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Innovation and Commercialization - HND

   

Added on  2020-11-09

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INNOVATION AND COMMERCIALISATIONForLevel 4 Higher Nationals Diploma (HND) in BusinessName: Student ID No: ASSIGNMENT TITLE: Understanding Innovation and CommercializationLearner’s DeclarationI certify the work submitted for this assignment is my own and research sources are fully acknowledged.Learner’s Signature: Date:Table of Contents1

LO1 Explain the context for innovation and determine the difference between invention and innovation.............................................................................................................................................2Introduction.......................................................................................................................................3P1 Explain innovation and determine its importance to organizations in comparison with invention..........................................................................................................3Innovation...................................................................................................................................3Inventions...................................................................................................................................4Importance of Innovation..................................................................................................6Differences between Innovation and Inventions..................................................7P2 Explain how organizational vision, leadership, culture and teamwork can shape innovation and commercialization.........................................................10Organizational Culture and Team work...................................................................10Leadership impact................................................................................................................11Organizational vision..........................................................................................................12M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation...............................................................................................13Sources of Innovation........................................................................................................13Fostering and developing an environment and culture of Innovation.16P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas......................................................20Innovation Funnel................................................................................................................23P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context..............................................................25Frugal innovation.................................................................................................................25M2 Analyse and apply the innovation funnel in an organisational context...........................................................................................................................................27The use of Innovation Funnel in Samsung process..........................................28M3 Appraise the role of frugal innovation in an organizational context.30D1 Critically analyse how innovation is developed, embedded and measured in an organisational context......................................................................32Samsung as a case study.................................................................................................32P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation ofinnovation....................................................................................................................................36Importance of commercial funnel...............................................................................36New product Development Process...............................................................................38P6 Build an Innovation Business Case for an organisation, including ways to access funding.........................................................................................................40Camera.........................................................................................................................................432

Cover Camera........................................................................................................................43Front Camera..........................................................................................................................44.............................................................................................................................................................47M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve.........................................................................47P7 Evaluate the different tools that organizations can use to develop, retain and protect knowledge and intellectual property.................................50M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment..................................56LO3 and LO4................................................................................................................................59D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations..................................................................................................................................59References:.........................................................................................................................................66A ReportBy:A Training manager of Creationz This report is submitted onDate: 30/04/2020LO1 Explain the context for innovation anddetermine the difference between invention andinnovationActivity 1This activity requires you to choose 2 organizations from where you willget relevant information for this assignment. You need to make a critical3

analysis of how innovation is developed, embedded and measured in anorganizational context.ReportIntroductionToday’s market competitiveness ensures that company adapt to marketscenario to stay abreast the fluid nature of the business environment.Innovation, invention and commercialization offer the chance to quicklyimprove products that will respond to the demanding needs of consumerschallenge their aesthetics and offer thorough satisfaction in other toincrease the customer loyalty.In the United Kingdom for example the private sector as reported by(NESTA, 2009) experience high productivity growth because of innovation.Aldo (OECD Report in 2010) that the epicentre and focus of growth inmost developed countries is innovation. The following report is based on theimportance of innovationin SamsungElectronics Co. Ltd. And also, in Heinz the companies are bothmultinational companies. Samsung is a company situated in Suwon inSouth Korea and is one of electronic companies leading in the industry.Heinz is a food company base in Europe with a global packages’ delivery.Both companies represent the example of the application of innovationand commercialization to create change in their individual sectors. In thisreport, we will examine the concept of innovation in depth and its types aswell as implementation within the organization. The report will consequently discus the disparity between innovation andinvention and also expose the source of innovation and the organizationimpact of vision, teamwork, leadership and culture on commercializationand innovation. P1 Explain innovation and determine its importance to organizations incomparison with invention. InnovationInnovation is often the process of turning an invention or creation into afinished product of the type that will pass great value for customers to payfor.can be defined as the process of converting an invention or idea intofinished good or service that creates value for which the customer willpay. It is generally the process of executing developing and visualisingideas in a way that will improve products and create essential value toconsumers. According to (Ward, S., 2018) Innovation is the way toward making(something) new or accomplishing something in another way. In business,development additionally needs to incorporate the idea of progress; toadvance in business isn't simply to accomplish something in anunexpected way, however to improve.4

