Importance of Innovation and Invention to Organization

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Table of Contents
INTRODUCTION...........................................................................................................................3
REFERENCES................................................................................................................................4
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INTRODUCTION
In such a complex business environment it is necessary for an organization to sustain in market
for long term. This is because it will allow them in their growth and development. Besides that, it
is analysed that with technological advancement there are many new product and service
developed. It has enabled in fulfilling needs of people and allowing business to grow and
expand. With this there is rise in competition among them. Also, it has led to doing various
innovation by business in terms of products, process, service, Model, concept etc. Through this
they are able to survive and compete in market. Moreover, innovation has become a source for
organization to grow and develop. This is because it provide vast opportunity to grow. When
innovation is done it helps in gaining competitive advantage in market.
However, in recent times innovation is hot topic for business. It is because with help of it new
concept and model are emerging. It has brought a change in way of doing business. Alongside it,
this is useful source for business to grow and gain competitive advantage. Innovation not only
provide new product or service but also gives new idea or way of doing business and fulfilling
needs of people. Furthermore, many businesses are highly focusing on innovation so that they
are able to compete. Apart from it, innovation is way through which rapid growth can be attained
in quick time. It helps in generating high revenue. In present times innovation has helped in
generating value of product. It is supporting in designing new process, method etc of operations.
There are many companies who are not able to sustain because they are not doing innovation. It
has led to decline in their growth. Moreover, they are not able to find out innovative ideas of
expansion.
The assignment will describe about importance of innovation and invention to organization
how they both differs from one another. Besides that, it will be explained about how vision,
culture, leadership shape along with sources of innovation. In addition, it will be discussed about
4 P's of innovation and innovation funnel. Also, pros and cons of funnel will be mentioned into
report. Alongside, concept of frugal innovation will be explained and its benefits to Adidas is
described. Furthermore, the process of commercialising innovation and new product
development will be discussed as well. In that a business case of company will be developed. At
last it will be discussed about how to protect innovation with help of various techniques with its
advantages and disadvantages.
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