Innovation And Commercialisation Assignment
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Added on 2019-12-18
Innovation And Commercialisation Assignment
Added on 2019-12-18
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INNOVATION ANDCOMMERCIALISATION
TABLE OF CONTENTS1 background........................................................................................................................................4P1) Context for innovation and determine the difference between invention and innovation....4P2) Organisational vision, leadership, culture and teamwork can shape innovation andcommercialization........................................................................................................................5M1) Different sources of innovation, and how chosen organisation can foster and develop anenvironment and culture of innovation........................................................................................7D1) How innovation is developed, embedded and measured for the chosen organisationalcontext..........................................................................................................................................8P3) 4Ps of innovation and the use of the innovation funnel to examine and shape innovativeideas to employees.......................................................................................................................9P4) How frugal innovation can be developed? Provide examples of how it is used in any ofthe two organisational mentioned in the case study..................................................................11M2) Analyse and apply the innovation funnel in an organisational context.............................13M3) Evaluate the role of frugal innovation in an organisational context..................................13D1) Innovation is developed, embedded and measured for the chosen organisational context142 TASK 3............................................................................................................................................14Discuss the process required to commercialise innovation.......................................................14P5) Explain the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialization to employees.....................................16M4) Innovation Business Case to maximize operational efficiency ........................................17P6) Innovation business case for adequate funding...................................................................18TASK 4..............................................................................................................................................18P7) Evaluate the range of methods for protecting ideas and understand their advantages anddisadvantages.............................................................................................................................18
Evaluate the different tools that the chosen organisation can use to develop, retain and protectknowledge and intellectual property..........................................................................................18D2) Critically evaluate the nature of innovation and the context in which it is developed, howorganisation can overcome challenges to develop successful innovations................................19REFERENCE....................................................................................................................................20
1backgroundThe Jenrick Recruitment group was established in the 1967. Simon Holdings Plc is theparent company of Jenrick that has offices across the UK. The company provides placements invarious popular companies in local, national and internal companies. The company has achievedthe Times Top 100 Companies to Work For and Best Companies Award. 100% this recruitmentcompany’s clients have recommended them to best pool of talents (Jenrick). P1) Context for innovation and determine the difference between invention and innovationInnovation is considered as new idea and technique for applying better solutions andconducting market research properly. It is related to applying unique techniques and differentideas for better performance of organization. In this regard, research conducts related to propermarket recognition. However, global and innovations with advanced technology. However, newand creative ideas are generated for enhancing market position as well wide range of productsare presented for effective business and marketing strategies. In accordance to this, techniquesare applied for adopting changes and determining facts of investigated things. Therefore, analystuses ideas and techniques for further implementation and increasing quality services of anyentity. In this regard, searched and investigated things are found out for innovative expansionand enhancing different services regarding featured products and adding new qualities inproducts. Thus, innovation in any technology is interlinked with adding unique features insustained goods and services to attract customers at high level.Innovations are quite different with inventions because of searching variation. In thisregard, invention is obtained at first time while innovation is related to determining qualityfeatures and adding new qualities in investigated products. For example; in case of Apple, SteveJobs creates innovations for Ipods. As per this innovation, different quality features are added tothe new equipment for increasing efficiency of organization. Invention is to create any product or service for the first time which may be the strategyto attract new customers or retaining existing customers. Innovation on the other hand, can bereferred to something when the service to product or enhanced or make considerable changes tothe existing service or product or procedure(Gokhberg & Meissner, 2013). Innovation takes
place to improvised an object, service or process that has already been invented(Rice, 2013). Ithas been noted in the given case study of Apple Inc. that the former CEO, Steve Jobs has one ofthe most well-known personalities in innovating devises. Steve Job has grabbed millions ofeyeballs of customers because of his best-known example of innovation Apple iPod. 1.4 millionof Apple iPods have been sold across the globe since its innovation in the month of July andAugust in the same year(Jun & Sung Park, 2013). This device had been claimed as the No.1 interms of its unit share as well as revenue share. Apart from its attractive look, music loadingcapacity, easily availability and portable feature of the devise, Apple iPod has been one of themost innovative devices that has combination a wide range of aspects such as sleek design, easyto use attributes and implementation of advantaged technology. Thus, here it must be stated that Apple has not invented any new technology but thisdevice’s delivery, discovery and easy to use ecosystem have made this one of its kind. Apple hasbeen ranked top because of its innovative products and new business models that collectivelydevelops aninnovative strategy. Steve Jobs has encouraged its staffs to come with innovativeideas by thinking in a different manner. Experiencing extensive competition in the market, thiscompany has been concentrating on customer market by starting its business in technology(Amit& Zott, 2010). The company gradually has adopted diversified strategy and developed a widerange of software, hardware, tablets, laptops, televisions, music players and mobile phones. P2) Organisational vision, leadership, culture and teamwork can shape innovation andcommercializationOrganisational visionOrganizational vision of Virgin group is to make every one better off by delivering goodvalue to the customers, treating staffs well, making effective contribution to society anddeveloping positive relationship with organizational partners and deliver sustainable profits tothe stakeholders. Based on organizational vision, objectives can be developed so that tasks canbe designed achieve those as well. Leadership
Leadership ability develops employee performance ability of employee and manage themso that the can accomplish their task aligned with organizational objectives. Effective leadershipstyle enable an organization motivating its staffs and thus contribute to organizationalperformance and productivity. Thus, leadership is an approach for initiating and building team by which contribution ofeach and every individual can be obtained effectively. In this process, leader of the team usesdifferent theories to manage team. Including this, evaluation of each group member isrecognized as per which several ideas are generated for expansion of firm. Moreover, variousskills of workers are improved such as communication, problem solving and staff performance.It is interrelated with innovation ideas and adopting changes. Including this, several techniquesare applied for innovations that impacts on productivity and profitability of entity. Under thissystem, leader encourages team members for getting adjusted towards changes occur atworkplace. Therefore, selecting innovative and best appropriate option for increasingefficiencies efficiently. Team workWorking in team enables the organization in gaining organizational objectives inefficient manner. Staffs commitment and active participation in the production and decision-making process enables organisation in achieving success(Enz & Harrison, 2010). Employeescan present their innovative ideas in the business operation, and their participation has beenenabling the company to achieve success. The senior's members of different departmentsdevelop organisationalobjectives, and the tasks are designed aligned with thoseobjectives(Mobbs, 2010). CultureThe organisation further promoted formal and corporate working environment that againhas apositive impact on employee’s performance and attitude. As the employees are committedto their work as well as anorganisation they are self-motivated and work to provide their levelbest outcome which again has aconsiderable impact on organisational productivity. Commercialization and innovation
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