of innovation
CHAPTER 2
Innovation barriers
When talking about the risk of innovation, we cannot
overlook the barriers. They are risk-related and can be
a source of failure, especially for young businesses.
Among other things, we can mention:
Financial barriers
Technological barriers
Lack of strategy
Lack of knowledge
CONTENT OF CHAPTER 2
Risk of innovation
Innovation barriers
How to deal with barriers
Risk analysis
Icons made by Freepik from Flaticon.com
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.2 Risk and impact
of innovation
CHAPTER 2
How to deal with barriers
Depending on which barriers occur in your situation,
you may react differently.
There are several things you can always try:
Academic Business Incubators – you can look for help
in the field of consulting;
Business Angels – you can contact them for financial
support and guidelines;
EU funds – you may receive funding to implement
innovative initiatives;
Internet – is still an excellent source of information as
long as you know how to use it;
Online training – there is an increasing number of
different training courses and workshops, often free of
charge, which can help you to learn how to run a
business;
Crowdfunding – helps to get funding for the idea.
CONTENT OF CHAPTER 2
Risk of innovation
Innovation barriers
How to deal with barriers
Risk analysis
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.2 Risk and impact
of innovation
CHAPTER 2
Risk analysis
To analyse the risk of innovation, you can use
templates like this:
•Here you have a choice of
fundamentally 5 techniques
that you can assign to each
of the risks, i.e:
•Avoidance
•Retention
•Sharing
•Transferring
•Loss prevention and
reduction
•This part includes risk
controlling and
monitoring. You must
establish the methods
by which you will check
and monitor the risk.
•Here you have to
assess the risks. You
can do so, for example,
by assessing the
possibility of risk and
making an estimate of
what losses it may
cause.
•Here you have to
identify possible risks. It
is good to group them
into relevant categories
Risk
identification
Risk
evaluation
Risk handing
Risk
controlling
CONTENT OF CHAPTER 2
Risk of innovation
Innovation barriers
How to deal with barriers
Risk analysis
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.3 Innovation
strategies
CHAPTER 3
CONTENT OF CHAPTER 3
What is the impact of innovation?
Is your product/service innovative?
Blue Ocean Strategy
What is the impact of
innovation?
Nowadays, innovation is often one of the most
wanted characteristics in business. Your retail
operation can be unique in terms of innovation in
many fields, such as:
- Innovative customer service;
- Innovative product;
- Use of the latest technology such as AR or AI.
Innovations will allow to attract customers and stand
out from the crowd of other businesses. Innovation
can also result from respecting specific values.
For 83% of the Millennials it is important that the
company where they buy shares their values and 71%
of them are able to pay more for the product if part
of this money goes to charity [source: 5W PR 2020
REPORT].
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.3 Innovation
strategies
CHAPTER 3
Is your product/service
innovative?
CONTENT OF CHAPTER 3
What is the impact of innovation?
Is your product/service innovative?
Blue Ocean Strategy
Icon made by katemangostar from Flaticon.com
Try to answer the following questions, which may help
you find out if your offer is innovative.
1. Is it relevant for your costumers?
2. What problem it solving?
3. In what ways is it unique?
4. Is it ethic and value for society?
5. Does it have value for customers to pay for it?
6. Does it fit with your mission and vision?
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.3 Innovation
strategies
CHAPTER 3
Blue Ocean Strategy
The Blue Ocean strategy is based on creating your
own new market instead of competing with other
companies and their products. This is a very
interesting strategy that allows you to adapt your
products to a narrower but not yet developed market.
An example of the Blue Ocean
Strategy is the release of
toothpaste for children. They
extracted part of the market
and reduced the number of
customers, yet it was a very
good idea.
The producers then created a
new market for their product. Icon made by Freepik from Flaticon.com
CONTENT OF CHAPTER 3
What is the impact of innovation?
Is your product/service innovative?
Blue Ocean Strategy
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.3 Innovation
strategies
CHAPTER 3
Blue Ocean strategy
In your search for innovation, this scheme can help you
BLUE
OCEAN
RAISE
REDUCE
ELIMINATE
CREATE
Raise some of the factors beyond the standards in the sector
Create new values for customers
Eliminate the factors that are considered to be a certainty in your sector
Reduce some of the factors below standard in your sector
CONTENT OF CHAPTER 3
What is the impact of innovation?
Is your product/service innovative?
Blue Ocean Strategy
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.4 How to
analyse
innovation
CHAPTER 4
Is it innovative?
To assess innovation, the first thing you need to do is
to check if your product is really innovative (see slide
18).
