Importance of Innovation and Strategy in Business

The provided report emphasizes the significance of innovation and strategy in achieving better productivity and profitability. It outlines various tools and techniques that can be used to grow, retain, and protect intellectual properties. The report also touches upon the concept of innovation funnel and commercial funnel as means of filtering and identifying suitable innovative ideas. Accurate leadership styles, teamwork, and visions are highlighted as crucial factors in shaping invention of fresh ideas into business success.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...............................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Innovation and its importance......................................................................................................3
P2 Organizational vision, leadership and team work shape innovation and commercialization........5
TASK 2.................................................................................................................................................6
P3 4 P’s of innovation and use of innovation funnel.........................................................................6
P4 Development of frugal innovation................................................................................................7
TASK 3.................................................................................................................................................8
P5 Importance of commercial funnel and application of new product development..........................8
P6 Build an innovation business case................................................................................................9
TASK 4...............................................................................................................................................10
P7 Different tools to develop, retain and protect intellectual property.............................................10
CONCLUSION..................................................................................................................................10
REFERENCES..................................................................................................................................12

INTRODUCTION
Innovation can be described as to create something new for implementing in an
organization to for attaining better productivity as well as profitability. It is important to
prepare innovative or creative strategies or policies to improve process of production to get
desired result from it. Innovation is essential to be applied in various kinds of businesses to
increase effectiveness or efficiency of products and services manufactured by company to
gain better profits (Adner and Kapoor, 2010). This report is based on Talent Plus Inc. which
deals into render training for human resource of an organization to maintain an effective as
well as efficient culture. This will facilitate to staff members to know about their strengths
and ways to utilize them properly to generate better productivity on regular basis. This
assignment will discuss about innovation with its significance through organizational vision,
leadership and team work to gain desired outcomes. 4 P’s and funnel of innovation can be
used to implement creative or fresh strategies or policies to attain desirable benefits on daily
basis are described below.
TASK 1
P1 Innovation and its importance
Innovation refers to invent new or creative ideas, thoughts and techniques to make
more effective criteria for carrying out various tasks or activities to create desired outcomes
of business. There are different types of procedures which are required to be conducted in
Talent Plus Inc. to provide an appropriate learning to build more skilled and capable
employees for attaining desired results. Innovation is all about to achieve development in an
enterprise to facilitate growth of business in future through expanding it in changing scenario
of market. Various kinds of significances can be gained through applying innovative
strategies into business for enhancing profitability (Dahlander and Gann, 2010). Some of
importance which may attained through innovation Talent Plus Inc. are given below.
Manufacture creative products: - This can be described as to manufacture more
innovative products or services to fulfil different desires of various kinds of customers. As
per changing trends of market, people also modify their needs or wants and they demand for
new product framing that into minds. Talent Plus Inc. have to implement innovative
techniques to trained employees according to current situation of competition to perform
appropriately to generate regular outcomes.

Increase ROI to Stakeholders: - Stake holders can be defined as those people who
invests their precious amount of money into a particular business as per profitability of that
organization. Implementing innovations at correct time render support to improve profits of
business which facilitates to provide better rate of return (ROI) to stake holders in Talent Plus
Inc. This helps organization to attract more effective investors and retain current stake
holders for future investment in company.
Achieving business growth: - An Innovative technique helps in improving several
qualities of products or services by applying certain creative features (Davila, Epstein and
Shelton, 2012). Such implementation should be done as per changing trends of market to
fulfill needs, wants demands, tastes, preferences and desires in appropriate manner to gain
client satisfaction. This will facilitate to attract fresh customers and retaining the current ones
to grab more market share through expanding growth in career of business in Talent Plus Inc.
Improve productivity and profitability: - In current scenario of technology,
enterprises are utilizing various types of software or techniques to improve their regular
outcomes on daily basis. Apart from this, innovative products help in attracting new
customers along with retaining the present ones. This will facilitate to improve productivity
as well as profitability of Talent Plus Inc. through innovative techniques of building
employee skill efficiently.
Respond easily to change: - Implementation of innovative strategies or policies
provide support to response against changing trends of market and reduce negative impacts
on growth of business of Talent Plus Inc.
The above mentioned factors should be improved with the help of applying various
innovative techniques into organization and attain better growth in business.
Difference between innovation and invention
Innovation Invention
The innovation can be described as to create
exact new concepts which is not familiar to
current idea.
Invention refers to generate something fresh
from present techniques to create better
product or service.
This concept is generally utilised by small and
medium firms.
Inventions are usually implemented in large
organisations.

