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(Doc)Innovation and Commercialisation

   

Added on  2020-12-18

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Innovation and commercialisation
(Doc)Innovation and Commercialisation_1

Table of ContentsLO1. Innovation and difference between invention and innovation................................................................................P1 Innovation and its importance to staffs...................................................................................................................M1 Analyse different sources of innovation and way to foster a culture of innovation..............................................D1 Critically analyse how innovation is developed, embedded and measured...........................................................P2 Organisational vision, leadership, culture and teamwork.......................................................................................LO2 Explain the different types of innovation................................................................................................................P3. 4Ps of innovation and explain the use of the innovation funnel ...........................................................................M2 Analyse and apply the innovation funnel .............................................................................................................P4. Developments in frugal innovation.......................................................................................................................M3 Evaluate the role of frugal innovation ..................................................................................................................LO3 Process required to commercialise innovation........................................................................................................P5 Importance of the commercial funnel and the application of NPD........................................................................P6 Build an Innovation Business Case, including ways to access funding.................................................................M4 Detailed Innovation Business Case ....................................................................................................................D2 Critically evaluate the nature of innovation and the context in which it is developed........................................LO4 Methods for protecting ideas, their advantages and disadvantages.......................................................................P7 Tools to develop, retain and protect knowledge and intellectual property...........................................................M5 Supported evidence-based evaluation of these different tools ...........................................................................References......................................................................................................................................................................
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HR Solutions located at Northamptonshire, operate in a variety of industries and have a clientlist that ranges from small care agencies to multinational technology firms. The HR team hasextensive knowledge and experience to meet ever changing customers’ demands. This particularHR consultant firm has been selected to carry out the study. LO1. Innovation and difference between invention andinnovationP1 Innovation and its importance to staffsInvention and innovation are entirely distinct aspects. Invention is the initiation of a new productor service in the market while when a product is upgraded by adding certain features in it orservices are improvised to meet consumers’ demands, it is known as innovation (BESSANT &TIDD, 2015). Marketers adopted innovation within an aim to improvise a product or a servicethat already exist in the market or when the product or service has already been invented. In thecontext of HR Solutions (MATTHEWS & BRUEGGEMANN, 2015). Example of Apple Inc.can be taken while explaining about innovation because Steve Jobs has made significantcontribution to innovation in relation Apple Inc. The most remarkable innovation of Steve Jobsis the launch of iPod of Apple (Wonglimpiyarat, 2012). There are about 1.4 million users ofiPod across the globe which has witnessed popularity since its launch. Apple’s iPod has been thenumber one product on terms of generating profits and revenues and from the perspective of unitsold. Not only its attractive look has facilitated it gaining tremendous popularity, but otherfeatures such as storing capacity, sleek design, integrated with upgraded technology, availabilityand mobility are some of the other key features that have made won hearts of millions(Cusumano, 2010). From the example of Apple it is evident that innovation is a strategic move that is adopted byorganizations in order to meet customers demand (Jun & Sung Park, n.d.). Upon understandingthe growing interest of people towards advancement of technology, Apple has launched iPodtargeting music lovers across the lovers. The innovation has been successful and the product hasbecome successful in winning a wide array of customer’s satisfaction (Heracleous &Papachroni, 2012). With product or service innovation business organizations are likely to be
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more efficient in engaging its staffs to generate innovative and creative thinking that not onlyhelp them build a work environment of engagement and active participation but staffs arepositively motivated when their innovative and creative thinking are acknowledged andpromoted in an organization. Staffs in recent times prefer working with organisations that allowthem with challenging and innovative tasks where they can integrate their skill and competencerather than involving in repetitive and boring jobs (Holsapple, 2013). Hence, innovation allowsstaffs work against challenges and in a more innovative work environment. M1 Analyse different sources of innovation and way to foster a cultureof innovationA number of sources contribute to the innovation of products and services. Businessorganizations plan for product and service innovation in order to meet unexpected demand oftheir customers. Every organizations in this global competitive market has been striving toachieve competitive advantage by meeting their customers’ needs and developing products uponthe needs their needs. With an aim to meet ever-changing consumers demand companies havebeen developing innovative products and services continuously (Bloom, et al., 2014). To havesuccessful organizational change management it must have available staffs and other requiredsources for the innovation. Any changes in the system or process of a business organizationrealise the need of innovation within the organizational procedures and operation. For instance ifan organization needs to meet organizational service development it need integrating ICT.Innovation in the organization procedures and operation is adopted to develop more effectiveproduct and services. Not only are the demands of the customers changing continuously but market also has beenwitnessing continuous change where organizations are needed to implement innovation to meetthose market changes (Arvanitis, et al., 2013). Knowledge upgradation is another source ofinnovation which enforces business organization to adopt innovative process and systems so thatthey can improve their productivity and performance in meeting global customers, for exampleKiosk machines are used in MacDonald’s, Greece making consumers order placing procedureeasy and less time consuming. Innovation in business organization are supported due to thechange sin demography such as person age, education and background support innovation in themarket.
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