Innovation and Commercialisation in Business | Report

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Added on 2020-01-28

Innovation and Commercialisation in Business | Report

Added on 2020-01-28

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INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................3P1 and P2.....................................................................................................................................4TASK 1............................................................................................................................................41.1 The 4Ps of innovation and the innovation funnel.................................................................41.2 Developments in frugal innovation.......................................................................................51.3 The innovation funnel in an organisational context..............................................................61.4 The role of frugal innovation in an organisation...................................................................7TASK 2............................................................................................................................................72.1 Commercial funnel and its processing..................................................................................72.2 An innovation business case for an organisation, including funding.....................................................................................................................................................82.3 Measurement of effectivenessusing techniques.........................................................................................................................82.4 The nature of innovation and strategies to overcome the challenges....................................9TASK 3............................................................................................................................................93.1 The different tools that organisations can use to develop, retain and protectknowledge and intellectual property..........................................................................................93.1 Supported evidence-based evaluation of different tools in the context of the widerbusiness environment...............................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

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INTRODUCTIONInnovation is the change that unlocks the new value. Innovation means bringing changesto a existing thing which can bring a huge difference. In basic terms it is modifying or upgrading.This report completely states what, how, where and when innovation is required and can beutilised as a source to have a achievement over the market (Anokhin, 2011). Akshay Kumar, thefounder of Essence Drinks has invented “lassi” in the market of UK which has grown rapidly.This states that it has captured the market and to be at stability it needs innovation in the existingproduct. This report states that how a company can use the creativity in its business operations sothat more and more customers could be attracted towards the product.P1 and P2Covered in PPTTASK 11.1 The 4Ps of innovation and the innovation funnelPrior to any innovation the company has to identify in which part of the organisation it isto be introduced. Innovation have parameters which are 4p's of innovation. These parameters can4 P'S OF INNOVATIONPOSITIONPRODUCTPROCESSPARADIGM

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