P2 Organizational vision, leadership and team work shape innovation and commercialization
Innovation is necessary to be introduced and applied in business to improve effective
ness or efficiency of operational activities of company. This will facilitate to enhance
productivity as well as profitability of an organization (Drucker, 2014). Staff members have
to establish an appropriate coordination and cooperation to apply new concept in correct
manner for getting better results. Accurate leadership styles, team work and visions are
responsible to shape invention of fresh ideas into business to earn desirable profits in Talent
Plus Inc.
Vision: - The term vision can be described as aims or targets of an organization which
motivates to build innovative strategies or policies to improve benefits on regular basis. This
will result into enhancing image of brand in front of clients and make strong position
amongst various types of competitive firms. Talent Plus Inc. can make their creative
objectives which facilitate to prepare more effective plan of action to improve skills of
manpower for achieving desired performance.
Leadership: - An organization have to appoint an efficient leader who has an
innovative leadership style to inspire sub-ordinates for producing better productivity as well
as profitability of company. Talent Plus Inc. can recruit an effective personality bearing
employee as leader so that they can encourage manpower properly to improve skills or
abilities by utilizing their strengths for improving outcomes on regular basis.
Team work: - this can be described as to maintain effective cooperation between staff
members of company to carrying out various types of tasks or activities for generating
desirable outputs. Innovative strategies or policies can be built by an individual as per
changing trends of markets but team work spirit is very important to implement them
successfully (Gassmann, Enkel and Chesbrough, 2010). Talent Plus Inc. has to establishing
better coordination between employees to apply creative concepts for improving profitability.
Culture: - There are different types of firms running in current scenario of
competitive market. All of them have differentiated strategies or policies for conducting their
own tasks and activities according to requirement for manufacturing desired product or
service. Talent Plus Inc. have to maintain an effective or efficient culture of company so that
employees become able to work properly to generate desirable outcomes.

The above mentioned are essential to be focused such as culture, leadership, team
work and vision of company. All these elements are responsible for making an appropriate
decision for building an efficient plan of action to conduct desired procedures for completing
set targets.
TASK 2
P3 4 P’s of innovation and use of innovation funnel
Innovation is all about to build creative strategies or policies for carrying put different
tasks and activities for attaining better productivity as well as profitability of an organization.
It is essential to analyze 4p’s of innovation to implement innovative techniques for earning
more benefits (Hall and Lerner, 2010).
Product: - This can be defined as final good of company which is ready to sell after
long procedure of manufacturing. It is necessary to make an appropriate product for
completing needs, wants and demands of customers. Every person has an image of their
desired goods along with suitable price which is affordable by them as per their budget of
income. Talent Plus Inc. provides service of learning to employees of different companies to
improve their regular productivity and they can utilize more creative methods to shape
strengths of people. Through innovative techniques, they can improve brand image in front of
clients and grab more market share.
Process: - There are various types of methods which are utilized by organizations to
conduct sales and distribution of goods or services into market in required quantity. It is
important to supply appropriate amount of products so that desires of customers will be
fulfilled properly. Every client want delivery of their goods or services on time otherwise
they get shifted to other retailer. Talent Plus Inc. has to complete their promises to customers
through rendering an accurate service for increasing efficiency of employees so that they can
boost up their productivity on regular basis. Products or services should be delivering to
consumer at correct time for gaining better results (Hjalager, 2010).
Position: - This refers to maintaining position of brand in competitive scenario of
market while focused on target segment of population. Talent Plus Inc. has to build an
effective goodwill and put efforts to boost up brand image by providing satisfactory services
to clients. It is mandatory to maintain strong position in front competitors to get desired
outcomes by grabbing more market share.

