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Innovation, Intuition and Commercialisation

   

Added on  2020-06-05

14 Pages3750 Words140 Views
INNOVATION AND COMMERCIALISATION
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation, invention and difference between innovation and invention, importance ofemployees of Softwire............................................................................................................1P2 Employees are interrelated to vision, leadership and culture with innovation in softwirefirm.........................................................................................................................................2TASK 2............................................................................................................................................3P3 4P's of innovation, innovation funnel................................................................................3P4 Frugal innovation..............................................................................................................6TASK 3............................................................................................................................................6P5 Importance of commercial funnel.....................................................................................6P6 Innovation business case...................................................................................................7TASK 4............................................................................................................................................8P7 Tools for developing company and intellectual property..................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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Illustration IndexIllustration 1: Types of innovation...................................................................................................4
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INTRODUCTIONInnovation and invention is not the same but they are interrelated to each other.Innovation provides high productivity of the product in the market. Softwire firm providessoftware development services to the customers. To maintain the brand recognition Softwireproduces different types of innovative products in the market. This report includes 4 p's ofinnovation, innovation funnel, frugal innovation and intellectual property. 4 P's of innovationhelp to to implement the innovative product and increase the productivity of a product in themarket. By producing innovative items and services to the customers the entity can easily get thegoal and also expand business in the industry.TASK 1P1 Innovation, invention and difference between innovation and invention, importance ofemployees of SoftwireInnovation is the process of enhancing existing product in industry. Company need toapply some appropriate strategies and approaches in existing product to increase the productivityin the market. Innovation gives a better solution to create new product or create innovativeproduct for customers. Invention and innovation are not the same things, innovation is that inwhich that they give appropriate way to change the product for increase the productivity in themarket whereas the invention is that in which someone creates and provide new idea forinnovation (Varbanov and Seferlis, 2014). The main difference between the innovation and the invention is that innovation is doingsome changes by someone to increase the productivity in the industry and invention is someonegives new and better idea to invent the product in the market. They are not same but they areinterrelated to each other (Boudreau and Lakhani, 2013). Softwire provide software developmentservices to the customer they provide effective and efficient custom software to the clients. Thesoftwire company has the software of CRM in which they provide the way of connectionbetween customer and companies. CRM is a term that refers to the practices, strategies andtechnologies that the organizations used to manage and analyse the clients' connection andinformation throughout client’s life cycle, with the objective of maintaining relationship withcustomers. But this software focuses on company satisfaction they are not focused to solve1
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