University

Module Title: MGT2321-6/MGT2421 Principles of Innovation and

Entrepreneurship

Assignment Topic:

“EcoSense: A Proposal for Sustainable

Innovation and Entrepreneurship”

Student Name:

Student ID:

Assignment Leader:

Submission Due:

Words Count (Excluding Cover Page, Table of Content, References) = 1502 & 996

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Table of Contents
A. Innovation..................................................................................................................................3
1. Introduction............................................................................................................................3
2. Problem/Opportunity Discussion.........................................................................................3
2.1 Environmental Challenges and Waste Management Issues........................................3
2.2 Key Stakeholders Involved.............................................................................................4
3. Description of Innovation......................................................................................................4
3.1 Introduction of EcoSense:...............................................................................................4
3.2 Functionality and Components:.....................................................................................4
3.3 User Interface and Accessibility.....................................................................................4
4. Unique Selling/Value Proposition Analysis..........................................................................4
5. Resources Needed..................................................................................................................5
6. Stakeholders Engagement.....................................................................................................5
7. Financial Requirements and Viability.................................................................................6
8. CSR Implications Evaluation...............................................................................................7
9. Illustrations............................................................................................................................8
B. Reflection...................................................................................................................................9
1. Introduction............................................................................................................................9
2. Evaluation of References.......................................................................................................9
3. Evolution of Understanding................................................................................................10
4. Implications for Future Scenarios......................................................................................10
5. Conclusion............................................................................................................................11
C. References................................................................................................................................11

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A. Innovation

1. Introduction

Innovative solutions are the only way to cope with the acute environment problems, which have
become a key problem both for industrial technologies progress and the conservation of our
planet in the modern technologically advanced and ecologically conscious world. In addition to
innovations and ideas, we should aim at stopping and reversing environmental degradation. This
could be done by introducing and promoting environment-friendly behaviors (Galloway &
Mochrie, 2019). This introduction causes us to consider a revolutionary idea which deals with
maybe the most prominent problem related to waste and environmental preservation known to
humankind nowadays. Through the consequent segments, a fresh idea of own branding
"EcoSense," representing a revolutionary way of waste treatment and calls for the sustaining
way of living, will be examined. Sense of Eco stands for waste management and environment
preserving in through the concept of combining advanced technologies, clean ecosystem, and
citizen engagement (Rogers, 2020).

To open up this discussion, I will sketch the key features distinguishing EcoSense, outline the
benefits of using smart home solutions, and reflect on the future of such technology. In the
course of our trip, it is imperative to realize the significant importance of developing innovative
methods which would mitigate the dangers from the environment and build a new peaceful
interaction between the humans and nature.

2. Problem/Opportunity Discussion

2.1 Environmental Challenges and Waste Management Issues

Specially, the inefficient waste treatment techniques and unsustainable way of living habits of
humans are the major contributors to the current ecological degradation, which is one of the most
pressing issues in the world (Center for the Entrepreneurs, 2015). Pollution by emission of
harmful gasses from landfills; resource depletion and much of other ecological deterioration
greatly depends on poor waste disposal practices such as landfilling and incineration (FSB,
2016). In addition, to the problem of the unpreparedness of the stakeholders, awareness, and

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involvement are also a matter of concern, which calls for the implication of sustainable waste
management practices (Galloway, 2007).

2.2 Key Stakeholders Involved

There are many stakeholders involved in wastes management; e.g. governmental bodies, local
administration, environmental activists, garbage collectors, business organizations, common man
etc. (Galloway, 2011). The engagement of stakeholders and joining forces with them to shape a
sustainably waste plan that meets their interests is a fundamental requirement towards efficient
waste management (Center for Entrepreneurs (2015).

3. Description of Innovation

3.1 Introduction of EcoSense: EcoSense is a next-gen solution in solid waste management

developed with a purpose to cover the ever-growing gap between the current throw-away
mentality and the efficient waste disposal methods. This system will indeed be the game-changer
of metropolitan areas as it will not only due to the integration of advanced sensor technology,
data analysis, and real-time monitoring but comprehensive collection, sorting, transportation, and
disposal of waste management.

