Analysis of Innovation and Entrepreneurship

The provided document is a compilation of research papers and articles related to innovation and entrepreneurship. It covers various aspects of innovation, including the Porter hypothesis, open innovation, and the design of innovation. The document also discusses the role of government policies in promoting innovation and entrepreneurship. It includes a range of studies and research findings on these topics, providing a comprehensive understanding of innovation concepts and their applications.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its significance in enterprise........................................................................1
P2 How organisational vision, culture, leadership can shape Innovation and
Commercialization......................................................................................................................3
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of innovation funnel to shape innovative ideas...........................4
P4 Explain development in frugal innovation.............................................................................5
TASK 3..........................................................................................................................................6
P5 Significance of commercial funnel and application of new product development for
innovation....................................................................................................................................6
P6 Innovation business case for an enterprise.............................................................................7
TASK 4 ...........................................................................................................................................8
P7 Various tools that can be used by enterprise to develop and protect intellectual property....8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1
.........................................................................................................................................................2

INTRODUCTION
Innovation is identified as an effective process of translating an invention and idea into a
service or products that develop value for which clients will pay. In term of organisation, it
define as an essential activity of generating innovative ideas, workflow, service or goods and
methodologies. Innovative ideas and plans are used by each and every company in order to
satisfy wants and needs of audience effectively and efficiently. Innovation is more essential and
important part for the company to maximise their sales and decrease expanses (Ambec and et.
al., 2013). It is also assist in attracting large number of the customers towards business products
and service. In the present assignment, chosen organisation is Unicorn Grocery. This business
deals in different variety of products to the customers at reasonable price. This report determined
about importance of innovation and vision, teamwork, culture and leadership of organisation.
4P's of innovation and use of innovation funnel also determined in this project. Application of
new product development and significance of commercial funnel also analysed in this report.
There are different tools which are applied by company to protect intellectual property which are
also determined in this report.
TASK 1
P1. Innovation and its significance in enterprise
Innovation is an effective and essential process which is apply by each and every
organisation in order to improve their profitability and productivity ratio. In simple word, it is
also determined as an activity of developing new product or service, methodologies, concepts
and many other tools which help in the growth of business. There are some importance of
innovation which are determined as below:
Maximise business productivity: Innovation is one of the main and beneficial part which is
essential for the company to increase their productivity level (Baldwin and Von Hippel, 2011). In
order to attain long term goals and objectives company should tries to improve their product
quality.
Maximise effectiveness of communication procedure: Innovation also very important and
essential element in order to decrease conflict and misunderstanding which are arise in the
organisation. Innovation assist in maximisation of coordination and corporation between
manager and employees.
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Support in optimum utilisation of resources: Innovation also assist the business manager
in order to maximise utilisation of accurate resources. With the help of proper initiatives
company easily maximise their sales and revenues. In case of Unicorn Grocery, they produce
different products and services to the customers at resealable price.
Render competitive advantage to firm: Innovative things, services and products always
attract large number of customers towards new techniques (Battistella and Nonino, 2012). New
process of production is also help in maximising business profitability and productivity ratio in
limited time period.
There are some other benefits and advantages of innovation are as below:
 With the use of innovation Unicorn Grocery can seizure large number of market share.
 Proper innovation and new ideas is essential for the organisation to create a USP (Unique
selling proposition) for specific process and products.
 It enhanced employee motivation, retention and flexible recruitment.
 Innovation assist in building a strong image (Boudreau and Lakhani, 2013). Enhanced productivity and performance of the company as well as reduce cost.
Innovation and invention both are different things which are determined as below:
Basis Innovation Invention
Meaning It is completely new concept
of implementing innovative
process and ideas in business
operation.
It is mainly related with
developing and creating
something expectationally
innovative.
Requirement Innovation requirement to
broad set of marketing,
technical and strategic skills.
It mainly needs scientific skills
.
Concept It is an adding value or worth
to a process and product which
already available.
In this element, new product
development process is highly
essential.
Motive Innovation is normally for
economic motive.
Invention may be for
economic and non-economic
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motive
P2 How organisational vision, culture, leadership can shape Innovation and Commercialization
Vision, mission, leadership and culture of organisation shape innovation and
commercialisation in an effective and efficient manner. All these aspects are determined as
below:
Vision: Vision of the Unicorn Grocery is to provide high quality products to target and
potentials customers at reasonable price with aim to retain them for long duration. It is one of the
main and essential part of the company that highly effects of innovation procedure. Accurate
vision of the firm attract large number of customers towards business products and services.
