Essay on Innovation and Commercialisation
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Added on 2020-06-04
Essay on Innovation and Commercialisation
Added on 2020-06-04
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance in comparison to invention...................................................1P2. Way in which organisational leadership, culture, teamwork and vision can shapeinnovation and commercialisation..............................................................................................2TASK 2............................................................................................................................................3P3 4p's of innovation and use of the innovation funnel..............................................................3P4 Developments in Frugal advancement ..................................................................................5P5 Significance of business channel and utilizations of NDP ...................................................6TASK 4 ...........................................................................................................................................7P6 Business case identified with development for 4com plc business firm ..............................7P7 Various instruments that organization use to hold its protected innovation .........................8CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is which means to create of to introduce new thoughts by the products andservices which is already exist in the market. Innovation helps the company to complete theirtask and to get attention in market. Now a days, it is essential to bring innovation and sometimesinvention by the firm to sustain in the market for longer duration. In this, company chosen is4com plc (Aryal and et. al., 2016). which is a small business firm that provides telecom servicesto the people. In this report, the importance of innovation and invention is being described andthe requirements and uses of the firm is said. This report will help reader to understand about allnecessary things which have to be considered by the firm. TASK 1P1. Innovation and its importance in comparison to inventionInnovation is a process in which something new is created by the any of the products andservices which already exist in the market. In this some of the modification is being done withthe existing things. This is a formed by the ideas, this is an creativity of people. This can help themanagement and the employees to create new modification in the products according to the trendand time (Breznitz and Etzkowitz, 2016). This helps in creating value in the market and amongcustomers as if 4com will bring innovation then people would get new and upgraded products aswell as services. So, they will automatically start connecting the firm easily. Innovations ishelpful when the ideas which is been generated is good and new. Invention is a process in which new and unique things are created for the first time. Thisshould be done by the firm once in a while to get competitive advantages in the market. 4Comcan create any new things, it can be like any device, etc. Innovation Invention This is a term in which modifying the existingproducts or services is been done This is a term in which creating of new andunique things is been considered. This requiresa lot of research and information so that ideascreated should be unique which is not createdby anyone else (Kolychev and Prokhorov,2015). This can be said as the creativity of firm so thatThis is related to the research and development1
they can upgrade their products and servicesaccording to the trends, environment and manyother factors. departments duty to collect the requiredinformation. This the activity of the innovation use toextend across the firm. This helps in creating brand value and increasecompetitive advantage in the market.There is high importance of innovation which can be understood like:This helps in providing better services and products- Innovation as well inventionhelps in providing better services and products to the customers as innovation helps inmodifying the existing products which are already there in market. In this, some changesare made according to the trends and fashion or it may also according to the requirementsof the people. Invention helps as it aids the firm in creating new and unique products orservices (Brown and Wyatt, 2010). Getting competitive advantage- It is essential for company to have competitiveadvantage, especially invention helps in having more competitive advantage in themarket. As Apple is not a creator means an inventor of iPhones but they are the innovatorof iPhones. So they get support by the customers and the market too. They have very bigadvantage of all innovating their devices, they use to upgrade the technologies in theirproducts according to the trend. Increasing profitability- Innovation as well as invention helps the firm in increasingtheir productivity and if that will increase the profitability will automatically get increase.If company will add new upgraded technologies in their products then customers will getinfluenced to buy more. P2. Way in which organisational leadership, culture, teamwork and vision can shape innovationand commercialisationIn firm culture, leadership, vision and teamwork use to play a very essential role in thefirm, and that has to be taken in care about the people which are working in firm. Specially themanagers has to take in concern about the companies vision, culture, teamwork,etc. Vision- The vision of 4com is to provide good communication and the internet servicesto their customers. This helps in deciding the future things which they have to achieve.2
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