Innovation and Commercialisation Process

Added on - 03 Jan 2021

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Innovation andCommercialisation
INTRODUCTIONInnovation refers to the process that involves multiple activities which are performed toconvert or translate an idea into a good or services which maximises their value and satisfactionlevel of customers. Introducing such new and innovative product into market so as to make itavailable on the market is known as commercialisation. Therefore, both innovation andcommercialisation plays a major role for an organisation to achieve growth and competitiveadvantage in market. There is need of bringing innovation into market by organisationsirrespective of the size whether small, medium or large in order to cope up with the factors thatinfluences interest and behaviour of targeted people. Austin Fraser Ltd., a UK based companywhich is engaged in recruiting candidates for the right job in reputed organisations is selected forthe purpose of preparing this report. The project discusses the value of innovation in the growthand success of an organisation in competitive market(Bianchi and et. al., 2010).TASK 1P1:Innovation is defined as an activity of conversion of products or services into innovativeofferings that maximises their value as well as satisfaction level of targeted people. Bringinginnovation in existing products or services brings company ahead than their rivals in competitivemarket and assist in achieving huge profitability as well. It can be possible with the help ofmaximum support from management who encourages employees to develop new and innovativeideas in their working procedures as to achieve better possible outcomes.The term invention is different from the concept of innovation, as invention defined asgeneration of something which were not developed or introduced by others earlier whereasinnovation refers to an activity of improving the existing procedure of business activities throughimplementation of new and innovative ideas(Casadesus‐Masanell and Zhu, 2013). Culture alsoplay a significant role in an organisation which support employees to develop their thoughts andideas while execution of allotted task. Therefore, it is important for the management of AustinFraser Ltd.to build an effective organisational culture at workplace. Austin Fraser Ltd. is acompany of UK which is operated its functions at small scale due to which introducinginnovation in the business support them to achieve growth and expansion. The businessenvironment is dynamic in nature which brings lots of complexities that can harm the existence1
of business in market. Therefore, it is required for management to search new and innovativeway through which they can execute business functions more smoothly(Dries and et. al., 2014).For example, launching a new mobile application which gives a platform to eligible candidatesto upload their resume which makes easy for managers to invite them and recruit for reputedorganisations. It reduces work burden of employees as they are not required to give enoughefforts to search eligible candidates for the purpose of recruitment. Commercialisation is alsoanother important concept which defined as the introduction of new product or service i.e. a newmobile application so as to facilitate targeted customers and employees to use such new productfor their own benefits. Taking an example of Apple and Virgin they both are always tried toupgrade their existing software on regular basis which bring ahead them in competitors with theirrivals. For example, Apple Inc. was introducing iPod in the year 2001 which becomes the firstMP3 player in market thus attract lots of people and earn huge revenues. Another example ofVirgin, creation of Virgin Galactic which facilitate customers to store their valuable informationmore securely. Therefore, innovation is must required to adopt for an organisation which bringvarious advantages to the employees as well as targeted people which are listed under the below:Adoption of new and innovative techniques in business operations minimises the physicalefforts of employees for example, launching a new mobile application where qualifiedcandidates can upload their CV which makes easy for managers to select qualified andsuitable candidates among various job applicants and invite them for interviews.Innovation makes easy for employees to execute allotted roles and responsibilities inmore effective and efficient manner. For example, Launching a new mobile applicationmakes easy for employees to find qualified candidates who are searching for a job inreputed organisation(Evers, Cunningham and Hoholm, 2014).It maximises the satisfaction level of targeted people as well. For example, Launching anew mobile application byAustin Fraser Ltd.facilitate its targeted people i.e. qualifiedcandidates searching for a right job to apply for the vacant job through such app.Comparison between Invention and Innovation:BasisInnovationInventionConceptIt refers to the conversion ofnew and innovative ideas intopractical form to developIt refers to the creation of newand innovative ideas thatcannot be introduced by2
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