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Report on Innovation and Commercialisation of Austin Fraser

   

Added on  2020-06-03

12 Pages4100 Words29 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of innovation within an organization in comparison to invention................1P2. Contribution of vision, leadership, culture and teamwork in shaping innovation andcommercialisation within organization..................................................................................2TASK 2............................................................................................................................................3P3 4P's Innovation as well as use Innovation Funnel to develop Innovative Ideas...............3P4 The concept of Frugal Innovation and its uses..................................................................4TASK 3............................................................................................................................................5P5 Commercial Funnel and its importance and application of NPD for the purpose of........5commercialisation and innovation..........................................................................................5P6 Innovation Business Case..................................................................................................6TASK 4............................................................................................................................................7P7 Various Tools used by Organizations for the purpose of developing, retaining andprotecting................................................................................................................................7Knowledge and Intellectual Property Rights..........................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONInnovation is a crucial aspect for any business. For an organization to grow and prospergoing forward, it will have to keep on innovating in terms of its products and services. There hasbeen cases where Organizations have been actively innovating have gain more market share andpublic appraisal than those companies which are not so keen in innovation. Austin Fraser is amedium sized recruitment consultant company and therefore, need of innovation in such kind ofbusiness is very large because in order to provide clients with the best possible facilities andinnovative way of recruitment in different sectors, company will have to keep on innovating on acontinuous basis (Baraldi and Waluszewski, 2011). Austin Fraser was established in the year2006 with a staff of merely 2 people and now, it has grown to a staff of more than 100 people inaround 3 countries.TASK 1P1. Importance of innovation within an organization in comparison to inventionBoth; innovation as well as invention are the major elements of any business organizationand if firm wants to grow and prosper in the future, it cannot keep on running on the same kindof path. It will have to innovate in its various products and services that it provides so that thereare different options available with clients and customers. The aim of company is to matchvarious job seekers with the employers in industry of digital automation, aviation and lifesciences. Both innovation and invention are crucial aspects for every organization and it helps itin achieving its objectives over a period of time and therefore, importance of both the thingsshould not be undermine by the company (Caniëls and van den Bosch, 2011). There is a realdistinction in between innovation and invention which is being discussed as below:InnovationInventionIt basically refers to improve the existingproduct line and services of company. For thisparticular purpose, management of company isusing different types of technologies andprocesses which help in increasing the featuresin existing products and services. This processhelps in the attainment of competitiveadvantages by company. It also helps inIt means a product or service is developed orcreated for the first time by company and ithelps in attainment of necessary tasks with thehelp of current new technologies andprocesses.1

enhancement of profitability of company overa longer period of time. Innovation is basically providing bettersolution to various problems which anorganization faces by using current resourcesof the organization.It is the process in which a new idea isidentified which helps company to accomplishvarious targets effectively as well asefficiently.From the above discussion, it is quite clear that both Innovation and Invention areimportant for business to grow and prosper and Austin Fraser Ltd. is no exception. Company isfinding new ways to innovate and provide better recruitment facilities. The firm tries to find outneeds and wants of its customers and then innovate and invent accordingly (Crossan andApaydin, 2010). It is of paramount importance that company should follow all rules ofinnovation to meet the demand of its customers well.P2. Contribution of vision, leadership, culture and teamwork in shaping innovation andcommercialisation within organizationThe contribution of various factors like vision, culture, leadership as well as theteamwork for organization is quite large. Basically, an organization is made up of these crucialfactors and it cannot grow and prosper without taking these factors into consideration. Theprimary thing is that management of company should be aware of objectives of company forwhich it is formed so that they would be able to guide various employees of the company as whatCustomers expect from company and how company should work in order to achieve thoseexpectations. The cultural aspect also influence working of company as if there is any culturalgap in between employees, it may lead to conflicts among them and that is not good for theoverall growth and productivity of the company (Edquist, 2010). So, culture should bemaintained as it is a motivating factor for the organization. Leadership and teamwork are alsocrucial pillars which will boost the success of any organization. These aspects are discussed indetail as follows:Vision : It refers to the vision of management and where company visualise itself infuture and what are the aims and objectives that it has set for itself which it shouldachieve to get to that vision in particular. It helps management of Organization to2

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