Innovation and Commercialization Assignment: Blaze

Innovation and
commercialisation
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INTRODUCTION
Innovation is a term which is very essential for all the organisation. It should be done
time to time in each and every organisation so that they can be able to make a good brand image
in market and that may also help in creating value. Mainly innovation means to add value to the
existing products or services of firm. Innovation is done on the already existing products and
services of company which gives that product a change and make it new and different. It is
studied that innovation has to be done in business so that it can be able to provide better products
to its customers and can be able to make them satisfy (Aarikka-Stenroos and Sandberg, 2012).
Blaze is a technological company which produces products for the urban cyclist, they mainly
provide flash lights which helps the cyclists to ride in dark also. There are many companies
which is renowned like Virgin group and Apple which use to serve their services at the large
level of area, they mainly focus on innovations and inventions. There should be innovations in
business so that new ideas can be generate and new products can be invented which will increase
their brand image and beneficial in many ways. Report describes the significance of innovation
and invention and it discusses about funnel,frugal innovation.
TASK 1
P1
Innovation can be said as introduction of any newer or a better solution which can be
able to meet the requirements to the existing market. That provide some kind of contribution to
the already existing or invented products or services. For example, Apple produce iPhone, it is
very popular for its iPhone but it was not a first company to produce iPhones or smartphones but
it is loved by all the people because they had created something new in that existing products
innovated it with new technological features in it according to the modern world and needs of
people. So the iPhone is innovated by them not invented.
Invention is known as creating of new products or services, it is known to invent new
thing which is for the time in market (Bagchi-Sen, 2007). This can also be said as to
transforming of any new ideas in tangible thing. This provides an internally strength to the firm
which help. This also help in getting brand image in market place. This may increase the
competitive advantages of company.
Difference between innovation and invention
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Innovation Invention
Innovation is a process which add value to the
products and services which is already exist in
the market and the changes can be made
according to the needs and wants of the
customers in market.
Invention is something which is related to
transmitting new and unique idea in tangible
form and that product are those which is new to
the market.
For example- Apple which is famous for its
iPhones tablets and all they have varieties of
iPhones but they are the innovators not
inventors because they did not introduced
iPhone for the first time in market.
For example- In invention printing press,
telephone, electricity can be included as that is
being invented by different people in early
time.
Innovation basically requires technical
knowledge, financial support and they even
should have competence, have proper
knowledge about market needs, trends.
Invention mainly require to have financial help
and competence as well as proper knowledge.
Importance of innovation for organisation
Increase competitive advantage- This helps the firm in adding more value to products which is
already exist in the market and that can help in fulfilling the requirements of market, this can
help in increasing competitive advantage of Blaze.
Increasing productivity- Now a day’s people want something new so if Blaze will try to
innovate something always then it will be beneficial for then in selling more and more products.
Increase brand image- if a company always do innovation then customers will get chance to get
new products in market according to the trend, and requirement so people will opt to choose that
company than any other one so that will automatically increase the brand image (Bogers and
West, 2010).
P2
Innovation and commercialisation are those terms which are essential for the
organisation to follow. Several changes have to be made after short period of time so that they
can be able to provide these services long time. There are various methods which Blaze should
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