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Innovation and Commercialization Essay

   

Added on  2020-07-23

19 Pages4742 Words153 Views
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INNOVATION ANDCOMMERCIALIZATION
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ILLUSTRATION INDEXIllustration 1: 4 P's of innovation.....................................................................................................5Illustration 2: Major stages of NDP.................................................................................................8
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INTRODUCTION In the era of industrialization, every firm needs to be innovative to make growth.Innovation is the process which does not require any scientific exploration, it is an integration oftechnology, research and knowledge (Ke and et.al., 2016). At any phase of space-time innovationcan be done by anyone. Commercialization is the process where basic focus is given to howproduct should be launched to market. It is the way by which more and more consumers can beattracted. In industries and product line, innovation process can vary dramatically. It has becomea priority for every firm to be innovative in order to growth strategy. Such things require goodideas and existing product which can be transformed to perfection. Firm can make greater impacton the market and consumers if they are focused on both of these processes. Large establishedfirms like Apple and Virgin group have started their successful business by adopting these twothings. This report comprises of details regarding the basic difference between the innovationand invention along with its requirement in the firm development. Various aspects are chosenwhich help to provide the shape to both the process. Moreover, its types and innovation funnel aswell as frugal are examined and evaluated. Further, process required to commercialise thisprocess is discussed and a case study is done. For understanding the process more deeply JBGlobal Limited firm is taken.Company overview: JB Global Limited is e-commerce retailers in UK which produces home products. Thefirms’ main product is sold over eBay and in year 2006 it was the largest retailer by turnover.Fast track 100 has recognised the company as fastest growing independent retailers. TASK 1 P1 Compare innovation and invention and determine its importance to employees in JB GlobalLimitedThe evolution of existing product into new products and process can be done throughusing the technological innovation. It is the development of new process, product or serviceswhich needs creativity, space-time and existing product (Van Hemert, Nijkamp and Masurel,2013). There are many products which are invented but are not available in the market due totheir prices, performance requirement or technological infeasible. However, when it comes aboutthe innovation it occurs differently in every firm process. Such things are required to meet the1
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