Technology Commercialization and Innovation
Added on 2020-06-06
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation as well as significance to workers...................................................................1P2 Company's vision, leadership, culture and teamwork shape innovations andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................3P3. 4 P's of innovation and utilization of innovation funnel..................................................3P4 Development of frugal innovation in Talon......................................................................4TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of NPD .............................................5P6 Innovation Business Case, involves ways to access funding............................................7TASK 4............................................................................................................................................7P7 Various tools for developing, retaining and protecting intellectual property...................7CONCLUSION......................................................................................................................9.........................................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThe word innovation refers to the process of executing new ideas into creating values inthe form of products or services for the firm. For fulfilling the needs as per the requirements. Italters the form, a procedure happen and enhances the efficiency of the firm. Being innovative, itcreates value and accommodating for the people in the economy (Aarikka-Stenroos andSandberg, 2012). Commercialisation is the way in which new products are introduced andaccessible in the niche market for the purpose of selling. It is very important to include majorstakeholders as well as consumers.In present condition, it is been viewed that Talon, is a small business firm which is amedia agency and situated in United Kingdom. This enterprise features many big brands formarketing that is PlayStation and so on (Bagchi-Sen, 2007). It is developing slowly and steadily.In order to generate maximum profit and revenue, each and every company must create newproducts and services.TASK 1P1 Innovation as well as significance to workersInnovation basically refers to the new concept or idea. It is seen as the way for solutionsthat fulfil innovative demands or which is present in the current requirements of the market(Bogers and West, 2010). These are basically break through and are unique as well as moreefficient in nature.There are several importance of innovation for a company by executing innovativemanagement tools and procedures within the industry. The major characteristics of successfulenterprise is the capabilities to develop and create new, original along with innovative productsand services for the consumers (Bogers and West, 2012). Advantage of innovative and creativebusiness, from introduction stage, development and maturity period surpass any benefits that isacquired merely either from sharing or imitating concepts. Innovation in any field is very crucialfor the business concern and it can be observed as new and innovative techniques andtechnologies are coming in the market and are helpful in numerous different ways. It is basicallysolving difficulties in new ways, this is the work of innovation. It is advantageous for everyone,as it make things easier. New approaches are introduced and provide benefits to each and everyindividuals. Marketing strategies used by Talon is outside home (Ettlie and Rosenthal, 2012).1
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