(Solution) Innovation and Commercialisation Assignment
Added on 2020-12-29
14 Pages4764 Words500 Views
Leadership ManagementHigher EducationLanguages and CulturePolitical Science
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INNOVATION ANDCOMMERCIALISATION
INTRODUCTIONInnovation plays a very crucial role in the overall growth and development of a small ormedium business. The market is usually dynamic in nature and is changing on a continuousbasis. So, in order to cope up with the changing market, it is essential that innovative andeffective goods and services are being launched in the market for the purpose of meeting theoverall demands of the customers over a period of time. Travelodge Walthamstow is operating inUK and is having various hotels in different locations within the Country; London being themain focus of the organisation (Baraldi and Waluszewski, 2011). The company is trying to growits business by providing high quality services to its clients. The current report will have adetailed discussion on various business opportunities that can be grabbed by the firm throughinnovative business ideas. The report will discuss the importance of innovation along withcontribution of culture as well as leadership in the growth of business. 4P's of Innovation andInnovation Funnel will also be discussed in detail.TASK 1P1 Innovation and its significance as compared to invention.Innovation can be described as a process of converting the good ideas as well as thoughtsinto final products and services in an effective way. Through an innovative business idea, thecompany can capture a larger market share, create reputation of the firm and at the same timeincrease the revenue growth over period of time. An individual as well as entrepreneurs have todevelop and innovate in the field of business to conduct the business operations in an efficientmanner. Innovation is effective for an organisation to attain competitive edge in the market placeover period of time.Some of the challenges faced by an SME in implementing innovation can be laid down asfollows: Lack of Funds: Usually, an SME does not have enough funds for effectivelyimplementing innovative ideas within the business. The company faces many problemswith regards to raising of funds and the sources available for funding of an SME is alsovery limited.Higher Competition: The Competition within the business is high and thus, it is highlydifficult for an SME to capture Market through Innovative product, because alreadyestablished players do have an edge over the others.1
Lack of R&D Facilities: An SME can not spend in the manner a big organisation canspend on its R&D facilities. The resources owned by an SME is fairly limited ascompared to big organisations.Invention is a different concept than innovation as it basically means adopting changeswhich are effective for the future growth of the firm and which also contributes in satisfying theneeds and demands of people. Invention is the process of giving birth to something new.Travelodge Walthamstow is considering to invent things which will benefit customer in a veryunique way. For Example, the concept of food delivery in the rooms of hotel from nearbyrestaurants at the demand of guests is considered by the management of the organisation, and itis working on implementing the same. This can lead to better management of customers and theywill feel much happier by getting served by the organisation. This has lead to better position ofthe company in the sector. It is effective in making employees more creative in nature and alsocreate value in developing the ability to resolve organisational issues in effective manner.Comparison between Invention and InnovationBasis forcomparisonInnovationInventionMeaning It refers to making somemodifications under the currentprocesses, products or services, sothat growth can be attained in thelonger run (Bianchi, Campodall'Orto,Frattini and Vercesi, 2010).It refers to giving a birth to an ideawhich never existed before and thus itis a new concept in the market whichmakes the organisation or its makerfamous over period of time. Relation It is related with adding values to thecurrent process and services to treatcustomers well.It is related with Inventing somethingnew, something that involves creationof products and services for the firsttime and something which was notcreated before.Concept In innovation, the aim is toimplement various ideas in practicalactions.In invention, an idea is implementedfor the first time in a theoretical way.2
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