(solved) Assignment on Innovation Doc

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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