Assalamualaikum w.b.t.
Hi! My name is Nor Fadzilah Binti Abu. But you can call me Diela. I have been ask by my lecturer to do this blog for my assignments and to market my business online.. I'm currently taking Bachelor of Business Admin in Islamic Finance. I'm in semester 3 now. This blog is specially made for my Innovation and Management subject lectured by Prof SR. Dato' Dr. Kamarudin Bin Mohd. Nor. So, I hope you support my blog by following this blog. :)
1st Assignment.
Why Malaysia has to be innovative to stay competitive and relevant among the developing countries?
Malaysia has to be innovative to stay competitive and relevant among the developing countries. It is because the country with an innovation-driven economy will enable the nation to further develop its science and technology sector. This needs to be happen if the country aspires to surge ahead of countries already famous for their science and technology prowess, like South Korea and Japan.
Firstly, Malaysia have to ensure that all groups in society, including academia, industry, the citizens and government itself, collaborate and move in the same direction. To enable innovators to get their creations to the market, Malaysia are looking at making funding more accessible and streamlined. With more emphasis on deliverables and results, grants and loans given come with more accountability. Malaysia is introducing innovative thinking skills in the education system to produce an innovative workforce that can satisfy future industry needs.
Malaysia is at strong position as a global player and a leader in the region. However, competitions from newly emerging markets in the region are already generating excitement in the international arena. Malaysia’s regional neighbors such as Thailand, Indonesia, Vietnam and the Philippines, while still lagging behind in many development sectors, are fast becoming a force to contend with. The BRIC nations of Brazil, Russia, India and China are all at a similar stage of new advanced economic development and by 2050, their combined economies could eclipse the combined markets of the current richest countries in the world.
Other countries that are being viewed as the key emerging markets of the future include South Africa, Turkey and Argentina, which enjoyed rapid economic growth during the last decade. While we are in a stronger position than many countries, we risk being overtaken by these growing economies. There is no question that we need to step out of our comfort zone and speed up our own development pace if we are to continue to be relevant in the international community. With the global economic landscape undergoing transformation at a rapid rate, the ability of any Nation to adjust and embrace change will determine its prosperity.
Once a prospective product, service or business has been identified, an assessment will be conducted to evaluate its potential to be transformed into a high growth, internationally competitive business that can generate revenue, jobs and prestige for Malaysia and the people.
The National Innovation Agency (Agensi Inovasi Malaysia, or AIM) was set up by an Act of Parliament (Akta Agensi Inovasi Malaysia 2010). The AIM Act 2010 spells out the rationale and philosophies behind AIM and also enumerates the specific mandate of the statutory body, which is to formulate national strategies and directions relating to innovation, organize, cooperate in and coordinate the performance of activities with the public and private sectors to stimulate innovation in Malaysia, conduct enquiries, surveys and analyses of data, research and development relating, to innovation and the national innovation eco-system, promote and facilitate investment activities and initiatives by the public and private sectors in relation to innovation, promote the culture of innovation in the public, private and education sectors in Malaysia, advise the Government in matters relating to innovation, and make recommendations relating to the innovation component of existing or future and strategic national projects.
Besides that, Malaysia has to be innovative as to create new-wave wealth for the Nation. This objective revolves around maximizing existing resources such as talent, intellectual capital and intellectual property to generate this new wealth. ‘New-wave wealth’ is the term used to indicate prosperity rising from sources that have not been tapped before through concerted strategies. Essentially, it will contribute towards raising Malaysia’s Gross Domestic Product and increasing the citizen’s standard of living.
So Malaysia will have to be innovative in order to survive in the tough competitive environment to remain relevant. We have to survive and grow economically. The way forward is to be innovative in policies, production and services to stay relevant, if not ahead of other nations in this region.
References:
- Innovation. January 13, 2013. Retrieved from http://innovation.my/genovasi.php
- The Borneo Post. February 1, 2013. Retrieved from http://www.theborneopost.com/2012/08/02/genovasi-initiative-aims-to-develop-youths/
- The Malaysian Reserve. February 1, 2013. Retrieved from http://themalaysianreserve.com/main/news/corporate-malaysia/1806-unik-to-set-up-genovasi-to-spearhead-innovation-age
- Genovasi. February 2, 2013. Retrieved from http://www.genovasi.my/
Briefly explain the “GENOVASI” project launched by the Government recently.
