P1 Importance of Innovation in Comparison With Invention
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Added on 2020-10-22
P1 Importance of Innovation in Comparison With Invention
Added on 2020-10-22
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Importance of innovation in comparison with invention..................................................1P2 Impact of Vision, leadership, culture and team work on innovation and commercialization................................................................................................................................................2LO2..................................................................................................................................................3P3 4 p's of innovation and use of innovation funnel to shape innovative ideas.....................3P4 Frugal innovation and its use in organisational context....................................................5LO3..................................................................................................................................................6P5 Importance of commercial funnel and application of NPD processing forcommercialization..................................................................................................................6P6 Innovation business case for the organisation and ways to access funding......................9LO4................................................................................................................................................11P7 Tools that organisation use to protect intellectual property............................................11CONCLUSION..............................................................................................................................12RECOMMENDATIONS...............................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation refers to creative ideas, new thoughts for doing a work or it means valueaddition in the product. Apart from this innovation includes new ways of doing work. Thepresent study is done on Essence drink, a London based company that provide that offers variousdrinks. Initially introduced Mango Lassi that has increased its sale in the UK market but now itwants to bring some innovation and bring Mint Lassi in the market. An in-depth study is done onimpact of vision, leadership, culture and teamwork on innovation and commercialization. Inaddition to this the study will discuss about 4 p's of innovation and use of innovation funnel thatinfluence innovation. There is frugal innovation that has been discussed in detail. Furthermore, inthe present study a business case is discussed that includes ways to access funding. In addition tothis Intellectual property has been discussed in detail.LO1P1 Importance of innovation in comparison with inventionInnovation is applying better solution to meet the new requirement and existing marketingneeds. Innovation is something original that innovator originate using his own mind. Inventionis the process of improving product or machine or it is the unique or new method device orcomposition.Difference
Innovation is the major contributor to the growth of Essence drink. A smaller scalecompany can grow if it make advanced products like Essence drink is introducing Mint lassi forincrease in its sales to meet the demand of new customers. On the other hand, invention containrisk as it deals with creating or introducing a new, that may or may not be liked by the potentialconsumer, it will hinder growth of company rather than increasing growth (Manzini andLazzarotti, 2016).Innovation deals with practical implementation of new ideas. For example, Essence drinkwill apply all the technical ideas and practical skills to create Mint Lassi. On contrary tothis invention needs scientific skills that will cost huge to the company. For this company have tohire expert from outside who charges high amount of fees. This will increase the cost of firm. Soinnovation is better than invention in the context of business cost.Innovation is spread across the organisation, as it is done on existing products, so it willincrease participation of each and every employee in the organisation and that will increasemotivation among the employees of Essence drink. On the other hand, invention is limited toR&D department because it needs lots of scientific research, that do not involve members ofother teams and department.Innovation is done various existing product so it is the source of generating higherrevenues in short time. For example, Essence Drink can introduce changes in its other productalso apart from introducing Mint Lassi. On the other hand invention is done for single product asit contain huge cost and is less beneficial for Essence drink(Rosca, Arnold and Bendul, 2017) .Innovation sometimes is not enough to satisfy the need of consumers, A product needsmore value addition and changes. . On contrary to this invention can highly satisfied the need ofpotential consumers, as the invented product contain more extra and advanced features ascompare to innovative product.P2 Impact of Vision, leadership, culture and team work on innovation and commercializationVision- If the objective and vision of the company is specific, measurable, achievable,realistic and timely then there will be a clear picture of where Essence drink wants to do researchand development. The clear vision also helps in identifying the product or process that needsadvancement and value addition. The vision of essence drink are;
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