If it is, then the next steps you have to take are to
consider what benefits it will bring to you and your
business and what risks you are exposed to by
introducing it.
Remember to be open to changes to your original
idea. Sometimes authors "fall in love" with their ideas
and do not want to apply any changes to them, even
though they could come up with something even
more innovative and creative.
CONTENT OF CHAPTER 4
Is it innovative?
Innovation analysis – risks identification
Innovation analysis – risk matrix
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.4 How to
analyse
innovation
CHAPTER 4
Innovation analysis – risks
identification
You can use the table for a risk analysis considering
what was previously presented in the graph in
Chapter 2 (see slide: 12).
Risk
Identification
Risk evaluation Risk
Handing
Risk
Controlling
Probability Impact
Lack of
technology
1 6 Transfer Audit
Underestimating
costs
3 8 Reduction Monitoring of the
budget
Lack of buyers 4 10 Reduction Monitoring sales
and customer
satisfaction
CONTENT OF CHAPTER 4
Is it innovative?
Innovation analysis – risks identification
Innovation analysis – risk matrix
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.4 How to
analyse
innovation
CHAPTER 4
Innovation analysis – risk
matrix
When analysing the risks, for example, of introducing
an innovative product, try to assess always the
probability of occurrence and the impact it may have.
You can use this table to better illustrate the situation.
Medium High Very high
Low Medium High
Very Low Low Medium
Probability Impact
CONTENT OF CHAPTER 4
Is it innovative?
Innovation analysis – risks identification
Innovation analysis – risk matrix
O3-A1: Intergenerational approach and collaborative training guidelines
As a first step partners will develop the methodology for an intergenerational approach as chosen to
deliver the training. The aim of this output is to create long term relationships between an
entrepreneur, responsible for running a retail business and a youth, who will help them introduce
sustainable changes to the business. In order to reach this objective, a framework for the
collaboration will be developed. The relationship will be be voluntary and included as such in the
framework but encouraged in order to maximise participation in the training activity and further
apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in
the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the
project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME
actively encouraging members to collaborate and engage with all relevant EU projects. Partner will
also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for
young entrepreneurs), etc. From this work, a methodological report will be issued.
3.4 How to
analyse
innovation
CHAPTER 4
Innovation analysis –
risk matrix
You can now put on the table previous risk to better
see what you should be careful of. By applying this
analysis you will know what risks you need to pay
attention to because they have the biggest impact.
• Lack of
buyers
• Lack of
technology
• Underestim
ating costs
Probability Impact
CONTENT OF CHAPTER 4
Is it innovative?
Innovation analysis – risks identification
Innovation analysis – risk matrix
4. PRACTICAL ACTIVITY
Try to evaluate your business idea for Retail and evaluate it through the prism of innovation and risk.
Probability
Impact
Exercise 1. Evaluate innovation by answering questions:
1. Is it relevant for your costumers?
2. What problem it solving?
3. In what ways is it unique?
4. Is it ethic and value for society?
5. Does it have value for customers to pay for it?
6. Does it fit with your mission and vision?
Exercise 2. Assess the risks of innovation and try to suggest solutions:
Risk
Identification
Risk evaluation Risk
Handing
Risk
Controlling
Probability Impact
Exercise 3. Fill in the table
5. USEFUL TOOLS
Learn more about Innovation Strategy
Link: https://hbr.org/2015/06/you-need-an-innovation-
strategy
Hot to use risk matrix
Link: https://www.youtube.com/watch?v=-E-jfcoR2W0
Find templates for your risk assessments
Link: https://www.smartsheet.com/all-risk-assessment-matrix-
templates-you-need
Types of innovations
https://www.viima.com/blog/types-of-innovation
6. SOURCES
K. Miller, „3 TYPES OF INNOVATION CHANGING THE FUTURE OF BUSINESS”
Link: https://www.northeastern.edu/graduate/blog/types-of-innovation/
N. Lavanya, | T. Malarvizhi, „Risk analysis and management a vital key to effective
project management”
Link: https://www.pmi.org/learning/library/risk-analysis-project-management-7070
CONSUMER CULTURE [5W PR 2020 REPORT]
Link: https://www.5wpr.com/new/research/5wpr-2020-consumer-culture-report/
T. Eschberger, „10 criteria that make product innovation successful”
Link: https://www.lead-innovation.com/english-blog/criteria-product-innovation-
successful
O. Chowdhury, „What is Blue Ocean Strategy? Examples, Pros & Cons!”
https://tradebrains.in/blue-ocean-strategy/#Examples_of_Blue_Ocean_Industry
PARTNERSHIP
Retail Project www.retail.erasmus.site
The European Commission's support for the production of this publication does not constitute an endorsement of the contents,
which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of
the information contained therein.
