Assignment on Innovation and Commercialisation
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Added on 2020-06-04
Assignment on Innovation and Commercialisation
Added on 2020-06-04
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P.1 Innovation and its importance for the employees of SME .................................................3P.2 Innovation and commercialisation affect by the vision, culture, leadership and team workof SME .......................................................................................................................................4TASK 2............................................................................................................................................5P.3 4Ps of innovation and innovative ideas of employees can be shape by using innovationfunnel...........................................................................................................................................5p.4 Frugal innovation is develop in SME and use of this innovation by virgin group. .........6TASK 3............................................................................................................................................7P.5 Assessment related to the information of commercial funnel and application of NPD (newproduct development) .................................................................................................................7P.6 Create innovation business case and way to generate fund.................................................9TASK 4..........................................................................................................................................10P.7 Tools of innovation for SME which is use to develop, protect knowledge, retain andintellectual property..................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONInnovation means to translate our news ideas in creative method so that newtechniques can be used by any company to achieve the goal. This process use by all companybecause employees of organisation think new ideas and tell them mangers . Team leader applythose ideas on business and increase the efficiency of product as well company. Innovation isknown as risk taking because it create and market and new product. Apple and virgin group isleading on the worlds market because of their creative ideas. SME(Small medium enterprises)also want to lead in market so that this company also apply creative idea which used by virginand apple group . By using innovative thought SMS company achieve the goal and earnmaximize profit. TASK 1P.1 Innovation and its importance for the employees of SME Ideas of innovation is useful for all type of enterprises because this techniques is alwaystake your business on way of success. Ideas of innovation improve the quality of organisationand using all ideas take action on product. It is important for organisation because it is use assystematic, strategic, and technological method to develop the culture(Lundvall, 2010.).Environment, and management process of business at world level. Innovation is important foeemployees because it generate new ideas in mind of employees and develop their moral, attitude,skill and ability to understanding the techniques.Employees of SME are developing their knowledge by research on the policy of appleand virgin groups company. Employees of both groups are so talented and have creative mindsbecause they try to use new ideas . Innovation is important for employees to know their ideasand what is result after applying ideas. It build moral of employees and motivate them towardwork. If employees of SME started to research on ideas and started creative thinking than noone can compete the business of SME. Innovation do development of employees, increase theirproductivity, and motivate them to understand the roles and responsibility. Innovation is different from invention because invention means to create new brand ornew product but innovation means to make changes in product which is already in existence.The ideas which never use before is invention and it required scientific skill butimplementation of such ideas which comes in mind earlier but applied first time on product and
it required all factors which are skill related to marketing , strategic and technical. Scope ofinvention is limited but innovation is spread in all over market of world. For example if anycompany invented mobile phone but to run the mobile and develop new features requiredcreative ideas which satisfy the needs of consumer than to develop new ideas for the interestingfeatures in mobile need innovation techniques(Drucker, 2014.). SME company required bothinnovation and invention because employees of this company have to invent new product andafter this it is necessary to develop new techniques in product. Consumers are satisfied only bynew product with proper facility.P.2 Innovation and commercialisation affect by the vision, culture, leadership and team work ofSME Innovation is affected by vision, leadership, culture, teamwork because all those factoraffect directly, indirectly environment of business and all are interrelated with each other. It isnot develop for the profit of organisation it intention to satisfy the needs of consumer. Innovation affected by culture through behaviour and nature of employees because ideaswhich are useful for company think by linking the cultural behaviour. SME want to improvetheir brand and value of business it is necessary to produce those items which is in favour ofconsumer. Leadership also influence the culture. By creating new ideas create goodenvironment at work place(Manyika, and et.el., 2011). Innovative ideas which are used onparticular product by SME after thinking that society get benefit or not and satisfied witherproduct or not get earn,maximize profit. Cultural includes behaviour of their boss toward theiremployees if manger of SME are arrogant and rude and giving pressure on them for work.employees were don't like to do work in company and their mind became block and they don'tthink about the benefit of company and not give creative ideas to company. Leadership also play vital role in innovation process because if leader is good than itmotivate their employees to achieve the goal and increase their efficiency by creating new ideas.Leader brings their employees to think positive about situation . Leadership of a leader in SMEis not effective than company can not reached on the success so it is is important fore thiscompany appoint that person as leader who encourage employee to achieve their goal .leadership of that person should be effective so that mind of employees become active and startthinking about new ideas.
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