REALLY NEED HELP WITH THE PROBLEMS LISTED BELIW IN THE STEA OF "INNOVATION TOOLS AND METHODS" ... PLEASE PROVIDE CLEAR AND DETAILED EXPLANATIONS FOR EACH PART AND THANKS IN ADVANCE...

Part 1:

The first step in the innovation process is to select a problem statement. Choose one of the three routes listed in the slide deck:

1. You have a potential problem statement relevant to your work.
2. You have a potential problem statement relevant to a personal project or passion.
3. You would like to select a general problem statement from our pool.

Write a "How Might We?" statement based on your idea. If you have more than one idea, feel free to list more than one possible statement.

Part 2:

Now that you have a problem statement, look for existing solutions (products available in the marketplace) that attempt to solve this problem or a related problem. For each solution you identify, list the following information if known. If the information is not readily available, say so - you may need to expand on this information when you conduct competitive analysis, this is meant to be a quick review and it is acceptable to leave some items empty.

Assemble this information as a single document. Start a new page for each solution (you may take more than one page to present a solution, but do not put two solutions on the same page:

1. Name of the solution (product). Include a picture if this makes sense.
2. Target market: For whom is the product intended?
3. Description: What does this solution claim to do?
4. Technology: What technology does this solution depend on?
5. Assessment: Does the solution deliver what it claims? What are its pros and cons?
6. Website: List any websites attached to the solution.
7. Market size/share: How successful is this product in the marketplace?
8. Anything else you find interesting or relevant.

The number of existing solutions depends on how broad and how novel the problem statement is. You want to consider every solution on the market that purports to address the problem you identified. If there are many such solutions, then your problem statement may need to be rewritten. For many innovation problem statements, there are no existing solutions that fill the need directly, and you will need to seek existing solutions that address adjacent problems.

Part 3:

Now that you have a problem statement, we wish to find out how large the market could be for a potential solution to the problem. As was explained in the slide deck, our starting point for this is the North American Industry Classification System, or NAICS. A useful tool to explore market sectors is the IBIS World database (https://my-ibisworld-com.proxy.cc.uic.edu), available to you through the UIC Library databases website.

Access IBIS World, and choose the sector and subsector if possible that best fit your problem statement. Then list the following information:

1. Sector and subsector
2. Market segments of subsector
3. Total Revenue of subsector
4. Growth
5. Margin
6. Trends

Part 4:

For each technology you researched, create a memo including the following information:

1. Name of the technology.
2. A brief explanation of what it does (we may end up comparing several techs that do the same thing). Include any required technology that must come with it (for example, power requirements).
3. If it is proprietary, who owns it.
4. How much it costs, either to buy or produce, and also how much it might cost us to develop it. Is there any competitive advantage or disadvantage to us if we choose this technology?
5. Numerical performance values. Don't just copy a spec sheet, consider what you might want to compare. (This may not be available unless you are researching a specific implementation.)
6. All references you consulted.

(PLEASE HELP ME!!! AND THANKS IN ADVANCE)