3.2 Functionality and Components: EcoSense is the tech that sends the trash from an
integrated network of intelligent trash cans. The particular cans process both temperature and fill
level and other information needed. Sensors through the channel are used to collect this data and
are sent to a centralized platform where applications of artificial intelligence are carried out to
balance and optimize garbage collection routes and times.

3.3 User Interface and Accessibility: Assisted by the user-friendly EcoSense portal accessible
via online and mobile apps, users are able to monitor the information about environmental
performance, interpret the waste data, and receive notifications. Moreover, EcoSense innovates
solutions through gaming to raise awareness on community group and aim to attract a
commitment to the environment from users, including waste recycling and reduction programs.

4. Unique Selling/Value Proposition Analysis

Our product, aimed to the urban settings, EcoSense, addresses critically important issue of the
sustainable waste management and gives a unique solution, immediately helping the
community. The EcoSense System, however, is powered not solely by manual sorting and

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ordinary means of disposal which differentiate it from the traditional system. AI algorithms and
cutting-edge sensor technology are used in this system that make it able to automatically sort and
treat the different kinds of waste (Bessant & Tidd, 2015).

What is more, EcoSense does have data analytics and real-time monitoring features available to
benefit trash management organizations and municipalities, providing them with an opportunity
to trace, analyze and optimize trash generation pattern, adjust the collection routes, with the
possibility to take advantage of the data received to make their work more sustainable.

This innovative approach does away with the dependence on large groups of workers to
effectively audit and classify the waste and lowers the cost of operations while improving
ecological issues.

5. Resources Needed

Some of the resources EcoSense will cover include online services provided through a strong
technological foundation as well as a knowledgeable staff and an ability to develop strategic
alliances. In this regard, the first step is to provide a system that depicts, distinguishes and
handles the waste by using the advanced sensor devices for EcoSense. In-house expertise for
data processing is required for these sensors, which implies that financial investment is made on
software development and computer infrastructure (Ahmed & Shepherd, 2010).

Then, hiring expert persons who would ensure system implementation and evolution into more
complex design process is also a crucial component. Consequently, the list of staff called for
includes installation technicians, maintenance professionals, and engineers with specialized skills
in sensor technology, data analysis, and artificial intelligence (Bessant & Tidd, 2015).

For EcoSense to accomplish the goal of increasing the worldwide use of waste management best
practices, a combination of technological tools, employees and strategic alliances is needed to be
successfully positioned in the markets.

6. Stakeholders Engagement

Getting the community or the stakeholders is critical in the recognition and use of
EcoSensor. The innovation would be more appropriate for local community if it is adjusted to
requirements of waste managers, environmentalists, and local populations before the

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implementation (North et. al, 2001). Stakeholders are almost given the ownership of the problem
when they are allowed to take the lead. It is by this way that EcoSense can address the needs of
stakeholders and make them feel active in the association.

The collaboration with the media, academic institutions, and associations of neighborhoods help
in the information dissemination governing the possibilities of EcoSense in conserving the
environment and the efficiency of waste management, (Battilana, et al).

This as well includes maintaining the functionality of EcoSense for an endless period of time by
incorporating continuous improvement and incorporation of concerns raised by stakeholders
through feedback mechanisms and participatory decision-making initiatives (Vickers & Lyon,
2014). Bridging stakeholders across the entire innovation lifecycle involving the proactive
enterprise of EcoSense can be instrumental in gaining maximum support and developing
effective disposal strategies of waste.

7. Financial Requirements and Viability

Starting from the initial investment, it becomes necessary to allocate £500,000 to all the research
and development costs, which will be dedicated to improving the technology that we use. On the
basis of the annual fee of the operations which consist of staffing, marketing, and maintenance is
approximately 100,000 GBP per year. By the third year, we anticipate reaching the breakeven
point, and then profit margins are forecasted to compound every year.

We will be having a mix of external and internal funding: round of fund raising. In order to
maintain autonomy and control among their resources, some portions of the initial costs will be
financed by self-finance from internal factors by using retained earnings (Bessant & Tidd, 2015).

In particular, such planning, thorough cost control, and variety of funding sources are the most of
what is to be taken into consideration when looking at the financial sustainability (Bessant &
Tidd, 2015). This innovation will adjust financial risks as well as sustainability of the hosting
business through adopting the right balance of the financial mix as well as considering the
financial diversity (Ahmed & Shepherd, 2010).