Paradigm: - This can be described as to establish an alternative innovative product
having more creative features to attract new customers along with retaining current ones. It
will facilitate to improve number of clients and sales of particular brand. Talent Plus Inc. can
introduce an alternative technique of improving skills of employees and provide learning as
per their requirements.
Innovation funnel and its use
The term innovation funnel refers to a tool of filtration of appropriate innovative ideas,
thoughts and concepts which are possible to implement for gaining desired outcomes
(Huizingh, 2011). This funnel provides support to adopt a beneficial innovation which results
into improving productivity as well as profitability of Talent Plus Inc.
P4 Development of frugal innovation
Frugal innovation refers to that concept which urges business to respond against
limitations in case of resources such as material, financial or institutional and make these
constraints into innovative thoughts and practical techniques. In other words, frugal
innovation can be simply described as to create fresh things by several processes as like
circular & sharing economies, open innovation, maker movement and inclusive business.
There are several of kinds of creative aspects which can be applied in an organization to
boost up profits. Talent Plus Inc. can be utilized concepts of the frugal innovation to gain
desired outcomes min appropriate manner.
Development of frugal innovation refers to conduct an effective research of market to
identify current trends in order to determine actual needs or wants of customers. This will
facilitate to manufacture more accurate product or service to fulfill expectations of people to
gain satisfaction. It will provide support to attract new clients along with retaining the current
ones to boost up profitability of Talent Plus Inc. people have their an image of their own
farmed product in their mind along with price then companies have to find out exact desires
of people. Firms are required to implement fresh creative idea for improving regular
outcomes to gain strong position in front of competitive enterprises (Leiponen and Helfat,
2010).
The frugal innovation is helpful to identify correct idea or concept for making an
appropriate strategies or policies to apply innovative concepts. It is r carry to determine
accurate technique or features to be adopted for producing a creative product or services for
gain satisfaction of people and hence they will become loyal to brand which is an advantage

for an enterprise like Talent Plus Inc. After carried out an efficient research, firms are
required to make an appropriate design according to customer and then manufacture it to get
desired results.
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercial funnel can be described as tool for determining correct innovative ideas,
thoughts and concepts to improve productivity and profitability of an organization. It is
mandatory to identify profitable strategies or policies for particular business company to
improve its sales and profits (Manso, 2011). Commercialization is basically to introduce
some new or modified product or service in market. This will facilitate to improve brand
image and attract fresh customers along with retaining the current ones.
Importance of Commercial funnel: - There are various types of benefits gained
through commercial funnel such as it focus on enquiries of people and try to fulfill their
desires. Review on revenue to see where adjustments can be made on pricing for goods and
services. Talent Plus Inc. have to focus on opportunities to grab them to attain better
profitability. This will provide support to project reasonable goals and obtain them for
internal and external sales team.
New product development can be defined as a process which helps to introduce new
or modified product in market. It is important to follow changing trends of market to
complete desires of customers for achieving their satisfaction. Process of new product
development involve several steps which may follow by Talent Plus Inc. is given below:
Iterate and engage: - Several innovations are implemented in company to gain
desired targets and goals through achieving better productivity as well as profitability
(Melville, 2010). Certain innovative techniques or policies can be applied to gain desired
objectives of Talent Plus Inc.
Asset Flex: - There are various kinds of assets which are required to carrying out
regular activities or tasks for getting desired outcomes for an organisation. It is important to
utilised available resources in flexible ways and ensures optimum utilisation of sources to
gain maximum outcomes.
Sustainable solution: - This will help to make an appropriate method or solution
which is capable to sustain for a long time to solve problems or issues in company.

