UNIT 8 Innovation and Commercialisation Addison Lee Company, UK
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Added on 2020-01-16
UNIT 8 Innovation and Commercialisation Addison Lee Company, UK
Added on 2020-01-16
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UNIT 8INNOVATION AND COMMERCIALISATION(ADDISON LEE COMPANY, UK),WITH REFERENCE TO APPLE INC. ANDTHE VIRGIN GROUP1
Table of ContentsIntroduction:....................................................................................................................................21. Explanation of the context for innovation and determine the difference between invention andinnovation in Addison Lee:.............................................................................................................31.1 Explanation of innovation and determination of its importance to Addison Lee incomparison with invention:.........................................................................................................31.2 Explanation of how organizational vision, leadership, culture and teamwork can shapeinnovation and commercialization in Addison Lee, UK:............................................................42. Explaining the different types of innovation:..............................................................................52.1 Explaining the 4Ps of innovation and explain the use of the innovation funnel to examineand shape innovative ideas in Addison Lee, UK:........................................................................52.2 Explaining developments in frugal innovation and provide examples of how it is used in anorganizational context of Addison Lee, UK:...............................................................................63. Discussing the process required to commercialize innovation in Addison Lee, UK:.................73.1 Explaining the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialization of innovation in Addison Lee, UK:.....73.2 Building an Innovation Business Case for Addison Lee, UK including ways to accessfunding:........................................................................................................................................84. Evaluating the range of methods for protecting ideas and understand their advantages anddisadvantages in Addison Lee, UK:................................................................................................94.1Evaluating the different tools that organizations can use to develop, retain and protectknowledge and intellectual property in Addison Lee, UK:.........................................................9Conclusion:....................................................................................................................................10References......................................................................................................................................112
INTRODUCTIONAddison Lee is a private cab hire company located in London. This company operates itsservices to the customers with a fleet of 4000 cabs that procures an annual revenue of around£200 million. There are more than 20000 employees working under the company (Van Hemert,et al., 2013). John Griffith is the head of the company as well as the owner. It works completelywith the help of technology, and also hires programmers in the organization. In this project, thediscussion is done in detail about how to increase the company revenue following certainstrategies related to innovation and commercialization. TASK 11.1 Explanation of innovation and determination of its importance to Addison Lee in comparisonwith inventionThe term invention and innovation are completely different terms altogether. This iscompletely true for any company. The term invention is actually linked with the creation of anewbie product or technology that is completely unique to the market. The product would haveno link with any other products of competitors in that case (Cosh & Hughes, 2010). The successrelated to the launch of a new product is completely proportional to the likeness of the sameproduct by the consumers. The likeness can be procured by increasing the amount of offline andonline advertisements. However, the concept of innovation differs a little. It means the sameproduct is made more attractive by means of innovation. The innovation is most of the service of Addison Lee follows the VRIN strategy forfacilitating innovation. On the basis of this concept, it can be said that every innovation of theknown product should follow the criteria of being valuable, rare, inimitable, and non-sustainable.This is while comparing the same innovative product with other competitors of the market(Love, et al., 2011). Another method of creating innovation to any product is following the 4Psof innovation. This includes the process, paradigm, process and position pertaining to the entireproduct. A good example regarding the difference of invention and innovation can be cited bytaking an example from the Apple and Virgin Group. Apple designed an operating system that iscompletely unique in the market. Other than the main competitor Microsoft, the Apple operatingsystem was very compatible to the layman, and provided an ease of access. This can be3
considered an invention as according to the Apple chief, Steve Jobs, the company always tries tocreate a product that is unparalleled in the entire industry (Lee, et al., 2010). The Virgin Group,on the other side, started campaigns to encourage new business ideas from the youth. It alsofacilitates teamwork within the same organization to come up with entrepreneurial ideas. Thistechnique implemented by Virgin can be considered as an innovation. There are many services provided by Addison Lee as well related to the luxury vehicles.The office goers and the school students hire these vehicles during emergency. These vehiclesare also hired by couples when they want to go for a small trip throughout the city (Ganotakis &Love, 2011). There are certain innovation that can be applied in this business as well. Theinnovations are mainly the extra facilities that are accompanied with the ride. Some food ordrinks might be served to the clients just to boost up the mood, and increase the demands of theservices. 1.2 Explanation of how organizational vision, leadership, culture and teamwork can shape innovation and commercialization in Addison Lee, UKThe mission of the company is enabling the business class cab facility throughoutLondon at cheap rates. The vision of the company is to go a lot ahead of its competitors in thecab facility business. The work culture of the company is completely at par with the teamwork,and the services are provided within a very small period of time (Walsh, 2012). The vehicleservices are tried to be made more innovative with every passing time, and the way improves theservices of Addison Lee. Innovation is also connected with the optimization of the websites. Inthe age of globalization, SEO provides a permanent solution to the problem of online popularity. The techniques of leadership pertaining to the organization is completely at par with thesystematic techniques used within the organization. The line managers of the Addison Lee arealways there to make the employees understand the mission, vision and other factors related tothe workplace experiences. The employees are trained by the line managers in such a way thatthey all move towards certain goals of the organization (Schoeman, et al., 2012). The workculture is great where the strengths and weaknesses of employees are improved over time withina specific timeframe. The motivation of the employees are provided both by the intrinsic and theextrinsic motivation. 4
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