Teamwork: Effective teamwork assist the business manager in order to develop
innovation in their operations and activities (Boudreau, Lacetera and Lakhani, 2011). In an
organisation teamwork define the better relationship between managers and its employees. For
implementing and formulating innovation in their functions, administrator of the firm should
tries to develop an effective communication among all workers.
Organisation culture: It is identify the elements which are present in working
atmospheres. As the firm solely controlled, run and managed by its employees which means the
whole functioning and working of an enterprise is handled by with the help of employees
participation. Unicorn Grocery employing 70 workers but still they handled to graded
themselves among Best local food Independent retailer. The success and growth of the business
can not be realizable without the aggregate efforts of their worker.
Leadership: Unicorn Grocery is a retail store in United Kingdom. They deals in different
variety of products and services which assist in the higher growth and success of company. They
apply Democratic leadership style which is essential to engage entire employees in the process of
decision making (Breznitz and Murphree, 2011). Furthermore providing freedom to each and all
workers which prompt them to create innovative ideas or plan to gain maximum competitive
benefits.
Above all these are main factors for the Unicorn Grocery that highly effects its
innovation process. It is applied by the administrator before utilising innovation. In other words,
organisational culture, leadership, teamwork and vision are highly effects on innovation.
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TASK 2
P3 4Ps of innovation and use of innovation funnel to shape innovative ideas
4P's of innovation is very important and essential tool which is used by each and every
company in order to introduced their innovative products and services in marketplace and to the
customers (INNOVATION AND 4Ps OF INNOVATION. 2018). This concept is established by
John Bessant and Joe Tidd. This approach includes four aspects such as process, position,
product and paradigm. All these are highly significant for the growth and success of company.
These are determined as below:
Product: It is main element of the innovation which deals in variation of services and
products often render by organisation to its customers (Drucker, 2014). For example: by
providing organic food and drink, referred firm can initiate their product line in an effective
manner. Further, product innovation is more beneficial for the enterprise to improve their
product quality and add same features as per the demand and need of customers.
Process: It is also essential part of the 4P's which define the production and other process
of company. Unicorn Grocery applied simple process for delivered verity of goods to the end
user I systematic manner. From past time, business are rendering their goods to clients through
humanitarian. But in dynamic market, advanced technology and maximised competition, they are
need to modify their production and delivering process of goods (Goldberg, 2013). For example:
company has determine to produce their services and goods through online marketing in order to
achieve the higher advantages at competitiveness level.
Position: It is also main and essential part of the 4P's innovation which help in order to
improve their position in competitive marketplace. To increase their position in market, Unicorn
Grocery should tries to improve their product and service quality. For example: Earlier the
business entity was rendering grocery products but now day they have to offering organic drink
as well as food to the customers.
Paradigm: It is another and last part that help business organisation to add new feature in
their products and services. In this role of manager is to introduced their innovation to the
customers with the help of promotional mix such as advertisement, personal selling, public
relation and many other (Huizingh, 2011). Thus, it assist to attract large number of the customers
towards new products and creative service which turn in maximisation of profit.
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Innovation funnel: It is applied by each and every company to specify their program of steps
that interpreted in account while implementing innovative process and products (Innovation
Funnel, 2017). The main aim of this element is to meet the customers and market requirement in
a systematic manner.
Use of innovation Funnel: It is more essential and important for the organisation to
maximise their customer base by providing quality products and services. It is used by Unicorn
Grocery in order to measure their new products and ideas (Jain and et. al., 2013). It is easy for
the firm to assess different marketing chances that are exist in marketplace for future goods.
Thus, it also help in organising proper research or investigation so as to define clients
expectation and requirements.
P4 Explain development in frugal innovation
Frugal innovation is one of the essential element that deals with an effective procedures
through which enterprise tries to decrease the complexity of product cost. In this innovators
apply different resources as a chances not a susceptibility which are available in the company. It
is not a concept of producing sophisticated goods, instead it deals in developing effective
solution for clients that renders higher worth at nominal cost (Jiménez-Jiménez and Sanz-Valle,
2011). There are different companies who modify their business framework radically but also
occurrence it mental possibility as well. There are some stages which are includes in frugal
innovation, these are determined as below:
Analysis opportunity or chance in adversity: It is a first level by which employees
reframe the existing and actual issue. In Unicorn Grocery, there are some employees that have to
communicate all threats into opportunities effectively in order achieve high competitive benefits.
