Innovation and Commercialisation Report - Ensoft

Innovation And
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and its importance to organisation in comparison with inventions........1
P2 Vision, leadership, culture and teamwork that shape innovation and commercialisation.....3
TASK 2............................................................................................................................................4
P3 Explain the 4ps of innovation and use of its funnel to shape innovative ideas.....................4
P4 Developments in frugal innovation with examples in an organisational context..................5
TASK 3............................................................................................................................................7
P5 Importance of the commercial funnel and process of New Product Development of
innovation....................................................................................................................................7
P6 Build an innovation business case and ways to access funding.............................................7
TASK 4............................................................................................................................................8
P7 Different tools to develop, retain, protect knowledge and intellectual property...................8
CONCLUSION................................................................................................................................9
REFRENCES.................................................................................................................................10

INTRODUCTION
Innovation is defined as the process of transforming ideas as well as inventions in
particular goods and services which create the value and customers will be ready to pay. In
business, innovation plays a vital role which helps in often results when specific ideas are
applied within an organisation for the purpose of satisfying customers’ needs or wants.
Commercialisation also considers a procedure for making products or services available in
market place for sale to the public (Aarikka and Stenroos, 2012). Therefore, innovation and
commercialisation are very important components that support company in developing as well as
creating something to generate profits and revenues in the firm. It has major impact on small and
medium enterprises for their development. This report is based on Ensoft firm which is a small
software company that is situated in the UK. This assignment will explain innovation and
inventions with comparison. It defines the way vision and leadership within the firm and 4ps will
also consider in this. Frugal innovation and commercial funnel for new product development
explain here. It will build a business case and defines various tools for retaining, protecting and
intellectual property.
TASK 1
P1. Explain innovation and its importance to organisation in comparison with inventions
Innovation is defined as a new business idea that individuals bring for producing
effective goods or services for satisfying customer’s desired expectations in an appropriate
manner. In this, several procedures for converting creativity and innovative ideas into specific
goods are included so that company can attract number of people towards products or services. It
is essential for retaining the buyers and satisfying their needs effectively. On the other side,
innovation is a useful tool that helps in making people loyal and encourage them for purchasing
company's products so that sales volume can be increased (Sandberg, 2012). Ensoft is one of the
software companies that provides better network services to the people. So, it must be required to
consider various innovative ideas and make efficiency in the work so that users can be attracted.
It is compulsory due to competitive environment, therefore better strategies must be create for
achieving predetermined goals or objectives in an appropriate manner.
Inventions: Inventions refers to the act that design, create as well as find new methods
which are not exists in before. This task usually complete by genius and craftsmanship in an
1