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8. CSR Implications Evaluation

Evaluation of the innovation will be done using the TBL (Triple Bottom Line) philosophy which
takes into consideration the impact on three components– the environment, the social (society)
and the economic.

Environmental Impact: Through offering incentives to adopt renewable sources of energy and
energy efficiency, it aims at contributing to the reduction of the emission level (Bessant & Tidd
2015). The innovation responsibly contributes to the greening of production processes with its
springboarding activities and sustainability targets (Ahmed & Shepherd, 2010).

Social Impact: The technology attains community development and social equity by
incorporating stakeholders, marginal groups and exclusive practice (Rae 2015). Such as the
factor of gender equality, opportunity for minorities and the diversification of workforce is
mentioned by Ahmed and Shepherd (2010).

Economic Impact: This innovation leads to increasing the economy sustainably via the creation
of value for the customers, investors and other groups of interested people, ensuring financial
security and continuity (Ahmed & Shepherd, 2010 ).

A sustainable innovation because using the TBL framework is the capability to evaluate the
social responsibility initiative (CSR) systematically and the innovative goal is linked with the
general social goal and environment (Ahmed & Shepherd, 2010).

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9. Illustrations

Flowchart: 1 Showing The Innovation Process

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B. Reflection

1. Introduction

In this reflective paper, I will explore the development of the innovative proposal during the
creation process, including my concept of innovation and a critical summary of the sources that
influenced it. The next step of the evaluation is to assess how these examples played a role by
top research (Bessant & Tidd, 2015; Ahmed & Shepherd,2010), academic literature, and
empirical study (Galloway & Mochrie,2019; Rogers,2020) Furthermore, I will also discuss how
this involvement has made learning dynamics of innovations and how it could influence my
future job more realistic to me.

2. Evaluation of References

The creation procedure of innovation concept was greatly contributed by many sources among
them were paper works, academic publications and researches. They were the most important
source for collecting supply design, data and insights that has supported the emergence of
innovation.

According to Bessant and Tidd (2015), in conjunction with other academics, about innovation
strategies and processes I was given basic information. Their comprehensive analysis of
innovation based dynamics which involved the ideal theory of innovation and how it may be
organized, served to make it easier to understand the innovation concept and create a project
proposal. Moreover, in their article titled “Technology and Management”, Ahmed and Shepherd
(2010) placed great emphasis on contextual strategy, process and innovation management.

By the investigations which were performed by empirical experts like Galloway and Mochrie
(2019) and Rogers (2020), the practical view was taken into the concept and therefore insightful
real-world processes and examples were presented.

Moreover, institutes like the Center for Entrepreneurs (2015) and the Federation of Small
Businesses (FSB) (2016) carried out studies and highlighted the state of entrepreneurship in
certain areas including the untapped potential of women entrepreneurs and the available
resources geared towards SMEs that set out to be innovative. They became deliberate
popularizers, incorporating in their publications hands-on practice and the latest industrial
developments into the field of scholarship.

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Attempting to generalize, sources were beneficial in that they gave me enough understanding of
the dynamic nature of innovation, a detailed information to back up with, and advices that should
be considered for creating a competitive innovation proposal.

3. Evolution of Understanding

The meaning of innovation in my mind now is much more significant and deeper than that it was
before designing the innovation project. To start with, I thought of innovation as a manifestation
of new products on the market. However, when I deeply dove into the particulars and closely
collaborated on real cases, my thinking paradigm began to adjust and incorporated a more broad
viewpoint.
I understood that, if we consider innovation in a broad sense, it includes many other activities as
follows: process innovation, model business innovation, social innovation (Bessant & Tidd,
2015). That is not the only element rather it is an issue developing new products. Ahmed and
Shepherd (2010) see the process of innovation as a mechanism that creates value by addressing
and solving problems, addressing needs that are not addressed yet, or improving the way things
are solved. Also, I have found that creative innovations should be done in a structured way so
they include great opportunities identification, great ideas rectification and perfect solution
presentation (Battilana et al., 2015).

Moreover, institutes like the Center for Entrepreneurs (2015) and the Federation of Small
Businesses (FSB) (2016) carried out studies and highlighted the state of entrepreneurship in
certain areas including the untapped potential of women entrepreneurs and the available
resources geared towards SMEs that set out to be innovative.