Image credited to thestrategyguysite.com Innovation is an improvement on something. There are two types ofinnovations: Evolutionary Innovations (continuous or dynamic evolutionary innovation)that are brought about by many incremental advances in technology orprocesses. Revolutionary Innovations (also called discontinuous or radicalinnovations) which are often disruptive and new.InventionsInvention can be defined as the crude idea of a product. It is safe to sayInvention ids idea without design or imagination. It involves the provenworkability of a product in delivering the basic satisfaction of the functionof its services to the consumers. The idea only needs to be proven viableand workable before going to be public.Creativity or invention is the act of turning new and imaginative ideas intoreality. Creativity is characterised by the ability to perceive the world innew ways, to find hidden patterns, to make connections betweenseemingly unrelated phenomena, and to generate solutions (Naiman, L.,2014)Image credited to https://em-solutions.co.za/5

At Heinz for example there is a working towards creating an innovationculture that will in turn encourage the use of new ideas. Heinz initiate itsInvention programs that involves the establishment of objectives and acontinuous evaluation of the process. These includes The creation of at least two to five products, over nine-monthperiod, which were real innovationsAnd also, the exposure of Heinz innovators to new processes andstart to make Heinz a more innovative culture itself.Before 2002 that the programme was introduce it was decided then, thatby the year 2002 the following must have happened to the Heinz product;new, exciting products would represent 10% of Heinz's operationalincome by the year 2002a working culture would be established which had the ability toswitch between measure and madness at the appropriate timesHeinz would look physically different.An old lookA more recent lookIn the case of Samsung Electronics (SE), now the largest electronic firm inthe world from a former emerging economy, Innovative activities havebeen the core strength of SE and are expected to continue creating valuefor SE. 6

The Mission 2020 of Samsung (http://www.samsung.com) states that itwill;“inspire the world, create the world” through creative and innovativesolutions. This implies that the firm intends to pursue innovation over timebeyond the development of commercial products for short-term returns.For instance, the Curved LED TV by Samsung Electronics was the first ofits kind. It contributes towards creating a whole new market for the firmand enhances its customer base.Products Innovations of Samsung Electronics in U.S.Importance of Innovation and difference between Innovation andInventionsImportance of Innovation Why Innovation Is Important? Innovation plays a vital role in any business environment. It leads to thediscovery of opportunities and assist in penetrating the market at a muchfaster rate and thus develop a better connection with consumers. Theessence of Innovation is to create a proactive company that takescalculated risk in ideas investment to ensure that value is createdBelow is the list of reasons why a business may need to initiateinnovation;A quick Response to Competition and TrendsA Creative Development opportunityImproved continuity in development 7

Reinforce company BrandAssist company with a unique Selling PointAccording to (Tredgold, G., 2018) innovation is importance to anorganization because of the following; It helps company to grow the business New ideas, processes and strategies are often discovered which will inturn help the company to stand out among competitors.Values are created and added to products and this allow the company tomeet the consumers’ needs.Investment in Innovation allow company to focus on attracting the besttalents in the industry and sector that will assist it in achieving its goalsand objectives. Differences between Innovation and InventionsRobert Edward (1988) propose that Innovation is the sum of bothinvention and exploitation. The invention aspects according to him coversall aspects of what is termed visualization and brainstorming this is toallow the creation of new ideas and also processing them to reshape orshape a product. Exploitation or Commercialization entails all process ofcommercial development, applicability analysis and viability checks thatwill allow the company to evaluate the market desirability and theutilizations factors this will then lead to actual production of products andthe disbursement of same the feedback from sale will further be collectedand analysis for consistence upgrade. Figure 2: Innovation concept according to Robert Edward (1988)Bhasin, K., 2012) also discus the difference between Innovation andInvention by defining Innovation as an "improves on or makes asignificant contribution" to something that has already been invented.Steve Jobs was an innovatorInvention Invention is the "creation of a product or introduction of aprocess for the first time." Thomas Edison was an inventor.8

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