Analysis of Innovation and Commercialization Studies
Added on 2020-10-05
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Innovation andCommercialisationTable of Contents
INTRODUCTION ..........................................................................................................................3P1 Define innovation and its importance to organisation with respect to invention..............3P2 Illustrate how vision, leadership, culture and teamwork of organisation move it towardsinnovation and commercialization.........................................................................................5TASK 2............................................................................................................................................6P3 Define 4p's of innovation and the usage of innovation funnel to shape business ideas....6P4 Explain developments in frugal innovation and how it is used in an business context.. .8TASK 3............................................................................................................................................9P5 Illustrate the significance of the commercial funnel and the application of New ProductDevelopment (NPD) processing in commercialization of innovation...................................9P6 Develop an Innovation Business Case ..........................................................................10TASK 4..........................................................................................................................................11P7 Analyses the different tools enterprise use in order to develop, protect and retainintellectual property..............................................................................................................11CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTION Innovation and commercialization is both necessary for the development and upliftmentof the society. Innovation is the process of translating an idea into goods and services whichcreate value that induce customer to buy (Aarikka-Stenroos and Sandberg,2012). Ashtons is anindependent estate agency which was founded in 1982 at Harpenden, Hertfordshire. Under theguidance of Karl Judd, Ashtons become the well known company of the residential property atHertfordshire who provide the facility of buy, sell and rent the property to the customers. Atpresent approx 50 -200 employees work under them. In this report, the discussion betweeninnovation and invention will be discussed along with identifying influence of vision, leadershipand culture. Moreover, it defines 4p's types of innovation and the usage of innovation funnel.Along with this, illustration the importance of commercial funnel will be identified alongundertaking of the process of new product development. Furthermore, it present the tool whichhelp enterprise to protect their knowledge and intellectual property.TASK 1P1 Define innovation and its importance to organisation with respect to inventionInnovation is the application of information, imagination and initiative which helporganization in get greater value for their resources. It also consider all these things which aid toconvert new ideas into useful product. Ashtons place investment properties and commercialproperties through their database in the UK and the innovative techniques. The new innovationof this organization is to introduce Predictive software that assist to analyze requirement andoutcomes of business services.Importance of innovation in the organisation are as follows :Innovation is taken in the Ashtons organisation to stand differently form the competitor.The right invention allow the respective company to offer something unique to itscustomers (Bogers and West,2012).Implementation of Predictive software in firm determines values of their organizationalservices by analyzing individual part of their building. These kind of innovation assist organization as well as customers to identify benefits oftheir choice of material and its performance in different circumstances on the analysisthrough Predictive software.
Commercialization is the process under which new products or service is introduced tothe general market. It includes many activities like production,distribution, sales and customerservice which is done to achieve the success of the new product.Major Challenges that Ashtons faces after the innovation are - Poor participation and Feedback – At the time of innovation in Ashtons of Predictivesoftware, organization faces major challenges as poor participation of customer and their poorfeedback due to lack of knowledge of its uses. This is the only reason that implementation ofnew technologies takes a long duration in providing beneficial results.Unclear objectives and challenges – At the implementation of predictive software,Ashtons faces numerous challenges due to unclear objectives and strategies. Therefore,management requires to pay their maximum attention toward it so that they can get desiredresults easily. Invention is the activity of creating, discovering or designing a method or process whichis never done before. Inventions should be patented so that it can be used by anyone for theirwork. Invention is the creation of a product or introduction of a process for the very first time.Whereas innovation is the process under which improvement or contribution is done in order tomodify existing product and service. Difference between Innovation and Invention BasisInnovationInventionMeaning The implementation of theidea for the product orcommodity for the first time isinnovation (Huizingh,2011).The development andimplementation of the idea fora product or process which hasnever done before by anyone isinventionAim Innovation is done to addvalue and making changes inthe existing product.Invention is done to providenew product or commodity tothe society.Skills It requires a broad marketing,technical skills.It requires scientific skills Attention Innovationconsideramalgamation of severalInvention's concern is for asingle products that assist to
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