Project on Innovation and Its Importance (Doc)

Added on - 22 Jul 2020

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Innovation AndCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Importance of innovation and difference between innovation and invention........................3P2 Organisational vision, culture and teamwork shaping innovation and commercialisation...5TASK 2............................................................................................................................................6P3 4P's of innovation and use of innovation funnel in examining ideas.....................................6P4 Development in frugal innovation in context of business.....................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and application of new product development..................8P6 Developing Innovative Business Case of an organisation.....................................................9TASK 4..........................................................................................................................................10P7 Evaluating different tools that are used to develop, retain and protect intellectual property...................................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONOrganisation requires an effective tool, known as innovation, which will help it to copeup every single challenge that occurs in its progress stage. There are numerous benefitsassociated with it such as modifications, up-gradation and manipulation in existing product. Thisnot only enhances quality of product but also increases its value in the market place. Innovationbrings reliability and uniqueness in offerings of a company thus giving it competitive advantage.To make business more worthy it is important to create policies, ideas, plans, strategies andprocedures with more innovative concept (Al-Ansari, Pervan and Xu, 2013). Outcome ofinnovation is to increase customer’s preferences and target market. Some enterprises useinnovation in their business context to make long-rum marketing strategies by modifying theirproduct and service. Basically, innovation is all about creating new concept and idea which is tobe launched in future. One of world’s largest company dealing in medical technology isLDexpress is a small drug store in London which deals in range of medicines.In this project,concepts related to innovation and its importance will be discussed. Further, difference betweeninnovation and invention and how commercialisation is moulded using vision, culture andteamwork will also be analysed. Later, 4P's of innovation and development of frugal innovationin context of respective organisation will be examined. At last, commercialise process andvarious tools that company can use to retain and protect intellectual property will be evaluated.
TASK 1P1 Importance of innovation and difference between innovation and inventionFor business there exists a process where an idea is converted into goods and serviceswith increase in quality and price. This process is known as innovation. It is used by all theorganisations that exist anywhere in the world to make their products and services more distinctand specific in nature. Thus fulfilling client’s expectation and need. Innovation is a combinationof imagination, ideas and information which adds more value to product. Still there are fewcompanies that void using innovation in their manufacturing as it increases risk of losing market.Company who want to expand and grow need innovation in their existing products and servicesto increase customer base (Baden-Fuller and Haefliger, 2013). Risk with innovation is that itcreates new market for the product which makes companies to resist for it.LD expresshas beenexisting in marketplace for past many years thus helping people with their medical services suchas neurosurgery, radio-surgery, orthopaedic surgery, etc. thus enabling company to implementinnovation in their business for future success and growth.Importance of innovation inLD expressBusiness is created into more valuable asset by implementing innovation in process andmanagement of business. With the help of innovation company can develop more advanceculture and system which will help in achieving success (Cheng Yang and Sheu, 2014). Belowmentioned are few importance if innovation with respect to business:Innovation can cause certain insecurities while adapting technology thus makingcompany more probe to resistance.Very spontaneous events can affect business.Bringing technology in workplace.Having customer satisfaction by fulfilling their specific expectations.Invention is used to re-manufacture a product with the help of new ideas and concept. Forexample, in radio-surgery usage of altered induced motor. To have invention years of experienceand practice is essential which will help in gaining competitive advantage in the market place.BasisInnovationInventionMeaningOn existing product or service of acompany implementing new concept.First time occurrence if an idea orconcept in brains of people.ResultTotal new product thus creating newExisting product is modified thus
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