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Innovation and Commercialisation Importance

   

Added on  2020-11-23

17 Pages5211 Words327 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P 1. Explain innovation and determine its importance to organisations in comparison withinvention.................................................................................................................................1P 2. Explain how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..........................................................................................2M 1. Analyse different sources of innovation, and how organisation can foster an environmentand culture of innovation. ......................................................................................................3D 1. Critically analyse how innovation is developed, embedded and measured in anorganisational context.............................................................................................................3LO2...............................................................................................................................4P 3. Explain the 4 p's of innovation and explain the use of the innovation and funnel toexamine and shape innovation ideas......................................................................................4P 4. Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.............................................................................................................5M 2. Analyse and apply the innovation funnel in an organisational context.........................6M 3. Evaluate the role of frugal innovation in an organisational context..............................6LO3..................................................................................................................................................6P 5 The importance of the commercial funnel and the application of New ProductDevelopment processing for commercialisation of innovation..............................................6P 6 Build an innovation business case for an organisation, including ways to access funding. 7M 4 Build a detailed business innovation case which includes how to measure overalleffectiveness of using techniques available to test, iterate and improve................................8LO4..................................................................................................................................................9P 7 Evaluate the different tools that organisation can use to develop, retain and protectknowledge and intellectual property. ....................................................................................9M 5 Present supported evidence based evaluation of these different tools in the context ofbusiness environment.............................................................................................................9CONCLUSION..............................................................................................................................10

REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation is simply defined as a new idea or method of doing things. Implementinginnovation in business can help organisations to save time and money, and give the competitiveadvantage to grow & adapt business in the market place. Commercialisation is determined as theprocess of introducing a new product or service to the general market. It involves production,distribution, marketing, sales and consumer support all required to achieve the commercialsuccess (Yu, Wang and Yan, 2016). The following report will cover, importance of innovation in comparison with inventionand different sources of innovation can foster an environment and culture of innovation. Apartfrom this it will cover 4 p's of innovation developments in frugal innovation. Further it willdescribe importance of the commercial funnel and the application of New Product Development.Additionally, it will evaluate the different tools that organisation can use to develop, retain andprotect knowledge and intellectual property. LO1P 1. Explain innovation and determine its importance to organisations in comparison withinvention.The term innovation generally refers to changing process, or generating more effectiveproducts and ideas. For business it could mean it means implementation of new ideas, designingdynamic products or doing improvements in existing services. It has been determined that, beinginnovative does not mean inventing. Innovation refers to changing business model & adaptationof changes in environment (Du, Meng and Mitzi, 2017). Likelihood of business succeeding canbe increase by innovation. Business that innovate create more efficient work & have betterproductivity & performance. Whereas, invention refers to a creation of new product or a brand. Comparison chart between invention and innovation :-BasisInventionInnovationMeaning It means occurrence of an ideafor a process or product thathas never been created before.In refers to implementation ofa new idea for product orprocess for the very first time.ConceptCreation of a new productAdding value to existingproduct1

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