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BTE Assignment Brief (RQF)

Explain the context for innovation and determine the difference between invention and innovation, explain the different types of innovation, discuss the process required for commercial innovation.

Innovation and commercialisation-re

Innovation And Commercialisation-Re

This report discusses the importance of innovation and commercialisation in organizations, with a focus on Tesco. It explains the difference between innovation and invention, and how they are important for gaining a competitive advantage and meeting customer needs. It also explores how an organization's vision, leadership, culture, and teamwork can shape innovation and commercialisation. The report further discusses the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. It also explains the developments in frugal innovation and provides an example. Lastly, it explains the importance of the commercial funnel and the application of new product development processing for the commercialisation of innovation.

Leadership Management

Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation, Commercial Funnel

This report highlights the meaning of the innovation and difference between innovation and invention. After that the report highlights role of organization vision, culture and teamwork in shaping the innovation and commercialization. After that the report highlights 4 p's of innovation and innovation funnel. After that the report explain frugal innovation. After that the report goes on to explain importance of commercial funnel for the organization. In the end the report summarized innovation case for an organization and the different tool that an organization can adopt to develop, retain and protect knowledge and intellectual property.

Business Development

Marketing