Innovation and Commercialisation Assignment - Travelodge
Added on 2020-10-04
20 Pages4989 Words471 Views
Leadership ManagementProfessional DevelopmentMarketingDesign and Creativity
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INNOVATION ANDCOMMERCIALISATION
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................1LO 1.................................................................................................................................................1P1: Comparison between innovation and inventions .................................................................1P2: Role of leadership, organisational culture and teamwork in shaping commercialisation andinnovation ...................................................................................................................................2M1: Sources of innovation and role of Travelodge in developing suitable culture forinnovations .................................................................................................................................4LO 2 ................................................................................................................................................4P3: Innovation funnel and 4Ps of innovation .............................................................................4P4: Developments in frugal innovation .....................................................................................6M2: Implementing innovation funnel in Travelodge..................................................................7M3: Role of frugal innovation ...................................................................................................7D1: Development and measurement of innovation ....................................................................8LO 3 ................................................................................................................................................9P5: Significance of commercial funnel and process of New product development (NPD) .......9P6: Innovation business case for Travelodge focusing on methods to access fund .................10M4: Innovation business case with techniques to test and improve ........................................11LO4 ...............................................................................................................................................12P7: Tools to manage knowledge and intellectual property.......................................................12M5: Evaluation of tools protecting intellectual property .........................................................12D2: Nature of innovation and remedies to overcome the challenges in innovation development...................................................................................................................................................12CONCLUSION .............................................................................................................................13REFERENCES .............................................................................................................................14
INTRODUCTIONFrom business context innovation can be defined as the change mechanism in procedure,ideas and products. Innovations can be termed as the catalyst which ensures the continuousgrowth in the competitive and rapidly changing business environment. The innovation process inbusiness ensures that inventions or new ideas are transformed into services which can createvalue. For achieving the long term success goals in business innovations must be made itsintegral component (Chun, Chung and Bang, 2015). The report will differentiate between innovation and invention and will describeinnovation in context of Travelodge Hotels Limited. The organisation is considered as the thirdlargest hotel chain in United Kingdom. The study will describe various types of innovations andimplementation of innovation funnel in Travelodge. It will also discuss the evolution in frugalinnovation process in context of above chosen organisation. The document will evaluate theprocess and mechanism required for commercialising innovations. It will also describe variousmethods used by Travelodge to protect its ideas and advantages-disadvantages associated with it.LO 1P1: Comparison between innovation and inventions Definition of innovation and invention: Invention can be defined as the origin or developmentof a product or procedure which is completely new and has not been implemented or discoveredearlier. On the other hand, innovation can be defined as the process to make significant changesto existing product so that it can contribute more benefits economically as well as in terms offeasibility. The aim of innovations is to enhance business structure by new policies andmethodologies in business activities. For business processes innovations are more important thaninventions (Why Innovation Is Crucial To Your Organization's Long-Term Success, 2017). Innovation and invention at Travelodge:Invention requires scientific skills, high cost and time whereas innovations requirescombination of marketing, strategic and technical skills so that values can be added to existingservices or products. The skills required for invention are not available within Travelodge andare also not friendly with business goals. Thus, invention will not help business to align with themarketing and business requirements with its available resources and limited time frame. Hence,Travelodge aims at giving more priority to innovation so that benefits can be generated at low1
cost and rapidly. Currently the organisation is innovating its services so that more customers canbe motivated to use the services of organisation. The company is also changing is methods ofdelivering services so that it can minimize its operational cost and can increase benefits. Forinstance instead of using paper for record management company has replaced it with databasesystem which is not only cost effective but also more accurate and fast. Team work: The team work is defined as the approach when different individuals work togetherto achieve a common goals and objectives by their shared efforts and values.The effective teamwork and coordination between team members is essential for organisation to increase itsproductivity. Role of team work at Travelodge in enhancing innovation: The effective teams at are crucialfor enhancing the creativity. When different individuals work together as a team then it bringscreativity and make problem solving easy so that innovations can be easily implemented in theorganisation. The ineffective team work can reduce the efficiency and is not beneficial for longterm growth of company. P2: Role of organisational culture, leadership style and teamwork in shaping commercialisationand innovation Commercialisation is known as the process to transform the innovative ideas orprocedures into products and services which can be manufactured or delivered to end users withfeasible cost and time availability. Though innovations aims at enhancing the growth andperformance but if Travelodge will not embrace the innovation process with managed cultureand teamwork then these innovations can also turn into disaster by generating huge losses inreturn of investment. Innovations cannot be bring into practices without creativity (Sengoku,2015). Team work at Travelodge: The various departments such as marketing, finance, operational andinformation technology works together as a team so that they can provide quality services totheir consumers. Within each department also there is a coordination between all individuals sothat as a team they can perform their functional roles. The leaders and culture of Travelodgeencourages its human resources to express creativity in their work. The leaders always appreciatethe new suggestions from team members. 2
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