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Innovation and Commercialisation in Organization

   

Added on  2020-07-23

14 Pages5020 Words219 Views
INNOVATION AND COMMERCIALIZATION

Table of ContentsP1 Importance of innovation in organization compare to invention ..........................................3P2 Evaluate how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..............................................................................................4M1 Different source of innovations and how it foster and develop environment and innovationculture..........................................................................................................................................5D1 Critically analysis innovation development which embedded and measure inorganisational context.................................................................................................................6P3 Explain the 4Ps of innovation and use of the innovation funnel to analyse and shapeprogressive ideas.........................................................................................................................6P4 Explain developments in frugal creation and example to use ...............................................8M2 Application of innovation funnel..........................................................................................8M3 Role of frugal innovation......................................................................................................8P5 Explain the value of the commercial funnel and the application of New ProductDevelopment processing for commercialisation of innovation..................................................9P6 Build an Innovation Business Case in an organisation, including ways to access funding...9M4 Detailed innovation to measure overall effectiveness........................................................10D2 Nature of innovation and methods to overcome it..............................................................11P7 Evaluate the various tools that the organisations can use to develop, retain and protectknowledge and intellectual property.........................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTION In order to define innovation and commercialization in an organization, first is required tounderstand what is the meaning of both these words in the context of business. There aredifferent sources and methods are available of innovation and developing the commercialism inthe structure (Chun and et.al., 2015). Furthermore, leadership, networking, vision, mission andteam working approaches are necessary to create innovative culture within the organization.According to case study of virgin group of industry, it is stated that the achievement of successof its company is based on the developing 4Ps of innovation in its structure. Apart from these,there are different tools and techniques exist which can develop the knowledge and intellectualproperty (Tanev, Rasmussen and Zijdemans, 2015). LO 1P1 Importance of innovation in organization compare to invention Innovation is a process of creating new ideas or devices which are valuable forcustomers. There are number of reasons to use innovation in its structure which can beunderstand by following points : Market : innovation helps a company in to survive adverse changes in operatingcircumstances. It also helps the customers in making their life easier. Company canachieve more and reliable outcomes through innovation process (Dutta and Folta, 2016).To protect market share and in raising the market profile of a company. External forces : innovations helps in to comply with actual or anticipated legislationsand reduce the rivalry from the market. It also helps a company to influence theircompetitors exist in the market. External forces are the main factors which should beconsidered while making decision process (Eberhardt, Tillman and Sherrod, 2017).People and organisation : creativity is a process to do something new or interesting. Italso helps in increase the work efficiency of employees. It encourages the employees bygiving good ideas and approaches. making better quality of products and services by attracting extra funding and raising theprofitability margin (Tanev, Rasmussen and Zijdemans, 2015.). Difference between invention and innovation :Basis Invention Innovation

meaningIt is a process of generatingnew ideas which are neverbeen made. It is the process ofimplementation of thoughts forthe first time. Concept It is an original idea Applicable execution of new idea.skillsTechnological skillsSet of marketing, technologicaland strategic skills.Occurs Fresh idea onslaught a scientist(Ge and et.al., 2017). A requirement is felt for a commodity or betterment in existing good.Concerned Individual process or product.Collection of different products and process.Activities Constricted to Research and development department.Extended across the structure.P2Evaluate howorganisational vision, leadership, culture and teamwork can shape innovationand commercialisationIn order to work in the luxury hotel, it can be stated that there are different kinds of luxuryservices has been provided that assists to consider several types of goods and services. In thisconsideration, services increases effective results in the business to focus on the productdevelopment as well (Ge and et.al., 2016). Beside this, it is also important to regulate effectivemanagement skills and style that help to make creative business performances. Furthermore, inrespect to meet with the customers need and demand, it is important to look towards theinnovative working environment that help to make creativity at workplace. In addition to this,there are different kinds of leadership style has been adopted which includes goals, culture teambuilding, etc. Therefore, it assists to create innovations and inventions in the company withsystematic activities and tasks (Hora, 2016). In this regard, Qbic hotel has mission to increasetheir revenue and profits with consider innovations in new places. Further, they also want to getbetter position in hotel sector through make highest growth. Vision assists to set the specificgoals and objectives through they are able to attain desired results in the business. They want to

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