Project on Invention, Innovation and Its Importance

Added on - 21 Jul 2020

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InnovationandCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Difference between innovation and invention and importance of innovation toorganisation.................................................................................................................................1P2: The way organisational vision, culture, leadership and team work can shape innovationand commercialisation................................................................................................................2TASK 2............................................................................................................................................4P3: 4P's of innovation and use of innovation funnel to develop innovative ideas......................4P4: Developments in frugal innovation.......................................................................................5TASK 3............................................................................................................................................6P5: Importance of commercial funnel and application of NPD for commercialisation andinnovation....................................................................................................................................6P6: Innovation business case.......................................................................................................8TASK 4............................................................................................................................................8P7: Different tools that organisations can use to develop, retain and protect knowledge andintellectual property rights..........................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is an essential requirements for every organisation which need to be adopt inorder to achieve desired goals and objective within pre-determined period of time. It includesthe application of new ideas and optimum solutions to fulfil needs and demands of the targetedcustomers. The management is held liable to focus on bring innovation in existing technologiesand processes which maximises interest and working behaviour of employees and enhance theirefficiency level. Rowlinson Knitwear, a UK manufacturing company which deals in producingclothing products for school and corporate purpose. The main purpose of preparing this report isto role of innovation in growth and success of an organisation. The project covers the differencebetween invention and innovation along with their importance. Contribution of organisationalvision, culture, Leadership and team work in innovation and commercialisation all are discussedunder this report. The project also summarises the importance of funnel and application of NPDfor commercialisation of innovation (Baraldi and Waluszewski, 2011).TASK 1P1: Difference between innovation and invention and importance of innovation to organisationBasisInnovationInventionMeaningIt refers to the application of new ideasand method in an organisation in order tobring profitable result to company.It can be refers to introducingnew ideas and methods whichnewly comes into market forthe purpose of achievinggrowth within limited periodof time.ResponsibilityThe top authority of company are heldliable to implement innovation in businessstructure so as to maximise theperformance of employees and anorganisation.Every employees working n anorganisation are think freelyand bring out new ideas andmethods for the betterment ofan organisation.ConceptIt add value to the existing products inorder to make better than their rivals.It brings new productsaccording to the needs anddemands of customers.1
Required skillsIt requires various skills such as technical,marketing and many more.It requires scientific skills.IllustrationRowlinson Knitwear deals in clothingproduct thus implementing design,changes in quality, price etc. in productwill help in attracting large number ofcustomers.Introducing new variety ofclothes according to therequirements of customers willhelp in capturing large marketshare.Importance of innovation in an organisation:As every organisation want to sustain incompetitive market for longer duration and it can be possible only when the management decideto implement innovative changes in their existing technologies, products on regular basis as perthe needs and requirements of customers. Adopting changes in the business structure bringsmotivation and confidence among employees which allow them to contribute more in achievingdesired goals and objectives (Bianchi and et. al., 2010). Some other advantages of Innovation inRowlinson Knitwear company are described as below:Competitive advantage:Implementing changes in production, marketing process helpcompany in finding new and innovative ways of grabbing competitive opportunities that willhelp them in achieving competitive advantage. Rowlinson Knitwear deals in providing clothingproducts for school and corporate purpose at an affordable prices. Thus, in order to large numberof customers the management need to focus on introducing new design and pattern in theirproduct that will help customers in looking more attractive and feel comfortable. This will helpin changing interest and buying behaviour of customers towards purchasing their product andgives tough competition to their rivals. It will help in increasing the sales figure of company andgenerate huge revenue.Establishment of best methods in organisation:If the organisation wants to capturelarge market share then they need to develop their marketing and production process throughadopting new methods and techniques to communicate with their customers regarding theinformation about their products and services. This will help in maintaining good relation withtheir loyal customers and able to retain them for longer period. Made changes in existingtechnologies used in the production process will maximise the quality of work as well as quality2
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