Types of Innovations for Successful Enterprise : Report
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Added on 2020-07-23
Types of Innovations for Successful Enterprise : Report
Added on 2020-07-23
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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P2. How the organisational vision, leadership, culture and teamwork help in shaping theinnovation and commercialisation..............................................................................................4TASK 2............................................................................................................................................5LO 2............................................................................................................................................5P3. Explain 4 P's of innovation process......................................................................................5P4. Explain the approach of Frugal innovation and its effect.....................................................7TASK 3............................................................................................................................................7LO4.............................................................................................................................................7P5. Importance of the commercial funnel and New Product Development(NPD) for thecommercialisation.......................................................................................................................7P6. Innovation business case to access the better funding..........................................................9TASK 4..........................................................................................................................................10LO4...........................................................................................................................................10P7. Different tools to develop, retrain and protect the knowledge and intellectual property ofan organisation..........................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is the key to success and having better idea of meeting requirements of acompany. The innovative approach that are been undertaken into the company will help theorganisation to gain a better idea of the improvements that will be can be undertaken by businessfirm in order to get market success (Aryal and et. al. 2016). For the report, we have takenSoftwire Group as organisation of context. It is a UK based firm that works for the softwaredevelopment. The report focuses on various types of innovations that are being taken by thesuccessful enterprises. In addition, the importance of innovation and its difference with inventionhas been discussed. Effect of the various factors on the commercialisation and innovation and4P's of innovation are been discussed in the report. Also, the importance of frugal innovation andthat of the commercial funnel has been undertaken along with the New Product Development(NPD) process. Also, various tools and measures are been discussed to protect knowledge and itsdevelopment (Ashton, Richards and Woods, 2015).TASK 1LO1P1. Explaining difference between innovation and invention along with its importance.Innovation is a process to develop or improvise a product or service to get betterutilisation of that. It is the use of an existing product or technology for the problem solving andproviding better satisfaction to the customers. On the other hand, invention is the process tocome up with something better and new, for the first time. The Apple Group and Virgin groupwere not the first in their respective market but they used the existing technology present in themarket to come up with a better and innovative product, that will be used for the problem-solving approaches by the customers (Breznitz and Etzkowitz, 2017). With respect to this, iPodof Apple and innovative services of Virgin group like Virgin mobile, Virgin Net etc. areexamples of the innovative approaches that are being undertaken and followed by the companyto solve the issues faced by people and thus, lead to development of these successful productsand services. These products and services not only helped the companies to have betterunderstanding of their customer's need but also motivated their employees to adopt and developfurthermore, innovative services and products. Softwire, like Apple and Virgin Group, can usethese innovative approaches for the commercialisation purposes and meeting customer’s demandalong with employee's involvement. The major difference between invention and innovation is:
InventionInnovationIt is the process to develop something new, forthe first time.It is the process of improvisation of theexisting or a new technology for thecommercial and problem-solving purposes.It uses the scientific approaches to get the workdone. It uses the scientific, marketing and otherapproaches to get the innovation done. It is the process or work of only Research andDevelopment unit of the company (Chun andet. al. 2016). This includes the involvement of all thedepartments working in the company.It the use of a principle or theory to develop aproduct or service. It involves the practical implementation of theprinciple or the theory that is been used for theinvention. It occurs when a new idea or theory Found bya person.It is the process that is being taken intoconsideration by the company to get the betteridea of the demands and needs of people anddevelop a product or service to fulfil it. Only one product or process is beingdeveloped.It is the complex combination of multipleprocesses that are being taken into theconsideration (Etzkowitz, 2016). P2. How the organisational vision, leadership, culture and teamwork help in shaping theinnovation and commercialisation.Softwire group will use various factors that will contribute in better innovation ofservices and products. The factors like vision of the organisation, leadership, organisationalculture and team work will play significant role in development of the innovative services andproducts along with the contribution in its commercialisation. The various factors that are beingtaken into the consideration are as follows:Organisational vision: The vision of Softwire Group will play a very crucial andimportant role in implementation of the innovative process and services by the company.This will help the company to motivate and guide its employees to work with moredetermination and dedication that will help it to gain better market share, identify the
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