Importance of Innovation Assignment
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Added on 2020-07-22
Importance of Innovation Assignment
Added on 2020-07-22
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INNOVATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Innovation and its importance for Cloudreach with example of other entity andcomparison with invention..........................................................................................................1P2) Organisation's vision, leadership, culture and teamwork to create innovation in furthertime..............................................................................................................................................3TASK 2............................................................................................................................................6P3) 4ps of innovation..................................................................................................................6P4) Manner to develop frugal innovation...................................................................................8TASK 3..........................................................................................................................................11P5) Importance of commercial funnel and application of New Product Development (NPD)processing for commercialisation to employees.......................................................................11P6) Innovation business case for Cloudreach including ways to access funding.....................12TASK 4..........................................................................................................................................15P7) Tools to develop, retain and protect and intellectual property for Cloudreach Ltd............15CONCLUSION..............................................................................................................................17REFERENCE.................................................................................................................................18
INDEX OF TABLESTable 1: Time frame for project.....................................................................................................14
ILLUSTRATION INDEXIllustration 1: Difference between invention and innovation..........................................................3Illustration 2: Innovation's factors...................................................................................................8Illustration 3: Innovation's factors.................................................................................................11
INTRODUCTIONInnovation is a process for implementing new ideas and creating uniqueness in productservices provided by organisation. It is a manner to attract people with new unique items as wellsustaining their attraction towards products. The present report is based on understandinginnovation concept for Cloudreach Ltd. It is Information and Communication sector'sorganisation of UK that works at small level and trying to creating innovation in mobile phonesservices. Including this, different examples of innovations created by Apple and Virgin group areto be described. However, organisation's vision, leadership, culture and teamwork can introducedthrough this assignment. Besides this, 4ps of innovation and use of innovation funnel to create itsshape is to be expressed. Including this, manner in which entity develop frugal innovation is tobe explained. Along with this, commercial funnel and application of New Product Development(NPD) can describe. Thus, students are able to understand significance of innovation andcommercialisation concept in deep for Cloudreach Ltd through this research project.TASK 1P1) Innovation and its importance for Cloudreach with example of other entity and comparisonwith inventionInnovation is technique to create uniqueness in product services for its implementationand presenting goods in fine more effective way. However, it is an idea to attract people towardsgoods and increasing its efficiency adequately. In this regard, several techniques are used forproviding better services that influences productivity and profitability of entity as well itsproduct services. In the given case scenario, it is recognised that Cloudreach is planning toincreasing in consultancy and planning services for other businesses provided by it. For thispurpose, different examples of innovations are analysed that encourages organisation for creatinguniqueness and better quality services (Johnston and Marshall, 2016). For example; Apple istelecommunication service provider of UK which is well known and first order ranked inservices. It has created innovation through producing iPod which is a digital music player and itcan have store of 1,000 songs. Including this, it is highest volume product that has been sold onlarge scale because of its speciality. Therefore, uniqueness in iPod produced by Apple enhancedits productivity and profitability as well have effective goodwill worldwide. 1
On the other side, by expressing another example of innovation in Virgin group whichprovides services of travel, entertainment, finance and live style. It creates investment on venturefor Virgin Atlantic, Virgin Express, Virgin Rail, Virgin Blue etc. However, this model generallyused for presenting situation for which varieties of ventures are created to set up corporatepriorities in companies' new ventures (Gawer and Cusumano, 2014). It also helps forentrepreneurial efforts for growth of the group. Including this, there are different ideal ideas aregenerated for entities that saves other organisations for facing losses. Thus, by analysing both the above mentioned examples of innovation, it is recognised that creating unique and special identity provided by entity make it special. Similarly, by adopting these tools and ideas, several implementations are created on large scale also maintains effective attraction of entity and its product services. Hence, by learning through these examples,Cloudreach can also create uniqueness in its consultancy services (Norman and Verganti, 2014). It will be helpful to enhance profitability and competitive advantage in global market for long term periodicity. Therefore, various implementations and innovations would be able to sustain itsspeciality and uniqueness in services provided by it effectively. Innovation vs invention:- Innovation is quite different from invention, both are essentialfor business organisation and its operations. In investigation, investigation is created ta the first time. However, research is conducted and new product or service is created. While, on the other side, for innovation, research is conducted on existence things regarding fact finding as well determining fact on searched things. In this regard, comparison between invention and innovation can be comprised as below:There is difference between invention and innovation as invention is done at first timewhile innovation is created on searched things for fact finding (Vanhaverbeke, 2013). Forexample; Spreadsheet software is invention while using this software in different ways fororganisation's profit margin is innovation. Along with this, it can also be understood with thehelp of following example as:2
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