Innovation & Commercialization
As a concept, innovation refers to the process through which an individual or organization
conceptualizes brand new items, processes, and ideas, or approaches current products, processes,
and ideas in novel ways. As a concept, innovation refers to the process through which an
individual or organization conceptualizes brand new items, processes, and ideas, or approaches
current products, processes, and ideas in novel ways. The goal of the business innovation process
is to generate value for the company. This value can be created by developing new income
possibilities or increasing revenue via current channels; by creating efficiencies that save time,
money, or both; or by improving productivity or performance. In short, more profitability should
result from innovation. Furthermore, the outcomes of a company's innovation process should
provide a competitive advantage; it should assist the organization in growing and meeting – or
even exceeding – strategic objectives. (M.K. Pratt, 2017)
According to Stephen Shapiro, Innovation is about staying relevant. We are in a time of
unprecedented change. As a result, what may have helped an organization be successful in the
past could potentially be the cause of their failure in the future. Companies need to adapt and
evolve to meet the ever changing needs of their constituents. (Skillicorn, N, 2016)
VOX Cinemas:
Majid Al Futtaim Cinemas owns and operates VOX Cinemas, the movie branch of Majid Al
Futtaim, the Middle East, Africa, and Central Asia's largest shopping mall, community, retail,
and leisure pioneer. VOX Cinemas is the Middle East's most innovative and customer-focused
exhibitor, as well as the fastest expanding cinema business in the MENA area. VOX Cinemas is
the Middle East's largest and fastest expanding exhibitor, with 57 locations and 573 screens
across the region, including 237 screens in the UAE, 15 screens in Lebanon, 63 screens in Oman,
30 screens in Bahrain, 44 screens in Egypt, 149 screens in Saudi Arabia, and 17 screens in
Kuwait. The firm is investing AED1.2 billion (USD326 million) in the UAE, Bahrain, Oman,
Qatar, Kuwait, Egypt, and Lebanon to expand to 300 screens by 2020.
Vision
Great Moments for Everyone, Everyday
, Our success is due to three factors. First and foremost, we intend to live up to Mr. Majid Al
Futtaim's high expectations and standards. Every day, his ambition for all Majid Al Futtaim
enterprises is to create memorable moments for everyone. Every time a consumer visits VOX
Cinemas, we strive to fulfill this goal for them.
Second, our personnel throughout the area are committed to developing engaging entertainment
locations that immerse our customers from their everyday lives into the amazing world of
movies.
Finally, we customize our theatres to fit our visitors' expectations. Each theater provides a
diverse range of material and experiences. (Vox Cinema, 2021)
Sources of Innovation
The unexpected:
Innovations can occur unexpectedly. They can happen by coincidence. Someone could just come
across a novel concept or product. There is a large list of surprising innovations throughout
human history. Even fire is seen as an unexpected innovation that mankind discovered. Another
example is dynamite. However, it is worth noting that some significant inventions in our history
occurred unexpectedly. Often, when scientists are hunting for something, they come across
something else. (Pratap, A, 2016)
Incongruities:
When the demand exceeds the supply, innovation may emerge. People may innovate in an
attempt to remedy existing inconsistencies. Incongruities may be a great source of inspiration for
new ideas. It is generally human nature to strive to fill the inconsistencies he observes around
him. One of the finest locations to check for inconsistency is among your customers. Their
complaints and unfulfilled desires are all the clues you need. Drive thru cinemas were introduced
in UAE for audience who prefer outdoor cinema experience. (Pratap, A, 2016)
Market structure:
A current market structure might also provide opportunities for innovation. With the increasing
competition and development of the business landscape, as well as the availability of various
options, it is necessary to focus on the variables, expand the production line, and create
opportunities for the VOX Cinema's company to adopt great ideas that inspire the work team to
refine and experiment in the market. During the pandemic, VOX cinema have moved to OTT
platform to showcase moves online. (Pratap, A, 2016)
Necessity