RETAIL PROJECT
1 de 28

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Analyzing Innovation related Risks and Impacts

  • 1. RETAIL PROJECT INTERGENERATIONAL COLLABORATIVE TRAINING PACKAGE Analyzing Innovation related Risks and Impacts
  • 2. Project funded by: Erasmus+ / Key Action 2 - Cooperation for innovation and the exchange of good Strategic Partnerships for VET education Erasmus+ Retail Project www.retail.erasmus.site The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. RETAIL PROJECT
  • 3. 1. Introduction to the topic 2. Learning Objectives 3. Learning Contents Chapter 1: Why innovation is so important? Chapter 2: Risk and impact of innovation Chapter 3: Innovation strategies Chapter 4: How to analyse innovation? 4. Practical Activity 5. Useful Tools 6. Sources RETAIL PROJECT
  • 4. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 1 INTRODUCTION TO THE TOPIC New businesses in Retail are increasingly looking for innovative and customised solutions to emerge from their competitors and gain customers for their business. Unfortunately, many of them fail to do so. To enter with your business idea, you need to understand how important innovation is and how to analyse the risk of innovation. This will enable you to respond better to all the obstacles that arise. This module will show you what to pay attention to when analysing innovation and the associated risks and impacts.
  • 5. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 2 LEARNING OBJECTIVES In this module, retailers and youth will learn to: • Identify types of innovations; • Understand why innovation is important; • Identify places where to look for innovation; • Identify barriers of innovation; • Understand risk of innovation; • Master risk analysis; • Identify impact of innovation; • Understand Blue Ocean Strategy.
  • 6. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3 LEARNING CONTENTS This module will be divided into 4 training chapters, a practical activity, and references to go further CHAPTER 1 Why innovation is so important CHAPTER 2 Risk of innovation CHAPTER 3 Innovation strategies CHAPTER 4 How to analyse innovation
  • 7. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CHAPTER 1 Innovation is the driving force behind both your business and the reason why civilisation is constantly developing and people can benefit from solutions that make their work easier and support their quality of life. Cambridge Dictionary defines innovation as: „(the use of) a new idea or method” When referring to the RETAIL market, we can talk about innovation when, for example, we introduce new better products, new sales models, improve customer service through the introduction of technology, etc. WHAT IS INNOVATION? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations
  • 8. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations CHAPTER 1 Innovation can take many forms. Here are presented some areas in which you can look for innovation for your business: • Product/Service Innovation If you sell products that you made yourself, you can look for new solutions to meet the expectations of your customers. This can mean improving existing products or developing new ones. Types of innovation Icon made by Freepik from Flaticon.com
  • 9. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations CHAPTER 1 • Process innovation Innovation in the process mainly focuses on introducing new methods, for example, product distribution, but can also involve a change of work or human resources. Their aim is to make business more efficient in its operation. Types of innovation Icon made by Freepik from Flaticon.com
  • 10. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations CHAPTER 1 • Business model innovation This is a type of innovation that is much more complex than the previous two types. It changes the process of delivering value to customers. In the Retail sector, for example, it may involve a change of business from a stationary shop to online trading. Types of innovation Icon made by Freepik from Flaticon.com
  • 11. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations CHAPTER 1 Why innovation is important? The innovation of your business is one of the most important methods to gain a competitive advantage, to attract customers or, in a broader sense, to introduce some good solutions locally/globally (for example, those in the field of ecology and sustainable development). Innovation can also be a requirement to stay in an uncertain market. Innovation ideas Innovation develop Value
  • 12. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.1 Why innovation is so important? CONTENT OF CHAPTER 1 What is innovation? Types of innovation Why innovation is important? Where to look for innovations CHAPTER 1 Where to look for innovations Constant improvement of your business, also by exploring innovative solutions, is definitely a difficult task. However, there are several ways that can help you get inspired, for example: • Ask customers – it can be done by a simple questionnaire / interview; • Observe customers – observing customers can give you a lot to think about. You can watch your customers' activity both in the physical shop and online (for example by usying mouse recorder); • Eliminate/Add – consider what you can eliminate or add to your business / product / service to increase customer experience; • What if? – create different scenarios and look for interesting and surprising solutions.
