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Report on Aspects of Invention and Innovation in Small Business Organisation

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Added on  2020-06-06

Report on Aspects of Invention and Innovation in Small Business Organisation

   Added on 2020-06-06

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Innovation andCommercialisation
Report on Aspects of Invention and Innovation in Small Business Organisation_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explaining importance of Innovation in an organisation along with comparison withinvention.................................................................................................................................1P2 Role of organisational vision, leadership, culture and teamwork in innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3 Explaining 4P's of innovation and use of innovative funnel.............................................4P4 Concept of frugal innovation and its use in organisational context..................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of NPD..............................................6P6 Business innovation case...................................................................................................7TASK 4............................................................................................................................................8P7 Evaluation of different tools which are utilised by business in preserving intellectualproperty...................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
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INTRODUCTIONThe innovation components and commercialisation can take the enterprise to the successheights. The innovation concept revolves around the creation and development of products makeit more altered and modified from the existing one (What is innovation and how can businessesfoster it?, 2017). On the other side, commercialisation refer to the market and disseminate theservices and products in the global or local trade. The service will be initially formed in the tradewhich will be adopted and modified as per the requirements later. This report will analyse theSoftwire, small consultancy service provider along with rendering software services. In contextof this small business organisation, this report will analyse various aspects of invention andinnovation along with analysing the major types and mix of innovation. This will analysenumerous innovation aspects carrying out the concept of frugal innovation and commercial orinnovation funnel.TASK 1P1 Explaining importance of Innovation in an organisation along with comparison with inventionThe company, Softwire is a small business enterprise operate their various operations inthe software engineering domain as well as digital design and consultancy services in UKmarket. The company was established in 2000 and possess nearby 130 and more worker who areaiming on delivering their services to the clients (Sheep, Fairhurst and Khazanchi, 2017). Thecompany is owned and operated by Pete Kenny, Phil Marsden and Dan Shavick who togetherrun their functions. The term innovation can be referred as the introduction and implementation of newvalues, idea, concept, method and procedure which can be built behalf of the company. Thisoften defined as the formation of new product, system, procedure that can assist a businessorganisation to replace the existing and traditional approaches in order to form new and moremodified one within the firm. Invention, on the other hand, refer to the discovery andintroduction of new method, service, products and activities for the first time. There are severalsources from which innovation forms like the strategies of competitor, market and team workingthat can direct whole entity toward the success. Here are mentioned some of the advantages ofinnovation mentioned as below: 1
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