Innovation and Entrepreneurship Assignment

The provided document is an extensive collection of references related to innovation and entrepreneurship. It includes a mix of academic articles, book chapters, and online resources that cover different topics such as business model innovation, open innovation, frugal innovation, and the impact of innovation on firm performance. The resources are primarily in English and sourced from reputable publications, including journals, books, and websites.

INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance to employees in comparison with invention....................1
P2. Way in which organisational vision, leadership and teamwork can shape innovation and
commercialisation...................................................................................................................2
M1...........................................................................................................................................4
D1...........................................................................................................................................4
TASK 2............................................................................................................................................4
P3. 4P's of innovation and the use of innovation funnel........................................................4
P4. Development of frugal innovation...................................................................................6
M2...........................................................................................................................................7
M3...........................................................................................................................................7
TASK 3............................................................................................................................................8
P5. Importance of commercial funnel and the application of NPD.......................................8
P6. Building an innovation business case including ways to access funding........................9
M4.........................................................................................................................................10
D2.........................................................................................................................................10
TASK 4..........................................................................................................................................10
P7. Different tools that an organisation can use to develop, retain and protect intellectual
property.................................................................................................................................10
M5.........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Both innovation as well as invention are diverse terms but they are considered as same by
many individuals. There is a little variation amongst them which has to be comprehended by
people effectively. Invention means organisation is going to introduce unique items in the market
and thus, they can enhance their revenues. Instead of this, innovation portrays that modifying
existing products and services improves profits. 4Com is a small telecommunication based
company that is selected in the present report and which is proving their services in the United
Kingdom (Drucker, 2014). Their fundamental aim is to provide mobile services to target
customers. Through utilizing reference of given case study of Virgin Group and Apple,
improvement regarding innovation is done. Essential aim of this assignment describes innovation
and its significance to staff members. Along with this, there are many elements which are useful
at the time of innovation such as culture, mission, group work, vision and so forth. With
assistance of 4P's, firm can easily introduce their innovative items at the marketplace.
TASK 1
P1. Innovation and its importance to employees in comparison with invention
It is essential for each and every kind of business to modify their activities as per the time
so that they can attain goals and targets in an effective and efficient manner as well as to
accomplish long haul objectives. Fundamental obligation of an employer is to gather required
data and hence, he can use it for modification of their goods. As a result, manager can add some
appropriate features in their items and services (Jaffe and Lerner, 2011).
Company has done innovation with unique thought as per the current market
circumstances. It will assist them to take advantages from their competitors at the marketplace.
4Com is providing wireless services to their clients and it will help them to beat their rivals. This
sort of innovation aide them to lead in market, as a result they can improve their profits easily.
Along with this, it will help the staff members to enhance their working abilities. There are
several significances in context of innovation which are mentioned as below: Improvement of skills: Innovation helps workers to increase their learning power,
thinking and so on. Thus, they can improve their work execution in an effective manner. Performance productivity: If labours are learning unique things with the help of of
innovation, then they can easily increase their productivity.
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 Creative mind-set: For an effective innovation an individual must have an imaginative
mind so that people can easily use this skill to produce unique items.
 Flexibility: It has been determined that many person do not want modifications.
Similarly, innovation is like a kind of change and with assistance of this, workers can
improve their abilities by learning new methods. As a result, it works as a support system
and therefore, labours can adopt alteration appropriately (Amit and Zott, 2012).
There is some difference in between innovation as well as invention which is mentioned
as beneath:
INNOVATION INVENTION
Innovation is when company wants to add
some unique or new features into their current
items and services.
According to this, firm wants to introduce new
goods in the marketplace.
If manager of organisation wants to take
benefits from their competitors, then they have
to enhance effectiveness of their products
which is done through innovation.
With assistance of this, an enterprise give
strength to market. Thus, they can attract
various clients towards their products and
services (Boudreau and Lakhani, 2013).
Apple developed an iPod which was like MP3 player and an individual can save almost
1500 songs in this at a time. When manager of Apple examines their contenders at commercial
centre then they find out that it is wide in nature and hence, it is important for the employer to
add additional highlights in their items.
