Difference in Innovation and Invention : Assignment
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Added on 2020-07-23
Difference in Innovation and Invention : Assignment
Added on 2020-07-23
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to an organisation with comparison invention.................1M1...........................................................................................................................................2P2 Organisation vision, leadership, culture and teamwork shape innovation andcommercialisation...................................................................................................................3TASK 2............................................................................................................................................4P3 4P's of innovation and its use for innovation funnel.........................................................4M2...........................................................................................................................................6P4 Development in frugal innovation.....................................................................................6M3...........................................................................................................................................7D1...........................................................................................................................................7TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of new product development.............7P6 Innovation business case for an organisation....................................................................9TASK 4 .........................................................................................................................................10P7 Different tools which used to develop, retain and protect intellectual property rights...10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is a requisite part for each and every kind of company as this assist anentrepreneur to modify goods and services timely; therefore, they can compete their rivals atmarketplace and take benefits from them (Lim and et. al., 2017). Innovation as well ascommercialisation is consider as a procedure which cater a choice to firm; so that, they canimprove their profits and acquire more users. Present report is based on Essence Drink which isproviding mango drink to people and this will assist them to get maximum revenues. After twoyears, sales of their product get reduced. Therefore, to overcome for this, they have to utilizeinnovative thoughts into their business through enhancing their goods. Fundamental aim of thisassignment is to determine difference amongst invention as well as innovation. Furthermore, findout procedure and in addition ideas for commercialise business. To secure thoughts ofinnovation, there are certain rules and laws are formulated by regulatory body. TASK 1P1 Innovation and its importance to an organisation with comparison inventionInnovation is consider as a procedure, when person create some alterations or changes incurrent goods as well as services (Henttonen and et. al., 2017). These modifications take place inenvironment of business appropriately as it is dynamic in nature. Company develops a newproduct for their customers named, Lassi, it brings a thought of change into marketplace.Manager of Essence Drink launch it into many flavours by mix various fruits into it. Therefore,this procedure is fundamental for company due to:Through utilizing new and unique idea into business, company will acquire growth andmarket share in broad range.With assistance of innovation an enterprise can survive at marketplace for longer periodof time.It has been determined that from last few years Essence Drink is not getting growth. To acquiresuccess they implement a popular idea of Lassi which assist them to gain maximum share ofmarket. Along with this, it helps them to obtain more revenues. Both terms, innovation as well as invention is entirely distinguish from each other.Therefore, employer of Essence Drink has to examine this element adequately as this will helpthem to get improvement.1
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