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Report on Elements of Innovation and Commercialisation

   

Added on  2020-06-03

13 Pages3961 Words63 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance to employees.....................................................................3P2 Leadership, vision, teamwork and culture shapes innovation and commercialization.....4TASK 2............................................................................................................................................6P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas6P4 Explanation of developments in frugal innovation...........................................................7TASK 3............................................................................................................................................8P5 Importance of the commercial funnel and the application of New Product Development8P6 Innovation Business case..................................................................................................9TASK 4..........................................................................................................................................10P7 Tools used to develop, retain and protect intellectual property and knowledge.............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONDifferent practitioners and innovators have distinguished the terms of innovation andcommercialisation stating the fact that they are interlinked with each other. Innovation plays verywide role in the success derive a paramount proportion that can help in development of new andexisting products. An organisation use this approach for more productive and qualitycommodities production that can help in meeting the outcome. Professional Placement Resourcesis a recruitment and selection company deals with the business organisation with their hiringservices. This report will analyse various elements of innovation and commercialisation alongwith use of frugal innovation, commercialisation funnel (Adner and Kapoor, 2010). This is anassessment in which culture, role and leadership role is mentioned in this procedure of invention.NDP procedure and use of intellectual property would also be analysed in this assignment.TASK 1P1 Innovation and its importance to employeesIn the advance era of technology, various changes has occurred in the businessorganisation. Innovation refer to the process of innovating or translating an invention and ideainto a service and good which builds value which persuade consumer to pay. In brief, the termrefer to a great or effective idea implemented brilliantly, and interacted in a manner which isboth fully celebrated initial concept magic (Innovation of small medium enterprises forsustainability, 2011). On the other hand, commercialisation is the procedure through which annew services or good is established within the trade. Though these processes are initial andessential for an organisation like Professional Placement Resource, it creates various differentbarrier within the company that restrain their growth and development. Small businessorganisations like Professional Placement Resource are obstructed from growth due to theprocess not appropriate activities of commercialisation cause of lack of financial resources. Withhelp of innovation, company can offer better services to its customers and can better satisfy theirneeds. With some updated technology or new feature in its software company can fulfil therequirements of its target customers. It is very essential for company to have required resources,skills and time for ensure effective implementation of innovation and to get all benefits relatedwith it. For enhance skills of workers, company can provide them training. 3

But at initial term, this is required for organisation to develop an accurate understandingbetween both innovation and invention terms. Invention refer to the technical and scientific ideaor technique which the mediums of their accomplishment (Dahlander and Gann, 2010. ). Aninvention often is novel, unique, non-obvious and have its distinct utility. An invention is createdby an inventor and researcher through deep evaluating over a certain issues. This is an act ofdiscovering something which has never been formed before. The term invention and innovation are closely interrelated with each other. He productinitially is being invented by inventor which later being innovated or modified into better versionof it through adding new features. For example, company has invented better activities ofrequirements and selection within the market and they have expanded their reach in overall theworld through the digital technology. There are various sources which can help the ProfessionalPlacement Resources business industry i.e. incongruities, needs of process, unexpected failuresand achievements, new skills and knowledge within the market, demographic changes,alternation of perception and meaning etc. The company focus over using more advanced andmodified technologies for wide reach of enterprise in regard of recruitment (Davila, Epstein andShelton, 2012). This is the reason company have been enlisted as one of the best recruitmentSME in UK. As both term, invention and innovation are interlinked, there are various basic differencesbetween these. Here are briefed major distinct: Difference between Innovation & InventionInventionInnovationInvention refer to the new methods, products,concepts and idea for establishing new conceptof business. It refer to alternation and change in existingmethods, objects, commodities, services etc. This require scientific and proper technicalresearch for meeting new discovery. Use of new market trends evaluation andorganised innovation procedure is utilised.For e.g. Invention of WWW. e.g. Constant improvement of WWW todigitalised era. P2 Leadership, vision, teamwork and culture shapes innovation and commercializationWorkplace diversity can be profitable for the innovation through carrying all elementstogether and widening the idea pool. Commercialisation and innovation is influenced from4

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