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Difference Between Invention & Innovation

   

Added on  2021-02-20

16 Pages5418 Words62 Views
INNOVATIONWITHIN A SMALLBUSINESSCONTEXT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance in comparison with invention...............................................1P2. Role of organisational vision, leadership, culture and teamwork on shaping innovation andcommercialisation.......................................................................................................................2M1. Analysis of different sources of innovation.........................................................................4TASK 2............................................................................................................................................5P3. 4P's of innovation and innovation funnel usage...................................................................5P4. Developments in Frugal Innovation......................................................................................6M2. Analysis and application of Innovation Funnel...................................................................6M3. Evaluation of role of Frugal Innovation..............................................................................7TASK 3............................................................................................................................................7P5. Importance of commercial Funnel and Application of New Produce Development............7P6. Innovation Business Case.....................................................................................................9M4. Measures to test, iterate and improve................................................................................10TASK 4..........................................................................................................................................10P7. Evaluation of Different tools to develop, retain and protect intellectual property.............10M5. Evaluation of tools in context of wider business environment..........................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONInnovation refers to the procedure which is adopted by companies in order to introduce adistinct and useful feature within their existing offerings in the market. The agenda behind thesame is to enhance the usefulness and importance of the product and service in context of itsfunctioning and scope (Chun and et. al., 2015). Moreover, innovation is also necessary fororganisations in order to appropriately and effectively gain a competitive advantage and longterm sustainability in the niche as well as potential markets. The report below is based onChilly's, which is one of the most effective and recognised organisations within the UK.Moreover, the mission of the firm is to create offerings for an active urban lifestyle and ensureinclination towards everyday use of reusable products. The company is currently planning toexpand its product line to remaining competitive. Hence, the report covers explanation in contextfor innovation and determination of difference between invention and innovation. Moreover, italso covers explanation of different types of innovation along with discussion of processesrequired to commercialise innovation, within Chilly's. Furthermore, the assessment alsoevaluates range of methods for protecting ideas and understand their advantages anddisadvantages.TASK 1P1. Innovation and its importance in comparison with inventionInvention is the procedure of creation of a completely new offering, which has neverbeen created before. Furthermore, it is the process through which either a new demand in themarket is created, or an existing demand is resolved. Moreover, this aspect is a core developmentof ideas and experiences of an individual or group, into a unique and valuable offering(Rasmussen. and Eliason, 2017).On the other hand, innovation is appropriately adopted in bringing in improvements andaddition in features within a firm's existing products and services. However, there are severalpoints of its importance, to reflect value of innovation within a company, which are mentionedbelow:Competitive Edge: One of the major aspects which reflects importance of innovation isrelated to gaining a competitive edge within the market. This is because it enhances the1

capability of the organisation to overtake other companies in terms of introducing newfeatures within the products, as per the changing market.Return on Investment Maximisation: Another importance of innovation within anorganisation like Chilly's is that it helps in maximising Return on Investment (TheImportance of Innovation– What Does it Mean for Businesses and our Society?, 2019).This is because, changing as per the current scenario helps the company in enhancing itsdemand and hence, improve its profitability.In addition to the above facts, there is a significant differentiation between innovation andinvention which is reflected below:BASISINVENTIONINNOVATIONScopeThe scope of invention is quitewide as it is related to acomplete development of aunique offering.Innovation, on the other hand,is implemented on ensuringimprovements or additionswithin the service andproducts.OccurrenceIt occurs whenever a newdemand is created or a newidea is required to bedeveloped.Its occurrence is subjected tobringing improvisations withinthe existing offerings.ApplicabilityR&D department undertakesinvention and it is applicableto that extent only.Innovation is adopted by thewhole organisation and isapplicable to each and everydepartment.P2. Role of organisational vision, leadership, culture and teamwork on shaping innovation andcommercialisationCommercialisation is the process of introducing an offering effectively within the marketand making the same familiar amongst existing, as well as, potential customers (Ke and et. al.,2016). Innovation and Commercialisation within an organisation like Chilly's go hand in hand,wherein, one is related to ensuring betterment in the firm's offerings, the other works oncommunication of the same within the market.2

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