Report on Aspects of Invention and Innovation

Innovation and
Commercialisation

INTRODUCTION
Innovation can be defined as a process in which something new is being created so as to
provide various kinds of benefits to the environment. These are the kind of changes which have
not been introduced earlier. The whole concept of innovation is revolved around creation and
development of goods and services which are either modified or altered from the basic one. On
the other side, commercialisation refer to the process which is taken place in the market and then
the goods and services are being circulated at the global level. In this, the changes are initially
decided but it is adopted as well as modified in later period of time (Perry and et. al., 2017. ).
The organisation which will be referred here is Softwire. It is a small consultancy service
provider and render software service as well. This report will discuss about various aspects of
invention as well as innovation and along with this, major type of innovation mix is also
mentioned. Also, a discussion will also be held on frugal innovation and commercial or
innovation funnel.
TASK 1
P1Describe innovation and determine its importance to organisations in comparison with
invention
Business innovation is an imperative role in the success and growth of each business
organisation. Innovation assist company in generating new ideas and thoughts for gaining huge
competitive advantages in better manner. It will play an essential role which directly impact in
modern business world. Softwire company is the small business enterprise which regulate and
operate different business operations in the software industry and they are designing and
consultancy services in the united kingdom (Dutta and Hora, 2017). The firm was established in
2000 and this is possess around 130 employees whose main motive is to gaining high amount of
profitability and productivity in better manner. An organisation is operated and owned by Pete
Kenny, Phil Marsden and Dan Shavick who are work together for smoothly running the business
in all over the market place.
The concept of innovation can be define as the execution and introduction of new ideas,
values, methods, concepts and process that can developing on the behalf of an enterprise. This
can be defined as the formation of new products, procedures, system which can help in business
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for taking appropriate place and traditional approaches are made new and other modified goods
within an organisation. There are various benefits of innovation that are described as under:
It is one of the first value which has been bring out with the help of innovation so this will assist
in uplifting the business structure for increasing their efficiency.
The concept of innovation assist in getting best function and activity for business resources
management. It can help in developing certain current things of business which are capable to
identify the development opportunities for making the utilisation of them which assist in
operating business in effective manner (Clayton, Feldman and Lowe, 2017).
This can be adopted because it is very flexible approach by this it will able for increasing the
appropriate innovation in dealing with unfavourable trading that directly affect in accurate
manner.
Difference between innovation and invention:
Basis Invention Innovation
Meaning Invention can be define as that
creation and discover of specific
products that has been introducing
for first time in the whole market
place.
It can be refer as modification and
alternation in the present goods and
services.
Concerned
department
It is generally connected with
research and development
department with the help of using
different ideas and thoughts of
marketing team.
This is that concept which implied
for whole organisation.
Skills required It is that fundamental for possess
that will concern with scientific and
systematic abilities for
manufacturing services and
facilities.
There are less considered with skills
and abilities set which required for
innovation.
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