Innovation and Commercialisation

Innovation and
Commercialisation

INTRODUCTION
An innovation is a process to bring innovative thought, methods and products which if
enforced lead to an effective change which is positive. It is creating of new values and capturing
the values in a new and different way. While invention is a creative process that achieves a
complete unique results. Invention is creating something completely new which is not made
earlier but innovation causes change in behaviour or interactions. In this report importance of
innovation, and comparison is determined, how organisational vision, culture, leadership and
teamwork can shape innovation and commercialisation, the 4Ps of invention and the use of the
innovation funnel to examine and shape innovative ideas, the importance of the commercial
funnel and the application of New Product Development (NPD) processing for
commercialisation of innovation, Case for an organisation, an Innovation Business, the different
tools that organisations can use to develop, including ways to access funding, retain and protect
knowledge and intellectual property along with conclusion.
TASK 1
P1 What is innovation and also determine its importance to organisations in comparing with
invention.
Innovation: It means to make improvements and to replace something and brought
something up to date processes, introduces new techniques or establish successful new ideas. An
innovation is related to something original and effective. It is more apt for practical
implementation of an invention. It is often a new product which is associated with arts, medicine,
cooking, language, philosophy and religion (Bican and et. al., 2017). Taking an example of
television , black and white television an invention and colourful Led 's an innovation.
Invention:It is a process of creating something new that has not been in existence
before. It involves a process or device that has been made up for creating some new product or
techniques which are not used before that invention. It refers to new in something or to change in
products which are already made. Taking an example of telephone , the first cellular telephone is
an invention. It often extends to boundaries of artistic, design creativity, human knowledge,
experience and capability.

Importance of invention to organisations in comparison with invention
Basis Invention Innovation
Meaning Invention means as introduction and
creation of something new product,
process and services for the first time
which are useful for an organisation.
Innovation means improvements
or significant changes that are
made by contribution which
improves the existing product,
process or services of an
organisation (Godin, B., 2017).
Advantages An invention is a discovery of new ideas,
process and composition which takes a
long process to come into existence and
sometimes does not work according to
prevailing situations.
Innovation is the improvements
and enhancements over the
existing discoveries. It is more
advantageous and beneficial as it
is done keeping in mind the
prevailing environment situations.
Patent The inventions can be patented easily.
Unless it relies on basic criteria such as
novelty, inventive step must be involved
and communicability (Ge and et .al.,
2018).
The innovation cannot be patent
easily as it is an improvements
over existing inventions. It can be
patented only when it has efficacy
to become a patent material
Process Inventions happens at a slower pace as it
involves a long process and more time to
came into existence.
Innovation happens at a faster rate
and does not need much time to
develop as it involves
improvements in existing
inventions.
Nature An invention may or may not need any
imagination to develop any product or
process from prevailing problems in the
nature.
An innovation comes from the
inspiration from the prevailing
problems in the nature. It gives
solution to the prevailing problems