Virgin Group is a notable company across the world. At first, Richard Branson begin
their organisation with a straightforward distributing firm in approx. 1970. This is thinking about
as development of an enterprise where proprietor utilizes thought and then actualize it. As time
passed, now this association us managing variety of working. As a result, it will know as
innovation.
P2. Way in which organisational vision, leadership and teamwork can shape innovation and
commercialisation
Each and every kind of company has their own culture, mission and vision. These all
very are much useful as with the help of this, manager can guide their staff members so that they
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can do their work in a right way. This methodology is important for organisation as it provides
shape to innovation as well as commercialisation. Innovation implies that changes in current
items, so that they can give maximum satisfaction to their customers and along with this improve
their incomes. Instead of this, commercialisation means firm will take advantage while they are
doing their work at international level.
It is must for association to develop mission and vision and hence, they can do their
operational activities in an effective as well as efficient manner. As a result, manager of
organisation can easily deliver the best goods to their buyers. 4Com needs to develop wireless
administration for their customers and thus, it is important for them to look over their vision
statement. It is stated as beneath:
VISION It is a statement which describes about organisation and shows that what a
firm wants to attain in the future and time that it will take. 4Com thinks that
they are good but they have to improve their communicative methods in
market of United Kingdom (Rosenbusch, Brinckmann and Bausch, 2011).
It has been concluded that, they are much clear regarding their vision that
they want to become superior across the world.
LEADERSHIP As per this, each and every worker have privilege to provide idea to their
leader, which is advantageous for firm. Pioneers are those individuals who
are always in contact with manager and assists workers to keep up best
relationship with them. Along with this, if any worker is doing their task in
an effective way then they will get reward from higher authority.
CULTURE In each and every kind of association, there are people having their own
attitudes, beliefs, values, norms and so on. As indicated by this,
organisation improves their business which is associated with hard work
and in addition efforts, thus they increase their work execution and improve
profits (Ariga and et. al., 2013).
Business needs to keep running behind vision and along with this culture, thus they can
do their exercises appropriately. Innovation is essential and hence, manager of 4Com can easily
modify their current items. If they are going to provide some extra services to their buyers then
they have to create their vision accordingly. Along with this, appropriate coordination and
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cooperation is essential. As entire enterprise will prompt cooperate, at that point they have an
opportunity to market element in a sufficient way. Every one of these things are useful in
forming an association development as well as commercialisation since every single such thing
act as a guide for workers. Pioneers give data about way of life and vision and tie all individuals
as a group (Strayer, 2012).
M1
Innovation is an essential term, which has to be used by company, thus they can design
goods in unique manner. Manager can conduct research to gather data and along with this they
can use resources like primary as well as secondary. Instead of this, if items of association is
manufactured in an inventive way then they can attract numerous customers towards it. Similar
to that, 4Com creates new products for their clients which will aid them to take benefits from
their rivals at competitive world. Along with this, employer can also adopt effective promotional
methods to promote their products and services. Superior can acquire data by conducting
research which will be useful for them to accomplish demand of their buyers.
D1
Innovative thinking can be evaluated through implementing several important methods. If
company is going to launch new devices for their customers then it is must for them to determine
its advantages in an appropriate manner. For above stated purpose, organisation is appointed a
skilled individual.
TASK 2
P3. 4P's of innovation and the use of innovation funnel
Innovation is always done in the current goods of organisation and it is like a conversion of
skills into cash. Another meaning of innovation is that it is a procedure of adding some unique
things into items so that efficiency of same can be enhanced.
It has to be done in goods as well as services and therefore, manager of organisation can
maintain the quality of it in an effective as well as proficient way. There are several forms of
innovation which are discussed as below:
 Product: 4Com is doing their business in telecommunication sector and providing the
best services to their customers in an appropriate manner. For 4Com association, their
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services are essential which they have to enhance as per the time. For an example,
manager of company is going to introduce wireless administration for their users.
 Paradigm: As per this, employer of an enterprise is going to add some additional
features in their current goods and services. They do not want to launch any new item but
instead of this, they want to improve effectiveness of their existing merchandise. Like
this, they are altering their services and converting it into wireless (Baldwin and Von
Hippel, 2011).
