ENGR9704 PROJECT MANAGEMANT AND INNOVATION

TOPIC: ENGR9704 PROJECT MANAGEMANT AND
INNOVATION
ASSIGNMENT 2: INNOVATION PLAN
Presented by: Immortal Genius

Executive Summary:
This document focuses on the future of the product. The document is made to give the basics
of the current position of the similar type of product and provide a general overview of the
financial projection in the next 2 to 3 year of working. The documents contain major
information about the market analysis of similar type of products. The documents describe the
major issues in the currents market related to security and its benefits that is ahs been focusing
on.
Table of Contents
Executive Summary: ………………………………………………………………………………………………. 2
1.Introduction: ………………………………………………………………………………………………………. 3
2. Problem, Solution and Benefits: ……………………………………………………………………………. 3
3.Industrial Analysis: ……………………………………………………………………………………………… 4
4. Market Analysis: ………………………………………………………………………………………………… 5
5.Strategic Partnership: …………………………………………………………………………………………… 6
6.IP Strategies:………………………………………………………………………………………………………. 8
7.Financial Projection: ………………………………………………………………………………………….. 10
8.Commercialization recommendations……………………………………………………………………. 12
Conclusion ………………………………………………………………………………………………………. 13
9. References……………………………………………………………………………………………………….. 13
10.Minutes and Meeting:……………………………………………………………………………………….. 14
11. Peer evaluation form ……………………………………………………………………………………….. 15
1.Introduction:
In this current world, technology is growing rapidly, thus is has become an issue of importance
to convert the current technology in to an intelligence form as to gain the desired speed. Rapid
growth of technology has made the internet world to be protected. Digitalization can be said as
the most significant factor in the banking world. Nowadays a number of people perform many
transactions in their day to day life. But the question here is about security, is every transaction
protected or is level message to the recipient encoded in proper way. Thus, to make this banking
world to have a level up towards security is “Token Security”. Normally when any transaction
is made its protected by encryption and decryption mechanism, apart from this a One Time
Password (OTP) is also generated to ensure customer a verification purpose. This OTP is sent
only to the recipient’s cell phone. But what if the mobile device that the customer uses is
cloned, if done so then this intruder can get an easy access to the OPT and can perform any sort
of illegal action that can cause damage to wealth and property. Thus, to overcome this type of
failure the product Token Security has been introduced.
This security feature is made to overcome the security threats and illegal access as mentioned
above. This device consists of multi-layer of security features and 3-layer verification process.
The main functioning of the device is to encode the OPT when generated and display it to the
user only when all the security layers have been passed successfully. Once done then it should
display the password on the led screen.
2. Problem, Solution and Benefits:
1. Problem:
As the world of Information and technology is growing every day its has become equally
important for innovation that is the main core of running business in an effective manner. It is
also been observer that in this era the term security has also been prioritized at the top most
level. The terms for an internet banking and security that need to be preserved in all banking
transaction. Thus, in the current technology only speaks abbot the OPT Security but protecting
this password is also equally important. OPT generation and its security both have same
weights on sides. Thus, an OPT without any security feature is more likely to smoking while
refueling. Thus, in while make an online transaction it is a need that the password is sent to the
authentic user only but sending this in a secure manner also important. In a normal online
transaction, the opt is transferred to the user digitally, thus this may become an issue of security
if the intruder receiver device is not protecting or is been cloned.
2. Solution
In the current technology there are some flaws that can be overcome by this technological
invention. The current device has the system that receive the data but does not protect it with
encryption and security layers, if the device is misplaced or is stolen and any transaction is
active then the wrong owner of the device can access the confidential data and cause harm to
the owner thus to over come this issue it is necessary to manage and encode the message and
pass the security layers by doing so the right owner of the device can access and operate the
device only. Apart from this, working as a token security this device can also be used as a
normal storage device then can hold data up to certain limit.
3. Benefits.
As the device is a multi-layer security control it can also be termed as defense in depth, this
following Advantages can be achieved
1. Physical control: these feature help in reducing the IT data that is generated and sent to
the receiver
2. Technical control: Apart from protecting the bank data this device also has its own
antivirus function that disable the intruder to take control.