Do more with less: It is another step which is important for the organisation to increase
employees performance in an effective and efficient manner. At this level, workers will measure
the present resources as well as tries to apply it in essential way.
Think and act flexibility: It is third step which is beneficial for the organisation to
increase innovation in their business operations. Being improvisational in this stage is believe to
be rather than state rigid and static.
Keep it simple: At this phase, any kind of complexity is discontinue the whole
functioning and working of an organisation, it is not good for them. Thus, it has been concluded
that different choice that are good for having various preferences.
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Include the margin: It is last phase which is more essential and significant for the
company in order to alert regarding customers expectation and needs. They can proceed
suggestion and comment from clients at this level.
TASK 3
P5 Significance of commercial funnel and application of new product development for
innovation
Commercial funnel is identified as a cost effective and essential procedures through
which Unicorn Grocery tries to recognise proper sources that help them in rendering their new
products and services to customers in structured manner. In this staff members of company are
liable for selecting proper distribution channel which support in achieving maximum profits and
revenues.
As the Unicorn Grocery has tries to develop or operates its innovative online application
to the customers. It is essential for the organisation to maximise their customer base related to
the goods and services (Manyika and et. al., 2011). It is important for them to innovate their new
methodologies, concepts, products and services in marketplace. Application of new product
development includes certain steps which are determined as below:
1. Idea generation: It is identify as a first step which is important for the company to
generate innovative idea about business process and products. In this they tries to conduct
research in order to identify customers needs and wants about innovative goods.
2. Idea Screening: At this stage, roles and responsibility of employees is to screen proper
and accurate resources for the betterment of company (Rosenbusch, Brinckmann and
Bausch, 2011). Main duty of workforce is to analyse those effective and feasible ideas as
well as discarding them. There are some factors such as clients needs, strength and
weakness of company are will be undertaken into consideration.
3. Concept testing and development: It is identified as a blueprint of whole new ideas that
finished at this stage. In this level business recognising development and testing of new
product in a systematic and effective way.
4. Market development and strategy: At this stage, Unicorn Grocery develop an innovative
strategy in order to introduced their innovative products and services in marketplace and
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t6o the clients. At this level product gainfulness is anticipated, marketing mix and
branding strategies are undertaken.
5. Examine business condition: At this stage, manager of the company analysis their
business position in marketplace. Along with them, all workers will analysis real sales of
their innovative goods and similitude with pre-established gross sales objectives.
6. Product development: At this level, Unicorn Grocery decide the quality or features of
end items to fulfil the requirements of clients (Wolin, 2016).
7. Test marketing: At this stage, sales of its end products in identify effective places to
examine its satisfactoriness.
8. Commercialisation: It is identified as a last phase by which business entity finally
develop their services and products in market.
P6 Innovation business case for an enterprise
Each and every organisations are applying business case with aim to recognise
uncertainty about financing in innovation. It see that enterprise should think logically and
practically about all prospects. In present report, chosen enterprise is Unicorn Grocery has
determine to develop is mobile and online utilization so as to maximise their profitability. There
are some steps which are highly requires in order to making case of innovation which are
determined as below:
Executive Summary: It is a main part of the company that define its all activities and
functions in detailed manner. It is last phase in which Unicorn Grocery brief about as well as
render snapshot and summary of their whole business case appropriately.
Need: It is define as a first stage of business case which is important for the manager to
identify customers basic needs and wants about innovation in product development (Strayer,
2012). For example: Sales of Unicorn Grocery is fell down due to availability of challengers who
are producing similar services and products to the customers. In order to keeping better image in
customer's mind, company has decide to develop its mobile and online application, it beneficial
for customers to purchase goods easily.
Solution: Unicorn Grocery has decide to produce their all grocery products through
mobile and online platform. It is very essential and important for the customers to save their time
and money. In this entire goods are catalogued with their full information about its composition.
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Why it is innovative: It is another phase which is essential for an organisation to analysis
innovative and better results for their issues which provides them higher advantages in
competitive marketplace over their competitors. In this innovative develops value for clients and
see them to charge maximum for grocery goods.
