Assignment Innovation & Commercialization

Added on - 06 Jun 2020

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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Difference between innovation and invention and importance of innovation toorganisation.................................................................................................................................1P2: Contribution of organisational vision, leadership, culture and teamwork in innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................4P3: Analysis of 4P’s of innovation and application of innovation funnel in development ofinnovative ideas...........................................................................................................................4P4: Development in frugal innovation........................................................................................5TASK 3............................................................................................................................................6P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.6P6: Development of innovation business case............................................................................7TASK 4............................................................................................................................................9P7: Evaluation of the tools which are used by the organisation to develop, retain or protectknowledge and intellectual property rights.................................................................................9CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONInnovation is the process of changing something into new and innovative which attractsand influences interest and buying behaviour of large number of customers. Therefore, it isimportant for every organisation whether small, medium or large to bring new innovativechanges in their organisational structure and exiting products and services in order to survive incompetitive environment for longer period of time. It also makes positive impact on theirprofitability as well. Ensoft Ltd, a small sized UK company which deals inproviding computerrelated services and consultingis taken for the purpose of preparing this report. The projectincludes the benefits of innovation and its comparison with invention. The project report alsocovers the contribution of company’s vision, culture, leadership and team towards developinginnovation and commercialisation. Analysis of 4P’s of innovation along with the application ofinnovation funnel in development of innovative ideas is also discussed under this report.Importance of commercial funnel and adoption of NPD is also summarised under this report(Antonelli,2014).TASK 1P1: Difference between innovation and invention and importance of innovation to organisationInnovation and invention both are different aspects and its own importance on theoperation of an organisation. Both these concepts help management of an organisation to achievecompetitive advantage market and sustain for longer period of time. Ensoft Ltd, a small sizedUK company which deals in providing computer related services and consulting. Thus,implementation of innovative technology in development of software maximises the satisfactionlevel of customers as well (Baily and Chakrabarti, 2011).Difference between innovation and inventionInnovationInventionInnovation refers to bring changes insomething with a motive of enhancing theireffectiveness and efficiency.Invention refers to create something newwhich are introduced in market for the veryfirst timeIts main motive is to get better possibleoutcomes through adding value to existingproducts and services.Its main motive is to make typical task easierthrough creating new ideas and methods.1
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