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Development of Frugal Innovation Doc

   

Added on  2020-12-29

14 Pages3949 Words156 Views
INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Significance of innovation and its difference with invention................................................1P2 Role of organisational culture, vision and leadership in shaping innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................3P3 4P's of innovation and use of innovation funnel for generating and examining innovativeideas.............................................................................................................................................3P4 Development of frugal innovation.........................................................................................4TASK 3............................................................................................................................................5P5 Significance of commercial funnel and new product development.......................................5P6 Innovation business case for ROLI........................................................................................7TASK 4............................................................................................................................................8P7 Tools which help company in retaining, developing and protecting intellectual propertyrights............................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10.......................................................................................................................................................11
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INTRODUCTIONAn organisation have to develop new ideas and work on different thoughts so they caninnovate services and products and run their business in right direction (Difference BetweenInvention and Innovation, 2016). Innovation is basically making modification in a product,system or service and develop something which is new for public (Aarikka-Stenroos andSandberg, 2012). This project is based on a London based company, ROLI. This organisation isrunning their business in music technology industry and they have develop some very innovateproducts like Seaboard, also known as future Keyboard. ROLI is a SME and around 200 peopleare working in this firm. This file will contain content about different between innovation andinvention. It will also talk about various factors like culture of firm, leadership etc. whichpromote innovation in the enterprise. 4P's of innovation and frugal innovation will be explainedin this assignment. Few concepts like new product development and tools of gaining intellectualproperty right will get discussed at the end of this report. TASK 1P1 Significance of innovation and its difference with inventionWhenever new idea or product enter in society then it is simply known as innovation.Their are various sources of innovation which are as follows:Unexpected – All the business and other type of organisation conduct activities relatingto research and development. At the time of doing different experiments, they get unexpectedoutcomes which sometime result in unexpected innovation. Their is no guarantee that theinnovation help company in attaining their goals. Process need – Right process is key to desirable result. If an organisation is notperforming to their expectation then they try to make changes in their their working procedure.They have to add or subtract something from their present working system which ultimatelybecome a source of innovation (Bagchi-Sen, 2011). Change in perception – Perception is the way of a person or organisation about what istheir opinion on something. Their are few enterprise who were against automation but when theysaw other companies at using this new technology then their perception got changed and theyalso started concentrating on innovative systems which can be used in their organisation. 1
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