3. Access Measure: this include the perimeter defence like biometric, user authentication
etc.
4. Data Protection: The received message is safe in an encoded mechanism.
5. Workstation defence: the feature includes anti-spam Software’s and antivirus.
3.Industrial Analysis:
The OTP token authentication hardware industry is vastly collaborative, involving few key
companies who dominate the industry. The market is hugely dominated by these major players
of the industry. The primary focus of these big companies is to expand their customer base
across the end users. These companies concentrate on consolidating with each other to maintain
their influence in the market and increase their Annual Revenue per user (ARPU) for their
profits. (Intelligence, 2020)
Some of the key competitors in the digital security industry are as follows:
1. One Identity LLC: This software company is owned by Quest Software business, and
offers to help organizations launch a security strategy based on identity. (Identity, 2020)
2. Dell Technologies: It is an American multinational technology company which
provides digital technology solutions, services, and products to drive a business.
(Technologies, 2020)
3. Entrust Datacard Corporation: This company provides technologies to establish
trusted identities and conduct secure transactions to financial institutions, corporate
enterprises, government institutions, and other organizations. (Entrust, 2020)
4. Thales Group: This French company builds electrical systems and provides services
for security markets and other sectors. (Thales, 2019)
5. RSA Security LLC: This network and computer security company mainly focuses on
the encryption technology and standards. (RSA, 2020)
In April, 2019 Thales Group purchased the digital security software company Gemalto, which
pushed it to become the global front-runner in the field of digital security and identity. This
means, with the acquirement of Gemalto, Thales is set to control the overall critical decision
chain of the digital industry, which includes real-time decision support, data generation cohort
via sensors, and so on. The collaboration with Gemalto was accomplished in 15 months by
Thales for EUR 4.8 billion. This has set the Thales Group as the dominating worldwide leader
in the digital security industry, with almost 80,000 employees working under them.
(Intelligence, 2020)
RSA Security LLC, a subordinate of Dell Technologies, worked to extend its technology
ecosystem with the aim to make strong authentication more proactive, consistent, and
prevalent. RSA allows other organizations to simply and swiftly influence the wide-range of
contemporary mobile verification methods from RSA SecurID Access by presenting complete
interoperability options with Microsoft Windows Hello, VMware Workspace ONE, CyberArk
Privileged Account Security Solution, and Palo Alto Networks Next-Generation Firewall.
(Intelligence, 2020)
The trend of collaboration and consolidation is widespread among the digital security industries
which shows it to be a key feature in influencing the success of the company and the technology
they introduce. This suggests that it is very important for new companies to build connection
with the big players of this industry through collaboration in order to enter the market and
succeed.
4. Market Analysis:
PIN pads are the electronic devices that are used for conducting transactions that involve
smartcards. These devices read the information embedded in the card and allow the user to
enter the PIN code. This code is encrypted by the machine before it is sent to the database of
the system for security purposes. The applications of these kinds of devices are very
widespread. Different industries have used these devices in different manners depending upon
the nature and scope of the application in which it is being used (Poe, 2020). The market
analysis of these devices shows that there is a lot of demand for these devices in different
segments of the market. The primary segment for the market of these devices is the retail and
the hospitality industry while the secondary segment includes healthcare, transportation,
entertainment, and sports industry. It should be noted here that this market analysis is restricted
to the research performed in Australia and the results can vary from country to country and
region to region (Naphade, 2020). In the hospitality industry, the PIN pads are used for various
purposes i.e. most of the times, it is used for the financial transactions between the customer
and the hotel management but recently the luxury hotels have started to implement the PIN
pads on the locks of the doors and the traditional keys are out of the picture now. The hotels
are greatly accepting this technology and this is shown in the diagram given below:
Figure 1: Number of PIN pad-based door locks sold to the hotels annually (Boston, 2020)
In other industries, it is mostly used for retail purposes and to conduct financial transactions.
