Innovation and Commercialisation in Atex media : Report
Added on -2020-07-22
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Innovation AndCommercialisation
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explaining innovation, its importance and the difference between innovation and invention...1P2 Explaining how organisational vision, leadership, culture and teamwork help in innovation...3TASK 2............................................................................................................................................4P3 Explaining 4P's of innovation and the use of innovation funnel to shape innovative ideas inAtex media..................................................................................................................................4P4 Explaining developing frugal innovation...............................................................................6TASK 3............................................................................................................................................7P5 Explaining importance of commercial funnel and the application of New ProductDevelopment NPD processing for commercialisation in Atex media........................................7P6 Building innovation business case for Atex media including ways to access funding..........8TASK 4............................................................................................................................................9P7 Evaluating different tools used by Atex media to retain, develop, and protect intellectualproperty.......................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is a process or action to change an existing idea, method or productany transformation or revolution in any form of ideas. The innovation is mainly in theway of technological or betterment in the use of applications to met the newrequirements is also called innovation. But invention is viewed as a completelydeveloping new ideas, methods and product like the invention of fire, wood orcomputer etc., As in today's rapidly changing era innovation and commercialisation isof the utmost importance to every organisation of world whether small or bigenterprises. It is important for the employees of the organisation to know how vision,leadership, culture and teamwork can help in innovation and commercialisation. In thefollowing report about Atex media is UK's leading Small business enterprise ofsoftware selling solutions for media rich industries. In Atex media the innovation ismuch of use a sit enable the company to make more user friendly software.TASK 1P1 Explaining innovation, its importance and the difference between innovation andinvention.[Source:Importance of Innovation. 2017]1
Innovation is used to describe the technological changes or advancements inworld relating to any idea, product or method which human are following and nowwant to change. It is defined as something original or already in to existence but nowin a more effective and efficient manner. All the technological advancements whetherin the field of science, economics, mathematics, business or any other are alwaystermed as innovation (Acharya and Xu, 2017.). Innovation is different from inventionas invention means creation of something new concept, ideas, product or methodswhich before are not into existence. As Atex media also need to do innovation for thegrow of its business if the business is not giving anything new to its customer thencustomer will stop buying the product or the demand of products will go down.Innovation is defined as exploiting new ideas which leads to creation of a newproduct, process and service. Innovation is importance for Atex media for thefollowing reasons for the employees.Increasing competition- as pressure is increasing day by day in the softwareindustries of new and existing competitors and that of changing market due toglobalization. The competitors of Atex media are getting smarter, faster andhitting many new markets with new and exciting products and services. Atexmedia also need to grow in terms of innovation just like its competitors toexplore new and different markets.Increasing globalization- whole world is now shrinking because ofglobalization and now it is been considered as a “one global market”. So thecompetitors of Atex media is not just limited to UK but worldwide as well (Aghion, VanReenen and Zingales, 2013.). National boundaries are now just fallingapart where business is concerned companies big or small are having their accessthrough the globe.Increasing customer expectations- as customers of Atex media are increasingday by day their demand is also rising and their expectations of alwaysrequiring something new is increasing. Now the customer does not want anyobsolete or mediocre products or services they always want something new andinnovative. 2
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