Innovation and Commercialization of a Waste/Recycling System

Innovation and
Commercialization of a
waste/recycling system
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain innovation and its importance as compared to invention..........................................3
P2 How vision and leadership, culture shape innovation............................................................4
P3 4 P’s of innovation..................................................................................................................5
P4 Explain frugal innovation with example................................................................................7
P5 Importance of commercial funnel and NPD...........................................................................7
P6 Innovation case of Big Belly..................................................................................................9
P7 Different tools to retain intellectual property rights...............................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
In technological era and complex business environment, innovation has become a major
source for companies to grow and develop. It has provided a platform and vast opportunities for
business to innovate new products and services. through this, they are able to attract customers
and compete with rivals in market for long term. Not only products are innovated but also
services as well (Behrns, Gingles and Sarr, 2018). Furthermore, innovation has resulted in
creating value of product. However, firms are relying on it to generate more revenue and profits.
Many new ideas and concepts are applied within business.
The assignment will describe about importance of innovation and how vision, culture,
leadership shape. Also, it will be discussed about 4P’s of innovation and frugal innovation with
some examples. Moreover, importance of innovation funnel and NPD will be explained. Also, a
case of Big Belly and different tools to protect IPR will be described
P1 Explain innovation and its importance as compared to invention
Innovation is process of using and applying new knowledge and concepts in creating new
process, products, etc. It refers transforming new ideas and concepts practically. Innovation
allows companies to gain competitive advantage by developing unique goods to fulfil needs of
customers. Also, it is necessary for organisation to cope up with new market and technological
trends. With help of it, they are able to do things in completely new way (The Difference
Between ‘Invention’ and ‘Innovation’. 2018). It has been evaluated that there is difference
between invention and innovation. this is described below
Basis Innovation Invention
Meaning It is known as execution of
ideas or concepts to create
new process or products
(Deans, Gunter and Forte,
2016).
It is defined as creating of
new idea and concept.
Concept It is a practical concept where
idea or concept is applied
This is only theoretical
approach or theory.
Skills It requires technical,
innovative and strategic skill
Here, it only requires
theoretical skills
Activities Innovation can be applied in The invention is limited to
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any area of business R&D business function.
Concerned with Usually, it is linked with
developing of new product
and services
Here, it is related to specific
product or process.
Refer to Here, value is added to some
thing
In this new product is created.
It is evaluated that innovation and invention are two different terms. Usually innovation
is related to adding value by developing new products and invention means to create new
product. Innovation is applied to area of business but invention can not.
There is high importance of innovation within business which is explained below :-
High quality goods- This is the main importance of innovation as it enables in improving
quality of goods. By changing process or methods product quality is maintained. Furthermore,
redesigning process enable in removing deviations and fastening operational process (Eckhardt,
Ciuchta and Carpenter, 2018). Apart from it, firm productivity and employee performance is
enhanced as well that lead to increase in efficiency. However, organisation is able to attract more
customer by offering them new feature product. In this way, value of product or service is
created and customers are retained.
Building future – innovation provide a platform to company for long term growth. It focusses in
on building future by finding out customer needs. Through that productivity is enhanced as well.
an innovated firm is able to look for long vision. So, innovation is a base on which future is
build. From this they are able to sustain for long term in industry by innovating something new
continuously.
Providing modern tool – Innovation usually means to change process or develop new method.
so, processes are redesigned with help of new and advance tools. This provide new technique for
staff to work on them. for this effective training is provided to them through which they gain
knowledge and skills. The organisation uses modern tools that improve employee efficiency.
Thus, innovation provide a platform for business to grow and expand. It provides a strategic
direction by which business can gain competitive advantage (Gachie and Govender, 2017).
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