Innovation and Commercialisation of Ensoft
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Added on 2020-07-23
Innovation and Commercialisation of Ensoft
Added on 2020-07-23
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain innovation and its importance for organisation and comparison with inventions....1P2 Organisational vision, leadership, culture and teamwork that can shape innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 The 4ps of innovation and use of innovation funnel for shaping innovative ideas...............4P4 Development in frugal innovation with examples.................................................................5TASK 3............................................................................................................................................6P5 The importance of the commercial funnel and process of New Product Development........6P6 Build an innovation business case for organisation...............................................................7TASK 4............................................................................................................................................8P7 Different tools for organisation to develop, retain, protect knowledge and intellectualproperty.......................................................................................................................................8CONCLUSION................................................................................................................................9REFRENCES.................................................................................................................................10
INTRODUCTIONInnovation is defined as the process in which translate an ideas as well as inventions intoa goods or services that create some values and customers will pay to consume and satisfy theirneeds and wants. In this involved an application of information, creativeness, initiative indelivering products, imaginations and many more which helps in generating new ideas as well asconverts into effective goods or services in an efficient manner (Aarikka and Stenroos, 2012).This report is based on Ensoft which small software firm in UK. It will explain the innovationand comparison with inventions. This will defined how organisational vision, leadership, cultureand teamwork for innovation and commercialisation. 4Ps of innovation and use of its funnel alsowill discuss for shaping innovation ideas. It will explain development in frugal innovation andimportance of the commercial funnel with new product development process. It build aninnovation business case for the company and define ways to access funding. Different tools ortechniques for develop, retain, protect knowledge and intellectual property for organisation. TASK 1P1 Explain innovation and its importance for organisation and comparison with inventionsInnovation may be defined as the new ideas and imagination for business so that bettergoods or services can be produced. Innovation support in bringing effectiveness and creativity inthe production process for the purpose of creating better quality of products as it will helps insatisfying customers needs or wants in very efficient manner. Many of organisations considerthis in the manufacturing procedure to convert the innovative ideas for producing best items sothat number of customers can be attracted in more appropriate way. They undertake theinnovation for developing the firm because it is beneficial to the company in retaining consumersand meet their desired expectations in better ways (Sandberg, 2012). It directly affects on thebuyer purchasing behaviours and attracts them towards company's products or services so thatthey will be loyal with particular firm. It is also beneficial for small and medium enterprises asthey can develop their firms with adopting new innovation and ideas. Ensoft company that dealsin software field and provide network solutions and services to the customers. They consider theinnovation while making strategies so that competitive advantages can be achieved. Inventions: it is defined as the process for designing, creating and discover somethingnew that not exist before. It is very difficult task so company hire any expert, genius as well as1
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