Because the applications of PIN Pads are very much in number, the market for PIN Pads is
very competitive with new technology being implemented with the launch of every new
version. Currently, there are more than 10 manufacturers of the PIN Pads in Australia and many
imported products are also available (Westner, 2020). Apart from the hospitality industry, the
PIN pad-based locks are also emerging in the residential sector and people are greatly accepting
this revolutionary technology. In 2019, 48% of the revenue generated in this sector was from
the residential sector. (Boston, 2020)
5.Strategic Partnership:
In strategic partnership, the partners go on self-determining and share the benefits from the
company and then make some continuing contributions in strategic areas. Normally, the
strategic partnerships are added to the companies when the companies are needed to expand or
acquire new capabilities in the current business. The strategic partnership can buy the shares
starting from the small amount of investment to joint ventures or non-traditional agreements.
The strategic partnerships have to take part in some challenges, related to companies, to make
sure the long live and long-term success of the alliance. To make sure and success in these
challenges, these are paramount.
1. Isolating proprietary knowledge,
2. Processing multiple knowledge flows,
3. Creating adaptive governance and
4. Operating global virtual teams
If these problems cannot be solved, the partnerships have a tendency to fail and according to
the survey, more than half of those partnerships have failed.
According to the short survey, there are around 60% of members which had a good involvement
with strategic partnerships and 31% of participants had found an experience of failure and the
rest has no experience in these strategic partnerships. Some reasons for success or failure
depends on some factors which are shown in table. According to the research, there are three
key reasons for failure in strategic partnerships.
– Low investment which includes divergence on cost sharing and revenue, absence of
resources, absence of executive support and obligation, etc.
– Over-appropriation which includes coopetition, client possession issues, intellectual
property distribution, etc.
– Misalignment which includes disagreeing goals and incentives, uncertain parts and
tasks, struggle in cooperating the cooperative value plan, allowance of the internal silo
mentality
However, the following five steps should be done for the purposes of avoiding failures in
building strategic partnerships.
1. Strategize
2. Search, screen and select
3. Structure
4. Start and stabilize
5. Study and steer (Henderson et al., 2014)
Most people will interest in our project which is “Token Security” as it is easier and more
secure to use, especially in money transaction. However, some groups, who make investment
in bank cooperation and electrical devices such as mobile phones, tablets and laptops, are more
interested in this project as these groups do not need to solve some problems relating to hacking
and tracking and they can get higher public attention by using this higher security. This
technology can be commercialized with local and international businessmen, bank cooperation
and electronic devices companies as the partnerships as they can get a lot of benefits by using,
selling, trading or distribution this technology.
6.IP Strategies:
Intellectual properties are derived from several categories including impoundable
establishment by human intuitions. We can derive Ip in several ways as copyrights, patents,
trademarks, and trade secrets. Besides companies also have Service marks, Confidentiality
Agreement and terms for service with privacy policies. Intellectual Property provides lawful
rights to protect our idea or asset and keep competitors away from stealing the business core.
(Blood and oil, 2000) Clearly shows the importance of Intellectual property by comparing it to
oil of 21st century. Proving his theory by validating success story of richest man with proper
use of natural resources and moving them in and out, same way IP strategy is the way to success
in business,
• How to Protect Our Idea!!
It’s often believed that the great inventions are the results from group discussions. Idea
towards somethings leads us a way for something innovative or improvement to
existing products. It’s important to protect idea as it being initial step before progressing
to anything. There are no complete ways to protect ideas as they are critical, Valuable
piece in innovation. Besides to protect our idea there are certain step we will follow in
order keep uniqueness of our product:
o All the member of our group has to sign Non-disclosure and Confidentiality
agreement before they can work on the project.
o All the work done for the term “Token Security” remains under patterns by
company itself.
o Trade secret agreement will allow company to check inns and out of the market
and investors.
o All the patented work in our Field will be approached by business emails:
Asking prior permission to encourage and support us in updating their
innovation.
Certain royalty percentage will be offered to the company who will not
appreciate free help.
All the patented work used will be properly addressed and credits will
be allotted for work done by every individual throughout the project.
All part ways decisions are pre-decided and will always go in startup’s
favor.
