P1 Importance of Innovation - Assignment

Added on - 22 Nov 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of innovation to an organisation in comparison with invention.........................1P2 Organisational vision, leadership, culture which shape innovation and commercialisation2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas4P4 Development of frugal innovation.........................................................................................5TASK 3............................................................................................................................................6P5 Importance of the commercial funnel and the application of New Product Development....6P6 Innovation business case for 4com company.........................................................................7TASK 4............................................................................................................................................8P7 Tools for retaining, developing and protecting intellectual property and knowledge...........8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9.......................................................................................................................................................10
INTRODUCTIONBusiness organisation understand that surviving in this high competitive and rapidlychanging business environment is not possible if company is not selling new product andservices. Enterprise have to modify their offers and make it better with time (Gambardella andMcGahan, 2011). Innovation is the process which is used by business entities for gainingcompetitive advantage on the other players of the industry. Innovation basically means a processwhere new idea, product or method is developed by making modification in present thought,commodity or method. Commercialisation is known as running something with the motive ofearning financial benefits. ROLI is a music technology start-up who is known for theirinnovative products like Seaboard. This assignment will discuss about advantages of innovationand its comparison with invention. Vision of leader, culture of company are few things whichpromote innovation will be included in this assignment. Innovation funnel, frugal innovation anda business case will become part of this project. Few tools which save intellectual property ofcompany will come under this file.TASK 1P1 Importance of innovation to an organisation in comparison with inventionAll the actions which are taken for making a new product, process or services is knownas innovation. Business organisation do not innovate a product or service without any reason,always keep one thing in their mind that is commercialisation of goods and service. If they thinkthat they can get financial gain from innovation then only they focus on introducing it in market.Commercialisation is a process where company launch a new product or facility in order to earnmoney and become financial sound (Godin, 2012). ROLI is a London based start up who isknown for operating as music technology company. Less than 250 employees are working in thisfirm and currently they do not have any physical branches. Currently, their turnover is less than50 million pounds and but they are earning decent amount of profit every year. This companyhas flat structure and they have successfully adopted role culture.In business world, people think that innovation and invention is same think but in realityit is very different (Difference Between Invention and Innovation,2016). Below is differencebetween both of them:InnovationInvention1
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