Introduction
This essay explores a specific event during my academic journey as a Business Studies student (BSN) where I applied the employability skill of innovation. Innovation, defined as the ability to develop creative ideas and initiate change through strategic thinking, is crucial in today’s dynamic business environment (Tidd and Bessant, 2020). The purpose of this essay is to reflect on an instance during a group project in my second year, where I utilised innovation to address a challenge in developing a sustainable business model for a hypothetical start-up. The discussion will focus on the context of the event, the innovative approach adopted, and the outcomes and lessons learned. By critically examining this experience, I aim to demonstrate the relevance of innovation in academic and future professional settings.
Context of the Event
During my second year of study, I participated in a module focused on entrepreneurship and business planning. Our task was to design a sustainable business model for a start-up in the renewable energy sector, a field known for its complexity due to high initial costs and regulatory constraints (Porter and Kramer, 2011). My group faced a significant challenge: our initial idea of solar panel installation for small businesses lacked originality and struggled to address affordability for our target market. Recognising the limitations of our approach, I proposed rethinking our strategy to stand out in a competitive simulation. This moment prompted me to draw on innovation, as I sought to identify a unique solution that could create social and economic value while adhering to the principles of sustainability.
Applying Innovation
Innovation, in this context, meant stepping beyond conventional ideas and exploring alternative strategies to solve the problem. I suggested pivoting from a product-focused model to a service-based one, specifically a subscription-based solar energy sharing scheme. This idea involved partnering with local communities to install shared solar panels on public buildings, allowing small businesses to access renewable energy at a lower cost through monthly subscriptions. This approach was inspired by emerging trends in the sharing economy, where collaborative consumption reduces individual financial burdens (Botsman and Rogers, 2010).
To develop this concept, I researched case studies of community energy projects in the UK, such as those supported by the Department for Energy Security and Net Zero, which highlighted the potential for scalable, community-driven solutions (DESNZ, 2022). I also proposed integrating a digital app to track energy usage and subscription payments, adding a modern, user-friendly dimension to our model. While my group initially hesitated due to the complexity of implementation, I presented data on the growing demand for accessible green solutions, arguing that differentiation was key to our project’s success. This process demonstrated my ability to identify a complex problem—affordability and scalability—and apply creative, evidence-based strategies to address it.
Outcomes and Reflection
The outcome of this innovative approach was twofold. Firstly, our revised business model was well-received by our tutors, earning high marks for creativity and feasibility. Secondly, it fostered a deeper understanding within the group of how unconventional thinking can drive change, even in challenging sectors. However, I recognise limitations in my approach; for instance, we lacked the technical expertise to fully assess the app’s development costs, which might have over-simplified our proposal. Reflecting on this, I now appreciate the importance of interdisciplinary collaboration in innovation, ensuring that creative ideas are grounded in practical constraints.
Moreover, this experience highlighted the broader applicability of innovation as an employability skill. Indeed, as Tidd and Bessant (2020) argue, innovation is not merely about novelty but about creating meaningful change. In a business context, this skill can help address market gaps, improve efficiency, or enhance sustainability—areas critical to my future career aspirations in business consultancy.
Conclusion
In summary, the application of innovation during my group project was a pivotal moment in my academic career as a Business Studies student. By reframing our start-up’s business model into a community-focused, subscription-based energy scheme, I demonstrated the ability to develop creative solutions to complex problems. While the approach had limitations, it underscored the value of thinking strategically and leveraging research to drive change. Looking forward, this experience has reinforced my commitment to cultivating innovation, a skill that will undoubtedly be essential in navigating the evolving demands of the business world. Furthermore, it highlights the need for continuous learning and collaboration to ensure that innovative ideas are both visionary and actionable.
References
- Botsman, R. and Rogers, R. (2010) What’s Mine is Yours: How Collaborative Consumption is Changing the Way We Live. HarperCollins.
- Department for Energy Security and Net Zero (DESNZ) (2022) Community Energy Strategy. UK Government.
- Porter, M.E. and Kramer, M.R. (2011) Creating Shared Value. Harvard Business Review, 89(1/2), pp. 62-77.
- Tidd, J. and Bessant, J. (2020) Managing Innovation: Integrating Technological, Market and Organizational Change. 7th ed. Wiley.
