Innovation and Commercialisation Task 1
Added on 2020-12-18
12 Pages3344 Words259 Views
|
|
|
Innovation andCommercialisation- Task 1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to organisations in comparison with invention....................1P2. Vision, leadership, culture and teamwork can shape innovation and commercialisation.....2M1. Sources of innovation and how organisations can develop an environment and culture ofinnovation....................................................................................................................................3D1. Scope, development and growth of entrepreneurial ventures..............................................4P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas.....................................................................................................................................................4P4 . Developments in frugal innovation......................................................................................5M2. Apply the innovation funnel...............................................................................................6M3. Role of frugal innovation ....................................................................................................7D2. Small businesses have an impact on different levels of the economy................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................1.........................................................................................................................................................2
INTRODUCTIONInnovation is the process of translating an invention or idea into product or serviceswhich creates value for customer will pay. To be called an innovation, an thought should bereplicable at an economical cost as well as satisfy a specific need. Moreover, commercializationis the procedure of introducing latest goods and services to general market area. It considerproduction, marketing , sales, customers support needed to achieve the commercial success oflatest product or services (Aarikka-Stenroos and Sandberg, 2012). This report is based on EnsoftLtd. which is an software organisation established in 1997 and they are bringing new softwarefor accounts department. Below mention assignment is going to explain importance ofinnovation and how vision, leadership, culture and team can shape innovation as well ascommercialisation. Apart from this, 4Ps of innovation and development of innovation funnel. TASK 1P1. Innovation and its importance to organisations in comparison with invention.Innovation Its a techniques of translating idea or make creation in goods and services which valueaccording the costume need and customer will give money for that. It refers to changing processand creating more effective process, ideas and products. It is beneficial for the business becauseby creating innovation the profit or margins increase, fulfilling consumers desires, infulencingand maintaining marketing quota, saving a marketing strategies, use of new businessopportunities, market increment and making competitive advantages. Business based onresearch and development techniques. It goes far beyond the research of labs users, suppliers andconsumers everywhere in business, government and non profit organisation (Bogers and West,2012).InventionIt is a unique process, method composition and device and an development process. It isa creation of goods and services for introduce new processes. It is a process of searching andmaking new thing for invent new products. It invent new idea to make make new products andservices for the market according customer needs.Importance of Innovation1
The importance of the innovation in Ensoft Ltd. is to create value for the organisation bycreating new revenue by different channels of marketing. For saving time, money and makeinnovation to incraese market, it is important generating efficiencies. The importance ofinnovation is creativity because the employees of the organisation should be creative forachieving growth.Importance of InventionIt is important for make change in the market's product and services. It is importantbecause kits direct impact is the formation of new industries and many derived sectors(Eesley,Hsu and Roberts, 2014). Comparison of innovation and invention Innovation and invention both are closely linked but are not interchangeable. InventionInnovationIt is a process of creation of a product orintroduction for the first time.In this scientistic skills are required.It occurs when new ideas generate in the mind.It is done with single product and or process.It occurs if someone improves an existingprocess, product and service.It is a set of marketing, technical and strategicskills.It is need based when need is felt for a productor improvement in existing product.It is combination of various products andprocess.P2. Vision, leadership, culture and teamwork can shape innovation and commercialisationVisionIt is an public declaration that organisation use to describe their high level goals for thefuture what they hope to achieve if they successfully fulfil their organisational purpose. In EnsoftLtd. It is a vivid mental image of what the organisation want its business to be at some point inthe future, based on its goals and aspirations (Ettlie and Rosenthal, 2012). If the organisation shape innovation and commercialization, it follow some componentssuch as core ideology,core values,core purpose and envisioned future. Core ideology meansmotivate the employees for their work or operation. The organisation do the work according theorganisation purpose.Leadership2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents