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P1. Explain innovation and its importance to employees

   

Added on  2020-12-24

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INNOVATION ANDCOMMERCIALISATION
P1. Explain innovation and its importance to employees_1

TABLE OF CONTENTSINTRODUCTION.................................................................................................................................3TASK 1.................................................................................................................................................3P1. Explain innovation and its importance to employees...................................................................3P2. how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation..............................................................................................................................4TASK 2.................................................................................................................................................4P3. Explain the 4Ps of innovation and explain the use of the innovation funnel...............................4TASK 3.................................................................................................................................................5P4. Explain developments in frugal innovation.................................................................................5P5. Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation...............................................5P6. Build an Innovation Business Case in an organisation, including ways to access funding..........6TASK 4.................................................................................................................................................7P7. Evaluate the different tools that the organisations can use to develop, retain and protect knowledge and intellectual property..................................................................................................7CONCLUSION.....................................................................................................................................7REFERENCES....................................................................................................................................10
P1. Explain innovation and its importance to employees_2

INTRODUCTION Innovation is the essence of development which can be in any field such as business,education etc. Innovation focuses on the introducing some new concepts which can bebeneficial for the society and aims to reduce efforts along with the feature of being cost andtime effective. It has become essential part of life. The demands of customer is gettingincreased and customised day by day which is resulting in putting pressure to variousbusiness field to bring some new improvised concept which can satisfy their needs andrequirements. It can also lead to provide some relaxation for every human being by reducingtheir labour for performing any task. In this project it has been discussed about the innovationand its importance to employees of an organisation, along with how several aspects of a firmsuch as its vision, culture, team work and leadership can make favourable surroundings forimplementing the concepts and supporting it for adapting in their working procedure also(Martín-de Castro, 2015).TASK 1P1. Explain innovation and its importance to employeesInnovation can be defined as the process in which the new ideas are exploited regardingcertain object which leads to the emergence of completely new creation in the form of a new product ,service and even a process. It is not just considered as an invention but the idea which has to be bringin the practical implementation in the market which in manner would introduce something that wouldlead to bring a transformation in the old product which is been sold in the particular market(Bharadwaj, and Noble, 2015). It can involve certain aspects such as transformation intechnological terms and restructuring of management. Innovati0n is also known as the activity whichincludes the exploitation of new technology and implying something which is completely out of thebox concept that helps to bring out a new value for bringing out certain changes in the society whichcan lead to create some serious impact for its betterment. Many experts have already identified severaltypes of innovation which can be related to product and known as product innovation which includesthe introduction of some new products in the society which is the complete improved version ofproducts that are available in the market. There can be several other innovation such as innovation inthe processes, marketing etc which is required for every aspect.It is very important for organisation as it lead to the development of it in many aspects such as theworking structure , the product and services and the capability (Goffin, and Mitchell, 2016).It has been confirmed by the studies that the innovation leads to the positive impact on everybusiness as it lead to provide various ways for improving the obsolete structure of the wholeprocessing regarding the production of various goods and services that could be required in order togain competitive advantage in the market which provides some differentiation in the offering thatleads to attract various customers which in turn increases the sales and lead to generated great revenuefrom the sales which would further help in the other investment plan that would lead to providevarious opportunities which is beneficial for the business and also lead to improvement in the relatedproducts which can be completely transforming decision that can lead to influence their strategic
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