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Innovation and Its Importance in Exponential-e : Report

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Added on  2020-06-04

Innovation and Its Importance in Exponential-e : Report

   Added on 2020-06-04

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Innovation andCommercialisation
Innovation and Its Importance in Exponential-e : Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to employees of Exponential-e..............................................1P2 Exponential-e vision, leadership, culture and teamwork in shaping innovation...................3TASK 2............................................................................................................................................4P3 4P's of innovation and the use of innovation funnel in shaping idea's .................................4P4 Explaining the process of developing frugal innovation in Exponential-e............................5TASK 3............................................................................................................................................7P5 Importance of the commercial funnel and the application of NPD.......................................7P6 Innovation building case for Exponential Ltd including the ways fund can be accessed......8TASK 4..........................................................................................................................................10P7 Different tools for developing, retaining and protecting intellectual property....................10CONCLUSION..............................................................................................................................10REFERNCES.................................................................................................................................12
Innovation and Its Importance in Exponential-e : Report_2
INTRODUCTIONInnovation has become a pillar in modern business scenario which assist business housesin gaining more market share. It is an activity that is used by today's millennials who areconsidered to play a lead role in doing something different. Basically, innovation refers tocreating higher value from different idea's that are generated a time period. It can not be doneeasily, it requires a proper roadmap, a strategy, environment and complete focus on developingvalue from something that has never been applied in real-time (Lee and et. al., 2010). It allowssmall as well as large companies in redefining something that was in existence but never appliedin same way. This activity assist them in reducing cost and making process more effective. This report is based on Exponential-e which has headquarters in east London. They areproviding their services in connectivity, cloud, unified comms, cyber security services, ITsolutions, etc. At present, company is serving more than 2800 customers. It was established in2001 and since then organisation has used innovative ways to gain market share. It is the firstcompany to build VPLS Network or the Bandwidth management (Exponential-e Ltd, 2017). Inthis report different issues will be stated that are faced by company and innovative ways it usesto sort them out. TASK 1P1 Innovation and its importance to employees of Exponential-eInnovation is stated to be a tool that is used by company top management to ensure thatthey are able to develop something that is new and more useful for customers. This is a methodwhich is used by Exponential-e to differentiate itself from market forces (Snow and et. al., 2011).It allowed them in improving their product quality and enhance their profitability. There aredifferent types of activities that are required within an organisation for boosting innovation, suchas, more opportunities, resources, positive environment and leadership. People employed by company usually get confused between invention and innovationwhich is normal thing as both terms are kind of related to one another (Dodgson, Gann andPhillips, 2013). But they are different and refers to specified activity and situation. Thedifference between these two are described below:BasisInnovationInventionDefinitionIt is stated to be an activity that has toThis is a process where a person has1
Innovation and Its Importance in Exponential-e : Report_3
be conducted for practically applying anidea that has never been used before. Italso means creating higher value byadding something to the existingproduct. generated an idea, screened it anddeveloped it. It is known to changethe course of action. What it isIt is known to be an activity which isconducted for improving an existingproduct or applying a theory which hasnever been used in a useful way. In this activity something new isdeveloped and made functional thatwill help in solving an issue or add totechnological advancement. Required skillsPerson needs to have leadership,creative and better knowledge of thestream he belongs to. An individual needs to havescientific approach and researchskills. Exponential-e is serving in the field of telecommunication which is a highly saturated yetattractive market place. There are many companies in the field who pose a threat and can only bedealt with a proper innovative approach (Von Schomberg, 2013). Also, the number of newentrants in the sector is very high which have impact on organisation capabilities. At present,Exponential-e can learn from Apple Inc that has proven to be an innovative market player. Itchanged the way I-pod and mobile phones use to be. With innovation is was able to capture morethan 75% Walkman market share and is still earning though the marketing is narrowing down.This small change in the size and capability of device has turned company image in market.Exponential-e can take a cue and keep on introducing innovative changes. There are different advantages for the company and its employees because of innovation.They are listed down below: For Company:It assist in developing a good market imageBoost satisfaction of consumers. Extracts more profits from sales. Reduces cost of production of product and services. For Worker:The level of critical thinking and skills is boosted. 2
Innovation and Its Importance in Exponential-e : Report_4

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