Innovation and Commercialisation

Innovation and Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
P1- Value of innovation to companies as compare with invention........................................2
P2- Leadership, organizational culture, vision and teamwork shape commercialization &
innovation...............................................................................................................................3
M1- Different sources of innovation and ways through which organizations can develop
innovative culture...................................................................................................................4
P3- 4 Ps of innovation and use of innovation funnel..............................................................5
P4. Development in frugal innovation and providing examples............................................6
M2- Application of innovation funnel in context of TESCO.................................................7
M3- Role of frugal innovation in business context................................................................8
P5- Importance of commercial funnel and application of new product development processing
for innovation & commercialization......................................................................................8
P6- Development of innovation business case in regard to TESCO......................................9
M4- Detailed innovation business case................................................................................11
P7- Different tools that companies could use to retain, develop and protect knowledge as well
as intellectual property.........................................................................................................11
M5- Evaluation of different intellectual property tools in organizational context...............12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
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INTRODUCTION
Innovation and commercialization are two different valuable elements that help to boost
productivity and profits of a company. These components are quite essential for every firm, as it
supports in providing new and quality items in market. The current assignment will be based on
TESCO, which falls under list of leading supermarket chains in the United Kingdom. This study
will explain innovation concept and its importance for companies as compare with invention. It
will define manner through which organizational vision, culture, teamwork and leadership could
shape commercialization & innovation. This report will describe 4Ps of innovation and usage of
innovation funnel to shape & examine creative ideas. It will justify development in frugal
innovation, significance of commercial funnel, implication of new product development and will
also clarify innovation business case for chosen brand. Furthermore, this assignment will explain
varied tools that companies could utilize to retain, develop and protect intellectual property &
knowledge.
MAIN BODY
P1- Value of innovation to companies as compare with invention
Innovation can define as creating new value or capturing it in a different style, which
provide benefits to creator of this concept and users who use it (Buheji and Ahmed, 2018). It can
be considered as idea that could transform into realistic reality. For example, innovation in a
venture is a product, service, procedure or concept that can activate in market and introduce new
growth and success for a company.
While invention is referring to unique device, approach or composition within entire
product development procedure, it may define as improvement upon goods or new act for
developing a desire outcome (Ray, 2019).
Importance of innovation-
In recent time, due to high competitive environment companies in the world of business
are facing several challenges in order to be competitive and sustain their ventures for longer
period of time. In that case, innovation is one and only source that play vital role in term of
differentiating firms within its sector. It is actually very important for any organization like
TESCO in term of gaining competitive advantages, retaining potential buyers and attracting
more new one, which in return increase sales level (7 Reasons Why Innovation is Important,
2020). Innovation is essential in several terms for example, it can help to bring new idea and
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improve existing products and service category to target market as well as increase operational
efficiency in excellent manner.
Comparison-
It can be analysed that innovation as compare to invention provides organizational
sustainability when its management is making continual improvements within existing items or
plans. While invention consumes a lot of time and money in term of producing overall new thing
like a product which may be customers prefer to purchase because buyers could not make trust
easily in context of totally new items. For example, when TESCO adopt innovation concept it
need to make changes or add value in current item that its customer already love a lot and feel
existing to purchase prefer product with new features, which is not possible when invention term
could use. It gives fully new product in front of or sells to consumer that could lead risk in form
of gaining less attention. Innovation does not require creation of new process, good or ideas,
while invention needs are all these things that are actually a time and money consuming.
P2- Leadership, organizational culture, vision and teamwork shape commercialization &
innovation
Organizational vision-
This factor shape innovation in term of driving a company like TESCO and its
management as well as workers towards achieving current and further aims of business such as
increase customer base (Sprong and et.al., 2020). This goal can be achieved by introducing new
or unique items that customer can consider as value added product. Vision statement could
define what organizations would become in the future and what it wants to achieve which is
possible when management adopt new tactic, procedure, approach or concept and innovation is
one of it. This element also shapes commercialization in term of bringing new item offer by
TESCO.
Leadership-
It is an ability of an individual or a leader to influence and direct all workers of an
organization such as TESCO. It can play vital role in context of shaping innovation for example,
by using effective leadership style leader can shape innovation by providing appropriate
guidance and conducting group activities through which they can drive workers towards creating
innovative ideas (Naqshbandi, Tabche and Choudhary, 2019). It could also shape
commercialization when supervisor in chosen company set clear aim to manage employees
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