  • 13. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.2 Risk and impact of innovation CHAPTER 2 Risk of innovation The risk is integrated part of innovation. However, a lot depends on how you run your business and what decisions you make. Different risks may occur depending on what stage you are at with your business and what type of innovation you plan to implement: • Incremental innovation will be less risky and will generally have a long duration; • Radical innovation innovations that completely change the way business operates. CONTENT OF CHAPTER 2 Risk of innovation Innovation barriers How to deal with barriers Risk analysis
  • 14. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.2 Risk and impact of innovation CHAPTER 2 Innovation barriers When talking about the risk of innovation, we cannot overlook the barriers. They are risk-related and can be a source of failure, especially for young businesses. Among other things, we can mention: Financial barriers Technological barriers Lack of strategy Lack of knowledge CONTENT OF CHAPTER 2 Risk of innovation Innovation barriers How to deal with barriers Risk analysis Icons made by Freepik from Flaticon.com
  • 15. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.2 Risk and impact of innovation CHAPTER 2 How to deal with barriers Depending on which barriers occur in your situation, you may react differently. There are several things you can always try: Academic Business Incubators – you can look for help in the field of consulting; Business Angels – you can contact them for financial support and guidelines; EU funds – you may receive funding to implement innovative initiatives; Internet – is still an excellent source of information as long as you know how to use it; Online training – there is an increasing number of different training courses and workshops, often free of charge, which can help you to learn how to run a business; Crowdfunding – helps to get funding for the idea. CONTENT OF CHAPTER 2 Risk of innovation Innovation barriers How to deal with barriers Risk analysis
  • 16. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.2 Risk and impact of innovation CHAPTER 2 Risk analysis To analyse the risk of innovation, you can use templates like this: •Here you have a choice of fundamentally 5 techniques that you can assign to each of the risks, i.e: •Avoidance •Retention •Sharing •Transferring •Loss prevention and reduction •This part includes risk controlling and monitoring. You must establish the methods by which you will check and monitor the risk. •Here you have to assess the risks. You can do so, for example, by assessing the possibility of risk and making an estimate of what losses it may cause. •Here you have to identify possible risks. It is good to group them into relevant categories Risk identification Risk evaluation Risk handing Risk controlling CONTENT OF CHAPTER 2 Risk of innovation Innovation barriers How to deal with barriers Risk analysis
  • 17. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.3 Innovation strategies CHAPTER 3 CONTENT OF CHAPTER 3 What is the impact of innovation? Is your product/service innovative? Blue Ocean Strategy What is the impact of innovation? Nowadays, innovation is often one of the most wanted characteristics in business. Your retail operation can be unique in terms of innovation in many fields, such as: - Innovative customer service; - Innovative product; - Use of the latest technology such as AR or AI. Innovations will allow to attract customers and stand out from the crowd of other businesses. Innovation can also result from respecting specific values. For 83% of the Millennials it is important that the company where they buy shares their values and 71% of them are able to pay more for the product if part of this money goes to charity [source: 5W PR 2020 REPORT].
  • 18. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.3 Innovation strategies CHAPTER 3 Is your product/service innovative? CONTENT OF CHAPTER 3 What is the impact of innovation? Is your product/service innovative? Blue Ocean Strategy Icon made by katemangostar from Flaticon.com Try to answer the following questions, which may help you find out if your offer is innovative. 1. Is it relevant for your costumers? 2. What problem it solving? 3. In what ways is it unique? 4. Is it ethic and value for society? 5. Does it have value for customers to pay for it? 6. Does it fit with your mission and vision?
