Importance of Innovation - Doc

13 Pages4104 Words47 Views

Added on 2020-10-04

Importance of Innovation - Doc

Added on 2020-10-04

BookmarkRelated Documents

INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Importance of Innovation And its comparison with invention.........................................1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................3TASK 2 ...........................................................................................................................................4P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas 4P4 Development in frugal innovation and its uses in organisational system.........................5TASK 3 ...........................................................................................................................................7P5 Importance of commercial funnel and the application of New Product Developmentprocessing...............................................................................................................................7P6 Build an Innovation Business case and various ways to access funding for organisation8TASK 4 ...........................................................................................................................................8P7 Different tools that can use to develop, retain, protect knowledge and intellectual property8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation can be described as to create fresh idea, concept or thought to implement it forimproving productivity as well as probability of the company. In current scenarios of changingtrends of market is based on innovation to complete needs, wants and demands of customeralong with satisfaction. People have heir product in heir imagination including essential featuresalong with its price and they demand for that only (Aarikka-Stenroos and Sandberg, 2012). Inthis respect, organisations have to create some unique concept to introduce fresh service so thatthe become able to fulfil preferences as well as desires of customers at reasonable price which issuitable as per their budget of income. This report is based on Ensoft Ltd which is networkingsoftware company and was established around the year 1997. This assignment will discussedabout importance of innovation along with several factors like vision, leadership, culture, issuesand many more. Frugal innovation and significance of commercial funnel is are also describedbelow. TASK 1 P1 Importance of Innovation And its comparison with inventionInnovation :- This term is all about to create some new ideas and concepts to prepareunique product or service to provide better features in goods to gain satisfaction of clients.Innovation is an important aspect for making effective as well as efficient strategies or policies toachieve expected benefits. Commercialisation :- This can be defined as procedure of introducing a fresh service into commerce and make it available in market so that willing people can purchase it. It is step-by-step process which is carrying out to fulfil separate goals or objectives. Basic meaning ofcommercialisation is to enter in broad mark through new product to improved productivity aswell as profitability. In this aspect, product or service should be launch at right place and correcttime to gain benefits (Bagchi-Sen, 2010).This assignment is based on Ensoft Ltd which was established around the year 1997 and basedon Harpenden, the company attributes its success to exceptional stage of information ans perfectwithin team. It has around 70 engineers that specialise in developing networking software havingbranches at several places. It's employees turnover is approximately 9% along with earningsaround £35,000+: 97% and its culture is to provide several clubs for learning as well as1

motivating employees to perform in better way for improving outcomes on regular basis. TheCEO of Ensoft Ltd is Jonathan Turnbull who prefer to spend time more with staff members andgathering feedback to support for shaping evolution of company. InventionInnovationIt is that process of creating somethingnew and better to use for gainingbenefits (Bogers and West, 2012). This procedure is all about to get aninvention to implement for gainingbetter outputs. Comparison of innovations introduced by companiesEnsoft Ltd.VirginAppleThis company is based onnetwork software that canimplement several strategiestop make more attractive aswell as satisfactory products togain new customers andimproving profitability. They focus on quality ofservices to travellers forproviding comfortable journeyto them. Several entertainmentactivities are applied intoflights of Virgin Airlines sothat clients do not get bored. This organisation applysystematic approach ofinnovation to improve everyarea for preparing andeffective as well as efficientproduct as per preferences ofcustomers to gain theirsatisfaction. Internal and external innovationsInternal InnovationsExternal InnovationsIt is described to implement innovationwithin he company in team spirits,efficiencies, structure etc. Ensoft organise several learning clubsto increase efficiencies of employees toimprove outcomes on regular basis. It is all about to introduce creativeproduct by improving its featuresthrough many aspects of company. Ensoft as launch better networkingsoftware as per current trends anddemands of customers. Importance of innovation to Employees New innovative ideas facilitates to conduct fresh procedures in which employees have anopportunity to learn new things which helps them to boost up their efficiencies. Creative factorscan be implement in company while staff members have as an accurate knowledge about2

End of preview

Want to access all the pages? Upload your documents or become a member.

Difference Between Invention and Innovation - Pdf

|17

|5569

|189

Innovation and Commercialisation - Ensoft LTD

|12

|3344

|259

Innovation And Commercialization : Assignment Sample

|15

|4418

|368

P1 Innovation and its Significance in Comparison with Invention

|16

|4953

|449

Assignment Innovation & Commercialization

|14

|3919

|43

Innovation and Commercialization : Ensoft ltd

|15

|4932

|29

Importance of Innovation - Doc