Innovation & Commercialization Assignment
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Added on 2020-06-04
Innovation & Commercialization Assignment
Added on 2020-06-04
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation vs Invention........................................................................................................1P2.Organisational vision, leadership, culture and teamwork in innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................4P3.4Ps of Innovation and the use of Innovation Funnel.............................................................4P4.Frugal innovation...................................................................................................................5TASK 3............................................................................................................................................6P5.Importance of the commercial funnel and application of New Product Development(NPD).....................................................................................................................................................6P6.Innovation Business Case......................................................................................................7TASK 4............................................................................................................................................8P7.Different tools that chosen organisation can use to retain and protect knowledge................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTION“Creativity is thinking about new things. Innovation is doing new things.” Hence, incontext with business there are many new ideas which come up and some of which areimplemented. As it is known that APPLE is considered for innovation as it introduces many newproducts into market. Likewise, it introduced IPOD in 2001 which brought a huge boom in thetechnological world and due to this many other MP3 players came up. Sustainability in a marketis very crucial for every company to earn profit and revenue. Simultaneously, VIRGIN GROUPis another leading organisation which have diversified operations. Money penny is a companywhich is heading over its operations from UK as an SME which is ranked 4 for its businessdevelopment in telecommunication sector. This report consist of details regarding innovation andcommercialisation which Money Penny can adopt from APPLE and VIRGIN GROUP.TASK 1P1. Innovation vs Invention1Source 1: Innovation vs Invention
Innovation is a process of developing a product in terms of modification, up gradation,changes etc. Whereas invention is a process of developing a whole new product for anorganisation according to its functions (Anokhin, Wincent and Frishammar, 2011). Innovation donot costs much to a company as compared to invention as it involves relatively less cost fordevelopment of existing product as compare to creativity where a new product is made. Further,innovation and invention can be compared as follows:BasisInnovationInventionMeaningIntroduction of new productservice or process into marketplace.Creation of new product,service or process. CommercialisationIt is for commercialisation.Might not be commercialised.MotiveSpecifically for economicpurpose.Can be for non economic oreconomic function.ChangeBrings changes inorganisation.Relatively few changes areintroduced in company.ProcessedSucceeds invention.Proceeds innovation.ScopeSpread across all over theorganisation.Restricted to only E&Ddepartment in a company. Importance of innovation to employees in Money Penny:Enhances GrowthWhen there is development of new ideas company grow and develop on a rapid pace. Asit will help in building an environment in Money Penny where people will work for itsdevelopment and growth. Innovation enhances new ideas which leads to a path for improvisationwhich automatically contributes to development. Individuals DevelopmentAs an employee of Money Penny an individual will automatically develop in terms ofknowledge and experience (Bagchi-Sen, 2010). This will help it to deal with various situationswhich might arise in their career. When an individual works in an arena where there is scope ofcreativity automatically its mind opens and its personality develops. Coordination 2
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