Difference Between Invention and Innovation - Pdf
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Added on 2020-10-22
Difference Between Invention and Innovation - Pdf
Added on 2020-10-22
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INNOVATON ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of innovation in comparison to invention.....................................................1Importance of innovation in comparison to invention for the case of Ensoft:.......................3P2. Explanation about how Vision, leadership, culture and teamwork can shape innovationand commercialisation............................................................................................................3P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas................................................................................................................................................5P4. Frugal innovation.............................................................................................................6TASK 3............................................................................................................................................8P5.Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation. .......................................................8P6. Build an Innovation Business Case for an organisation, including ways to access funding.................................................................................................................................................9TASK 4..........................................................................................................................................11P7. Different tools organisations use to develop, retain and protect knowledge and intellectualproperty.................................................................................................................................11CONCLUSION AND RECOMMENDATION.............................................................................12REFRENCES ................................................................................................................................13
INTRODUCTION Innovation is described as a tactics which included multiple operations and activities inidentifying new ways to carry out things. The process of creation is different from the process ofinnovation but with creativity, innovation can reach a new height. Concept of innovation is vitalto survive in business world. Companies that are innovating applies new concept on a regularbasis grab new opportunities easily whereas commercialization is the manner in which newcommodities are introduced into marketplace. This present assignment will consider Ensoftsoftware Ltd which is a small software firm and established in 1997. This firm is going to launcha new advanced software for finance department to carryout fiscal activities efficiently and in afaster way. This research will discuss about the merits of innovation while comparing it withinvention. Along with it, report will discuss about impacts of organizational teamwork, visions,leadership and culture in shaping innovation and commercialization. At last, research willfocuses on the the tactics that a firm can implement while developing, protecting and retainingknowledge and related rights.MAIN BODYTASK 1P1. Importance of innovation in comparison to invention.Innovation: It can either be a process or an outcome. It involves the transformation of aconcept or idea into the reality. In simple words, innovation is defined as a manner by whichvalue of product that the firm is producing increases. Value is only added when customers aresatisfied with the services and products offered by the firm. Innovating will be meritorious forEnsoft Ltd because it will help the firm in enhancing their profit margins. Along with it, this willhelp them in maintaining their market position and ranking. More level of satisfaction for clientswill helps Ensoft in achieving competitive advantage. Invention: This term implies the act of developing, designing, modifying anddiscovering a process, that is never used or introduced in the market before. In simplified way, itis an idea which is incorporated through several experiments and research which result in thedevelopment of a tangible product. Invention is a necessary aspect for every firm. In case ofEnsoft, it will improve the image of company and the products they are offering to consumers.
Also, the business shares and profit margins of Ensoft will also increase because the clientsalways prefer those items which are modern and improved. Comparison between innovation and inventionInnovationInventionIt is explained as implementing a new ideaeither for a process or an item, which has neverintroduced in market before.It is described as a thought about an idea for aspecific process, product or service for the firsttime.Innovation acts as a deriving force whichincreases the value of a product that is alreadypresent in market.Invention involves the development of a newproduct or commodity to satisfy the demandsof consumers It involves the practical execution of a newconcept.It is based on a fresh idea and its theoreticalworking.For innovating a proper set of strategic andmarketing skills is needed. To carry out invention, skills related withscientific approach are needed.Innovation takes place when improvement in aservice or product is required. It is concernedwith aggregation of several process andproducts.Invention occurs at that time when a newconcept or idea strikes the minds of scientificpersonnels. It includes a single process orindividual product. Activities related with innovation are widelydispersed within the entire organisation.Activities concerned with invention is limitedto only research and development departmentof an organisation.Merits of innovations in context to Ensoft company are mentioned below:solving impossible issues: Problems that occurs while working in a firm, which arenot resolving even after many trials can be easily solved by using innovation. Theissues Ensoft company faces most of the time while delivering service to their clientscan be resolved in an easy way by improving the existing product with some bettersolutions. This will help the firm in improving their customer base.Enhances workplace productivity: While working in a company, one of the mainobjectives is to improve overall productivity level. To achieve this high productivity,
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