Innovation and Commercialisation in Jernick Recruitment Group : Report
Added on 2020-06-06
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1Innovation and its importance to employees in comparison to invention..............................1M1 revision of different innovative sources and development of environmental and culturalinnovation ...................................................................................................................................2D1 Critical evaluation of development and measuring innovation ............................................3P2 Role of organisation culture, vision and leadership to shape commercialisation andinnovation....................................................................................................................................3Task 2...............................................................................................................................................4P3 4Ps of innovation and the use of the innovation funnel for shaping idea's in employee's.....4P4: Explaining the process of developing frugal innovation .....................................................5Task 3...............................................................................................................................................7P5 Importance of the commercial funnel and the application of New Product Development....7P6 Innovation building case including way of access fund........................................................7TASK 4............................................................................................................................................9P7 Different tools for developing, retaining and protecting intellectual property......................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONToday, every organisation is aiming to integrate innovation as a core practice within theirsystem as to enhance their own ability to serve market. It will allow individuals in improvingtheir creativity and skills which will lead to better translation of idea's into practical process. Theconsumers will be attracted towards company products when they will find better value for theprice they will be paying. Innovation is stated to be an idea which assist in making existingprocess or product more efficient, and also ensure that the cost of good is minimised (Adam,2014). This report is based on Jernick recruitment group which came into existence in 1967. it isa subsidiary and is owned by Simon holding. It has a well established presence in UK and is ableto attract pool of talent effectively. This project will state about how innovation assistorganisation in enhancing its efficiency levels and achieve desired targets. Different conceptsrelated to innovation will be highlighted and also a case will be build to aid organisation inattracting more investment. Task 1P1Innovation and its importance to employees in comparison to inventionThere are many differences that exist in between innovation and invention. This has to beunderstood by managers as to ensure that they are able to derive new methods and improveprevailing ones. Basically, innovation is stated to be a way to enhance existing process, productor method and make it more effective (Bastalich, 2010). While on the other hand, invention takesplace when a person develops something new and useful. There are different types of activitieswhich needs to be conducted as to ensure that better innovation activities are taking place withinorganisation. The prime aim behind integrating innovation within business process is to develop aworkforce that is able to deliver higher value services and products at a minimum resourceconsumption. As stated in the case study of Apple, Steve jobs believed that it is important toinnovate and conduct each activity in best manner. This led to creation of I-pod which changedthe way Walkmans use to look like. More than 1.4 million units were sold in whole world whichis a lot higher for product at that point of time. Apple was able to convey the message toindividuals very effectively regarding the innovation and its integration in business process. Thedifference between invention and innovation is stated below in the table:1
BasisInnovationInventionDefinitionIt is known to be new changes that areintroduced in a existing process, plansand product. This is a activity conducted todevelop new product, process ormethod. What it isConsidered to be an activity wherecompany or individual upgrades afeature in product. This is activity where product isdeveloped for the very first time. Required skillsKnowledge, skills and abilitiesScientific knowledge and skills.This is what Apple did, it was able to successfully ensure that their employees knew thedifference between invention and innovation (Chun, Chung and Bang, 2015). They were able tosuccessfully introduce changes in existing products and gain customer loyalty. There are certainadvantages of this to organisation and employees:WorkersOrganisationImproved level of critical thinking and addressissues more effectively.Boost for individual knowledge, abilities andattitude.Career growth is improved. Increases margin of profits. Assist in improving satisfaction of customers.Aids in boosting image of organisation. M1 revision of different innovative sources and development of environmental and culturalinnovation Different factors exist in an organisation when it comes to innovation:Unusual attitude and behaviour of consumers: When customers of company start to leaveand show bad feedback then the organisation need to innovate. Shift in market trends: There are changes in market dynamics that has to be managed byusing innovative approach. Process requirements: Sometimes the existing process of organisation needs changes as itlooses its effectiveness and efficiency. There are different factors that can be stated to be sources of innovation and they are asfollows:Perception of consumer: This happens when the consumer is influenced by external andinternal forces. 2
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