As the Asean region bustles with development and economic activity, Malaysia is latching onto the momentum and continues to seek ways for further nation development.
Genovasi is a combination of “Generasi” and “Inovasi” or “The Innovation Generation”. It’s an initiative launched early August 2012 by the Prime Minister to produce innovation ambassadors who will have the competency to innovate. The ambassadors, somewhat like students, go through a structured programme to pick up skills to innovate and bring it back to the workforce to be applied to real jobs.
Genovasi was established by Unit Inovasi Khas (UNIK), a unit under the Prime Minister's Department. The Genovasi Challenge driven by AIM (Agensi Inovasi Malaysia) is a series of national challenges that will be launched throughout the forthcoming year to inspire Malaysians to assume ownership, innovate and take action. The first challenge is the series is titled “Connected Communities”. Genovasi recognizes the importance of young people to the future of the country and how their skills as creative innovators will be instrumental to solving social, economic and environmental issues.
Genovasi’s vision is that young people will take interest in and stewardship of the problems, will think carefully about potential solutions, will propose practical and effective ideas, and will subsequently work collaboratively with the public and private sector to implement them. Genovasi will provide programmes to equip them with the foundational skills of innovation as they step up in shaping Malaysia's future.
Genovasi will be looking for highly innovative and forward-thinking responses that include all Malaysians and that can be implemented in neighborhoods in both the short and long-term. Responses should demonstrate how the solution might be implemented and applied in real Malaysian neighborhoods and localities, with specific consideration to potential local partners.
Genovasi will not favour responses that are unsustainable over the mid to long-term, obvious, but unviable solutions, such as simply providing more money or government resources, illegal activities and exclusive to certain segments of Malaysian society.
The power to improve the country is in the hands of the (young) people. Malaysians have to take responsibility for the growth and improvement of the country.
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2nd Assignment.
Q: Most people associate the research and development (R&D) function of a company with the invention of new products. Why R&D is important for companies nowadays?
Whilst this is very important, the development of existing products is of equal significance because consumer preferences are continually changing. The task of product research and development is to come up with the goods and services that meet the needs of tomorrow's customers.
In any well-run company, research and development have strictly commercial functions - to further the company's business objectives by creating better products, to improve operational processes and to provide expert advice to the rest of the company and to customers. Some research is not expected to pay for itself within a foreseeable time span. Large companies may allocate as much as one-tenth of their research budget to so-called blue-sky investigations whose most likely contribution is to the development of new products and a possible pay-off in the distant future.
Within an organisation anybody who is directly working on a project and affected either up or down the line by your work is considered to be an internal customer. If there is no internal customer for work from any area of the organisation then the research project is unlikely to fit in to the development process, and will fail.
Product research and development goes hand in hand with market research and development. Considerable liaison is required between these two areas, and processes need to be standardized. Setting up a production process or a new line can involve considerable cost, and careful work in the early stages will help to ensure that profits are made.
Product research and development goes hand in hand with market research and development. Considerable liaison is required between these two areas, and processes need to be standardized. Setting up a production process or a new line can involve considerable cost, and careful work in the early stages will help to ensure that profits are made.
Product researchers use marketing information to help them to develop products or services and choose suitable designs. Design is simply the art of making things of quality that people want, and/or packaging them or presenting them in an attractive way. The layout of a supermarket, or bookshop, for example, has to be designed - a customer must be able to find quickly what he or she wants. In this case the right use and allocation of space is vital to ensure profitability. So is the concept of service; many quality retailers give prominence to aspects of customer service such as clearly visible help desks, or greeters.
Product researchers must also consider production costs, ease of manufacture and selling price. A company might be reluctant to change an earlier design, particularly if it provides status (e.g. a designer label on a tracksuit or baseball cap). Conversely, small ('cosmetic') changes may be made to products to bring them up-to-date e.g. the logos of leading companies to give them a more modern feel. Once a design has been completed the product researchers will build a prototype which can then be tested. Some prototypes will be discarded while others may be modified and improved. When a product has been tested and thought to be successful, and all the marketing and production questions have been answered, the firm will need to 'tool up' its production line.
REFERENCES
- Research and Development. February 10, 2013. Retrieved from http://businesscasestudies.co.uk/business-theory/operations/research-and-development.html#axzz2KVCK5UcV
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