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(DOC) Innovation and Commercialisation

   

Added on  2020-10-22

14 Pages4386 Words321 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3P1. Significance of Innovation and its comparison with invention............................................3P2. Shaping innovation through organisational culture, vision, mission and teamwork............5TASK2.............................................................................................................................................7P3. 4P's of innovation and importance of innovation funnel......................................................7P4. Development of frugal Innovation........................................................................................8TASK3.............................................................................................................................................9P5. Significance of commercial funnel and application which has been used in new productdevelopment................................................................................................................................9P6. Innovation business case of Ensoft Ltd..............................................................................10TASK4...........................................................................................................................................11P7. Tools and techniques needed for developing, retaining and protecting intellectual propertyrights..........................................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONInnovation is consider as one of the important tools and mechanism which can be used inorder to bring new changes in organisation. Further, in today dynamic environment modificationhas been arises due to the technology and digitalisation are coming by various multinationalcompany so it is vital for every organisation so include such methods and mechanism throughwhich they include some new features in their existing products and leads to higher profitabilityand market share. Under this assignment the company which is preferred i.e. Ensoft Ltd. Whichis UK based small software company comprises of 70 engineers that are experienced indeveloping every aspect of networking software. According to the research this company grow atvery fast speed because of implementing different technological innovation in their organisationstructure. This project further discuss about the importance of innovation and their comparisonwith invention, 4P'S of innovation, frugal innovation and tools which were used in order toprotecting intellectual property (Adner and Kapoor ,2010). Apart from it innovation andlegislation of protecting creativity can be studied through case study of Apple and Virgin group.TASK1P1. Significance of Innovation and its comparison with inventionInnovation can be described as that term in which whatever the idea evaluated byindividual person are planned to implement in external market in the form of their goods andservices for their target audiences. Further, different application, theories and methods has beenused in their innovative ideas so that success can be coming in future (Amit and Zott ,2012).Employees working in organisation comprise of various skills and capabilities that must be usedin order to improve the products quality and standard so that customer can be satisfy after usingthat particular services. Apart from it marketing manager must regularly scan the environment sothat they update with new technologies and digitalisation in software industries and plan todesign such strategic framework which allow them to grab all the external opportunities and earnhigher profits that strengthen their financial position and benefits of stabilised position is thatinvestor are ready to invest in such organisation which enhance their paid up capital and increasegoodwill also.Ensoft Ltd. Is currently working in En-quality development methodology and thisapproach is very effective in embraces innovation of their engineers and also helpful in providingthat appropriate framework on the basis of which they collaborate with team and this is very

helpful for management to improve their quality standards and allow them to deliver the goodsservices at stated time period.Invention:- It is totally different from innovation under which individual want to inventsomething new which never exist in market before that. This is completely based on scientificmethods and logics through which they come with such new gadgets which change the picture oftechnology world. Company execute this method in order to maintain sustainable position insuch external world.Difference between innovation and invention which are describe below:-BasisInnovationInventionMeaningInnovation refer to such typetechnology that help inimplementing something newin their products and processfor very first time.It is basically an creativity andidea through which innovativeproduct coming in marketwhich never exist before.Conceptual baseThe whole concept is fullydepend upon the wholepractical implementation ofunique and creative ideas.Under this method whateverthe idea created is new andnatural without the mixture ofany other source in thatprinciples.Skill requiredUnder innovation differentmarketing strategies andtechnical measures for furthergrowth and development. Invention is an mixture ofscientific and technical skillsin order to create somethingnew and innovative.Activities neededThis technology is spread indifferent types of organisationin order to increase growth andprofitability both. Scope for research is limitedtherefore it is important todevelop different distincttechniques which never existin market before.Significance of innovation from employees of Ensoft Ltd.

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