 Process: As per this, superior of association has to improve their procedure and thus,
they can easily provide the best services to their users. Primarily, they give their
administration with assistance of wires, but as per modern techniques, now they are
rendering their services wireless. It assists them to attract numerous clients and as a
result, it will improve their profits.
 Position: Firm is providing telecommunication administrations with the help of wires but
now, they want to provide wireless services to their customers and thus, they can change
minds of them. Along with this, they will improve their market position.
(Source: 4P's of Innovation, 2013)
With the help of of funnel innovation, organisation can determine various opportunities
and thus, they can provide growth and development to their products and services. As per this,
firstly, an individual has to gather thought which is associated with business and after that, they
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go to refinery scheme. Through the utilization of this, administrative division is able to solve all
their issues which are related to products as well as services of association.
4Com has to examine their thoughts which are associated with business and then examine
it to know its effectiveness. Along with this, they have to evaluate the entire problem and thus,
they will take judgement in an effective way (Jiménez-Jiménez and Sanz-Valle, 2011).
Virgin Group is using funnel innovation and as a result, they can easily deal as a small
venture and become more successful. Workers of 4Com are much trained and hence, they
resolve entire issues in an adequate manner.
(Source: Innovation Funnel, 2013)
P4. Development of frugal innovation
Frugal development is portrayed as a procedure and with assistance of this, superfluous
components get dispensed from sturdy items. It assists in decreasing many-sided quality from
item and along with this cost of good and generation. It depends on an idea in which it gets
examined that how to accomplish maximum with minimum. It is path by which firm can deliver
greater quality goods with restricted assets (Schaffers and et. al., 2011).
As indicated by the same, assets are constrained in number and thus, organizations need
to utilize them through proper investigation. This procedure totally connotes the capacity of an
enterprise under which they prompt improve less scope of assets. This guide in dissecting
productivity of company where they have an opportunity to meet with client commitments in
satisfactory way. For procuring an ever increasing number of buyers, organization will prompt
utilized item’s improvement design through which they can achieve more number of clients.
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Each business element needs to create cheap advancement in an association for making their
items more created and finest with constrained assets.
4Com needs to take this component in record and utilize their assets in a proper manner.
It will help them to get extensive variety of purchasers with confidence as well as trust.
Administrative department needs to create thrifty advancement in business by receiving different
strides which are:
 Recognize thought and utilize medium for that (Lichtenthaler, 2011).
 Examine cost of execution for thought.
 Examine reports and along with this make an effective move for an idea to diminish
multifaceted nature.
 Influence advantageous item or administrations for customer and clients.
Both Apple as well as Virgin Group move towards becoming accomplishment thus they
can do their business in an adequate way. Apple operate entire assets legitimately and with
assistance of that, iPod increment their piece of overall industry by almost 30% and income with
near 55%.
Virgin group just arrangement at open wander yet after that Richard Branson present
their enterprise at huge level. Mr. Branson put the greater part of their entrepreneurial
endeavours into business and present their thought appropriately before others. Besides,
administration utilize all assets appropriately with aides of staff members (Aghion, Van Reenen
and Zingales, 2013).
M2
Firm is utilizing innovation funnel, so that they can decrease additional cost which will
develop while workers are producing new items for people. Fundamental motto of this is to
examine entire steps which is related to manufacturing, thus they can get aware regarding its
usage. Along with this, reduce wastage to maintain cost of item and services.
M3
If company wants to attain their goals and targets in an affective and efficient manner
then for this purpose manager can use Frugal innovation. As a result, they can satisfy needs and
wants of their clients in an appropriate way. They can adopt new or unique methods for their
goods.
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TASK 3
P5. Importance of commercial funnel and the application of NPD
In advancement, it gets recognized that administration need to enhance their item, hence
they can fulfil demands of their customers in an effective manner. Along with this, 4Com can
increase their incomes and sales, additionally they are able to solve their problems within period
of time. Commercialisation of good is must as it will assist to improve revenues at international
level. Funnel is tube which need to take after by an organization.
