Markets are dynamic and it’s therefore essential for companies to navigate reasonably through them, when introducing new, disruptive technologies that restructure existing industries by addressing issues of “friction” with current structures and stakeholders. Further, this report is significant as it reflects current trends in the business world and introduces an empirical understanding of the diffusion of innovations and an empirical demonstration of the Internet of Things. The study starts out with a literature review to visit the relevant theory and explain the relevant theories, following Saunders (2015) upward spiral for the literature review process. The topics that were introduced and explained are the ‘Internet of Things’, ‘innovation strategy’, ‘diffusion theory and crossing the chasm’ including the ‘technology adoption life cycle model’ and finally ‘lean start-up’ including the ‘business model canvas’. The study was conducted through a qualitative research design in the form of a case study research strategy through six interviews. The collected data was analyzed through the template analysis method, and the analysis revealed no friction, as no current structures, stakeholders and opponents were identified. Yet, in general it was difficult to relate the collected data and the theory introduced previously, but there were a few clear links. The positive aspects of the study were that it followed a structured method and has been as transparent as possible. The less positive aspects were a tight schedule that didn’t allow for formal analysis until all interviews were complete. The conclusion showed that technology such as the Internet of Things enables companies to exploit all available benefits in the market to stay ahead of the competition. Further, by formulating an innovation strategy companies have a greater chance of success and by locating themselves on the innovation landscape map they can make a conscious decision about which type of innovation to pursue according to the literature. It’s essential to continuously evaluate the progress on the technology adoption life cycle and adapt the marketing efforts to the results. When starting new businesses inside or outside big organizations, the lean start-up approach and the business model canvas can enable a rapid start, iterative learning and improvement of the product in an early phase based on the literature. The study finds that Energy Value (EV) is on the right track towards an expansion of EV Meter in the Danish and Swedish market, even though they may face a few challenges along the way. Nevertheless, they can take advantage of some of the concepts introduced above to achieve a higher chance of success.
|Educations||, (Graduate Programme) Final Thesis|
|Number of pages||100|