  • 19. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.3 Innovation strategies CHAPTER 3 Blue Ocean Strategy The Blue Ocean strategy is based on creating your own new market instead of competing with other companies and their products. This is a very interesting strategy that allows you to adapt your products to a narrower but not yet developed market. An example of the Blue Ocean Strategy is the release of toothpaste for children. They extracted part of the market and reduced the number of customers, yet it was a very good idea. The producers then created a new market for their product. Icon made by Freepik from Flaticon.com CONTENT OF CHAPTER 3 What is the impact of innovation? Is your product/service innovative? Blue Ocean Strategy
  • 20. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.3 Innovation strategies CHAPTER 3 Blue Ocean strategy In your search for innovation, this scheme can help you BLUE OCEAN RAISE REDUCE ELIMINATE CREATE Raise some of the factors beyond the standards in the sector Create new values for customers Eliminate the factors that are considered to be a certainty in your sector Reduce some of the factors below standard in your sector CONTENT OF CHAPTER 3 What is the impact of innovation? Is your product/service innovative? Blue Ocean Strategy
  • 21. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.4 How to analyse innovation CHAPTER 4 Is it innovative? To assess innovation, the first thing you need to do is to check if your product is really innovative (see slide 18). If it is, then the next steps you have to take are to consider what benefits it will bring to you and your business and what risks you are exposed to by introducing it. Remember to be open to changes to your original idea. Sometimes authors "fall in love" with their ideas and do not want to apply any changes to them, even though they could come up with something even more innovative and creative. CONTENT OF CHAPTER 4 Is it innovative? Innovation analysis – risks identification Innovation analysis – risk matrix
  • 22. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.4 How to analyse innovation CHAPTER 4 Innovation analysis – risks identification You can use the table for a risk analysis considering what was previously presented in the graph in Chapter 2 (see slide: 12). Risk Identification Risk evaluation Risk Handing Risk Controlling Probability Impact Lack of technology 1 6 Transfer Audit Underestimating costs 3 8 Reduction Monitoring of the budget Lack of buyers 4 10 Reduction Monitoring sales and customer satisfaction CONTENT OF CHAPTER 4 Is it innovative? Innovation analysis – risks identification Innovation analysis – risk matrix
  • 23. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.4 How to analyse innovation CHAPTER 4 Innovation analysis – risk matrix When analysing the risks, for example, of introducing an innovative product, try to assess always the probability of occurrence and the impact it may have. You can use this table to better illustrate the situation. Medium High Very high Low Medium High Very Low Low Medium Probability Impact CONTENT OF CHAPTER 4 Is it innovative? Innovation analysis – risks identification Innovation analysis – risk matrix
  • 24. O3-A1: Intergenerational approach and collaborative training guidelines As a first step partners will develop the methodology for an intergenerational approach as chosen to deliver the training. The aim of this output is to create long term relationships between an entrepreneur, responsible for running a retail business and a youth, who will help them introduce sustainable changes to the business. In order to reach this objective, a framework for the collaboration will be developed. The relationship will be be voluntary and included as such in the framework but encouraged in order to maximise participation in the training activity and further apprenticeship programmes. Partners will explore existing suitable frameworks that can be used in the RETAIL project. In addition, partners will seek involvement of relevant networks to increase the project scope. For instance, DCC is a member of the Enterprise Europe Network with EASME actively encouraging members to collaborate and engage with all relevant EU projects. Partner will also explore other relevant programmes such as mobility programmes (Erasmus+, Erasmus for young entrepreneurs), etc. From this work, a methodological report will be issued. 3.4 How to analyse innovation CHAPTER 4 Innovation analysis – risk matrix You can now put on the table previous risk to better see what you should be careful of. By applying this analysis you will know what risks you need to pay attention to because they have the biggest impact. • Lack of buyers • Lack of technology • Underestim ating costs Probability Impact CONTENT OF CHAPTER 4 Is it innovative? Innovation analysis – risks identification Innovation analysis – risk matrix
  • 25. 4. PRACTICAL ACTIVITY Try to evaluate your business idea for Retail and evaluate it through the prism of innovation and risk. Probability Impact Exercise 1. Evaluate innovation by answering questions: 1. Is it relevant for your costumers? 2. What problem it solving? 3. In what ways is it unique? 4. Is it ethic and value for society? 5. Does it have value for customers to pay for it? 6. Does it fit with your mission and vision? Exercise 2. Assess the risks of innovation and try to suggest solutions: Risk Identification Risk evaluation Risk Handing Risk Controlling Probability Impact Exercise 3. Fill in the table
  • 26. 5. USEFUL TOOLS Learn more about Innovation Strategy Link: https://hbr.org/2015/06/you-need-an-innovation- strategy Hot to use risk matrix Link: https://www.youtube.com/watch?v=-E-jfcoR2W0 Find templates for your risk assessments Link: https://www.smartsheet.com/all-risk-assessment-matrix- templates-you-need Types of innovations https://www.viima.com/blog/types-of-innovation
  • 27. 6. SOURCES K. Miller, „3 TYPES OF INNOVATION CHANGING THE FUTURE OF BUSINESS” Link: https://www.northeastern.edu/graduate/blog/types-of-innovation/ N. Lavanya, | T. Malarvizhi, „Risk analysis and management a vital key to effective project management” Link: https://www.pmi.org/learning/library/risk-analysis-project-management-7070 CONSUMER CULTURE [5W PR 2020 REPORT] Link: https://www.5wpr.com/new/research/5wpr-2020-consumer-culture-report/ T. Eschberger, „10 criteria that make product innovation successful” Link: https://www.lead-innovation.com/english-blog/criteria-product-innovation- successful O. Chowdhury, „What is Blue Ocean Strategy? Examples, Pros & Cons!” https://tradebrains.in/blue-ocean-strategy/#Examples_of_Blue_Ocean_Industry
  • 28. PARTNERSHIP Retail Project www.retail.erasmus.site The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. RETAIL PROJECT