Benefits of Innovation and Commercialisation : Report

Added on - 21 Jul 2020

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InnovationandCommercialisation
ContentsINTRODUCTION.................................................................................................................................3TASK 1.................................................................................................................................................3P1: Difference between innovation and invention and its importance in comparison with invention3P2: Contribution of organisational vision, leadership, culture and team work in innovation andcommercialisation..............................................................................................................................5TASK 2.................................................................................................................................................6P3: Analysis of 4P’s of innovation and application of innovation funnel in development ofinnovation ideas.................................................................................................................................6P4: Development in frugal innovation and its uses............................................................................8TASK 3.................................................................................................................................................9P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.........9P6: Development of innovation business case.................................................................................11TASK 4...............................................................................................................................................12P7: Different tools that organisations can use to develop retain and protect knowledge andintellectual property rights...............................................................................................................12CONCLUSION...................................................................................................................................12REFERENCES....................................................................................................................................14
INTRODUCTIONInnovation refers to an action which is taken to improve something in order to attractinterest and buying behaviour of customers towards to purchase them. Every organisation hasfocuses on implementing innovation in their business structure with a motive of expandingbusiness on a large scale and earns huge profits. The main purpose of preparing this report isto provide the benefits of innovation and commercialisation in the growth of an organisation.Rowlinson Knitwear, a UK small-sized company which is engaged in producing clothingwear garments to school and corporate people. The project includes the vision and objectivesof the company and its contribution in implementation of innovation and commercialisation.There are 4P’s of innovation which are also introduced under this report. Innovation funneland its development, Use of NPD, commercial funnel along with their importance,deve3loment of innovation business case, different tools useful to develop, retain and protectintellectual property rights are also covered under this report (Brettel and Cleven, 2011).TASK 1P1: Difference between innovation and invention and its importance in comparison withinventionInnovation and invention are two different concepts which are developed by everyorganisation with a motive of grabbing attention of loyal as well as new customers. Themanagement is wholly responsible to think something new which help organisation in gettingstrong position in competitive market. They need to analyse the market trends andaccordingly concentrate on bringing something new and innovative that fulfil customer’sneeds and requirements (Camisón and Villar-López, 2014). Here are the some differencesbetween invention and innovation:Invention v/s InnovationInventionInnovationIt is developed by management when theyhave new ideas and concepts to introduce inmarket.Changing something through adding someextra value features with the purpose ofmaximising the satisfaction level ofcustomers.The main objective of invention is to providecustomers something new which theyThe main aim of innovation is to competewith their rivals through giving extra value
expected from an organisation.added products and services to the customers.R&D team of an organisation should requireto focus on creating new ideas and concepts.It occurs when the management feels theneed to change or improve product.Importance of Innovation to organisationImproving products on regular basis will bring profitable result to every organisationirrespective of size whether small, medium or large. But only requirement is to select righttime thus the management are held liable to implement different methods in order to find outthe market trends and customer’s taste ad preferences and accordingly directs the differentdepartments of an organisation to improve their business functions so as to maximisesatisfaction level of customers. Therefore, the management and leaders both are playing animportant and valuable role in implementation of innovation in different business functions.For example, upgrading existing technology used in production process help in producingquality products as compared to their rivals’ products. There are some other advantages aswell after implementing innovation which are given as below:Application of best method:As every departments working in an organisation areresponsible to think something new and innovative that will help them in achieving betterpossible result. Such departments include marketing, finance, operation and sales whichperform with a motive of achieving desire goals and objectives of an organisation. Thus,changing ways of performing into better one will bring efficiency in worker. For example, themanager of marketing department should require to implement innovative ways of attractingcustomers towards the products improved by production department. They need to focus onadopting various marketing tools and techniques such as Advertisement on TV, Newspaperetc. help Rowlinson Knitwear to gain large number of customers through which they generatehuge profitability and sustainability (Crossan and Apaydin, 2010).Competitive advantages:Changing products into better through adding some extravalue will enable Rowlinson Knitwear in giving quality products better than theircompetitors. For this, R&D team of Rowlinson Knitwear should require to carefully analysethe rival’s strategies and their products and accordingly focus on enhancing their productsand services. This will increases competition in competitive market which brings benefit tocustomers as well.
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