An innovative project is a complex system of actions aimed at achieving certain goals in the development of science and technology. They are interconnected by the performers of the events, timelines and resources. An innovation program is a complex of interconnected innovation projects, as well as projects that are aimed at supporting activities in this area. At the moment, innovative projects in preschool educational institutions are gaining popularity, examples of which inspire the creation of new educational programs.
The level of scientific and technical significance
Innovative projects, as well as technical solutions and ideas that they implement, can have the following levels of scientific and technical significance:
- modernization (basic technology is not subject to fundamental changes);
- innovative (the design of a new product differs significantly from the previous one);
- leading (the design is created thanks to leading technical solutions);
- pioneer level (new technologies and materials appear that did not previously exist).
The significance level of an innovative project determines the complexity, scale, features of promoting the results of the process and the composition of the performers. This will affect the content of project management.
Classification of innovative projects
Innovative projects can be classified as follows:
1. By the nature of the goals:
2. According to the implementation period:
- short term;
- medium term;
- long term.
3. According to the needs of the project. They can focus on creating new or meeting existing needs.
4. By type of innovation (creating a new or improving a product, reorganizing the management structure, etc.).
5. According to the degree of decisions made, they may have the following character:
- branded;
- regional;
- industry;
- international federal.
6. The scale of the tasks:
- monoprojects - projects that are carried out by one company in a strict financial and time frame, and have a clear innovative goal;
- multiprojects - comprehensive programs aimed at achieving complex goals;
- megaprojects are multi-purpose programs that combine a number of multi-projects that are linked by one difficult goal.
Each project goes through certain stages of its development from emergence to its completion. Their combination forms its life cycle. It is customary to divide it into phases, them at the stage, and then at stages. They vary depending on the organization of work and the field of activity.
Development of an innovative project
When creating innovative projects go through the stage of development, implementation and completion. It is worth paying attention to the main stages:
- idea formation;
- exploration of opportunities;
- preparation of documentation for concluding a contract;
- preparation of documentation for the design of the project;
- work on the implementation of the program;
- monitoring of economic indicators.
At the development stage, they pay attention to the success and effectiveness of the project. Moreover, the details of his existence at this moment are not too important. Especially important for them is novelty, competitiveness, licensing protection and patent availability. In addition, innovative projects require the investment of funds aimed at improving the business.
Implementation of innovative projects
Most organizations use internal and external sources of financing at the same time. Internal sources are their own funds, which are mainly generated from the sale of assets or are insurance sums and depreciation deductions. External sources of financing include attracted and borrowed funds, as well as financing from the regional or federal budget.
The risks
Innovative projects are the programs with the highest risk for investment. For this reason, their creators should really evaluate their capabilities. The most attractive for investment will be programs aimed at promoting ready-made innovative products. Projects related to the promotion of new technologies are characterized by an increased risk, since it is much more difficult for them to create a marketing concept.
Problems with financing arise if the project has an incomplete stage of exploratory research. When they are carried out, there is a high probability of obtaining a negative result.
Risk classification
The risks of an innovative project are uncertainty, which depends on the decisions made, and their implementation is carried out after some time. Part of entrepreneurial decisions is risk assessment. For their classification, it is advisable to apply the block principle, which provides for the distribution of risks by categories, groups, types, etc. The risks of innovative projects can be classified as follows:
- Predictability possible: foreseeable and unforeseen.
- By the presence of intentional creation.
- By detection time.
- At the place of detection.
- By the method of detection.
- For reasons of appearance.
- On the culprits of the appearance.
- By duration of action.
- If possible insurance.
- By methods of eliminating the consequences.
- According to the stages of the technological process.
- According to the conditions of production.
- At set prices.
To assess the risk of an innovation project, it is necessary to determine the degree of research work, the compliance of the program with the company's market strategy, and marketing. Classification, assessment and study of risks will be required to manage them.
Evaluation of the effectiveness of an innovative project
The effectiveness of a project of this type from the point of view of its participants can be determined by appropriate indicators of their participation. It is worth considering its assessment by the innovative university, which is responsible for the implementation of the project, and also attracts outsiders and additional funding. Evaluation of the effectiveness of an innovative project is based on the following principles:
- prices for services, resources, goods that are provided for by the project or established in the market are applied;
- cash flows must be calculated in the same currencies that are provided for by the program for the payment of products and the purchase of resources, after which they will be converted to rubles at the current rate;
- in the calculations, it is necessary to take into account the profit from financial and investment activities, as well as apply the project financing scheme;
- it is necessary to take into account contributions to additional funds and income received from them.
In the process of calculating the performance indicators of company participation, it is worth taking into account the funds, regardless of whether they are own or borrowed. Payments on loans will be called outflows, and borrowed funds - inflows.
