Commercialization and Innovation Essay
Added on 2020-06-03
19 Pages5108 Words46 Views
Business DevelopmentLeadership ManagementDesign and CreativityLanguages and Culture
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Innovationand Commercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK1..........................................................................................................................................................1P1 Innovation, its importance and comparison with invention..............................................1P2 Organisational leadership, teamwork, culture and vision shaping innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and its uses in funnel innovation examine and shaping a innovative ideas................................................................................................................................................4P4 Development in frugal innovation.....................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and applications of new product development...........6P6 Innovation business case for company..............................................................................8TASK 4............................................................................................................................................9P7 Different tools use to develop, protect knowledge, intellectual property and retain........9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation plays a very important role in a success of paramount proportion which helpin developing an existing and innovate products (Melville, 2010). Various innovators andpractitioners had defined the terms of innovation and commercialisation as these facts areinterrelated with one another. Company adopts this approach for more quality and productiveproducts manufacturing which help in achieving results. Mr Daniel Green was the founder ofhealthy juice organisation. This company is launched with a healthy milkshake in the market ofUK through which it helps in increasing sales in first year because of distribution capacity andinnovative formula. In this report, it analyses different components of innovative andcommercialisation by using frugal innovation and commercialisation funnel. It is a report inwhich leadership roles and culture are mentioned in a process of invention. Process of newproduct development as well as intellectual property is also analysed.TASK 1P1 Innovation, its importance and comparison with inventionIn the modern times of technology, different modifications take place within anenterprise. Innovation refers to the procedure of translating or innovating an idea as well asinvention into a product and service which creates value within a marketplace and influencecustomer to pay for it. In short, it refers to a great and effectual ideas implementation brightlyand communicate in a proper way. On other side, process of commercialisation in which newproducts and services are accepted within the trade. These process and components of Healthyjuice, which create different obstacle within the organisation as it help in restrain theirdevelopment and growth. Small enterprises such as Healthy juice are barricaded from growthbecause process is not proper in commercialisation activities which give rise to lack of financialresources (Sartori, Favretto and Ceschi, 2013). But in initial term, it is necessary for Healthy juice to build an accurate understandingbetween invention and innovation terms. Invention is referred to scientific and technical ideasstrategies which are the mediums of their action. An invention is made by a researcher andinventor by evaluating deeply on certain problems. It is an act of manufacturing somethinginnovative and creative which has never been formed before in a marketplace. Innovation and invention are both interlinked with one another. Firstly, goods areproduced by inventor and after that, modifications are done for making a better version by1
adding new and creative features. For example, Healthy juice invented their various products andthey had modified their juice product in a healthy way and named as healthy milkshake throughwhich it helps in increasing sales and goodwill of the company. They concentrate on using moremodified and advanced technologies for higher reach of Healthy juice in UK. Sources of InnovationThe expected: in place of market there is best place to grab the opportunities. Goodleaders always continuously study market (Leiponen and Helfat, 2010). The incongruity: It is an key to develop a business successfully but it is little bit tricky.Their is a discrepancy within what should be and what is. Demographics: Frequently see the modifications take place in income levels,populations, age ranges and human capital. Changes in mood, meaning and perceptions: people changes as well as over timepopulations. In a manner they see the modifications, where they think and its meaningfrom and how they feel the changes things over time as well as smart organisation shouldpay attention for capitalized (Dahlander and Gann, 2010). Invention and innovation are interrelated. Their are having a differences in both termswhich is given below: Difference between Invention and InnovationInnovationInventionInnovation refer to the modifications inprevious objects, goods, services, methods etc. It refers to new idea, concepts, products andmethods for constructing a new Healthy juiceconcept. It is done by using the latest trends of marketwhich conduct innovation and evaluationprocess. It requires accurate and scientific technicalresearch for achieving a new discovery. For e.g. Constant improvement of World WideWeb in digitalisation era is innovation. e.g. Invention of World Wide Web was aEnglish scientist Tim Berners-lee in 1989. 2
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