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Innovation and commercialization in an organisation

   

Added on  2020-06-04

14 Pages4834 Words92 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation to determine its importance in an organisation in comparison with invention1P2 Vision, leadership, teamwork and culture of a company for shaping innovation.............3TASK 2............................................................................................................................................4P3 4Ps of innovation with the help of innovation funnel in order to shape innovative ideas4P4 Development of frugal innovation and its uses in a company..........................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of new product development forinnovation...............................................................................................................................6P6 Innovation business case for Talent Plus..........................................................................8TASK 4............................................................................................................................................9P7 Various tools used by organisation so as to develop and protect intellectual property....9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation is a concept that is used for making a new product so that company cansustain a better position in market area. For this, organisation use various tools and technologiesfor getting better results. Therefore, innovation is utilised by most of the organisation for makingtheir product different and innovative. Talent Plus is a small consultancy firm that providessolutions to other organisation so that they can run their business in an effective manner. Thus,main focus of this company is to get maximum profits by providing excellent services andfacilities. In this report, innovation along with its importance is mentioned and howorganisational vision, leadership, culture and teamwork can help the organisation in shapinginnovation and commercialisation (Aarikka-Stenroos and Sandberg, 2012). Other than this, 4Psof innovation are explained with the innovation funnel in order to know shape the new ideas.Along with this, development of frugal innovation with examples is mentioned in this report.Importance of New Development in the processing of commercialisation is included in thisassignment. TASK 1P1 Innovation to determine its importance in an organisation in comparison with inventionInnovation can be state as a fresh idea which is used in making changes so that companycan work as per the current market situations. This assist the company in delivering productswhich can satisfy the needs and wants of consumers. Thus, it is considered as a systematic inwhich every step is determined and Talent Plus, is dealing with its clients in an effective manneras they are trying to give suggestions by best possible manner. Following points are mentionedbelow in order to understand it in a proper manner and these are as follows:Increase the productivity of a company: Making changes always provides benefits if it isdone for a gaining better outcomes (Bagchi-Sen, 2010). Through innovation talent Plus isachieving benefits and other than this, they are planning to introduce an application for theconvenience of its customers so that they can get help by sitting at home or office. Effective communication process: For having better communication Talent Plus islaunching this application to make their services innovative. At their workplace company isusing effective communication module for interacting with employees so that they can conveythe message properly. 1

Maximum use of resources: For providing better facilities Talent Plus is utilising bestpossible resource that are available to them. This is aiding them in making their application moreinnovative. Apart from this, company is taking help from experts who are experienced in givingsolutions. For this, organisation are making strategies and proper plan of action. Gives competitive advancement: By providing excellent quality services Talent Plus isgaining a better position and it is enabling them in achieving competitive advancement. This ishappening because company is providing better services and facilities to customers. Thus,organisation is able to sustain the superior position for long time (Bogers and West, 2010).Therefore, innovation will have a great impact on the performance of employees as withthe improvement in profit, company can increase the salaries and bonus or can give appraisal inorder to motivate them. This will create a belongingness amongst employees towards theorganisation. Difference between innovation and inventionBasisInnovationInventionMeaningThis is a concept that is usedfor making changes ormanufacturing new productsthat has not come yet in themarket area.Invention happens all of asudden and is developed forthe first time. Thus, it iscreated for a purpose or aresult. ConceptInnovation is done in order toadd value in the product and itis used for new or existingcommodities.It is done for a noble cause sothat people can be benefited. Required SkillsFor doing innovationappropriate knowledge aboutthe field is essential, based onthat an individual can makechanges and modification forproviding better results.For inventing new productsinvention requires more skilledpersonality like they must becapable of handling problemsrelated to scientific,management etc., this willassist them in doing the task ina better way. 2

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