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Innovation and Commercialisation | Report

   

Added on  2020-01-23

11 Pages3792 Words126 Views
INNOVATION ANDCOMMERCIALISATION

TABLE OF CONTENTINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Innovation and its importance in comparison to invention with reference to NixCommunications..............................................................................................................................3P2.Shaping of innovation and commercialisation by culture, vision, team work and leadership...4M1 Various sources of innovation and development of innovation culture in the organisationin context to Nix communications..............................................................................................4P3. Four p's of innovation and innovation funnel shaping innovative ideas .................................5M2 Applying innovation funnel in the organisation...................................................................6P4 Developments in Frugal innovation and its organisational use..................................................6M3 Role of frugal in innovation in Nix communications ..........................................................6D1 Critical evaluation of development and measurement of innovation in Nixcommunications..........................................................................................................................7TASK 2.................................................................................................................................................7P5 Importance of Commercial funnel and application of New Product Development (NPD)processing for commercialisation in context to Nix communications.............................................7M4 Innovation business case and measurement of its overall effectiveness using techniques totest, iterate and improve with reference to Nix communicates ..................................................8P6. An innovation business case for Nix communications..............................................................8P7. Tools to develop, retain and protect knowledge and intellectual property................................8M5 Evidence based evaluation of these tools in context to wider business environment withreference Nix communications...................................................................................................9D2 Critical evaluation of the nature of innovation in context to Nix communications providedby the evidences to overcome the challenges to develop innovations........................................9CONCLUSIONS................................................................................................................................10REFERENCES...................................................................................................................................11

INTRODUCTIONInnovations in the business services are the heart of any business soul. Innovation is thecreation of new ideas and implementing it in the market. Innovation and commercialisation in thecompany creates new opportunities in the market. The report aims to understand the importance ofinnovation and commercialisation and the role of culture, vision, team work and leadership ininnovations. The different sources and P's of innovation are determined in the report. The report isin context to a telecom company Nix communications which offers wholesale calls, business phonesystems, etc. It is the fastest growing company in this sector aimed to stand best among all and offernon competitive and excellent service. Frugal innovations and development methods are alsodetermined and focus is paid on the knowledge and intellectual property protection (Archibald andArchibald, 2016). Innovations and commercialisation in the service would boost up the profitability.TASK 1P1 Innovation and its importance in comparison to invention with reference to Nix CommunicationsInnovation means generating an idea and implementing it for the betterment of the company.The idea is transformed into goods or services that adds to the value of the company. Innovation isgenerally the modification or improvements done in the existing product or process. Invention onthe other hand creation of a new product or process. It refers to the introduction of completely newproduct or process implementing it for the first time. Like in Apple invention of I pod bought a newwave in the market remarkably adding to the company values. Innovations can be understood bytaking instances from the Virgin group as it continuously brings new ideas in their procedures toincrease the efficiency of the company. Likewise, if the cited company innovates the new ideas itwill increase potentiality and productivity of the goods and the process and hence rise theprofitability of the company. Innovation helps in developing internal potentials of employees aswell as of technology and the cited company will be able to respond swiftly to the customersdemands and directions. It raises the competency level of the company and can set standards up towhich no rivalries can reach which will turn increase the market shares. It provides an organisedstage to inspire people, increase the power and shapes the corporate profile. There are a lot ofproblems that have to be dealt by the company but in order to solve problems one needs to think outof the box and innovate new methodology to resolves the problem (Autio, and et. al., 2014). Newpaths and opportunities can be created by exploring innovating technology and the procedures ofthe company. It also helps to enter into new markets and acquire that market with a systematic andinspirational approach. Innovations can be done by any of the employee or member of the company.

Ideas of each and every member should be encouraged to get the best possible methodology andtechnique in order to increase the efficiency of the goods or service provided. P2.Shaping of innovation and commercialisation by culture, vision, team work and leadershipLeaders always plays a key role on innovations and commercialisation. They are the oneswho interact with the employees and innovation comes from employees as they know what couldwork and what could not. Leaders are responsible to motivate the staff members and inspire them tobring new ideas for the betterment of the company. They tap all the ideas from all the levels of theorganisation and evaluate them to get the one which could be implemented in the cited organisation.Sometimes there are complex problems the solution of which would require minds if diversepeople. They are responsible to bring together the perspectives and ideologies of diverse membersto resolve the issue. In order to achieve innovation and commercialisation it is very important tohave a kind of culture within the quoted company that focuses on these aspects. Culture of theorganisation includes the beliefs, values, perspectives followed by the workers of the company.Embedding a culture which involves encouragement of fresh concepts or improvisation of theexisting procedural techniques, motivating to think uniquely, discussions on innovations andtechnologies rather than market value and profitability etc would develop the practice of thinkingdifferently and this will become the roots of innovation and commercialisation. In order to work ina categoric direction the company needs a clear vision. To follow the path of commercialisation thecompany requires a vision towards it (Vision and Values Shaping New Organizational Structure,2014). Like the vision of Apple wad to bring in a new product which could make its remark in thenew market. CEO of Apple had a clear vision about it and that was the reason of success of theirproducts. Any idea or concept can be implemented only by performing team work. Togetherness isthe key to the lock of success. Team work can make the implementation of commercialisationpossible.M1 Various sources of innovation and development of innovation culture in the organisation incontext to Nix communicationsThere are seven sources of innovation. First one is expecting the unexpected, second is theincongruity which is thinking differently, third is need of process, then is changing the structure andmarket of the industry, fifth one is demographics, sixth is changing the perspectives, and last is thenew knowledge. Nix can develop innovation by changing the culture and motivating the workers tothink differently (Basu, Banerjee and Sweeny, 2013).

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