• What Form of IP Should be Consider?
There are several types of IP strategies and in order to protect our innovation we should
opt for multiple combinations of strategies. Before we start let’s just look at the types
of the Strategies, their importance and their rules for validation to successfully apply it
to our project.
Fig 1.a Types of IP Strategies.
As shown in figure 1.a there are Four main Categories to bifurcate Ip Strategies:
1. Trade Secret: This Strategy is short term strategy, used in order to protect new
ideas and information about our innovation. Proprietary innovation law
explicitly ensures the misappropriation of proprietary innovation data. The
meaning of proprietary advantage implies that an unjust or loathsome act must
go with the procurement of the data. For instance, in the event that somebody
going about as a fraud takes proprietary advantage data(Blood and oil, 2000)
from its proprietor, the proprietor can sue for misappropriation of proprietary
innovations. In any case, if the proprietor intentionally gives proprietary
advantage data to a person without constraint, there has been no
misappropriation, and the proprietor can’t sue. It is additionally conceivable that
the data may lose its status as a proprietary innovation. This loss of rights
happens if there has been an absence of sensible exertion to keep the data
mystery or potentially the data is accepted not, at this point a mystery. This
strategy helps in proving our ownership for our work.
2. Trademarks: We will get our product Trademark as it not only protects the
product but also helps us in designing profitable market keeping competitors
away from you. Trademarks are often referred as Word Marks. As it covers the
name of the product, Name associated with the product and couple of things
more such as color, smell and sound used by the owner is the trademark for that
particular product. enrollment of a brand name (Blood and oil, 2000) was
discretionary in light of the fact that you accumulate trademarks rights
essentially by utilizing it in business. At the point when you sell an item or
perform administration under a brand, brand name law gives you customary law
trade rights that you can affirm against others in your allotted district where you
utilized the imprint. Subsequently, to get trade rights, you don’t have to enroll
your brand name, however there are numerous advantages for doing, for
example, cross country rights and the option to obstruct others from protecting
an enlisted brand name with the Australian Patent Office.
3. Copyrights and Patterns: They are two more ways in IP strategies but our idea
being in initial stage and we don’t want to invest a lot in just securing our idea
at a level that no one can reuse and modify it. Besides will readily help and
accept new innovation in ready product. Our product could have two type of
pattern if we do it:
1: Utility Pattern: This will pattern the functions of the product.
2: Design Pattern: In this pattern the look and shape along with
appearance is protected.
Also, when using someone’s ideology we make sure to give them proper credits
or margins for their work regarding our project.
• How Important IP Strategies to your market?
Internet of Things innovations are the future for automation and a lot of people working
with it. Being a successful designer in initial stage always assign a positive factor for
researchers. Intellectual Property are the assurance for any individual for his work and
their strategies to protect them proves worth for his abilities.
Using IP strategies in our field bifurcates two competitors and also helps customer to
identify what they are looking for especially. The main resultant output of using imp
strategies are seen in deriving uniqueness of every individual product.
7.Financial Projection:
Financial projections are defined as the estimation of financial statements which are based on
assumptions made about future of a given business. Most of the expenses of the start-up
generated from the project will comprise of preparation for provision of technical and training
support team and covering of the manufacturing regulations of entry into the market. Our startup will incur various categories of costs which majorly affect the function of the business for
instance sales, technical support, marketing, legal fees and human resources. At the top most
level, the operational costs for the first two years regarding to sales and marketing are projected
as $42,147 for the year 2021 and 2022 to be $43,411,410. The increased cost is projected due
to entering into new markets (The ICFAI University, 2005).
The costs are proportional to the number of devices which will be manufactured every day and
will cover the costs related to raw materials, and staff, fees at the depot facilities which will be
inclusive of utility costs as well as maintenance. Our enterprise makes an assumption that
Information technology managers will be capped at $89000 per year, while the social media
marketing manager salary is projected to be $105,000 annually. The utilization of digital
marketing channel through online will cost approximately $3,234. While the salary for
personnel will be fixed. It is assumed that the marketing and sales will be increased through
additional salary of the information technology personnel and specialist in social media
marketing (The ICFAI University, 2005).
