Innovation and Commercialisation Report - Rowlinson Knitwear

Added on - 21 Jul 2020

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INNOVATIONANDCOMMERCIALISATION
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1: Innovation and its importance, difference between invention and innovation....................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.......................................................................................................7TASK 4............................................................................................................................................8P7: Different tools that organisations can use to develop, retain and protect knowledge andintellectual property rights..........................................................................................................8CONCLUSION..............................................................................................................................9REFERENCE................................................................................................................................10
INTRODUCTIONInnovation plays a significant role for every company in order to attain goals andobjectives in stipulated time period (Micheli, Schoeman, Baxter and Goffin, 2012). Innovationmeans adaptation of new and advance technology to perform different types of function oforganisation in effective manner. Due to implementation of these technology it aids toaccomplish demand and desire of customer in stipulated time period. It helps management toimplement change in existing technology with new technology. It helps to create interestperform various types of work in effective manner. It also enhance skills and knowledge ofemployee working in organisation. Rowlinson Knitwear is organisation which is concernedabout manufacturing of different types of clothes for school going children and dress of variousemployees who are working in different company.. The main objective of this report is to definerole of innovation in order to attain goals and objectives of organisation. It will explaindifference between invention and innovations which is being implemented in company. Theproject also include the importance of funnel and various usage of NPD for commercialisation ofinnovation.TASK 1P1: Innovation and its importance, difference between invention and innovationInnovation is defined as the implementation of new and advance technology in order toproduce new and innovative variety of products to maximise level of profit of organisation(Brunswicker and Van de Vrande, 2014).Importance of innovation an organisation:In order to attain sustainable position in marketplace, the management needs toimplement various types of new and innovative methods in order to enhance profitability oforganisation. In order to perform different types of activities in proper manner, managementadopt new methods replacing existing methods. This create interest to employee in to performtheir work in systematic manner.Competitive advantage:Adaptation of new and innovative change leads to maximise the level of production. Ithelps organisation to stand before different rivals present in the marketplace. RowlinsonKnitwear is company which manufacture clothes for different schools and employee working in1
the organisation. The management put its efforts in implementing new and innovative designduring manufacturing of clothes it helps to attain large number of customer in the market place.It also helps to generate large number of revenue.Establishment of best methods in organisation:New and innovative methods plays a significant role to capture large number of shares inmarketplace. These methods helps to increase production of cloth with new and attractive designto attract large number of customer in marketplace. It helps to retain its customer for the longperiod of time. Modification in existing technologies helps to enhance the quality of work ofvarious type of products and sells these items at reasonable price (Wong, 2011).Differences between innovation and inventionInnovationInventionIt is related to usage of innovative idea andmethods in company. It aids to maximiselevel of profit in organisation.It is concerned about the implementation ofnew and innovative methods in order toperform various types of function in effectivemanner.The upper level management of organisationplays a significant role in order to implementthese new and innovative methods to enhancethe performance of employee working in thecompany.Employee working in company able adoptnew and innovative idea which aids to bringeffectiveness in performing different types ofactivities in organisation.Example: Rowlinson Knitwear is concernedabout the manufacturing of clothes. Somanagement implement various design,enhance quality and affordable price and manyothers. It helps to attract large number ofcustomer.Example: Launching new design of clotheswhich helps to fulfil desire and want of clothesto have large number of share in market place.P2: The way organisational vision, culture, leadership and team work can shape innovation andcommercialisationEvery company has its vision, culture, leadership and team work which helps to shape thestructure of company. The company perform their work on the basis of these vision, in order toattain goals and objectives of company (Gray, 2011). Organisation needs to define its vision,2
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