Innovation and commercialisation - Oktra Assignment
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Added on 2021-01-02
Innovation and commercialisation - Oktra Assignment
Added on 2021-01-02
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INNOVATIONANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Innovation and its importance...........................................................................................1P2 Role of vision, leadership, culture and teamwork to shape innovation andcommercialisation...................................................................................................................2TASK 2 ...........................................................................................................................................3P3 4P's of innovation and use of innovation funnel...............................................................3P4 Development of frugal innovation....................................................................................5TASK 3............................................................................................................................................6P5 Importance of Commercial funnel and New product development..................................6P6 Build an innovation business case.....................................................................................7TASK 4............................................................................................................................................8P7 Different tools to develop, retain and protect knowledge and intellectual property.........8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation can be described as to change or modify something through new creativityand uniqueness which helps to improve profits of an organisation properly. It is necessary togenerate fresh ideas, thoughts and concepts to implement them in company to increase image tobrand which facilitates to improve productivity as well as profitability. Different kinds of fashionis observed in market that attracts people to enhance number of customers and sales whichrender support to grab more profit share (Aarikka-Stenroos and Sandberg, 2012). This report isbased on Oktra which was established almost 22 years ago that sought continuous improvement,extending high quality service throughout the design and build sector. They have wellexperienced employees who learn about challenges and never setting goals for less thanexcellence. This assignment will discuss about importance of innovation and relevance of vision,leadership, teamwork or culture. It also involves 4P's of innovation, use of innovative funnel anddevelopment of frugal innovation. Significance of commercial funnel and application of newproduct development is given below. TASK 1 P1 Innovation and its importanceThe term innovation can be described as to new idea or concept that can be applied in anenterprise for achieving better than present ones. New creativity or techniques are utilised bycompanies to get better outcomes on regular basis in terms of productivity as well as profitability(Bagchi-Sen, 2010). An innovation refers to production, assimilation and exploitation of valueadded added novelty in economic and social spheres to improve quality of products or servicesproperly. Oktra can utilise fresh innovative or unique ideas or thoughts to provide more creativedesigns of workplace to people which facilitate to attract new customers along with retaining thecurrent ones to attain growth of the company through grabbing more profit share. Comparison between innovation and inventionInnovationInventionThe term innovation refers toimplementing an ideas to product forvery first time.It includes to add value for somethingThis is all about to an occurrence offresh idea for product which is neverused before.It involves to create exactly new1
already exist.This will involve the practicalimplementation of fresh idea.It includes the combination of severalproducts or processes.It will generally spread across thewhole companyproduct.It's concept refers to an original thoughtand it is working in a theory.This involves single product or processin one stroke.It is usually limited to research anddevelopment department. Innovation is very essential factor of an enterprise as it provide support to build moreeffective as well as efficient strategies or policies to gain better outcomes on daily basis (Bogersand West, 2010). Oktra can implement several innovative ideas or concepts to improve theirperformance that helps in providing more attractive designs to customers. there are various typesof importance of innovation that can be attained by Oktra are given below:Competitive advantage: - Innovative techniques are helpful to company as they provideunique competitive position in market place. Business alignment: - The differentiating factors innovative thoughts that should beconceptualised to build an appropriate strategy to focus on goals. Customers: - It includes to implement unique elements or features to product or servicefor attractive more clients to make better profits for Execution: - This refers to determine available resources, processes, risks, partners andsuppliers and take accurate actions towards all these factors for attaining desired outcomes. Business value: - Innovative concepts provide support to implement creative changes ormodifications to improve image of brand in market place to increase desired profit shareproperly. P2 Role of vision, leadership, culture and teamwork to shape innovation and commercialisationThe culture of an organisation is very important to be maintained in appropriate mannerby establishing better cooperation and coordination between staff members (Bogers and West,2012). It is necessary to gain team spirit amongst employees because overall efforts of people areessential to generate desired productivity as well as profitability. Innovation is helpful inmaintaining better culture and leadership styles in an enterprise to carrying out required activities2
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