Assignment on Process of Innovation and Commercialization - Virgin Group
Added on 2020-06-03
13 Pages3315 Words70 Views
Leadership Management
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Innovation and Commercialisation
INTRODUCTIONInnovation can be defined as the complex and multi-faceted process which contains abroad spectrum of activities and their outcomes. However, commercialization can be consideredas the process of transforming idea, inventions and knowledge on to next level which will bebeneficial for organization as well as for the individuals (Maritz and Donovan, 2015). Thesignificance of both these methods is to provide better productivity by using innovativetechnologies and unique ideas so that business processes can be improved. This assignmentcontains the processes of innovation and commercialization chosen by Virgin Group. This reportis having the case studies of Apple and Virgin Group which is showing importance of both theseprocesses. Further, this document shows tools and techniques used in developing, protecting andretaining knowledge of properties in context of the case study given. TASK 1P1. Importance of innovation to the employees in reference with inventionInnovation is the process used by employees of organization to develop customer's valuesby providing solutions to their queries and meet requirements of them. The use of innovationtechnologies by employees will definitely increase productivity and provide a slight competitiveadvantage (Wnuk, 2010). Organizational innovation also refers to implementation of newmethods as it will provide the opportunities to show their skills so that all business activities canbe followed in the most accurate manner. Talking about the software firm Dearman, theinnovation process has been improved. By using these techniques, an individual can also createnew ideas for organization so that it will improve the performance of company. Invention can be referred as implementing and obtaining those ideas which were neverprepared earlier. Innovation is using the idea which is already developed. By invention, theorganization will be able to create new products and innovation is something which will act likeadd-on to the already existing technologies. There is an incredibly new software which is taxingall the employees of the organization in achieving their goals and objectives. Such kind ofinnovative software will be very helpful in raising the revenue by 50% (Bianchi and et.al., 2011).Employees are not the only one who is the driving force, organization is also one among these asthey are providing high quality services to their consumers. Apple is having its innovationprocess based on manufacturing sleek and small devices that is famously known as iPod. 1
Despite having interesting and innovative gadgets in the market, Apple has developedsuch kind of device which can store large number of songs in a very small space. This innovationprocess was unique and it has become superior in the market. It has gained the market share ofabout 31% and total revenue of around 56%. This device helps all the employees in presentingtheir ideas and creativity. On the other hand, Virgin Group is taking small steps which are verysimple and related to the investment ventures. This also includes Virgin Atlantic, Virgin Rail,Virgin Blue, Virgin Mobile, etc (Larkins, 2011). P2 The Vision, Leadership, Culture and the teamwork shaping innovation and commercialisationCommercialisation helps the organisation further to take innovation processes to certainnew level for to make profit to an organisation. In the commercialisation of the companyinnovation plays a very crucial key roles. The organisation needs to imply the importance ofVision, leadership, teamwork and the culture in order to formatting the process ofcommercialisation and innovation. Vision: - Vision is the statement which aids the organisation to develop about its futureplans, approaches and the direction in the development to assist in the gaining andmaintenance of the profit. Vision of the company includes assets and guidelines about thefuture development activities. Dearman is having vision to make reconciled efforts in thereduction of their cost of operating, usage of the fuel and reduction in the emission aswell in the assessment of the environment affecting factors. Vision ensured and enabledDearman to use their various potentials and technology, and to make changes accordingto the time in their products and services (Chasto, 2017). Similarly, as in case of Applethe company introduced an ipod which was designed very innovative with a clear visionto develop their product in the market as compared to other MP3 players in the market.Leadership: - In order to motivate the company and its employee to work uponparticular idea which assist in the generation of higher revenues, the leader is required fora company. The leader in an organisation can motivated their employees to work withmore efficiency and develops their techniques and skills. Leader provides potential totheir employees. The managers in Dearman continuously working to develop and emergethe potential ideas and skills of their workers focusing in to develop the efficiency oftheir Engines similar to the managers of the virgin group helping and providingopportunities to their potential employees.2
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