Customer investigation: It is a part of research which assist business manager in order to
identify market trends and basic needs of customers towards innovative products. this can be
finished with the use of Survey, focus group, questionnaire, interview and many other.
Investment needs: At this level, company will concluded needs of investment about funding in
innovation (Wolin, 2016). In this they analysis investment requirement for converting new plan
into final services and products.
Funding ways: There are mainly two was of funding which is apply by Unicorn Grocery
such as internal and external. In internal sources, proper amount of money is present within an
enterprise. In case of external sources, funds are existence outside the company that assist
business entity in its operations. There are some sources such as Banks, International
organisation, Creditors, business angels, donors and many other.
Expected Advantages: Innovative effects on environment, customers and community are
highly analysed in this level.
The Ask: It is identified as last stage of business case in which Unicorn Grocery will
proceed feedback and comment from clients after applying innovation.
TASK 4
P7 Various tools that can be used by enterprise to develop and protect intellectual property
Intellectual property: It is identified as an individual rights which protect its discoveries
and inventions. There are some tools which are used by the Unicorn Grocery in order to protect
and develop intellectual property which are determined as below:
Patents: It is a kind of property right which is provided to an individual for their
innovation. It is apply patent holder in order to destruct others from using, selling and making
invention or innovation without their experience (Baldwin and Von Hippel, 2011). It is
acknowledged for particular area in specific nations and for maximum twenty years.
Copy-rights: It is another tool of intellectual property, in this all rights are provided to the
inventor and creator for their dramatic, original musical, literary work and artistic that apply
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them to monitor their subsequent utilisation. With the assist of such tool, creator can acquire
exclusive rights about perform, display, distribute their all work and many other.
Trademark: It is a word, design, phrase or symbol that supports in distinguishing all
services and goods from their challengers (Ambec and et. al., 2013). The selected sign and mark
must be distinctive in nature. Main aim of applying this tool is to establish better image in mind
of customer's so that they can identify products easily.
Trade-Secrets: It is determine as an effective device, formula, information and activity of
business that is essential for them to to achieve long term benefits as compare to its competitors.
It can not be get by registering in case of intellectual property.
CONCLUSION
From the above mentioned report, it can be concluded that innovation is very important
and beneficial for the each and every organisation. Wit the help of this they can easily attract
large number of customers and maximise their sales in given time period. It also help them in
order to set their vision, leadership, cultures and many others. 4P's of innovation and Frugal
innovation assist the business entity to innovate their new products and services in marketplace
and in the mind of customer's. There are different tools which are used by enterprise to develop
and protect intellectual property such as Patents, Copy-rights, Trademark and Trade-Secrets.
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REFERENCES
Books and Journal
Ambec, S. and et. al., 2013. The Porter hypothesis at 20: can environmental regulation enhance
innovation and competitiveness?. Review of environmental economics and policy. 7(1).
pp.2-22.
Baldwin, C. and Von Hippel, E., 2011. Modeling a paradigm shift: From producer innovation to
user and open collaborative innovation. Organization Science. 22(6). pp.1399-1417.
Battistella, C. and Nonino, F., 2012. Open innovation web-based platforms: The impact of
different forms of motivation on collaboration. Innovation. 14(4). pp.557-575.
Boudreau, K.J. and Lakhani, K.R., 2013. Using the crowd as an innovation partner. Harvard
business review. 91(4). pp.60-9.
Boudreau, K.J., Lacetera, N. and Lakhani, K.R., 2011. Incentives and problem uncertainty in
innovation contests: An empirical analysis. Management science. 57(5). pp.843-863.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goldberg, D.E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Jain, A., and et. al., 2013. Commentary: The Materials Project: A materials genome approach to
accelerating materials innovation. Apl Materials. 1(1). p.011002.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research. 64(4). pp.408-417.
Manyika, J., and et. al., 2011. Big data: The next frontier for innovation, competition, and
productivity.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
Strayer, J.F., 2012. How learning in an inverted classroom influences cooperation, innovation
and task orientation. Learning environments research. 15(2). pp.171-193.
Wolin, S.S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
Online
INNOVATION AND 4Ps OF INNOVATION. 2018. [Online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/>
Innovation Funnel. 2017. [Online]. Available through
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>
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