Innovation and Commercialisation - 4Com
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Added on 2020-06-03
Innovation and Commercialisation - 4Com
Added on 2020-06-03
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INNOVATIONANDCOMMERCIALISATION
ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Innovation and its importance for organisation as compared to invention.......................1P2 Vision, leadership, teamwork and culture for shaping innovation....................................1LO2..................................................................................................................................................3P3 4Ps of innovation and use of innovation funnel................................................................3P4 Development in frugal innovation and its use...................................................................4LO 3.................................................................................................................................................5P5 Importance of commercial funnel and application of new product development.............5P6 Innovation business case...................................................................................................7LO 4.................................................................................................................................................8P7 Tools used to develop, retain and protect knowledge and intellectual property...............8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is a termed that is used for new ideas for getting better solutions with the helpof latest technologies or business models (Koirala and et. al., 2016). Thus, it is defined as asubstance that is more effective and new in the market area. 4Com is one of the leadingcompanies all over the world and providing its services and facilities in a better manner. In thisreport, basically innovation along with its importance is explained so as to compare it withinvention. Organisational vision, leadership, culture and teamwork for shaping innovation andcommercialisation are mentioned in this assignment. Apart from this 4Ps of innovation isincluded with the help of innovation funnel in order to shape innovative ideas are explained inthis report. New product development and its application of commercialising a product ismentioned in this assignment. Lastly, various tools that an organisation can use in order toprotect its intellectual property are explained beneath in this report. LO1P1 Innovation and its importance for organisation as compared to inventionCompany 4Com is a leading organisation that provides services to regarding networkingsites across United Kingdom. They are providing facilities through which people can connectwith others in an effective manner. Therefore, innovation always plays an important role indeveloping ones business. This enable an organisation in providing top class services thus, 4Comis using digital technology for attaining the goals and objectives. Other like other companiesthose are working in same field 4Com is doing great and they are giving ample number ofreasons that organisation is using innovating programmes:Managers of 4Com are collaborating with other merchandises so as to attract more andmore customers towards their organisation. Generating innovative strategies for achieving the set targets and objectives in given specifictime period (Hausman and Johnston, 2014). Therefore, it is assisting them in generating more and more funds. This helps an organisation in manufacturing products that has not launched yet by anyother rival companies. Difference between innovation and invention is mentioned below:
INNOVATIONINVENTIONInnovation is a term that is used for any newideas for making changes and alterations inexisted products or fresh commodities. Thus itcan be said as a thought or any imaginativeconcepts.Invention happens all of a sudden and itrequires skilled people who are experts in theirfields. Thus, it is used optimised for newcommodities that have not come yet in themarket. According to the mentioned scenario Apple ismaking changes in their phones by launchingnew applications that are compatible accordingto the features that are present in the market. Whereas, new phone with unique featureslaunched by Apple that has not been used byany other company can be said as invention(Difference between Invention and Innovation,2016). Apart from this, company 4Com should utilise all the innovative and new ideas whichthey can apply for making their products unique from others. This will assist them in gettingmaximum benefits which will gradually increase the sales and productivity at the same time.Company is taking feedbacks and reviews of their existing commodities. It will help them indoing modifications according to people’s preferences. Other than this, 4Com will get to knowabout the key to progress so that firm can enhance the brand image. An example can be takenfrom Apple that in the latest iPhoneX they have added many innovative features like facerecognition, upgraded camera and as a result an increase in purchase can be seen and thecompany has become the most loved brand amongst people (Datta, Mukherjee and Jessup,2015). P2 Vision, leadership, teamwork and culture for shaping innovation4Com in order to accomplish all its goals and objectives it is necessary that they set avision which company can attain so as to evaluate whether organisation will be able to achievethe set targets or not. Thus, for this it is important that firm is optimising all the resources that areavailable to them in a proper manner so that creative and innovative things can be made.Therefore, vision, leadership, culture and teamwork can help an organisation without makingchanges can shape innovation and also play a crucial role in providing success to a firm.Vision and Innovation: Clear vision and targets always help an organisation in achieving theirgoals and objective in specific time period. Further for attaining this 4Com is making a proper
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