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LO1 1 P 1 Explain Innovation And its Importance in Comparison With Invention

   

Added on  2020-10-22

16 Pages4736 Words312 Views
Innovation AndCommercialisationManagement

Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P 1 Explain innovation and its importance in comparison with invention. ...........................1P 2 Explain how organisation vision, leadership and team work can shape innovation &commercialisation...................................................................................................................2M 1 Different sources of innovation......................................................................................3LO2..................................................................................................................................................4P 3 Explain 4Ps of innovation and use of innovation funnel to examine & shape innovativeideas........................................................................................................................................4P 4 Explain developments in frugal innovation with examples.............................................5M 2 Analyse & apply the innovation funnel..........................................................................6M 3 Evaluate the role of frugal innovation............................................................................6D 1 Critically analyse how innovation is developed, embedded and measured....................7LO3..................................................................................................................................................7P 5 Importance of the commercial funnel and the application of New Product Developmentfor commercialisation of innovation.....................................................................................7P 6 Build an Innovation Business Case for an organisation, including ways to access funding.................................................................................................................................................8M 4 Build a detailed Innovation Business Case.....................................................................9LO4..................................................................................................................................................9P 7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property......................................................................................9M 5 Present supported evidence-based evaluation of these different tools..........................10D 2 Critically evaluate the nature of innovation. ................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONIn an organisation, innovation is defined as a new idea to achieve competitive advantage.Therefore, a significant part of innovation is creativity that businesses used to acquire widershare in the market. Further, commercialisation is the process of launching a new product in themarket. It basically contains three major aspects ; the funnel, stage wise process and keystakeholders are involved earlier. Production, marketing, sales, distribution and consumersupport are all take into account under commercialisation. The chosen organisation is Connexica which was formed in 2006 as a spin out fromArdentia Limited and is located in the UK. It is a Stafford based company that has developedCXAIR i.e. search powered data discovery platform. The following report will explaininnovation and its importance while comparing it with invention. Apart from this it will coverorganisational vision, culture & leadership give shape to innovation. Further, it aims atdiscussing 4Ps of innovation and use of innovation funnel. Moreover, it represents theapplication of new product development process and create an innovation business case for acompany. LO1P 1 Explain innovation and its importance in comparison with invention. Innovation not only means introducing a new product or implementing a new idea, but itcan also be defined as a process that consists of multiple activities to uncover new ways to dowork. It has been determined that, bigger opportunities are created through innovation & areimportant for any company to survive, economic growth and success. Further, organisations thatinnovate are able to take their business at top in order to recognise new opportunities. Forexample, Connexica's products help the firm in both the public & private sector and it is alsoconsidered as an award-winning company with a turn over of euro 1.3 million. Now it is lookingfor making useful applications off its CXAIR platform to attain powerful insight from their dataand to assist companies to know better about their data. Invention is a process of creating ormaking something new and unique, i.e. designing a new product (Otto, 2018). Innovation Invention It refers to implementation of an idea forIt means, when an organisation create or design

product first time for a product. a new product or idea for a process that hasnever been made before. It adds value to something that already exist. Developing of a new product. It is the combination of numerous products. Single product or process. A process that starts with introducing a plan ofidea. A process that begins with launching a newidea or product. Practical application of a new idea. An original idea P 2 Explain how organisation vision, leadership and team work can shape innovation &commercialisation.A vision of an organisation refers to a clear, and comprehensive look into the futurewhich means it is a picture then an organisation sets for the future. Vision statement of acompany provides direction as it defines what a firm needs to be like, to be successful in thefuture.The companies vision is to provide self service data discovery solution to everyone in thebusiness. Vision of an , Connexica's is to become leading Search Powered Business Analyticssolution. Further, it provides motivation to the workers and also attract potential employees, as aresult the motivated employees work effectively for achieving company's goals. Leadership in anorganisation refers to the management the control a group of individuals who meet thechallenges and goals defined by a company as a whole. Leaders are expected to use their skills &knowledge to control the elements of the firm by implementing change. Team work in acompany refers to the collaborative efforts of a team to acquire a common shared goal. They allwork effectively and efficiently to complete a task in a given time frame (Moshfegh andMitchell, 2017). There are basically four types of culture which prevails in companies these arepower culture, role, task and person culture. In context of Connexica, business entity have role culture,as each and every employeein an enterprise are aware about their role nad they have sense of responsibility.The culture of Connexica is Clan culture in which there is friendly environment, peoplehave a lot in common and it is similar to a large family. The type of leaders company have arefacilitator, mentor and ream builder. Team of the company worked effectively to make aninnovation of CXAIR i.e. search powered data discovery platform.

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