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Innovation and Commercialisation - Docs

   

Added on  2020-10-22

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Innovation andCommercialisation1

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Table of ContentsINTRODUCTION ..........................................................................................................................3P1 Explaining innovation and determining its importance to organisation in comparison withinvention.................................................................................................................................3P2 Explaining that how company shaping innovation and commercialisation by vision,leadership, culture and teamwork...........................................................................................5LO 2 ................................................................................................................................................7P3 Explaining the 4ps of innovation and explaining the use of innovation funnel to examineand shape innovative ideas.....................................................................................................7P4 Explaining developments in frugal innovations in frugal innovations and provide exampleof how it is used in an organisational.....................................................................................9P5 Explaining the importance of the commercial funnel and the application of NDP forcommercial innovation.........................................................................................................10LO 3.................................................................................................................................................1P6 Build an innovation business case for an organisation with include ways to access funding................................................................................................................................................1LO 4.................................................................................................................................................3P7 Different tools used by the organisation to develop, retain and protect knowledge andintellectual property................................................................................................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................73

INTRODUCTION Managing innovation and invention is the two most necessary creative thing that affectthe whole business organisation goals and makes company more effective. Innovation andcommercialisation is the best process to develop the company image in front of the company. isthe necessary concept of the company New idea can originate from an improvement of anexisting idea or something from scratch. For example of many organisation who constantlydevelop the new concept of new ideas that is Apple. Apple technology is the best example ofinnovation and invention. Innovation Innovation and commercialisation is the process to promotethe company engaging development growth for the company. Innovation and commercialisationis the concept which is taught buy different practising innovators. Innovation is important for theorganisation to develop the new product or services for the company stability. Involves thegeneration of globally novel idea. Study will be taking Dyson and Toyota company will betaking into action. Moreover, study will be discussing the importance of innovation andcomparison with invention.P1 Explaining innovation and determining its importance to organisation in comparison withinvention.Innovation is the most essential process for the company who deals with high rangingmarket. Innovators in the business world creates new products, methods and ideas (Adams andet.al., 2016). This process makes the new long term market opportunity to develop the newemerging growth in the long term growth channel. Innovation gives opportunity to the companyto develop the productive functional goals and effective working outputs for the betterment. Suchas Toyota launch its new creation that is Toyota Hybrid which is more creative and fabulous inlooking wise. Company launching fresh digital system within the car to make customers moretechnological advanced and efficient. launching car has been taken attractive features to getpotential customers. The Corolla range's TNGA GA-C platform guarantees a more rewardingdriving experience, further this will more helping or presenting the advanced features to makenew innovation for the potential customers. Companies has to take innovative ideas and steps toenable the customer needs and market demand (Amabile and Pratt, 2016). In order to achievethose creative development ideas company getting these following outcomes such as givenbelow:4

Maximizing high rate of return on investment to shareholder effectively achieving business growth goals.Increasing the productivity and thereby increasing the profitability.Importance of innovation for the organisation Grow its leaps and bounds : As per the research, innovation is very important for thecompany growth. Businesses that innovate are able to scale up and add more employees for thefurther expansion and growth (Bason, 2018). Innovation is easier to grow, regardless of the sizeof the business. Such as Apple, they always invent some new innovative features to develop thecompany image and long term stability growth. The right innovation will allow to offer something unique to the customers. For topinnovators customers are always looking for theme towards to analyse some new potential goalsand targets. Meet Customer needs another important reason for which innovation is very important for the company to fullfill their best outcome results and growth (Berry and Berry, 2018). Apart from that, customerneeds is dynamic in nature, they always been changing as per the current trend. It helps to growthe different market needs and best product outcomes and growth. For example, DysonEngineers has made new innovative Vacuums for flying Machines. It helps to develop the newemerging and effective development growth. Maximising globalization connectivity Innovation is very necessary for the company to develop the new emerging trend orconnectivity with global market (Bhatti and et.al., 2018). Innovation has always been providingcompany new future and new opportunity to growth in the completing market. Invention Invention is the another term which creates superiors quality of products and serviceswhich is based on new concepts or ideas. The best example of invention is one and only IBM. Itis the only reason to established the best ideological and effective charges to make the bestproductive nature and long term goals and best effective and developing results (Dees, 2017). It helps to create the new emerging market opportunity and best product outcome goals inorder to keep the company image sustained and challenging. Invention is the process based onnew concept which has been created by new idea. On the other hand, innovation has done with5

existing invention (Dodge, R. and et.al., 2017). Without innovation invention cannot exits. Itaffects the best outcome results and also affect the best productive outcomes and goals. Forexample, Dyson is the best company of selling household appliances such as Vacuum cleaners,bladeless fans, heater and hair dryers. These all are their own invention and creativity towardsmaking new techniques and new launching ideas and goals. Moreover, it brings new advancedtechnology and growth in order to meet out the best inventions as well. New advancedtechnology has been given new future to the companies. Invention Innovation Definition : Invention is the process wherecompany has launching new ideas, concept,process or devise. Some of the examples ofinvention is press, electricity, telephone etc. Definition : Innovation is the process tointroduce newer or some better featuressolution that meet out the customer needsand wants (Jayaram and Vickery 2018). Forexample of innovation is tablet, flat screenTV etc. Elements : Invention required to some skills,knowledge and financial aid. Elements : Innovation required somespecific elements such as market needs,knowledge, creativity and new latest trends.Example : Invention is just to make new productwhich has never been invented before. Forexample, computers, artificial intelligence. Examples: Innovation is the process whichinnovate the new features from existingthings like laptops etc.P2 Explaining that how company shaping innovation and commercialisation by vision,leadership, culture and teamworkCompany management, employees their goals and objectives decides the company futurestability in the market. Company always pre decided the objectives, vision, goals on which theywork upon with strategies or innovative business plan. All kinds of business services andcompanies having same objectives is that to maintained their position in the competitive market.For that, they have to launch different kinds of services and growth for the company to keepmaintained the proper result goals an best different kinds of market opportunity (Kang, Burdonand Mooney, 2019). On the other hand, vision, objective, culture, leadership and other all are the6

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