BAA539 FUNDAMENTALS OF INNOVATION AND ENTREPRENEURSHIP Assessment Task 3: Report Task Description This is an individual assignment, worth 45% of your final grade. This assignment builds on the work...

ROBO INVENTION
Executive Summary
This report takes into consideration the changes and the innovations in one of the growing company ROBO Invention. The modification and innovation is the basic rule that need to be followed in almost every organization belonging to any of the industry as it helps them in pacing up with the changing time. In this report the opportunity recognized by the company, entrepreneurial identity as well as the business canvas model is taking into consideration, which would focus on the growing changes of the organization. The report would focus on the facts how the proposed changed could be helpful and beneficial for the company.
Table of Contents
Introduction    4
Opportunity Recognition    5
Causation and Effectuation    6
Proposed Changes to the Startup Company    7
Entrepreneurial Identity    8
Potential Competitors    9
Business Model Canvas    11
Conclusion    13
References    13
Introduction
In this paper, the organization chosen is ROBO Inventions, which is an embedded system, robotics, and avionics research company. The company is based in Ernakulum, Kerala, India. The company is well known for manufacturing products that can solve real-life problems easily. The company is working prominently to use improved technology to change the overall scenario of the electronics industry. The company aims to build superefficient electronic products along with training the youths in robotics and embedded system so that they could take the upgraded electronics products to a next level. I have chosen this organization as it relates to upgrading technologies and the changes in the environment. The company approach and aims are solid which could help in solving the problems faced by the people with innovation. The company has a lot to consider in terms of technology that is why I was very much excited to use this company in my report.
The changes I am proposing through this report is how the robots can be formulated which could be useful for the world seeing the recent corona pandemic. The changes include what type of robot could be created to increase the safety and confidence of the people at the airport during the COVID pandemic. The company which is earlier making the products for making the life of the people easier is now looking to make the robots that would be utter helpful seeking the pandemic condition. I will structure the assignment in a completely systematic manner where the initial to the end process is mentioned right from the opportunity identified to the entrepreneurial identity and at last the business model. The structure has opted as it will help in having a complete detailed overview of the process.
Opportunity Recognition
The entrepreneurial opportunity recognition and the opportunity exploitation has become one of the most vital and important aspects in the present times seeking the growing verge of the entrepreneurs in the industry. The entrepreneurial opportunities are generally perceived as the conditions or situations in which complete new raw materials, products, or services can be introduced in the market and sold at a substantially increased price than the cost of production. The opportunity recognition also takes into demand accessing the current needs and requirements of the society or the people and then introducing something that would be beneficial for the population and in return gives profit to the organizations (Gaglio et al., 2018)
In this paper also the discussed company ROBO inventions have analyzed the demand and requirement of the market and converted it as a possible opportunity for the company. The companies’ identification of the opportunities is dependent upon multiple factors that include life experience change in the government policies as well as the changed environmental conditions. These are the several external factors that are considered by the company in order to transform a situation into an opportunity. The detailed approach is listed below (Gumel et al., 2018)
Life Experience
In the present scenario, the opportunity is recognized by the firm seeking the life experience. As in the present COVID situation, almost every person in the world has experienced something that was completely unknown to them. Whether the people are traveling through flight, train or going for the groceries or living their normal life social distancing, sanitization and mask has become the mandatory thing for them. In such situations, the firm also recognized the importance of social distancing at the airports where the people have to go through several security processes where they can come into contact with multiple people and things (Ferreira, Fernandes & Ratten, 2017).
The opportunity identified by the firm that states the use of an innovative robot that could ensure the safety of the people at the airport as well as give them utter confidence regarding their safety is one of the outcomes that came through the life experience. No matter the company people has taken the flight amid the pandemic or not but they are aware of the fact that how difficult the situations have become in the context of the airports and railway platforms where the gathering of the crowd is a very normal and common thing (Hanohov & Baldacchino, 2018).
Change in the Government Policies
In the recognized opportunity by the firm the changing government policies have also played an important role as before the pandemic there was no guidelines or protocol implemented by the government that state people have to maintain the social distancing at public places, they have to maintain proper distance with each other so that there is a less chance of the widespread of the virus. Along with this, the mandatory use of masks is also prescribed for the people. To incorporate these changes in the policies by the government has become very difficult for the airports and several public traveling places as to manage the crowds as well as managing their safety at the same time is a quite difficult situation (Acosta et al., 2017).
The firm recognizes the opportunity here as human contact is very dangerous for everyone as well as would increase the spread of the virus in such a case optimizing a robot that is a machine would solve this increasing problem. With the shedding of the lockdown, it becomes a challenge for the organizations especially the traveling sector to compile themselves efficiently. In such time such innovative thinking by the ROBO invention is a much-needed step to solve the existing problem.
Environmental Conditions
The changed environmental condition is the major factor that sterilized the increased opportunity for the company in the market. The COVID-19 pandemic that emerged as an outrage all over the world also works as a catalyst in enlisting the opportunity for the firm. As considering the earlier prospect, the robots though were used for several works in the industries as well as the manufacturing firms but using the robots at the airports or the hospitals as a nurse is something quite innovative and would solve several problems that are emerging in the environment due to the COVID (Mostafiz, Sambasivan & Goh, 2019).
Concerning the changing environment, the firm has grabbed and identified the opportunity that will possibly solve the real-life problems faced by the people as well as the authorities. The opportunity that is identified will not only provide benefit to the ROBO invention or the airports but also ensure the health safety of the passengers taking the air service. The emerging demand for the facilities of the services or the products that assure less human involvement is the prime demand of the market at the present times (Teh et al., 2018).
Causation and Effectuation
The causation and effectuation are considered important aspects in entrepreneurship projects. For a project, the causation must be implied as it takes into consideration the opportunity identification along with the market exploitation. It focuses on the approach that implies entrepreneurs focus on a predefined goal and then find the aims to find the means to reach this goal. In the case of the ROBO invention also the company has identified its goal and then they were perceived to achieve those goals through the strategies and the options followed in the way (Galkina & Lundgren-Henriksson, 2017).
The causation used in the business provides a defined vision and path to the companies to accelerate their plans and the strategies they can formulate in order to move closer to their goals. ROBO inventions also use causation so that their entrepreneurial project can head in a most obsolete and defined direction. It is observed that the organizations that particularly lack the causation in their vision and the approach has to deal with several problems arising from it. Along with all these the causation provides a compiled view of the process and the research related to the accomplishment of the goals (Arvidsson, Coudounaris & Arvidsson, 2020).
The effectuation approach is the most prominent approach that is used in making decisions and performing the relevant actions in the entrepreneurship process in which a business identify the next and the best step by assessing the resources that are available to the company at that very time to achieve the goals as well as balancing the goals with the available resources. As in the case of the ROBO inventions through they identified the possible opportunity that would be relevant for them but they have to access where they are capable of meeting these requirements with the resources that are available to them or they have to attain several resources that could make their goal achievement easier (Asemokha et al., 2021).
The company has to analyze its strength its capability and then act accordingly. Whether it is the humanoid services or the camera surveillance all can only be portrayed if the company relatively knows what they can do to compile these things and the possible areas where they could extend their help. The effectuation approach helps in analyzing what the firm can afford in order to outreach its service and make its plan an utter successful one. Both causation and...