Innovation and Commercialisation Importance PDF

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INNOVATION AND
COMMERCIALISATION
Table of Contents
INTRODUCTION...........................................................................................................................1
LO.1................................................................................................................................................1
P.1. Innovation and its importance to company with invention.............................................1
P.2.Explaining the vision, leadership, teamwork and culture in order to prepare innovation
and commercialization process...............................................................................................3
P 3. Explain 4P’s of innovation and explain the use of innovation funnel to examine and shape
innovation ideas......................................................................................................................3
P 4 Explaining the frugal innovation in order to support with some examples that how it used
in the business function..........................................................................................................5
CONCLUSION...............................................................................................................................6
REFERENCES................................................................................................................................7
INTRODUCTION
Innovation process is the steps to invent some new ideas and translating new innovation
from idea to new product development. It isvery important that innovation is very important for
the survival of the businesses. Today, the entire world is of competition, thus, each and every
organisation have to go for innovation to beat the competition in the market (Bain and
Kleinknecht, 2016). In this present report, Amazon Go company is being chosen for assessment.
It is operating in a retail industry of convenience stores. It is a chain of grocery stores operated
by the online retailer Amazon. Its headquarters are located in Seattle, Washington.
LO.1
P.1. Innovation and its importance to company with invention.
It is very important that innovation is very important for the survival of the businesses.
Today, the entire world is of competition thus it is very essential that organisation should go for
innovationon continuous basis (Christensen, Raynor and McDonald, 2015). Amazon Go
company is going to open a grocery store in Britain with highly technical and innovative
machines. It is truth that there are many other groceries stores located in the Britain, thus, in
order to come up from others, it is very essential that they should provide those services and
product which are unique and different from other. It is very easy to copy others ideas and
thoughts but it is very difficult to go for innovation. Innovation makes the businesses entirely
change in terms of products and services.
Here are some importance of innovation in comparison to invention in case of Amazon GO.
Innovation is the process of creativity and implementing ideas which make the business
unique and well as different from other organisation in the market or industry. Innovation is very
crucial for all types of organisation as well as for Amazon Go company and it is much more
important in contrast with invention (Wallace, 2017). Amazon Go company is operating in a
retail industry of convenience stores. It is a chain of grocery stores operated by the online retailer
Amazon.Amazon GO is going to open its new grocery store in Britain which is the great
pleasure for the company to raise its share in the world. There are numerous number of
organisations which are operating with the same business. Thus, in order to beat the competition
it is very important that Amazon Go should come up with innovative concept in the market. It is
truth that innovation as well as invention both are very profitable for the company but the better
option for Amazon Go is to go for innovation instead of invention because company is dealing in
1
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