logo

Innovation and commercialisation (DOC)

   

Added on  2020-01-07

14 Pages4614 Words219 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Define the innovation and its importance in comparison to the invention to theorganisation.................................................................................................................................1P2 How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................3TASK 2 ...........................................................................................................................................4P3 Explain the 4Ps of innovation and explain the use of the innovation funnel .......................4P4 Explain developments in frugal innovation and how it is used in an organisational context.....................................................................................................................................................6TASK 3 ...........................................................................................................................................7P5 The importance of the commercial funnel and the application of New ProductDevelopment ..............................................................................................................................7P6 Build an Innovation Business Case for an organisation, including ways to access funding.7TASK 4 ...........................................................................................................................................8P7 Different tools that can use to develop, retain and protect knowledge and intellectualproperty.......................................................................................................................................8CONCLUSION ...............................................................................................................................9REFERENCES .............................................................................................................................10

INTRODUCTION Innovation refers to fresh idea, new method, bran-new process. Innovation also determinebetter solution to face challenges and meet requirements. In the context to market innovationrefers to bring product with more effective process and updated features. This can bring newtrends and new solutions in the society (Leeuwis, 2013). Commercialisation refers to process bywhich new product, services, process bring in market. A company commercialise their new ideato make available in the market. The company which is taken in that particular report is apple . This company is one of themanufacturing the iPhones and iPods. The company is famous for their innovative technology intheir each and every product. The another company which is taken in this report is virgin whichis into finance, travel and entertainment. This company establish as the smaller enterprise anddevelop its operation according to time and become the famous organisation. In this report the importance of an innovation has been explain to an organisation. It ismention in this report how the company vision, culture, leadership can give shape to innovationand commercialisation. The 4 PC's of innovation are discuss in this report. The different kind oftools which company used to protect and retain the intellectual property. TASK 1P1 Define the innovation and its importance in comparison to the invention to the organisationInnovation simple means creating the new ideas, process by which the company canprovide easy solution to its customers. Like apple introduce the iPod for the music lovers canmake convenient to the customers to listen songs anywhere without carry big devices. Importance of the innovation Innovation is very important for every organisation. If company is not innovating the itsproducts them consumer not by product because the product technology is out dated. Followingare importance of the innovation. Adapting to the change in the workplace: Innovation help the enterprise to adopt newchanges in the dynamic business environment. There are many challenges whichcompany is facing but if they bring an innovation in their process problems can besolved in easy manner.

Can response to the customer expectation: When the customers has high expectationwith a company to sustain that level the company brings the continuous innovation whichhelp to meet customer expectations. As an apple bring innovative products which othercompany does not have this can increase the brand loyalty and satisfy customers(Leeuwis and Aarts, 2011). Increase the global connectivity: As the company is continuous innovate its product.There is scope for company to expand its business globally and serve customers worldwide. This can help a company to grow and also increase the revenue. Looking for the future: Innovation help to see future consequences in businessenvironment and try to solve problem for easy flow(Gustafsson, Kristensson and Witell,2012) . There are many machines launch in the market which can make easy for theconsumers to use it and minimize their work. For example laws company are using theartificial intelligence program which help the clients to solve their problems. Difference between innovation and inventionBasis InventionInnovation Meaning Invention refers to creating the idea,process, method for first time with isnot made before. Innovation refers to theimplementation of new ideas. Processand methods for first time no otherperson implement that idea before. What is allabout?Creating the new ideasAdding value to the exiting products. Concept Theoretical idea of making solution Implement the idea in practical ways. Occurrence Scientist gets the new ideaOccur when company feel to improvethe existing products.Concernedwith Individual product and processCombination of many products andprocessActivities Do the limited research anddevelopmentCover all the part of the organisationExample Apple brings the iPod first time in themarket so it is invention by company After launching the first model ofiPod various model has been launch

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Advanced and Commercialised Strategies of Apple company : Report
|13
|3799
|193

Innovation and Commercialisation - Virgin Group
|16
|5086
|54

Frugal Innovation Development in Context of Company 7 D1.8 TASK 38 P7
|17
|4572
|180

Innovation And Commercialization Assignment
|10
|3306
|307

Innovation And Commercialisation Assignment- Vodafone Ltd
|14
|3975
|38

Innovation and Commercialisation
|16
|5085
|438