Different Applications for an Innovation : A feasibility analysis of a business opportunity

Due to the pressure of hyper competitive markets, companies are forced to constantly search for improvements in their range of products and services. The success key is to be proactive and implement strategies that value innovation trough business processes and diversification of products and services. The ideal situation is when real added values are offered to customers. This Master Thesis, as a practice oriented project, analyzes the feasibility of a new business concept “Smart storage”, and aims to identify the existence of a real opportunity. It not only provides a practical solution to a case regarding innovation trough product diversification, but also shows the detailed processes that were used to solve it. There were several phases in the project. The first phase included ideas generation(the discovery of different applications for the business idea); valuable information resulted from brain storming sessions, focus groups and whishing and bug-lists of creative techniques. It was also necessary to run meetings with the consultant who is working close to the company that wants launch the new product and the Company itself. Once we come up with different applications, it was necessary to gather information about their attractiveness which constitutes the second phase of the study. In this case we contacted several organizations and information resulted from interviews,internet search, telephone calls, e-mails and observation. The empirical data gathering phase was extremely important for the analysis of the project. Finally, for data analysis and its interpretation, we used the Feasibility analysis framework. The conclusion points out that there is a great potential for starting a “Smart storage for Stadsarkivet-usage” project with public archive institutions. However further studies should be taken place in order to complete the feasibility analysis