Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining importance of Innovation in an organisation along with comparison with
invention......................................................................................................................................1
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explaining 4P's of innovation and use of innovative funnel..................................................4
P4 Concept of frugal innovation and its use in organisational context.......................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD...................................................6
P6 Business innovation case.......................................................................................................7
TASK 4............................................................................................................................................9
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property.......................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
The elements of innovation and commercialisation leads to entrepreneurial success. The
concept of innovation revolves around building a new products and purpose out of the existing
commodity. It emphasizes on developing new products and services which are useful in the
existing application within organisation. On the other hand, concept of commercialisation
revolves taking up the newly developed product or service to the general market. The product
will be primarily introduced to the market and later persuaded for mass adoption. This
assignment revolves around working of Softwire (Clayton, Feldman and Lowe, 2017). It is a
small organisation known to deliver software solution and consultancy services to people. This
assignment undertakes to explain concept of innovation and differentiating it from invention.
The various types of innovation will be explained as well in this report. The manner in which
innovation by an organisation will be delivered to the market will be discussed along with
approaches to protect and preserve intellectual property.
TASK 1
P1 Explaining importance of Innovation in an organisation along with comparison with invention
Softwire is an small organisation carrying out its operation in the domain of software
engineering and digital design along with consultancy in the market of United Kingdom. This
organisation was formed in the year 2000 and possess approximately 130 employees who are
focused on delivering clients with best software solutions. This organisation is owned and
managed by Pete Kenny, Dan Shavick and Phil Marsden and are involved rightfully into
business operations (Dutta and Hora, 2017).
Innovation is defined to be a concept which revolves around implementation of new ideas
so that value could be created on the behalf of organisation. It generally means to create a new
system, product or enhance the existing ones so that better results could be achieved. This
concept helps a business in getting rid of the inefficient and discontinued approaches so that they
could be modified which results in benefit in the organisation. There can be various sources from
which innovation originates such as competitor strategies, team working and market which leads
a business towards success in the long run. Some of the benefits which can be availed by a
business through innovation are as follows:
 The foremost importance which has been catered by innovation is that it uplift the stature
of business in carrying out its operations and definitely prolongs its operations.
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 Innovation helps in providing a competitive edge to the business over it rivals. It has been
extremely important for organisation to possess latest ideas and strategies so that they
could be commercialised and financial goals are attained.
 The concept of innovation helps in determining best approach for management of
business resources. Innovation assists in ascertaining of current business resources along
with identifying opportunities of development so that they could be utilised so that
operations could be carried out efficiently (Gaddy and et. al., 2011).
 Organisation when inclined towards innovation helps in maintaining fresh image in the
market which ultimately reflects through balance sheet of the enterprise.
 The flexible approach which has been enhanced by innovation helps in dealing with
unfavourable market influences in the right manner.
Difference between Innovation and Invention
Basis Innovation Invention
Meaning Innovation refers to modifying or
identifying alternative use of
products.
Invention is defined to be a process
of creation of product which has not
been discovered.
Concerned
department
The concept of innovation is
applicable to the whole
organisation.
The concept of invention strictly
relates to R&D department with the
use of information generated through
marketing team.
Skills required There are no defined set of skills
required for innovation. However,
knowledge of marketing and
technical skills along with strategy
formulation are recommended.
It is essential for the concerned to be
possessed with scientific skills so
that creation of product and service
could take place.
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation
It can be said that innovation and commercialisation within an organisation are
influenced through numerous ways. For instance: Vision and mission which has been identified
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