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Innovation and Commercialisation Assignment - THIRDWAY
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Added on 2020-10-22
Innovation and Commercialisation Assignment - THIRDWAY
Added on 2020-10-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation along with its importance to organisation as compared with invention..............1P2 Organisational vision, leadership, culture and teamwork for shaping innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 Explaining 4P's of innovation and use of innovative funnel..................................................4P4 Concept of frugal innovation and its use in organisational context.......................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of New product development.................6P6 Business case.........................................................................................................................7TASK 4............................................................................................................................................8P7 Evaluation of different tools which are utilised by business in preserving intellectualproperty.......................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is a chance that is used to make improvements in the existing or making aentirely fresh products that can add value to commodities (What is innovation and how canbusinesses foster it, 2017). Most of the companies adopt innovation for having successful growthin business operations. Company that is taking in this assignment is THIRDWAY which is ainterior designing company in United kingdom. In this report, the topics on which it will majorlyfocus are innovation and its importance to organisations in comparison with invention. Otherthan this, company's vision, leadership, culture and team work for shaping innovation andcommercialisation is mentioned in this assignment (Aarikka-Stenroos and Sandberg, 2012).Along with this, 4Ps of innovation are explained with the use of innovation funnel in order toshape innovative ideas is included in this report. Lastly, different tools and its usage for retainingand protecting knowledge and intellectual property is mentioned. TASK 1P1 Innovation along with its importance to organisation as compared with inventionInnovation is a procedure that is used by most of the companies in increasing their marketshares and value through any kind of products. For this, they uses different type of tools andtechnologies. If an organisation wants to increase and improve their market shares than theyadopt the concept of innovation as it enhances their brand image. Innovation is done in existingor any new products in such a manner that it can attract more and more customers towards theirorganisation as a result it will improve their sales and profitability. In context with THIRDWAY,they are using innovative techniques for providing best services in terms of interior designing toits clients. For this, they are hiring technicians who can perform their activities in a better way. Other than this, company is using innovating technologies for promoting their activitiesby launching an application, they are also using these technologies for designing and decorateinteriors of its clients. This is assisting them in generating a large number of funds for theirbusiness operations (Bogers and West, 2012). Inventions is not a new concept anything that happens all of a sudden or something whichtakes a long time to be discovered. For creating new things a person must be very good andshould have scientific and technical background. For example: Thomas Elva Edison whoinvented light bulb. Further difference between innovation and invention are stated below:1
InnovationInvention MeaningInnovation is considered as aprocess in which a thought istransformed into procedure so asto make a final products. The ideas of creating a productscomes for the first time and than itarticulated for converting that intoreality. Further a detailed steps aremade so that all the task are done ina systematic manner. Ability NeededFor making innovation anindividual must have skills thatare related to management as itwill assist them in controlling theentire procedure of productdevelopment. The person who are involved ininvention must have scientific skillsso that all the technical activities canbe handled in a better manner. Effect on companyIf the firm is not growing inrelation to business operationsthat they can adopt innovationthrough which enterprise canmake certain changes in theirproducts as it will assist them inimproving its sales andprofitability and help them insustaining a better position atmarket area. For making invention is not easy asit is costly as compared toinnovation. If proper process is donethan it will help them in improvingbrand image in front of itscustomers. ActivitiesFor getting effective results andthat to be right on time companydistribute the entire task todifferent departments accordingto their capabilities and caliber. As compared to innovation,activities are performed by skilledand experience person who haveexcellent knowledge about scientificand technical skills. As a result theproducts that are manufactured arebest in quality without any flaws(Chun and et. al., 2015). 2
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