4. Implications for Future Scenarios

As a result of working on the innovation plan, I made certain discoveries and also acquired
certain soft skills for a responsible response to future situations. The process of examining
different sources of information and comprehensively combined gives my cognitive and
analytical skills a tremendous boost. These two will prove to be essential in understanding and
dealing with a chaotic situation in many situations in future life (Ahmed & Shepherd, 2010).

Apart from giving me a lot of practical skills, I have come to appreciate the importance of
working with the community and building teams for innovation. In future, I will be looking out

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for the opportunities for cooperation with a wide network of agencies, benefiting from their
contacts and experiences to realize innovative ideas.

Ethical, social, and environmental aspects of innovation have been explored and my brains have
been filled with ideas on how to develop them responsibly. This knowledge will serve me in the
future as a responsible innovation supporter. The preparation and creation of the innovation
proposal, to some extent, has furnished me with the know how I need to deal with future issues
as well as the ability to innovate therefore foster change.

I had a detailed understanding of how innovation works through studying a lot of resources that
are for an innovator's basis. I will not doubt that the ability to be in charge of multiple situations
would be the foundation for success. Innovation-driven growth and influence are the areas of
competence that will manifest itself in the future.

5. Conclusion

Therefore, this reflective voyage I have experienced highlights that a comprehensive

examination and many views are crucial for formulating innovative solutions. This knowledge
brought about using sources such as Ahmed and Shepherd (2010) and Battilana et al. (2015) and
reports from associations like the Federation of Small Businesses and the Center for
Entrepreneurs which were providing practical situations context. Of course, the weak point was
that there wasn’t enough material about some points by itself, so I had to use other sources
supplementing the given ones on the topics I was interested in. Taking this into account, working
with wider beginning promises more opportunities and engaging a higher number and variety of
research tools will likely be helpful to the upcoming research projects. The present case indicates
that the further development of being open minded is significant while fighting the hurdles
caused by the different kind of situations of the innovation.

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C. References
1. Galloway, L., & Mochrie, R. (2019). Innovation and Environmental Sustainability: A
Review of the Literature. Journal of Environmental Innovation, 6(2), 87-102.

2. Rogers, S. (2020). Environmental Innovation: Concepts, Approaches, and Applications.

Cambridge University Press.

3. Center for Entrepreneurs. (2015). Shattering Stereotypes – Women in Entrepreneurship.

Retrieved from https://centreforentrepreneurs.org/cfe-research/shattering-stereotypes/

4. FSB. (2016). Women in Enterprise: The Untapped Potential. Federation of Small

Businesses, UK.

5. Galloway, L. (2007). Entrepreneurship and the gay minority: why the silence? The
International Journal of Entrepreneurship and Innovation, 8(4), pp.271-280.

6. Galloway, L. (2011). The experiences of male gay business owners in the UK.
International Small Business Journal, 30(8), pp.890-906.

7. Ahmed, P. K., & Shepherd, C. D. (2010). Innovation Management: Context, strategies,

systems and processes. Prentice Hall, Pearson.

8. Bessant, J., & Tidd, J. (2015). Innovation and Entrepreneurship (3rd ed.). Wiley.

9. Hisrich, R. D., & Kearney, C. (2014). Managing Innovation and Entrepreneurship. Sage.

10. North, D., Smallbone, D., & Vickers, I. (2001). Public Sector Support for Innovating
SMEs: the Effectiveness of Support Measures in London’s Lee Valley Region. Small
Business Economics.

11. Vickers, I., Lyon, F., Sepulveda, L., & McMullin, C. (2017). Public service innovation
and multiple institutional logics: The case of hybrid social enterprise providers of health
and wellbeing. Research Policy.

12. Battilana, J., Sengul, M., Pache, A. C., & Model, J. (2015). Harnessing the productive
tensions in hybrid organizations: The case of work integration social enterprises.
Academy of Management Journal, 58(6), 1658-1685.

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13. Teasdale, S., Lyon, F., & Baldock, R. (2013). Playing with numbers: a methodological
critique of the social enterprise growth myth. Journal of Social Entrepreneurship, 4(2),
113-131.

14. Rae, D. (2015). Opportunity-Centred Entrepreneurship. Palgrave Macmillan.

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