The lease of the plant for production will remain constant through 2022 from then it will
renewable on annual basis. Risks will be reduced since our enterprise will absorb local entry
taxes as well as tariffs and advertising will then be delegated to the digital magazines.
Depending on usage of the social media channels, the marketing costs of the devices cannot be
quite expensive. The cost will be proportional to the time used in creation and maintenance of
online relationships which have been created (The ICFAI University, 2005).
ROI will be of great importance for this project since it will enable us to quantify the value of
the project. It is project that the initial capital required for this project is $400,000 and the
expect profit is $30,000. The ROI is then calculated as follows: –
ROI for year 1
(30000-400000) / 400000 x 100% = -92.5%
NPV (Net present Value)
R x ((1-(1+i)-n)/i) –Initial Investment
$30000 x ((1-(1+0.05)-2) /0.05) – $400000 =$830000
Cash flow for the first 3 years

8.Commercialization recommendations
The security token service (STS) was initially developed by employees of IBM, Microsoft,
Nortel and VeriSign. It has various faces with respect to its purpose or usage. Most commonly
these security tokens are used in banking sector or where there is flow of money transactions.
The customers for security tokens slowly evolved from banking towards individual customer
needs those who wish to secure their data from hackers. As mentioned before, the security
token has different faces like cybersecurity, two-factor authentication (2FA), biometrics and
more.
At present, many organizations use biometric to track their employees working hours,
attendance and more. The primary segment for the market of these devices is the retail and the
hospitality industry while the secondary segment includes healthcare, transportation,
entertainment, and sports industry. As people think their personal data might be stolen or
misused via digital crimes the market of security token will grow. The market of security token
has lot of branches from digital app security to high-end encrypted device.
Even though there are lot of security token device available in market people find some
difficulties in handling that, which those small devices might get lost or data crash etc. These
kinds of problem may be reduced through this design, that even if device stolen or lost as usual
data cannot be accessed without that particular person and even his data can be recovered by
that person through another device of this same product via some specific identities.
Conclusion
Each and every idea has its own drawbacks, overcoming these disadvantage leads to generates
new technologies and some innovative projects. In that case, the security token has its wider
usage and unique manufacturing. Even though the customers need and expectation keeps
changing with respect to improving generations. Until the customer expectations keep
changing the new product will be emerging which is more user friendly that the previous
version.
9. References
1. The Economist. 2000. Blood and Oil. [online] Available at:
<https://www.economist.com/business/2000/03/02/blood-and-oil> [Accessed 26
September 2020].
2. Henderson, J. E., Dhanraj, C., & Avagyan, K. (August 2014). Strategic partnerships.
Retrieved from https://www.imd.org/research-knowledge/articles/strategicpartnerships/
3. Boston, D. (2020). Strategy Analytics: Smart Lock Sales to Approach 26M Units by
2023.
4. Naphade, A. (2020). Portable Countertop & PIN Pad Market Analysis.
5. Poe, E. E. (2020). Global Portable Countertop & PIN Pad Market Size 2020 Segmented
by Types and Application, Geography Trends, Growth Rate Analysis by Share,
Industry Scope and Forecast to 2026. MarketWatch.
6. Westner, J. (2020). PORTABLE COUNTERTOP & PIN PAD MARKET WITH
FUTURE PROSPECTS, KEY PLAYER SWOT ANALYSIS AND FORECAST TO
2025. Express Journal.
7. S.P. Jain & K.L. Narang, 1994, Advance Accountancy, Kalyani Publication, New Delhi
8. The ICFAI University, April 2005, Financial Accounting, ICFAI Publication,
Hyderabad.
9. Entrust. (2020). Retrieved from https://www.entrust.com/
10. Identity, O. (2020). Retrieved from https://www.oneidentity.com/
11. Intelligence, M. (2020). Retrieved from
https://www.mordorintelligence.com/industry-reports/hardware-otp-tokenauthentication
10.Minutes and Meeting:

11. Peer evaluation form

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