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Report on Innovation and Commercialisation - Austin Fraser

   

Added on  2020-06-05

14 Pages4145 Words30 Views
Innovation AndCommercialisation

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 MEANING OF INNOVATION, ITS IMPORTANCE AND COMPARISON WITHINVENTION...............................................................................................................................1P2 VISION, LEADERSHIP, CULTURE AND TEAMWORK OF AUSTIN FRASER CANSHAPE INNOVATION..............................................................................................................3TASK 2............................................................................................................................................4P3 EXPLANATION OF 4PS OF INNOVATION AND USE OF INNOVATION FUNNELIN SHAPING INNOVATIVE IDEAS........................................................................................4P4 IMPROVEMENTS IN FRUGAL INNOVATION AND HOW IT CAN BE USED INWORK PLACE...........................................................................................................................5TASK 3............................................................................................................................................6P5 SIGNIFICANCE OF COMMERCIAL FUNNEL AND USE OF NEW PRODUCTDEVELOPMENT PROCESS.....................................................................................................6P6 INNOVATION ORGANISATIONAL CASE AND WAYS FOR ITS FUNDING.............8TASK 4............................................................................................................................................9P7 TOOLS TO DEVELOP, RETAIN, PROTECT INTELLECTUAL PROPERTY................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation can be referred as procedure through which business enterprise can meet withexisting and new market needs. It involves several activities and practices so that products,processes, services and technology of company can work more effectively. This concept isrelated with invention but not same as invention. Procedure of innovation often operated byengineers. In simple words, it is a process of renewing and enlarging existing goods and services.This concept plays an important role in business and economic growth. In the context oforganization, it brings various positive changes in market share, product quality, efficiency andeffectiveness (Drucker, 2014). So, it can be said that innovation is an important aspect ofentrepreneurship. This project report is based on ''Austin Fraser'' which is specialised in IT,engineering and life science recruitment services. It helps large organizations by providing themright people for right job. In this project meaning, types and importance of innovation has beenevaluated so that cited company can innovate its products and services. Along with this, differentsteps of commercialise innovation has been discussed. At last, methods of protecting ideas hasbeen evaluated. So that company can protect its intellectual property. TASK 1P1 Meaning of innovation, its importance and comparison with inventionIn the context of business industry, innovations are made to satisfy customer needs anddemands. It can also be considered as process as well as outcome. Innovation occurs byenvironmental changes and failure of organizational structure. With the help of this concept,organisations can provide better products and services to their potential customers. In simplewords, it is a result of a procedure which comprises various new ideas. By taking help ofinnovation, business enterprise can establish a new management system which can provide hugebenefits to company. According to recent research findings, different innovative activities andpractices can lead organisation to higher level of success and growth. The innovation conceptplays crucial role in public, private and voluntary sector. It can help Austin Fraser by increasingits organizational profit and performance in effective and systematic manner (De La Tour,Glachant and Ménière, 2011). It is that approach by which business persons can make profit-producing resources. For getting competitive advantage, it is very much important fororganization to have appropriate organizational structure. So, it is necessary for enterprise to1

build an innovative environment within work place. Also, manger needs to change the way oftheir thinking about current strategies and policies. Innovation take place because of the changesin market structure, organisational structure, global demographics, individual's mentality andavailable scientific ideas. For innovative products and services firstly, company requires to find aspecific need of innovation, advanced technology and financial support. These three aspects arevery mush essential for bringing innovation within work place. Information technology andmodifying business procedures, contributes a lot in creating favourable innovative environment.There are various significance of Innovation which are follows as under: Create a competitive advantage: With the help of innovative strategies and techniquesAustin Fraser can make a good position in market place. In modern world, almost allcompanies are using new ideas and capabilities to get commercial advantage. By takinghelp of innovation concept, business enterprise can add value in its different products andservices. Innovative organizational structure can help company in competing with itsmarket competitors. Choose best method for business: All organizations have their own goals, objectives,priorities and issues. Without innovation, no enterprise can survive in competitive marketplace for long time period. With the help of innovative ideas, company can improve theirperformance and also can select most effective methods and strategies for operatingorganizational activities (Neumeier, 2012). Hence, these are some points which represents that innovation is very much important forbusiness growth and development. However, innovation is related with invention but it isdifferent from it which can be determined by below mentioned table: InnovationInventionIt is a process of increasing value ofexisting products and services. It includes strategic, merchandising andtechnical skills.It is beneficial for all department ofbusiness enterprise. It can be defined as procedure ofcreating new product or service. It involves only scientific skills. It is limited only to research anddevelopment section of organization. 2

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