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Innovation and Commercialisation INTRODUCTION 2 TASK 1 2 P1 Role of Organisational Vision, Leadership, Culture and Teamwork in Innovation and Commercialisation

   

Added on  2020-10-04

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Innovation andCommercialisationINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1 Explaining importance of Innovation in an organisation along with comparison withinvention......................................................................................................................................2P2 Role of organisational vision, leadership, culture and teamwork in innovation andcommercialisation........................................................................................................................4TASK 2............................................................................................................................................5P4 Concept of frugal innovation and its use in organisational context.......................................6TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of NPD....................................................7P6 Business innovation case........................................................................................................8TASK 4..........................................................................................................................................10P7 Evaluation of different tools which are utilised by business in preserving intellectualproperty......................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................121

INTRODUCTIONThe factors of innovations are beneficial in order to achieve success in entrepreneurialventures. The main concept of innovation are related with establishment of new products withthe similar purpose of the existing products. It is mainly focused towards development of newgoods and services which are valuable for existing application at business organisation. Whilethe concept of commercialization emphasized upon promoting the new products at market areas.The assignment is based on Softwire which is having their operations at smaller scales anddealing in consultancy services and software solutions (Clayton, Feldman and Lowe, 2017) Thereport carries discussion about concept of innovation and making difference with invention,different types of innoviation, commercial funnel and business case.TASK 1P1 Explaining importance of Innovation in an organisation along with comparison with inventionSoftwire are running their business operations at smaller scales and are mainly classifiedon developing software and digital design along with the service of the consultation in marketplace of UK. The entity was formulated in 2000 and there are approx 150 employees who areproviding effective services to all customers in relation to software solution. The owner of theorganisation is Pete Kenny and Phil Marsden and they are involved in offering quality goods toall their potential customers.The innovation is related with development of new business ideas so that new productscan be developed which helps in growth and development of business organisations. It isgenerally refereed to as developing new systems and maximising the values of goods which arealready available in order to achieve effective outcomes (Dutta and Hora, 2017) This is the mostimportant concept as it helps in getting avoiding those resources which are not usable so therecan be changes made in them in order to make improvement in organisations performance. Thedifferent sources of innovation are team working, strategies adopted by competitors, and marketareas which helps in running business activities for long time durations. The advantages whichare adopted by business with the help of innovation are evaluated below as:The main importance which are developed with the innovation process result in upliftingthe stature of entity so that business activities are carried out in most effectual and plannedmanner.2

Innovation results in attaining competitive advantage from their business rivalries whoare dealing in similar business activities. The most important factor for business is related withanalysing the trends at market place and according manufacture goods which results inachievement of financial gains and goals can be accomplished.The factors related with innovation are beneficial in order to analyse the best approach ofmanagement related to business resources (Gaddy and et. al., 2017). Innovation results in using the resources in effectual and planned manner so that there can benew opportunities generated which are related with carrying out all the business activities ineffectual and planned manner.When firms are using innovative tools then they sustain strong images at market areaswhich reflects the total balance sheet of business entities.The approaches which are developed by innovation are valuable in order to deal with theunfavourable fluctuations which arise at the market place.Difference between Invention and InnovationBasisInnovationInventionMeaningThis term reflects the modificationsin the products or substitutesavailable for the productInvention is defined to be a processof creation of product which has notbeen discovered.Invention is related with creatingnew goods which have not beendiscovered at market areas.ConcerneddepartmentThe factors of innovations areapplied to the whole businessentities.The factors of inventions are relatedwith research and developmentactivities in order to use theinformations which are evaluated bythe market team.Skills requiredThere are no particular skills whichare needed for innovation ofproducts. The knowledge relatedThere is requirement of scientificskills and capabilities in order todevelop innovation in products thus3

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