Innovation And Commercialization : Assignment Sample

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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3TASK 1............................................................................................................................................3P1 Importance of innovation in comparison to invention...........................................................3P2. Explanation about how Vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................5TASK 2............................................................................................................................................7P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas.....................................................................................................................................................7P4 Frugal innovation...................................................................................................................8P5 Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation............................................................8P6Build an Innovation Business Case for an organisation, including ways to access funding....................................................................................................................................................10TASK4...........................................................................................................................................11P7 Different tools that organisations can use to develop, retain and protect knowledge andintellectual property..................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.........................................................................................................................................................1
INTRODUCTIONInnovation is the process which involves the generation of novel ideas, process orcreation. It also refers to the act of people and administration to change themselves and theenvironment. Moreover commercialization is the process of negotiating or running somethingprincipally for the goal of financial gain. In other word it is the development of new product orthe production method in the market. Ensoft Ltd company has been taken into consideration inthis report. It is a software company which was established in 1997 and is establishing newsoftware for account department in order to make accounting procedure easy. This presentedreport gives the brief about the importance of innovation in comparison with invention.Moreover it explains about how organizational vision, leadership, culture and teamwork canshape innovation and commercialization. Lastly, this file focuses on the tools that organizationcan use to develop, retain and protect knowledge and intellectual property right.MAIN BODYTASK 1P1 Importance of innovation in comparison to invention.Innovation:It is both the process as well as an outcome.The term innovation itself denotes thefact of recognition of new ideas, commodities, services and process.Moreover it can be said thatit is the process of translating the ideas or concept into new products or services so as to generatemore value in the form of revenue generation for the company.(Abdul Razak, 2014.)It will bebeneficial for Ensoft ltd as it will help in increasing the profit margin level, helpful in increasingmarket share.In addition to this it will be helpful in securing market strategic position. Moreovercustomers needs will be satisfied and will result in achieving the competitive advantage in themarket.Invention:It is the process of developing something new which has never been made before..Inaddition to this it is also the important component of aesthetic and plan creativity. It often extendthe human knowledge, experience and ability. Invention is important for Ensoft ltd company asit will help in building brand image in the market by increasing the market share and creatingcompetitive advantage in the market.Comparison between innovation and inventionInnovationInvention
Innovation is the process of introducing theproducts, service or process in the market placeby adding a new feature into it which will helpthe ensoft company in achieving target goal.Invention is the process of creation of newproducts, process and service which is entirelynew to market. It helps Ensoft members todevelop inn votive skills.The result of innovation is commercializationwhich is done by the marketing manager ofensoft company.The result of invention may not becommercialization.Innovation is usually generated and it helpsincreasing the efficiency and productivity levelof Ensoft company.Invention can be both autonomous andgenerated.Innovation is usually for profitable motive forthe Ensoft company.Invention can be for profitable or nonprofitable motive.Innovation require technical skills, knowledgeabout market trend and financial support.Every member of the ensoft company shouldhave such skills.Invention require scientific skills, knowledge,competence and financial aid.Importance of innovation:Innovative business create changing products, modify existing services and apply newideas. Ensoft ltd company is also an innovative business as they are specialises in developing allaspects of networking software. (Bogers, M. and West, J., 2012)Like presently they aredeveloping new software for account department in order to make accounting easy andsimplified. They keep on trying something red-hot even if it is highly-risky. If the businessconcern is not innovative they will have to facechallenges.Lack of innovation in businessconcern bring the indirect result for the company such as losing workforce and decreasing action.Therefore innovation cannot be turnabout, but should consider it as an crucial element in the partof plan of action. It should be socially outlook that effect on intelligence and improves problemsolving.Many successful companies attain successjust because they are adopting innovativepractice during the plan of action and Ensoft Ltd is one of them. That said, inventing andinnovation are not identical. Invention mainly focus on creating of new ideas and process. It canbe said that invention is the result of innovation, not a requirement. Innovation is important for
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