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Innovation and Commercialisation

   

Added on  2023-02-10

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Innovation and commercialisation
Innovation and Commercialisation_1

Table of Contents
LO1. Innovation and difference between invention and innovation...............................................3
P1 Innovation and its importance to staffs..................................................................................3
M1 Analyse different sources of innovation and way to foster a culture of innovation.............4
D1 Critically analyse how innovation is developed, embedded and measured...........................5
P2 Organisational vision, leadership, culture and teamwork......................................................5
LO2 Explain the different types of innovation................................................................................6
P3. 4Ps of innovation and explain the use of the innovation funnel............................................6
M2 Analyse and apply the innovation funnel..............................................................................7
P4. Developments in frugal innovation.......................................................................................8
M3 Evaluate the role of frugal innovation...................................................................................8
LO3 Process required to commercialise innovation........................................................................8
P5 Importance of the commercial funnel and the application of NPD........................................8
P6 Build an Innovation Business Case, including ways to access funding.................................9
M4 Detailed Innovation Business Case.....................................................................................10
D2 Critically evaluate the nature of innovation and the context in which it is developed........10
LO4 Methods for protecting ideas, their advantages and disadvantages.......................................11
P7 Tools to develop, retain and protect knowledge and intellectual property...........................11
M5 Supported evidence-based evaluation of these different tools............................................11
References......................................................................................................................................12
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HR Solutions located at Northamptonshire, operate in a variety of industries and have a client list
that ranges from small care agencies to multinational technology firms. The HR team has
extensive knowledge and experience to meet ever changing customers’ demands. This particular
HR consultant firm has been selected to carry out the study.
LO1. Innovation and difference between invention and
innovation
P1 Innovation and its importance to staffs
Invention and innovation are entirely distinct aspects. Invention is the initiation of a new product
or service in the market while when a product is upgraded by adding certain features in it or
services are improvised to meet consumers’ demands, it is known as innovation (BESSANT &
TIDD, 2015). Marketers adopted innovation within an aim to improvise a product or a service
that already exist in the market or when the product or service has already been invented. In the
context of HR Solutions (MATTHEWS & BRUEGGEMANN, 2015). Example of Apple Inc.
can be taken while explaining about innovation because Steve Jobs has made significant
contribution to innovation in relation Apple Inc. The most remarkable innovation of Steve Jobs
is the launch of iPod of Apple (Wonglimpiyarat, 2012). There are about 1.4 million users of iPod
across the globe which has witnessed popularity since its launch. Apple’s iPod has been the
number one product on terms of generating profits and revenues and from the perspective of unit
sold. Not only its attractive look has facilitated it gaining tremendous popularity, but other
features such as storing capacity, sleek design, integrated with upgraded technology, availability
and mobility are some of the other key features that have made won hearts of millions
(Cusumano, 2010).
From the example of Apple it is evident that innovation is a strategic move that is adopted by
organizations in order to meet customers demand (Jun & Sung Park, n.d.). Upon understanding
the growing interest of people towards advancement of technology, Apple has launched iPod
targeting music lovers across the lovers. The innovation has been successful and the product has
become successful in winning a wide array of customer’s satisfaction (Heracleous & Papachroni,
2012). With product or service innovation business organizations are likely to be more efficient
Innovation and Commercialisation_3

in engaging its staffs to generate innovative and creative thinking that not only help them build a
work environment of engagement and active participation but staffs are positively motivated
when their innovative and creative thinking are acknowledged and promoted in an organization.
Staffs in recent times prefer working with organisations that allow them with challenging and
innovative tasks where they can integrate their skill and competence rather than involving in
repetitive and boring jobs (Holsapple, 2013). Hence, innovation allows staffs work against
challenges and in a more innovative work environment.
M1 Analyse different sources of innovation and way to foster a culture
of innovation
A number of sources contribute to the innovation of products and services. Business
organizations plan for product and service innovation in order to meet unexpected demand of
their customers. Every organizations in this global competitive market has been striving to
achieve competitive advantage by meeting their customers’ needs and developing products upon
the needs their needs. With an aim to meet ever-changing consumers demand companies have
been developing innovative products and services continuously (Bloom, et al., 2014). To have
successful organizational change management it must have available staffs and other required
sources for the innovation. Any changes in the system or process of a business organization
realise the need of innovation within the organizational procedures and operation. For instance if
an organization needs to meet organizational service development it need integrating ICT.
Innovation in the organization procedures and operation is adopted to develop more effective
product and services.
Not only are the demands of the customers changing continuously but market also has been
witnessing continuous change where organizations are needed to implement innovation to meet
those market changes (Arvanitis, et al., 2013). Knowledge upgradation is another source of
innovation which enforces business organization to adopt innovative process and systems so that
they can improve their productivity and performance in meeting global customers, for example
Kiosk machines are used in MacDonald’s, Greece making consumers order placing procedure
easy and less time consuming. Innovation in business organization are supported due to the
change sin demography such as person age, education and background support innovation in the
market.
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