Innovation and Commercialisation - Unicorn Grocery Assignment
Added on 2021-01-02
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its significance as compared to invention . ..................................................1P2) Contribution of organisational vision, leadership, culture and teamwork in innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of innovation funnel. ....................................................4P4 The Development in frugal innovation and its uses. .............................................................6TASK 3............................................................................................................................................7P5 Significance of commercial funnel & application of new product development. ................7P6 Building an Innovative Business Case. .................................................................................8TASK 4 ...........................................................................................................................................9P7 Tools used by firm to retain, secure and protect intellectual property. .................................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is considered as the process of translating an idea, thought or invention into afinal good or services which create value for firm as well as organisation and for whichcustomers are ready to pay. Innovation can also be referred as a combination of various activitiesin which identification, prototyping, marketing, production and sales operations are involved.Invention, different from innovation, consist a discovery of new and innovative ides, things andthoughts which are effective in developing better future (Baraldi and Waluszewski, 2011). In themodern era, the major focus area of each business enterprise is to satisfy the need and want ofpeople through producing more innovative and effective products. Unicorn Grocery is theselected organisation for this particular report, it is a co-operative grocery store which operatesits business activities in Manchester, England. The essential purpose of an organisation is tofulfil the basic desires of people through applying innovative tools and technologies within thework place. The major aim of this report is to figure out how innovation and commercialisationhelp the firm in attaining business goals and objectives in appropriate way. It also includevarious application in regard of new product development, commercial funnel, sources offunding, innovation mix and different tools for retaining and protecting intellectual propertyrights. TASK 1P1 Innovation and its significance as compared to invention. Innovation is described as a process of conversion a new idea or thought into finalproduct or services for which buyers are ready to pay. A new idea play vast role in implementinginnovation within the work place (Bianchi and et. al., 2010). An individual and entrepreneursneed to develop new ideas and creative ways as to conducting business operations in uniquemanner. Innovation is effective for an organisation to attain competitive edge within the marketplace. The concept of invention is different from innovation, as it refer to the process adoptingchanges which are effective for the future growth of firm and also helps in satisfying the needsand wants of people. Cultures plays significant role within the work place, it is essential for anorganisation to develop innovative culture within the work place. It is effective in makingemployees more creative in nature and also create value in developing the ability to resolve1
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