Innovation and Commercialisation Report - Apple Inc. and Virgin Group

Added on - 06 Jun 2020

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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3P1 Importance of Innovation and how it is different from Invention...................................3P2 Role of vision, leadership, culture and teamwork in shaping in Innovation andCommercialization.................................................................................................................4TASK 2............................................................................................................................................6P3 4P's of Innovation and use of Innovation funnel in examining and shaping ideas...........6P4 Developing Frugal innovation.........................................................................................7TASK3.............................................................................................................................................8P5 Commercial funnel and New product development..........................................................8P6 Business Case..................................................................................................................10TASK 4..........................................................................................................................................11P7 Different tools for developing, retaining and protecting intellectual property...............11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation is defined as improving the product by providing it in a better form or creatingalternative uses of the product. Innovation and invention are keys if a business wishes to sustainin the environment. Commercialisation is altogether is a different concept which focuses onintroducing a new product into the market on a larger scale for financial gains. Apple Inc. andVirgin group are two perfect example of innovation and commercialisation. Apple Inc. isinnovation driven whereas Virgin group is enjoying the benefits of operation at a broader scaleUnder this concept a new product is introduced to the public. This report analyses the innovationstrategies, leadership, team work in Avanti. The company carries a diversified portfolio rangingfrom enterprise, broadband, carrier services to government services as well (Aarikka andSandberg, 2012). The company has revolutionised the cellular sector by overcoming the barriersof cost, reach and quality all over United Kingdom.TASK 1P1 Importance of Innovation and how it is different from Invention.Innovation is an necessary concept for a business enterprise. Small and medium sizedenterprises are under around-the-clock threat from incumbent in telecommunication industry.The main rivals for Avanti are bskyb and Eutelsat. Avanti has been among the best serviceprovider in the telecommunication industry (Abou-Ras Kirchartz, and Rau, 2011). The companywit the use of Ka-band has successfully able to reduce the cost of operations by whopping 70%and this innovation by the company helped them to gain an competitive edge over its customers.There can be no better example of Innovation than iPod by Apple Inc. which brought revolutionin the MP3 player. The compact version of MP3 not only provided more storage but was alsoappealing to the customers.Here enlisting some of the benefits of Innovation:Motivation: Innovation helps the employee in building morale as well as enhancing theconfidence of employee. Employee is the one who provides the roots for innovation inthe company(Gupta, 2011).Better Means of survival: Innovation helps the company to sustain in the market for along duration which further ensures job security of its employees.
Competitive edge: Innovation helps the company in obtaining competitive edge in themarket which will help company on financial grounds. A financial stable company canprovide its employees with better perks and incentives which will result in contentmentand low employee turnover.Improved productivity: Innovation requires increase in the standard of performance sothat the target can be accomplished (Buenstorf and Geissler,2012). This intenseenvironment in the organisation motivates to perform better. The Employees in AppleInc. raised their standard of performance and results were unprecedented. Productivitycan result in financial as well as non financial gains.Experimentation: It is a process of experimentation which assist the employees intoreaching their potential and unearth skills that employee possesses.Key differences between Innovation and InventionInnovationInventionDefinitionImproving or redefining theexisting product.Creating a product or a newprocess.When?When is existing product is notfulfilling the present needs andcan be utilized better.Successful Experimentation.SkillsResearch, strategy buildingand technical skilfulnessScientific ExpertiseDivisionEvery employee with idea cancontribute to Innovation.R&D is responsible forinventionsExamplesPortable music player byApple Inc. is the best examplefor innovation.Invention can be justified withVirtual reality at present times.P2 Role ofvision, leadership, culture and teamwork in shaping in Innovationand CommercializationVision, leadership, culture and teamwork are essential component for a company. Thesecomponent help a company to sustain in the market for a longer duration . The competition for aSME stands intense so they have to utilize each of the component effectively to stand tough. For
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