Shape Consumer Behaviour: - New product should be manufactured in such a way to
complete changing demands of customers. Fulfilling desires of clients will help to make
positive attitude towards particular brand and make them loyal for an enterprise.
Creation of customer value: - Organisations are required to clear several queries of
people through making an accurate conversation and behaviour with them (Sartori, Favretto
and Ceschi, 2013). It includes listening to their feedbacks and suggestions and tries to work
on them for solving their issues.
Innovation stakeholders: - Innovative techniques or strategies provide support to
improve productivity as well as profitability of an organisation. This will facilitate to render
better rate of return to stakeholders.
P6 Build an innovation business case
An innovation case can be described as to build a plan of action with new and creative
strategies or policies to carrying out particular project and contract. Any new or modified
product and service should be introduced in market in more effective as well as efficient way
to fulfill needs, wants and demands of customers. It is essential to follow changing trends of
market in Talent Plus Inc. to grab more shares of market and earn desired profits. It includes
several steps which are described below.
Define: - The term defines can be described to determine actual needs, wants,
demands, taste and preferences of customers. Companies are required to identify problems
and issues of people to put appropriate efforts for solving them. It is mandatory to define
accurate goals and targets of an organization.
Design: - Planning is necessary to conduct any procedures or activities to complete
desired targets or objectives of company. It is mandatory to build an effective as well as
efficient plan of action to carrying out desired tasks or processes to gain better outcomes. An
appropriate designing of planning is compulsory to conduct required procedures for attaining
outputs (Teece, 2010).
Deliver: - The term deliver can be described as to provide an accurate product or
service to customers. It is necessary to render correct goods to desired clients which are
mandatory to have effective features to gain better outcomes.
The above mentioned components are necessary to be followed while establishing an
innovative business in more appropriate manner.

TASK 4
P7 Different tools to develop, retain and protect intellectual property
There are various kinds of tools and techniques which help to grow, retain and protect
intellectual property and information. Tools which many utilized by Talent Plus Inc. are
given below:
Trade mark: - The term trade mark can be defined as particular or unique sign or
identity of an organization which differentiate it from others. It will help to generate an
attractive and separate image of brand in front of customers to gain better productivity and
profitability of the company.
Patent: - This can be described as an item or something else which cannot be utilized
by competitors. Patent provides a right to sell an appropriate product in market without any
fear of copying by competitive firms. This will help to make strong image in competition of
market to earn more profits (Yin, Shi and Yan, 2014).
Copyright: - The term copyright can be defined rights or authority of an organization
to protect their books or music systems so that competitors cannot utilize them for any
purpose. They are also capable to save their videos and programs through these effective
rights.
Help from professionals: - There are several professionals who provide an
appropriate advice to protect intellectual property such lawyers and accountant. They are
correct individuals who renders tools or techniques which are accurate as per rules and norms
of country. This will facilitate to solve these issues and problems without touching an illegal
zone.
The above mentioned tools and techniques are helpful to grow, retain and protect
intellectual properties of an organization. Talent Plus Inc. can utilize these methods to save
their firm’s information and run business more successfully to earn desired productivity as
well as profitability.
CONCLUSION
The above report had concluded that innovation can be described as to create
something new for implementing in an organization to for attaining better productivity as
well as profitability. Various kinds of significances can be gained through applying
innovative strategies into business for enhancing profitability. Accurate leadership styles,

team work and visions are responsible to shape invention of fresh ideas into business to earn
desirable profits. Innovation funnel refers to a tool of filtration of appropriate innovative
ideas, thoughts and concepts which are possible to implement for gaining desired outcomes.
The frugal innovation is helpful to identify correct idea or concept for making an appropriate
strategies or policies to apply innovative concepts. Commercial funnel can be described as
tool for determining correct innovative ideas, thoughts and concepts to improve productivity
and profitability of an organization. There are various kinds of tools and techniques which
help to grow, retain and protect intellectual property and information.

REFERENCES
Books and Journal
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of technological interdependence affects firm performance in new technology
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Davila, T., Epstein, M. and Shelton, R., 2012.Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation.R&d
Management.40(3). pp.213-221.
Hall, B.H. and Lerner, J., 2010. The financing of R&D and innovation.Handbook of the
Economics of Innovation.1. pp.609-639.
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perspectives.Technovation.31(1). pp.2-9.
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benefits of breadth.Strategic Management Journal.31(2). pp.224-236.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Melville, N.P., 2010. Information systems innovation for environmental sustainability.MIS
quarterly.34(1). pp.1-21.
Sartori, R., Favretto, G. and Ceschi, A., 2013. The relationships between innovation and
human and psychological capital in organizations: a review. The Innovation Journal. 18(3).
p.2.
Teece, D.J., 2010. Business models, business strategy and innovation.Long range
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Yin, W. J., Shi, T. and Yan, Y., 2014. Unusual defect physics in CH3NH3PbI3 perovskite
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