Business channel is a useful instrument and with assistance of this, manager of 4Com can
easily introduce their products at international level. Despite having the fact that they bargain at
worldwide level, for this, management needs to concentrate exclusively on the nature of item.
Just quality is a factor which help in pulling in more number of clients. Business channel is
essential for a business in presenting their imaginative item at worldwide market. 4Com needs to
present remote association telephone administrations at advertise for which they need to utilize
business funnel procedure. It bolsters them in expanding their gainfulness and profitability and in
addition administration turn out to be more mindful about nature of administrations because of
managing at global marketplace (Spithoven, Clarysse and Knockaert, 2011).
There are certain steps which have to be followed by company while they are developing
new products for their customers which are mentioned as beneath:
 Idea generation: Primarily, an association needs to create a thought on which
management needs to work. The thought should be one which must be useful for firm to
maintain them at distinct focused world for long period of time.
 Idea screening: Once the thought get created, administration needs to screen it up. At the
season of thought screening administration need to gauge all deviations of task from
which they need to overcome.
 Testing idea: In this phase of item advancement, administration needs to test their
thought that is it reasonable for them or not. Reasonableness of thought is must and if
good pass this stage then it prompt exchange to other one.
 Analyse product: It should in which advance of administration need to gauge. This
strategy is relevant in connection to execute it.
 Commercialisation: In the season of investigation, on the off chance that it indicates
positive result and reaction, at that point administration have a capacity to execute it at
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worldwide level. Commercialisation means as acquainting about item with target clients
(Boons and Lüdeke-Freund, 2013).
 Item launch: Launching of good is keep going stage on which an enterprise actualizes
and execute the thought before others. Right now, clients wind up noticeably ready to buy
an item.
P6. Building an innovation business case including ways to access funding
Innovation is a strategy with assistance of which an organisation can easily alter their
items as well as administrations as indicated by necessity of period of time. Manager applies this
thought into their business then administrative division much able to support market and along
with this provide intense rivalry to their contenders at marketplace. Consequently, firm needs to
decide about the overall part of business and after that, it is required to do effective work on
them. Yet, development is suitable as well as commercialisation of item is essential.
If firm wants to introduce their goods and services at huge level then they need adequate
funds and thus, they can do it in an appropriate way. Fundamental obligation of higher authority
is to organise the required money which is necessary to launch products to people. For the above
purpose, top level authority needs to take after few phases which are stated as below:
 Determine those targets for which an adequate amount is essential. Hence, it is necessary
for manager of 4Com to work accordingly (Gunday and et. al., 2011).
 Examine those territories from where firm can get adequate asset. It will assist them to
utilise money, so that they can easily introduce their goods at international marketplace.
 Utilise cash appropriately as it is additionally named as essential resource for an
enterprise. Along with this, they can reduce wastage, as a result they will do their work
performance in an effective manner.
It is required for 4Com to develop wireless connection and also develop their broadband
system in an effective manner. For this, they need fund and can gather it by using some methods,
such as they can take loan from bank or get assistance from stakeholders. In addition, this is not
only much, in fact manager has to use new tools and techniques in their products and for the
same, they need more fund. Along with this, they have requirement of trained staff members.
Market position of 4Com is much effective in front of bondholders and debenture-holders. Apart
from this, they can go to some other institutions like back for money through showing them
financial statements (Drucker, 2014).
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M4
For growth and success of organisation, it is must for 4Com to develop new items for
their customers. For this, they have to follow steps in a systematic order. As a result, they will
take advantages from their rivals at competitive world. Along with this, to measure success of
their business case they can utilize some efficient tools.
D2
Innovation is very wide concept and in addition its nature is complex. Company has to
use inventive ideas in an adequate way, thus they can easily attract numerous customers towards
their items and services. With assistance of this, 4Com can improve their market share and
goodwill at marketplace. They have to bring creative thoughts, therefore they can remove
obstructions. Such as they can alter their current policies, organise development programs and so
on.
