Importance of Innovation: Assignment
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Added on 2020-10-04
Importance of Innovation: Assignment
Added on 2020-10-04
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INNOVATIONS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of Innovation in comparison with invention.......................................................1P2 Vision, leadership, culture and teamwork which shape to the innovation andcommercialisation........................................................................................................................2TASK 2............................................................................................................................................3P3 4Ps of innovations...................................................................................................................3P4 frugal innovation.....................................................................................................................4TASK 3............................................................................................................................................5P5 Importance and application of the commercial funnel in development of new product........5P6 Ways of accessing funding.....................................................................................................6TASK 4............................................................................................................................................7P7 Various tools for knowledge development, retail and protection...........................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation determines as the useful concept that assists to develop way in whichenterprise will accomplish their desired results in systematic manner. In this regard, creativityand integrity of new things ascertain at workplace which assists to develop more profits atworkplace. Further, it develops effective transaction that are needed to perform several activitiesat workplace. In this context, present report based on the Madgex. Ltd. which deals in IT sectorenterprise in UK. They are promoting growth and software development which create severalactivities at workplace. Furthermore, there are supporting services are also develops in thebusiness that assists to ascertain creative results at workplace. For gaining insight knowledge ofthe present report, it covers innovations and its importance with compare it with inventions.Moreover, it includes 4ps of innovation that could be impact on the innovation funnel and shapeto the innovative ideas. TASK 1P1 Importance of Innovation in comparison with invention.Innovation is the process of manipulating and modifying the original ideas. It is differentfrom the invention process. In this aspect, innovation defines as the thought and idea whichutilise to develop respective field. On the other hand inventions determines as the creating newdevise, product and services with unique activities. However, following are certain differencesexists in it:InnovationInventionInnovation is the process in which originalideas will be manifestation for development ofthe subject. Invention consist creation of new thingsthrough innovative ideas, thoughts in theunique aspect. It could be applied for all products and servicesagain and again. In this regard, repetition never take place. It demonstrates functions to create upgradedversion of the old things. It develops concept in distinctive manner withcome up the unique ideas and thought. From the above discussion, it can be stated that innovation is the systematic process thatassists to Madgex Ltd. to operate their functions in different areas of the world. In this regard,1
case study of different businesses has been applied that assists to frame effective results atworkplace. Apple and Virgin case has been selected that assist to accomplish more effectivefunctioning in the business unit. Further, the company also develop their operations throughcreate culture innovations, the selected business able to make successful operations in systematicmanner. Without leadership activities, the chosen business unable to get more effectivefunctions. Hence, it is important to create innovations to develop the chance of attain businessgoals and objectives (Zou, Dong and Xie, 2017). In addition to this, it is very important toemployee to develop their understanding and ideas with new activities and operations. Therefore,aims and objectives will be accomplish in desire manner. Furthermore, it also increase opinionand ideas generating activities that helps to Madgex to implement new things in it. Moreover,each person in the chosen business share their ideas and participation towards the aims andobjectives of the company. P2 Vision, leadership, culture and teamwork which shape to the innovation andcommercialisationIn the UK, there are several elements in which organisation develop their performance inthe UK market. With this regard, Madgex Ltd. has opportunities to ascertain more effectiveelements at workplace. In addition to this, manager of the selected business concentrate on thedifferent areas where they can enhance their operations and functions in systematic manner. Inorder to focus on the increasing productivity, following elements can shape to innovation andcommercialisation:Vision of Madgex Ltd.Madgex Ltd. has vision to deliver best and qualitative services as Apple and Virgingroup. Therefore, the company can lead with technology that accomplish goals and objectives insystematic manner. Further, the company also demand to provide exclusive range of solutionstowards the business activities. As results, they are able to support with effective results. Inaddition to this, the selected business also allow to users to accomplish their desired results insystematic manner. Hence, they are able to deliver brand performances to create outstandingcareer. With the help of effective design, quality and experience, it assists to deliver positiveresults at workplace. Hence, the company can create shape with innovations at workplace (Auld,Mallett and Slater, 2014). Leadership and teamwork of Madgex Ltd.2
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