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Innovation And Commercialization : Assignment Sample

   

Added on  2020-12-29

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InnovationandCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Define innovation and determine its importance in organizational context through acomparison with invention.....................................................................................................1P2. Explain how organizational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..........................................................................................3TASK 2............................................................................................................................................4P3. 4Ps of innovation and explain the use of innovation funnel to examine and shapeinnovative ideas......................................................................................................................4P4. Developments in frugal innovation and provide example of its usage in an organizationalcontext....................................................................................................................................6TASK 3............................................................................................................................................7P5. Importance of commercial funnel and application of New Product Development (NDP)processing for commercialisation of innovations...................................................................7P6. Build an Innovation Business Case for an organization, along with ways to access funding................................................................................................................................................8TASK 4............................................................................................................................................9P7. Evaluation of different tools that organizations can use to develop, retain and protectknowledge and intellectual property......................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................13

INTRODUCTIONInnovation refers to unique ideas or thoughts which are implemented through number ofactivities. It create an entirely new product made with advanced technology. On the other hand,commercialisation can be defined as the process launching new products or services in themarket. It involves manufacturing, supply and distribution, marketing, sales etc (Bernstein,2015). These are major functions which are done to gain a high market share for making theproduct successful. The organizations chosen for this assignment is Essence Drinks which has itsheadquarters at United Kingdom. Further, it covers meaning of innovation along with itsimportance by comparing it with invention and contribution of organizational vision, leadership,culture and teamwork in innovation and commercialisation. Furthermore, 4Ps of innovation andits use in context of innovation ideas have been explained and importance of commercial funneland application of NPD. Along with this, evaluation of different tools that can be developed,retained and protect IPR. TASK 1P1. Define innovation and determine its importance in organizational context through acomparison with inventionInnovation can be explained as transforming or application of an idea to createsomething valuable and new which will fulfil customers' expectations. According to PeterDrucker, “innovation: a creation (a new device or process) resulting from study andexperimentation; the creation of something in the mind; the act of starting something for the firsttime; introducing something new.” Importance of innovation in an enterprise are is as follows: Growth and profit: Innovation involves adding new features and ideas which makes aproduct completely new. A business entity suffering from loss from a long time can turnits situation and make profit. Also, new products can be launched in new market in orderto expand it for the growth. Innovation makes it possible to give higher returns toinvestors which attract them to make more investment which is utilised in producing newproducts and related activities. Also, it offers high profit margins which can satisfycustomers' demands and expectations (Carayannis, Cherepovitsyn and Ilinova, 2016). Competitive advantage: Companies have become globalised under which many newentrants have access to market which creates huge competition. It is ever increasing and1

innovation plays a great role in making a product successful. The unique concept of anitem encourage people to buy such products. Further, skilled and talented prospectiveemployees also gets attracted to work in the company which add to the existingcompetitiveness and help it in gaining more competitive advantages. This increase highefficiency in operations. This helps in beating competition and become a leader whoseproducts are worthy for customers. Invention is the process through which an idea is converted into a new physical form. Itmay include business models, product designs etc. Furthermore, the concept or idea must beworkable which satisfy specific need of customers (Chun, D. and et. al., 2015). Only thoseinventions lead to innovations which have nominal cost involved. A comparison betweeninvention and innovation has been described below: Basis InventionInnovation Meaning It can be defined as unique method orcomposition which is divided intoprocesses for developing a product byusing new innovation. It is the development or production ofa new or existing product throughsignificant contribution.NatureIt is restored in its original form whichis transformed by following number ofactivities. It may take number ofmonths to complete. It is a revolution in existing productwhich is altered by implementingideas that has been ascertained. It isusually completed within a short spanof time as the product is already thereonly improvisation has to be done. Activities ResearchandDevelopmentdepartment of an organization isresponsible with finding inventionsthat can be add. This could beexpensive because of a new concepthas to be created which may involvevarious types of research or surveys. Innovation is attributed to all units ordepartments as it is collaboratedefforts of all segments. When all areasput their efforts together, the the costgets divided which is quite beneficialand there is not much burden offunds. InvolveIt takes into account a single productor service which is modified withMore than one product can beinvolved for making transformation.2

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