Assignment on Innovation and Invention

Added on - 06 Jun 2020

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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to employees with a difference with invention................1P2 Organisation vision, leadership, teamwork in shaping innovation and commercialisation3M1...........................................................................................................................................4D1...........................................................................................................................................4TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of funnel innovation..................................................4P4 Development of Frugal innovation...................................................................................6M2...........................................................................................................................................7M3...........................................................................................................................................7TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of NPD..............................................7P6 Building of innovation business case including ways to access funding..........................8M4...........................................................................................................................................9D2...........................................................................................................................................9TASK 4............................................................................................................................................9P7 Different tools that an organisation can use to develop, retain and protect intellectualproperty...................................................................................................................................9M5.........................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation and invention both terms are entirely different from each other. Innovation isusing by company; therefore, they will modify their goods and services as per the needs ofpeople(Ke and et. al., 2016). Manager of firm will provide training to staff members; thus, theywill apply new ideas into working process effectually. Present assignment is based on 4Comwhich is operating their business in telecommunication. They are going to provide wirelessservices to customers. This assignment is going to highlight difference amongst innovation andinvention. To develop new product, it is must for superior to follow some steps. Frugalinnovation will assist firm in utilization of goods and services effectually. If association wants toprovide products at international market then, they will take help of commercialisation. Finally,this project is going to highlight many tools which aid firm to secure intellectual property.TASK 1P1 Innovation and its importance to employees with a difference with inventionTo improve effectiveness and appropriateness of goods and services, it is required forcompany to modify it timely. Therefore, they will achieve coveted goals and objectives withincertain time duration and survive at marketplace for longer period. To accomplish needs andrequirements of customers according to their demands, manager has to conduct research. Thiswill assist them to alter products as per their prerequisites. It will be considered as an innovation;it is a process which means add extra qualities into goods(Chun and et. al., 2015).If superior of firm wants to capture attention of numerous individuals then, it is neededfor them to apply new ideas into this. As a result, they will compete rivals at marketplace andenhance their market share as well as revenues. 4Com is going to provide wirelessadministrations to clients which will assist them to increase their reputation. Henceforth, thereare certain importance of innovation to employee which are mentioned as below:Development of skills:It is fundamental to enhance skills and abilities of staff members;therefore, they will accomplish their task with maximum effectiveness as well asappropriateness.Efficiency:By implementing new and unique ideas or thoughts into products andservices, employer will improve efficiency of it. As a result, they will be able to gain competitiveadvantage from their rivals(Yu and et. al., 2016).1
Performance productivity:It is necessary for workers to fulfil work effectually; thus,they will improve their working execution. This will aid to increase productivity and profitabilityof association.Creative mindset:Manager of company needs to apply new and innovative ideas intotheir goods and services; therefore, they will pull attention of people towards it. As a result,market share of firm get enhanced.Flexibility:There will be many staff members in enterprise who never want to acceptchanges. Therefore, it is necessary for superior to make them understand about modification thathow much it is helpful into their development. Apart from this, it is needed for manager toformulate strategies and policies in flexible way; thus, they will alter it as per requirements(Xiaoand et. al., 2016).Innovation as well as invention, both are entirely different from each other. Following arecertain distinction amongst them:InnovationInventionIt occurs when an enterprise wants to add someextra feature into existing products to increaseits effectiveness and efficiency.It happens when company wants tomanufacture or develop new item forindividuals.With assistance of this, organisation willacquire competitive advantages.It works as a strengths for company.iPod is created by Apple which is much similar to MP3 player, in which people will addmore than 900 songs. It is necessary for superior of company to analyse their competitors atmarketplace; therefore, they will add some addition features into this. Steve Jobs want to developperiphery, for this it is needed for them to utilize entire data as well as information; hence,individuals will experience better things.Virgin Group is most popular in the world which is began by Richard Branson in almost1970. Employer is using new and unique ideas and implement it. In recent era, this enterprise isworking into many sectors. It is considered as an innovation because it is helping them toimprove revenues(Paudel, Xiao and Yan, 2015).2
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