Importance of Innovation and its Comparison with Invention

Innovation and
commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Importance of Innovation and its comparison with invention...............................................1
P2 Organisation vision, culture, leaderships and team work that shape innovation and
commercialization.......................................................................................................................2
LO 2.................................................................................................................................................3
P 3 4 P's of innovation and use of innovation funnel to shape innovation ideas........................3
P4 Developments in frugal innovation and its use in organisation.............................................3
LO 3.................................................................................................................................................4
P5 Importance of commercial funnel and application of NPD processing for
commercialisation of innovation.................................................................................................4
P6 Innovation business case for Magmatic and ways it accesses funds.....................................5
LO 4.................................................................................................................................................6
P7 Different tools that Magmatic can use to develop, retain and protect knowledge and
intellectual property....................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation and commercialization are two important aspects which relates the business
activities with one another. In respect of determining the terms innovation, it results in bring new
ideas or thought on new products or also amending the usages, ingredients or designs on existing
products. Usually very few innovation are patented but they mist be unique and different from
other existing products (Innovation, 2019). Once the innovation is accomplished in market,
commercialization is done in respect of bringing such products in market. Present report is based
upon the innovation which is made by Mr. law regarding innovating Trunki a suitcase ride for
children. But due to not using proper marketing strategies it results in failure of their concepts.
Thus, the innovation is undertaken in respect of Jurni, a ride on suitcase. This report will
includes the importance of innovation and also its comparison with invention. It also includes the
use of innovation funnel to shape the innovation and the use of frugal innovation in business.
Further the report carries with the various ways through which the application of new products
development is carries on. Lastly it ends up with the various methods which is available to
Magmatic to protect the ideas of the business.
LO 1
P1 Importance of Innovation and its comparison with invention.
Innovation refers to bringing new or innovative ideas in products and services which
attract the needs of the customer towards such services for longer time period. Thus, through this
aspects they satisfy the needs of the customer regarding providing such products which are in
demands (Akter and Rathnayaka, 2019). The importance which is determined to organisation in
respect of adapting the procedure through innovation in comparison with invention is that:
1. Reinforcing the brand name: By innovating the products, results in reinforcing the
brand and this can be attaining through undertaking the guidance of leaders. As through
this ideas, they maintain the brand name in market. It results in attracting the new and
existing customer towards the products while in case of invention, they had to target
the new customers.
2. Continuous improvement: This is examined in respect of innovating the products when
the demand of the customer are raised regarding changing the identity of the products
(Bagno, Salerno and da Silva, 2017). In case of invention, the chances of failure is
higher in the products.
1

The comparison between the invention and innovation are resulting to:
Factors Invention Innovation
Meaning It means carrying the unique
thing which is not existed in
market before.
The innovation can be done by
changing the integrity of the
existing products.
Patent rights Inventions are patented under
the patent act (Baldwin and
Henkel, 2015).
Innovation as such are not
patented until they are unique
and different from others.
Examples Telephone concept, electricity,
computers etc.
Wind turbines, solar power, i-
Phone
In this concept, the innovation is undertaken by the rob law in respect of innovating the
Jurni which came out from the Trunki. As the innovation is done in respect of carrying this suit
case by youngsters also.
P2 Organisation vision, culture, leaderships and team work that shape innovation and
commercialization
In respect of undertaking the innovation and commercialization procedure, it carries
various aspects which determine overall working strategy of the Rob law.
 Organisation vision: The vision is set regarding providing the flexibility to traveller to
enjoy their journey and thus, rob law is respect of innovating Jurni is relating to
making the traveller feel comfortable during travelling and also enjoy their journey at its
best. As by innovating trunki which is specially designed for children resulting in getting
success but not manage to sustain in market for longer period (Bertoni and Tykvová,
2015). Thus, by this concept the Jurni is innovated so that it is not only available to
children but also for youngsters as well. Thus, in such manner their vision is to use the
social media platform to attract large number of customer towards their products.
 Culture: The culture of the people are different and thus preference of choosing such
products is also different. Thus, the products which is designed with high quality
and low pricing mainly satisfy all the needs of the customer. As the buying capability
of the person is also different, thus nominal rate is charged in respect of purchasing the
Jurni suit case.
2