Difference between innovation and invention and importance of innovation to organisation

Innovation and
Commercialisation

Contents
INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1: Difference between innovation and invention and importance of innovation to organisation.....3
P2: Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation..............................................................................................................................4
TASK 2.................................................................................................................................................5
P3: Analysis of 4P’s of innovation and application of innovation funnel in development of
innovative ideas.................................................................................................................................5
P4: Development in frugal innovation...............................................................................................6
TASK 3.................................................................................................................................................7
P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.........7
P6: Development of innovation business case...................................................................................8
TASK 4.................................................................................................................................................9
P7: Evaluation of the tools which are used by the organisation to develop, retain or protect
knowledge and intellectual property rights........................................................................................9
CONCLUSION.....................................................................................................................................9
REFERENCES........................................................................................................................................12

INTRODUCTION
Innovation is the process of changing something into new and innovative which
attracts and influences interest and buying behaviour of large number of customers.
Therefore, it is important for every organisation whether small, medium or large to bring new
innovative changes in their organisational structure and exiting products and services in order
to survive in competitive environment for longer period of time. It also makes positive impact
on their profitability as well. Rowlinson Knitwear, a small sized UK company which deals in
manufacturing quality clothing products is taken for the purpose of preparing this report. The
project includes the benefits of innovation and its comparison with invention. The project
report also covers the contribution of company’s vision, culture, leadership and team towards
developing innovation and commercialisation. Analysis of 4P’s of innovation along with the
application of innovation funnel in development of innovative ideas is also discussed under
this report. Importance of commercial funnel and adoption of NPD is also summarised under
this report (Antonelli, 2014).
TASK 1
P1: Difference between innovation and invention and importance of innovation to
organisation
Innovation and invention both are different aspects and its own importance on the
operation of an organisation. Both these concepts help management of an organisation to
achieve competitive advantage market and sustain for longer period of time. Rowlinson
Knitwear is small sized clothing company which deals in manufacturing school wear and
corporate wear garments. Thus, implementation of innovative technology in manufacturing
process enhances the quality of products which directly maximises the satisfaction level of
customers as well (Baily and Chakrabarti, 2011).
Difference between innovation and invention
Innovation Invention

Innovation refers to bring changes in
something with a motive of enhancing their
effectiveness and efficiency.
Invention refers to create something new
which are introduced in market for the very
first time
Its main motive is to get better possible
outcomes through adding value to existing
products and services.
Its main motive is to make typical task easier
through creating new ideas and methods.
Any department can introduce new and
innovative changes in their business
structure,
R&D team of Rowlinson are only liable to
create new ideas for the betterment of an
organisation.
Importance of Innovation to organisation
Innovation is an activity which performed to develop existing products and services
according to the needs and requirements of customers. This will help organisation in
competitive with their rivals though providing value added product in market. This, it is
important for management of Rowlinson to identify the wants and demands of their targeted
customers and accordingly make changes in the quality, price, colour, design etc. of their
products. Generally innovation brings both internal and external benefits. Internal benefits
refer to the development of skills and capabilities of workers through providing them an
opportunity top work on using innovative technology. It brings motivation and self
confidence among them which ensures commitment with company for longer period of time.
External benefits include competitive advantage, higher profitability, strong brand image etc.
Importance of innovation:
Application of best methods: Adopting of innovative technologies in different
department of an organisation help in achieving desired goals and objectives within limited
period of time. Innovation can be implemented in any business operations such as
production, marketing process etc. which helps in bringing efficiency in their work. For
example, implementation of advantage technology in production process help in reducing
wastage and make required changes related with design, colour, quality etc. through which
the Rowlinson Knitwear company can able to shift customers from their rivals to their
products and services (Brettel and Cleven, 2011).
Competitive advantage: The main benefits an organisation gathered after adopting
innovative changes in the business activities is achieving competitive advantage. As
Rowlinson Knitwear mainly produces school ad corporate wear garments Thus, to provide
well designed quality products to customers which helps them in looking more attractive and
professional can easily attracts lots of customers. Implementing changes in design, colour,
button etc. of clothing products which makes them different from their rivals increases the
chances of moving customers to buy their product rather than their rivals products. This will
help in achieve huge profitability as well.