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(Solved) Innovation and Commercialisation In Business - Assignment

   

Added on  2020-10-22

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INNOVATION ANDCOMMERCIALISATION
(Solved) Innovation and Commercialisation In Business - Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1P.1 Explain innovation and determine its importance to organisations in comparison withinvention.................................................................................................................................1P.2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation ...........................................................................................................2P3 : 4 P's of Innovation...........................................................................................................2P 4:Frugal Innovation and Innovation Funnels......................................................................4P. 5 New Product Development (NPD) processing for commercialisation of innovation.....6P.6 Build an Innovation Business Case for an organisation, including ways to access funding.................................................................................................................................................6P7 Different tools that organisations can use to develop, retain and protect knowledge andintellectual property................................................................................................................8Conclusion.....................................................................................................................................12References......................................................................................................................................12
(Solved) Innovation and Commercialisation In Business - Assignment_2

INTRODUCTIONInnovation and commercialisation are important methods used by organisations toachieve growth and development. The report will identify various factors of innovation and itsimportance. Furthermore, the report will also determine meaning of frugal innovation along withways to build funds for business. The report will identify how Deverell Smith Ltd can applyinnovation concept to increase business growth and profitability in the market. P.1 Explain innovation and determine its importance to organisations in comparison withinvention.Innovative is the presentation of new thoughts, merchandise, administrations, andpractices which are planned to be helpful (however various unsuccessful developments can befound all through history). The fundamental driver for development is regularly the boldness andvitality to better the world. A fundamental component for innovation is its application in aneconomically fruitful manner. Innovation has punctuated and changed mankind's history (thinkabout the improvement of power, steam motors, engine vehicles, and so forth.Difference between innovation and inventionMeaningInvention refers to the happening of athought for a product or procedure thathas never been made earlier.Innovation implies the enforcement ofidea for product or procedure for thevery first time.What is it?Development of a new product.Adding value to something alreadyexisting.ConceptAn original idea and its working intheory.Practical execution of new idea.SkillsrequiredScientific skillsSet of marketing, strategic and technicalskillsOccurswhenNew idea pitch an individual.A need is felt for a product or bettermentin existing product.ConcernedwithSingle product or process.Combination of various products andprocess.ActivitiesLimited to R & D department.Distributed across the company.1
(Solved) Innovation and Commercialisation In Business - Assignment_3

P.2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation Diversity can be beneficial for innovation by bringing together different viewpoints andwidening the pool of ideas. However, more diversity is of little benefit if it isn’t coupled with anopen culture that allows different viewpoints to be expressed, effective teamwork that can turnthe ideas into products and services, and a clear vision that helps to separate the useful from thenoise. Creativity and innovation are the lifeblood of society and business – especially in today’scompetitive global economy. Major companies reference creativity and innovation in theirmission statements, but very few effectively put it into practices. Organisational vision,leadership, culture and teamwork have their own particular significance in forming innovationand commercialization in the organization. Organisation vision-Vision of the association sets the course in which the organizationneed to work. Deverell Smith Ltd have vision roll out some imaginative improvements intheir item and increment their deals. Leadership - Leaders are the individual who can lead the representatives at the season ofdevelopment in the organization. Their initiative ship aptitudes encourages them to dealwith the entire procedure of innovation. Culture-Good culture kept up in the organization will give better innovation.Quintessence Drinks ought to keep up proficient culture to adequately execute thedevelopment in their workings. Teamwork- It is critical for the better procedure innovation. Organization should takehelp of gifted representatives who can proficiently work in the groups at the season ofinnovation in the business.P3 : 4 P's of InnovationParadigm – The issues identified with an industrial part. It alludes to how difficult is thebusiness division and what are the difficulties that one will look during the time spentrolling out the improvements. Either the individual is creating another item or they arerolling out improvements as far as authoritative structures or as far as postponing or2
(Solved) Innovation and Commercialisation In Business - Assignment_4

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