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Innovation and Commercialisation INTRODUCTION

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Innovation and Commercialisation INTRODUCTION 1 TASK 11 P1: Innovation and its significance as compared to invention 1 P2: Contribution of organisational vision, leadership, culture and teamwork in innovation and commercialisation 3 TASK 24 P3: Explain 4P's of innovation and use of innovation funnel4 P4: Development in frugal innovation and its uses 6 TASK 38 P5: Significance of commercial funnel & application of newproduct development 8 P6: Building an innovation Business case 9 TASK 410 P7:

Innovation and Commercialisation INTRODUCTION

   Added on 2021-01-03

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Innovation and Commercialisation INTRODUCTION_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Innovation and its significance as compared to invention...............................................1P2: Contribution of organisational vision, leadership, culture and teamwork in innovation andcommercialisation...................................................................................................................3TASK 2............................................................................................................................................4P3: Explain 4P's of innovation and use of innovation funnel.................................................4P4: Development in frugal innovation and its uses................................................................6TASK 3............................................................................................................................................8P5: Significance of commercial funnel & application of new product development.............8P6: Building an innovation Business case..............................................................................9TASK 4..........................................................................................................................................10P7: Tools used by firm to retain, secure and protect intellectual property...........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONInnovation is essential requirement of every organisation which drives ahead than theirrivals and achieve competitive advantage as well. For this, the management itself encourageemployees as well bring new and innovative ideas that can be implemented in businessoperations in order to get maximum positive result. Innovation refers to a new thing or a newmethod of doing something which increases efficiency and productivity (Bianchi and et. al.,2010). In modern era, where the needs and preferences of customers are changing morefrequently, it is required for an organisation to make innovative changes in their products andservices as well as technologies used in execution of business functions. Oak Cash and Carry Ltdwhich deals in food and drug stores is selected for the purpose of preparing this report. Theproject includes the brief description of innovation along with their comparison with invention.The project also explains the contribution of organisational vision, leadership, culture andteamwork in innovation and commercialisation, 4P's of innovation, use of innovational funnel,importance of commercial funnel along with the application of NPD, innovation business case,tools required to use to retain, secure and protect intellectual property.TASK 1P1: Innovation and its significance as compared to inventionInnovation is described as a process of conversion of new and innovative idea andthoughts into products or services to maximise the satisfaction level of customers. It iscompulsorily required for an organisation to encourage its employees to bring new andinnovative ideas so as to implement in business operations in order to achieve better possibleresult. It drives an organisation to achieve competitive advantage and bring company ahead thantheir rivals in competitive market.The concept of invention is much different from the innovation, as invention refers tocreation of something which cannot be developed by anyone earlier whereas innovation refers tothe process of developing the existing process of business functions with the help of unique andinnovative ideas. Culture also play a significant role within the workplace thus it is important forOak Cash and Carry to build and develop organisational culture which motivates employees todevelop their thoughts and ideas while performing allotted task. On the other hand,commercialisation is the the process of managing or running something principally for financialgain. For this, Oak cash and carry introduces new app for selling and communicating with1
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targeted customers. Oak Cash and Carry is privately owned company which is operating businessactivities at small scale. In the modern business environment, there is high competition at marketplace which requires Oak Cash and Carry to adopt innovative ideas and innovative methods tomake their products and services more effective. For an example, Oak Cash and Carry maydecide to launch a new mobile application through which they can receive orders from customersand supplied them at their place. It reduces extra efforts and time of employees as well ascustomers through restricting them to reach at their physical stores (Camisón and Villar-López,2014).Importance of such innovation for employees as well as customers are briefly explainedunder the below:Adoption of tools and techniques in various business functions reduces physical efforts ofemployees. For example, launching of new mobile application requires less efforts andtime of employees to achieve targeted sales.Innovation is much effective in increasing motivation, staff retention and flexiblerecruitment.It drives an organisation to achieve competitive advantage through improving theirexisting products and services. It allows customers to receive products at their own place without visiting at physicalstores.Comparison between Invention and Innovation:Basis for comparisonInnovationInventionMeaningIt refers to the implementation ofthe idea for very first time. It refers to the occurrence of an ideaof product that has been never madebefore.GeneralisationAdding something with existingproducts.Creation of new product.SkillIt requires marketing, technicaland strategic skills.It requires scientific skills.ConcernCombination of multiple numberof products.Single product or service.ActivitiesIt requires support from wholeorganisation.It requires support from R&D only.2
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