Innovation and Commercialisation

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................4
1. Innovation and its importance to company........................................................................4
2. Driver or Shaping force of Innovation...............................................................................6
3. Source of Innovation..........................................................................................................7
4. 4 p's of Innovation and Innovation Funnel.........................................................................8
5. Frugal Innovation.............................................................................................................10
6. Importance of commercial funnel and application of NPD..............................................10
7. Innovation business case in context of Toyota.................................................................11
8. Different tools that company can utilize to protect IP and knowledge............................13
9. Measure overall effectiveness using techniques to iterate, test and improve...................14
10. Evaluation of IP tools in regard to wider business environment....................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17
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INTRODUCTION
Innovation is defined as a process that helps to translates an idea or invention into a
good that used to create the value for customer. Toyota Motor Limited is a Japanese
Multinational automotive manufacturing company headquarter in Japan. Company generally
used to employee 364445 number of employees in an organization (Toyota Motors, 2020).
Current study highlights difference between innovation and invention and different source of the
innovation for the company. Then report goes on to highlights 4 p's of innovation, principle of
frugal engineering and innovation funnel. After that report highlights concept of commercial
funnel and NPD. In the end report explain different type of intellectual property rights available
for the firm.
1. Innovation and its importance to company
Innovation is defined as a process of carrying out of new Combination that generally
includes introduction of the new goods and service or new method of production. Innovation
generally brought in organization with an aim to enhance quality and product line of the
company in market (Scott and et.al., 2020). There are many businesses who interlinks the
innovation and invention together in the long run but in real they are very different from each
other.
Difference between Innovation and Invention are as follows:
Basis Innovation Invention
Meaning Innovation generally refers to
the process of bringing or
building something new in
already existing product in a
market.
Invention at the same time
refers to bringing something
new which has been not
brought by anyone in past.
Concerned with Innovation generally
concentrate on the single
product or process in an
organization.
At the same time Invention
used to concentrate on looking
at the combination of various
product and process in an
organization.
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