Digital Media Report on Management of Innovation Essay

Digital Media Report on Management of Innovation - Essay Example The company is co-owned by Amargi Investments and UK Safety Company with the former owning 90%, while the latter being in possession of the remaining share. The initial idea was first developed at the end of year 2002 by Leigh Dowie, while in Woodside’s LNG IV Project. Being an engineer and experiencing complications in keeping the workplace accident free, he saw it as an opportunity to improve on the existing safety systems. In 2003, research was started on the existing safety systems and the problems realized in the systems prompted the embracing of technology in new designs of the security systems. Leigh Dowie went on to design new safety systems, carrying out the planning excellently and executing IP strategy, which will be explained in details in the subsequent sections. In 2005, with the design ready, Dowie approached the authorities in order to be handed a license and did promotion on the first prototype that was released in the course of the year. Comprehensive prototy ping then followed in the year 2006 with the final design being achieved in the following year. Additionally, license negotiation was carried out in 2007. Lots of efforts were put into the design in 2008 and 2009 with Dowie achieving to establish a license, trial production being run and also validation testing being done and completed. In the year 2010 early commercials trials were done on the design and the design acquired standard certification in the same year. The systems were now ready for the market by 2011 and commenced first distributor sales with Exclusive Rights being cancelled the same year. In 2012 the company has now focused on raising the capital and initiating distributor networks and direct sales Establishing an environment for innovation IP Strategies IP is the abbreviation of Intellectual Property rights, which are the rights accorded to an inventor of a design by the government so as to avoid exploitation of the inventor and also avoid a situation in which someon e else would use the design without consent from the design owner1. There are different kinds of IP rights, which chiefly depend on the kind of property being granted the right of ownership. In cases where a new design is developed or an existing design modified a patent is given to the inventor to prevent his/her work from being used by others without the inventor benefitting2. The process of maturing and sustaining an efficient IP strategy is quite cumbersome, but is very necessary before a new product is taken to the market for sales. In order to mature an IP strategy the following steps are used as guidelines: study more on the IP strategies, find more about the freedom acquired when using IP strategies, approach relevant authorities and lastly develop an inclusive IP strategy and operation plan Leigh being so much aware of the risk his innovation faced developed a competitive IP strategy making a very smart move, which should be emulated by other innovators. He patented his des ign of the two independent spools joined by a locking mechanism hence put on clear line between his invention and those that preceded his design. New Zealand, Canada and Australia all granted him safeguard for his invention from parties, which could take advantage and use the design for personal interests. Managing organizational knowledge and innovation strategies Leign is very innovative and creative, which is evident in him coming up with a very good design of a safety system