An example of an innovative project taking into account efficiency risks
It is worth considering the development of an innovative project, taking into account the assessment of its effectiveness. As an example, we can take the example of the project of EcoZdrav LLC. The company operates in Krasnoyarsk. The project is aimed at the manufacture and sale of reagent-free and cartridge-free systems that are designed for the treatment of drinking and wastewater. At the moment, they have no analogues.
Preliminary market research has shown that the demand for these plants is quite large. According to estimates, it is 25,000 units, which is only a tenth of potential buyers. Based on this information, the company plans to release installations in the amount of 10 thousand units per year, which will be fully justified.
To evaluate effectiveness, it is necessary to find the net present value (NPV) using the growth rate of prices and the sum of the weighted average cost of capital (WACC). The following formula applies:
WACC = (E / K) * y + (D / K) * b * (1-t),
where E is equity, D is the amount of borrowed capital, K is the amount of invested capital, y is the expected return on equity, b is the estimated return on equity, t is the income tax rate.
For this company, the indicator will be:
WACC = (188/2000) * 0.72 + (1812/2000) * 0.28 * (1-0.2) = 0.270624
If we take the inflation rate of 7%, which was set at the time of the development of the project, we can get a discount factor of 0.340624.
According to the plan, profit margins will amount to 448,060 rubles. in the first year, 3229925 rub. - in the second, and 3919425 rubles. - in the third. With these in mind, it is necessary to calculate indicators on the basis of which the effectiveness of the innovation project will be evaluated.
Net present value calculated for the next three years (NPV):
NPV1 = 448060 / 1.340624-2000000 = - 1665782.5
NPV2 = 448060 / 1.340624 + 3229925 / (1.340624) ^ 2 - 2,000,000 = 131343.21
Return on Investment (PI):
PI = (448060 / 1.340624 + 3229925 / ใ(1.340624)ใ ^ 2) / 2000000 = 2131343.21 / 2000000 = 1.0656
Internal rate of return (IRR):
IRR = r_1 + NPV (r_1) / (NPV (r_1) - NPV (r_2)) (r_2-r_1)
The cost of capital r1 is taken 20%.
Then IRR = 0.3 + 255859.8 / (255859.8-131343.21) (0.340624-0.3) = 0.383475
We can conclude that the calculated rate of return exceeds the value of the cost of capital. Thus, the implementation of this innovative project will be appropriate.
Innovative projects in business
Today, innovative business projects are successfully conquering the global market. This is because the modern consumer is not so easy to like. If a company repeats its competitors, it will lose its popularity over time. For this reason, any business needs innovation. Itโs best if they are truly innovative projects, rather than updating old technologies, products or services.
The world community is actively changing due to the development of the scientific and technical sphere. From this point of view, a business requires attention. In addition, innovation must be recognized by society. If he does not accept the developed innovative project, an example of which has been demonstrated to consumers, it will not bring any benefits.
The benefits of business innovation
It is worth noting that business innovations require significant intellectual, financial and labor costs. In addition, you will have to invest not only in the project, but also in the company's employees. Innovation in entrepreneurial activity can be technical, managerial, administrative, economic and organizational.
Among the main innovative projects of this kind can be called computerization. They help to create a bathhouse database, perform calculations using the Internet, use computer programs to work and send emails. In addition, the entrepreneur will be able to create a commercial website or online store.
Thus, projects of this kind in business can improve the development process, the provision of services, sales, etc. In addition, the process will be significantly simplified and take less time. This means that the business will have greater profitability.
Innovative projects at school
Parents often face the question of where to send their child to a regular school, gymnasium and lyceum. Most of them are determined quickly, but the concept of โinnovative schoolโ is rarely familiar to them. Despite this, all modern educational institutions can be called as such. This is due to the fact that most curricula are tailored to innovation.
It is not at all necessary to send a child to an innovative school, because in a traditional institution an innovative pedagogical project is being implemented. Nevertheless, they will focus on the formation of children's ability to acquire knowledge independently.
The use of innovative technologies in the school allows you to individually choose a curriculum for each child, which positively affects its capabilities. In addition, children will have more zeal for learning, as they will be interested. What is an innovative project at school? An example is the use of various programs in the education process. With their help, you can positively affect the acquisition and assimilation of knowledge.
Innovation Project: An Example
In order to finally understand what constitutes an innovative project, it is worth considering a specific example. Electrolux Design Lab held a student competition in China in 2013. At it, a graduate of the Institute of Animation Qing Ji presented his project, which was aimed at improving human sleep. He developed a cell pillow in the form of green mass. It is able to provide not only optimal rest, but also protection against harmful bacteria. In this case, an innovative project, an example of which is presented, provides for the invention of a completely new and complex technology.
The pillow included aloe cells, which absorb carbon monoxide and produce oxygen. For this reason, the people who sleep on it have no breathing problems. Aloe cells can eliminate any harmful bacteria around them. This innovative project, an example of which was described, was successful, but if you want to create something new, you can prepare a program that is not so complicated. It may contain an update to an existing technology.