TASK 4
P7. Different tools that an organisation can use to develop, retain and protect intellectual
property
Each organisation has their own belongings on which they have privilege. For this,
government has formulated many rules as well as regulations. If they are enhancing their market,
then it will be riskier to use other’s property and in this way, administrative department needs to
utilize appropriate strides and secure their intellectual property. Each company has their own
particular logo, outline, sign, image, trademark and so on. When company is going to get
registered then it is important for the manager to register all their properties. On the off chance
that any of a firm observed to be a piece of such kind of things at that point as per law it is illegal
crime. Some of the components are described as:
 Copyright: It is associated with books as well as articles which are outlined by an
individual. With assistance of this, people can secure their actual work. An enterprise has
copyright on one anticipate than different substances will prompt take a risk to execute a
same thing.
 Trademark: Each and every sort of organisation has their own logo which builds their
different image in front of people. If another association utilizes their symbol, at that
point, they have privilege to charge them. It will provide an adverse impact on company
that can affect their profits as well as goodwill in the market (Jaffe and Lerner, 2011).
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 Design: Company has a proper outline for their items which they convey to their clients.
In context of this, if some other association duplicates their plan then they have privilege
to record an argument against them.
Apple produces iPhones as well as iPods on which they have an appropriate right over
their logo and design. If another company utilizes their plan which is associated with their goods
at that point they can sue on them. An extremely renowned episode is recognized in licensed
innovation in which Hyundai autos utilize model plan of Honda city. With respect to this,
organization record a body of evidence against Hyundai. Subsequently, organization needs to
repay them for these kinds of operations. Consequently, this thing is not proper in nature and
accordingly, make a negative picture on organization and their gainfulness too (Amit and Zott,
2012).
M5
If company wants to improve their products, then it is must for them gain required
information about their clients, thus they can satisfy their demands in an effective way. Instead
of this, 4Com can utilize various techniques for this. They can use social sites, hence they can
sell their items and devices online to people. It will also assist them to compete their contenders
at market. They will conduct survey to know wants of their buyers, it will aid them in their long
term success.
CONCLUSION
As per the above mentioned report, it has been concluded that innovation is essential for
each and every kind of association so that they can take advantages from their competitors at
marketplace. It will assist them to improve efficiency and effectiveness of items. Along with this,
they can increase their revenues and market share also. It will cater an effective advantage to
staff members that they can enhance their skills and abilities. If company is using frugal as well
as funnel development, then it will be much effective at global level. Along with this, adequate
fund is also required for them to perform all their task effectually.
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REFERENCES
Books and Journals
Aghion, P., Van Reenen, J. and Zingales, L., 2013. Innovation and institutional ownership. The
American Economic Review. 103(1). pp.277-304.
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review. 53(3). p.41.
Ariga, K. and et. al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Baldwin, C. and Von Hippel, E., 2011. Modeling a paradigm shift: From producer innovation to
user and open collaborative innovation. Organization Science. 22(6). pp.1399-1417.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-19.
Boudreau, K. J. and Lakhani, K. R., 2013. Using the crowd as an innovation partner. Harvard
business review. 91(4). pp.60-69.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gunday, G. and et. al., 2011. Effects of innovation types on firm performance. International
Journal of production economics. 133(2). pp.662-676.
Jaffe, A. B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system
is endangering innovation and progress, and what to do about it. Princeton University
Press.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research. 64(4). pp.408-417.
Lichtenthaler, U., 2011. Open innovation: Past research, current debates, and future directions.
The Academy of Management Perspectives. 25(1). pp.75-93.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
Schaffers, H. and et. al., 2011. Smart cities and the future internet: Towards cooperation
frameworks for open innovation. The future internet. pp.431-446.
Spithoven, A., Clarysse, B. and Knockaert, M., 2011. Building absorptive capacity to organise
inbound open innovation in traditional industries. Technovation. 31(1). pp.10-21.
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Strayer, J. F., 2012. How learning in an inverted classroom influences cooperation, innovation
and task orientation. Learning Environments Research. 15(2). pp.171-193.
Online
Frugal Innovation. 2017. [Online]. Available through:
<https://www.irishtimes.com/business/innovation/book-review-frugal-innovation-
1.2085455>. [Accessed on 1st September 2017].
The Innovation Funnel. 2013. [Online]. Available through:
<http://productinnovationnow.com/tag/innovation-funnel/>. [Accessed on 1st September
2017].
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