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Innovation and Commercialization in Organisations

   

Added on  2020-10-04

12 Pages3875 Words265 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1) Innovation and determine its significance to organisations in comparison with invention..1P2) Organisational leadership, vision, teamwork and culture shapes innovation andcommercialization.......................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel..............................................................4P4 Developments in frugal innovation.......................................................................................5TASK 3............................................................................................................................................5P5 Importance of commercial funnel and applicability of NPD for commercialisinginnovation....................................................................................................................................5P6 Innovative business case with various suitable ways to assess funding................................7TASK 4............................................................................................................................................8P7 Various tools that an organisation could use to develop, protect and retain knowledge ofintellectual property right............................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONInnovation is a major thing which need to understand and adopt in every business whichfacilitate and support to gain competitive advantage. It is essential to include this aspect bymanagers and management in an appropriate and suitable frame so that better and appropriateresults could be derive (Breznitz and Etzkowitz, 2017). This project is based on 4Com PLCwhich is one of a famous telecommunication service provider in UK whom work focused onmore and more innovation so that better suited results could be drawn. This project involvesabout context of innovation and will also signifies about difference between innovation andinvention. Along with this, it will also prescribe about differ kinds of innovation which enable inbetter suited work. Moreover, management need a process of commercialise innovation whichfurther assist in better results. All these sections will going to interpret in this project for gainingbetter and appropriate outcome. TASK 1 P1) Innovation and determine its significance to organisations in comparison with inventionInnovation can be considered as an essential process which involves generation of newideas that are effective in meeting the needs and wants of customers at market place. This alsoconsist to be an essential part of business organisation as it helps in increasing the performanceand profitability of firm at market place (Chun and et. al., 2015). It can also be refers as thethoughts which are essential in providing proper solution for the issues that are faced by buyers.Alteration can be described as the modification of products that are effective for each businessorganisation as to gaining attention of large number of customers towards the firm or its offeredgoods and services. The means of innovation is to create new features in the available productsand services of firm as to fulfilling the desires of potential buyers. Organisations are concern onadopting various tools and technologies as to implementing new ideas and thoughts intosignificant action. Innovation is essential for organisational growth, some importance ofinnovation are described as below: Innovation plays a crucial role at work place as it is essential for each small as well aslarge business organisation is to implement new ideas and thoughts in respect to attaininghigh growth at market place. 1

Innovation provide a significant direction to the organisation or its higher authority tocreate a well reputed image at market place as it create value in attaining competitiveedge. This also plays an effective role in maintaining the brand image of firm in order toconducting its business operations for long time. Innovation is also effective in providing a new direction for producing more goods andservices as per the changing needs and wants of customers. Difference between innovation and invention is evaluated as below:InnovationInventionInnovation is refers as the implementation ofnew ideas and thoughts at work place in orderto enhancing organisational performance andproductivity. It considered as the discovery of newtechniques, tools, methods and technologiesthat are effective in operation and function ofnew things that has never been applied by anybusiness firm. 2

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