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Innovation and commercialisation in organisations

   

Added on  2021-01-02

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INNOVATION AND COMMERCIALISATION
Innovation and commercialisation in organisations_1
Innovation and commercialisation in organisations_2
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Innovation and its importance to organisations with invention.............................................3P2 Vision leadership, culture and team work can shape innovation and commercialisation......4TASK 2............................................................................................................................................6P3 4P's of Innovation and use of the innovation funnel..............................................................6P4 Development in frugal innovation (FI)..................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and application of new product development processings.....................................................................................................................................................8P6 Innovation Business case for Ensoft ltd. For accessing funds...............................................9TASK 4 .........................................................................................................................................10P7 Different tools to protect, develop and retain intellectual property and knowledge............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONInnovation is an important aspect of any organisation which focus on crating a healthyenvironment so that their customers are increased. Whereas, commercialisation provideassistance to management by introducing new product and a new method in the existing product.In other words, Innovation and commercialisation provide help to organisation in developing anew product with new idea. It also increases the number of customers in market and providesustainability to firm. The taken organisation for this assignment is Ensoft Ltd. which is a smallmedium scale company in UK and deals in Networking softwares. This report covers leadershipteam work and vision of the firm at the time of innovation in the marketplace.TASK 1 P1 Innovation and its importance to organisations with inventionInnovation is defined as a procedure in which a new idea, method or device aredeveloping. Furthermore, changes makes the goods or services different for getting satisfactionfrom the customers in order to achieve the predetermined targets in limited time period.Inventions are done for meet the requirement of customers and it gave profitability and growth tothe firm. In context of small scale industries it provide assistance in identifying their marketshare and improves the company's position in marketplace. For this, conception is an essentialpart because it provide aid in developing new methods and techniques at market. Modifying theexisting product and developing a new concept is essential for achieving customer's attraction inmarket. It can be possible through the help of Innovation because it improves effeciency anddevelop skills of the employees in the organisation. Whereas, it provide additional value in theexisting product or in a new product for getting customer's attraction towards products. It assistsmanagement for making a better quality product so that, they will easily meet the requirement ofcustomers. Ensoft is a software company who deals in networking software. There are variousinnovations which can be adopt by Ensoft for increasing their market share and satisfaction ofthe customers (Kosuhina, 2015). In the context of Ensoft, their team innovated a software 'Location tracker' which helps the security forces to find out the lost child. With the help of this,the lost child will be tracked in a short time period and the criminals will be get penalties. Themain objective behind this innovation is to provide support to the armed forces. The staffmembers of ensoft are working on project management along with designing, coding and testing
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