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Innovation and Commercialisation Assignment Solution - EE Limited

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Added on  2020-10-04

Innovation and Commercialisation Assignment Solution - EE Limited

   Added on 2020-10-04

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Innovation andcommercialisation
Innovation and Commercialisation Assignment Solution - EE Limited_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of innovation and its comparison with invention..........................................1P2. Organisational vision, leadership, culture and teamwork................................................3Task 2...............................................................................................................................................4P3. 4Ps of innovation and use of creation funnel..................................................................4P4 Development in frugal innovation.....................................................................................5Task 3...............................................................................................................................................7P5 Importance of the commercial funnel and the process of new product development ....7P6 building an innovation case for the company .................................................................7Task 4 .............................................................................................................................................8P7 Different tools and techniques to develop, retain and protect intellectual property.........8CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
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INTRODUCTIONFor a business organisation, innovation is used to create value and new ideas in aneffective manner. It includes implementation of new ideas, improving new products and creatingdynamic goods or services (Aarikka-Stenroos and Sandberg ,2012). The process of bringingthose ideas and thoughts to reality is called as innovation. It is used to introduce different ideasand creative things to make existing products more valuable or build high goodwill in the targetmarket. This project report is based on EE limited which is a small business organisation andwants to introduce innovative products and services in target market. This report representsdifference between innovation and invention as well as discusses organisation's vision,leadership quality, culture or teamwork. It determines 4Ps of innovation and commercial funnelto get various advantages in organisation's context. At last, it includes innovation tool to developor protect the knowledge of intellectual property. TASK 1P1. Importance of innovation and its comparison with inventionInnovation is vital because it edge to a company in target market and helps to build astrong connection to developing market. This is provide a confident attitude to take risk and getthings done effectively. For EE limited, innovative culture helps to grow its business structureeasily and build valuation of their products and services. This is not only used to up valuabletime but also led to waste material that can provides effective outcomes in future. There arevarious importance of innovation for EE limited such as - Create competitive advantages – Innovation helps to identify the most valuable way ofimplementing various strategies and techniques in organisation. It provides creative ideas andthoughts to introduce new products in the target market (Bagchi-Sen, 2010). Through thisprocess, organisation can easily earn competitive advantages and opportunities to provideeffective goods in the market. Innovation helps to manage time and reduce wastage inorganisation that helps to provide effective outcomes after utilizing them. Innovation is an act tomake changes in an existing products or to introduce the new ways and ideas. Established best methods for business – Innovation is used to provide a unique ideaand effective objectives by recognising organisation's current resources and variousopportunities. In this, organisation needs to understand customer’s needs and their demands for1
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particular products and services. After getting information of customer’s demand, they shouldhave to create most effective goods to provides them higher satisfaction and get competitive edgefrom market (Bogers and West, 2010). Helps to build creativity in organisation – Innovation is a process to provides creativityin and uniqueness in existing and new products through different ideas. Through this process, EElimited can easily adapt various ideas and provides them to their employees to use themeffectively. Innovation and advanced technology is required skilled and experienced employeesto use them easily. This is not used to replace existing products but it provides innovative andunique look. Sometimes, innovation and invention; both words sound alike, but after a deep analysis, itis concluded that there is a fine line of difference between both these factors such as: Basis of differenceInnovationInventionMeaningUsesIt is used to create newproducts. It is used to add values in theexisting products. SkillsScientific and technical skillsare required in an individual touse innovation effectively. For this, marketing andstrategic skills are requiredwith specific knowledge ofcustomer's demand. 2Illustration 1: invention and innovation source: invention and innovation 2018
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