Innovation and Commercialisation TABLE OF CONTENTS
Added on 2020-10-04
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Innovation andCommercialisation
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to the company in comparison with invention................1P2. The way organisational vision, leadership, team work and culture can shape innovationand commercialisation............................................................................................................2M1. Different sources of innovation and the organisation can foster and develop anenvironment and culture of innovation...................................................................................3D1. The way innovation is developed, embedded and measured...........................................3TASK 2............................................................................................................................................3P3. 4P's of innovation and the use of innovation funnel to examine and shape ideas toemployees...............................................................................................................................3M2. Analysing and applying the innovation funnel in an organisational context..................4P4. Developments in frugal innovation and examples to use it in an organisational context5M3. Role of frugal innovation in an organisation..................................................................6TASK 3............................................................................................................................................6P5. Importance of commercial funnel and the application of New Product Development....6M4. Detailed innovation business case which includes ways to measure its overalleffectiveness using appropriate techniques available to test, iterate and improve.................6P6. Innovative business case for organisation to access funding...........................................7M5. Measurement of overall effectiveness of organisation by using appropriate techniques7D2. Critical evaluation of the nature innovation and the context in which it is developed....8TASK 4............................................................................................................................................8P7. Different tools of organisation that are used to develop, retain, protect knowledge andintellectual property................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation refers to a new method, idea or process. Adaptation or production of newideas for the growth of company is innovation. Commercialisation is a process of launching anew product or service in the market. It involves production, distributing, market, sales andcustomer requirements. Red Apple Group is the selected organisation in present report that hasbeen business for around 20 years and is dedicated to develop new technologies with makingnew relationships and devising it is easier for the mortgage brokers and IFAs to have a broadchoice of quality insurance products for their customer. As a CEO of Red Apple, in this report, Iam going to explain company’s innovation and commercialisation and their benefits since 12months. Its vision and leadership, its different sources of innovation, how innovation isdeveloped, analysing and applying innovation funnel in the organisation..TASK 1P1. Innovation and its importance to the company in comparison with inventionInnovation is a process of converting a new idea or invention into a product or servicewhich creates value for customers. In business, when ideas are applied in order to satisfy theneed of the consumers, it results in innovation (Mastrogiorgio and Gilsing, 2016). For aninnovative idea to be helpful, it has to be applied without being too costly and it has to solve aparticular need.Innovation is important because it maximises the globalisation connectivity, increasesconsumer’s expectation, gives organisation an edge in penetrative markets faster as well asprovides a better connection which results in grabbing bigger opportunities. When anorganisation has an innovative idea, it will grow easily. It is very important to be creative andinnovative because creativity is connected with innovation and an important element ofcreativeness is diversity . Invention InnovationInvention refers to the undertaking of an ideafor a process or product that has never beenundertaken before.Innovation refers to a new idea for product forthe first time.Invention is making of a new product.Innovation is adding something new in the1
existing product. Invention occurs when new thought strikes.Innovation is done when a need is felt forimproving the existing product.Limitation of invention is till research anddevelopment of company.Innovation is distributed all over the company.Invention considers a single product.Innovation considers the collection of severalproducts.P2. The way organisational vision, leadership, team work and culture can shape innovation andcommercialisation1.Company's vision statement is all about its future, it is about where thecompany is going. A plan description of what a company would like to achieve inthe future. Red Apple vision statement serves a guidance for selecting current andfuture courses of action (Arditti, Arksey and Asche, 2017). Red Apple Ltd. visionstatement answers all key questions,’ Where our company is going?' and 'How wewill get it?’ Its vision is to be world's most customer oriented company; byserving the best technology at best possible prices, to have a commitment toexcellence, be innovation and passionate, provide service with honesty and havingas much fun as possible. 2.Leadership statement elements are: goal, vision, mission, values, strategicallyobjectives and an action plan. I can prove to the following benefits that haveresulted from shaping our leadership statement:Unity: - the entire team is going in one common direction.Focus: their path forward is clearBusiness growth:- resulting from focusing intensely Employee engagement: in addition to employees working together, joining together tohelp each other as well as helping those who are in need locally and abroad.To serve as a leader, live a balanced life and apply right principles to make a difference. 3. A team often has a team leader, who guides all members of a company to reach itsexpectations.2
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