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Innovation and Commercialization Assignment Report

   

Added on  2020-06-04

15 Pages4188 Words128 Views
INNOVATION
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of Innovation and the way it is different from Invention .............................1P2. Role of vision, leadership, culture and teamwork in shaping Innovation andCommercialization.................................................................................................................2TASK 2............................................................................................................................................4P3 4P's of Innovation and use of Innovation funnel in examining and shaping ideas...........4P4. Developing Frugal innovation .........................................................................................6TASK 3............................................................................................................................................6P5. Commercial Funnel and Application of NPD..................................................................6P6 Business Case....................................................................................................................8P7 Tools used to develop, retain and protect knowledge and intellectual property...............9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONInnovation in today's business environment is one of the most crucial aspects. Innovationrefers to inventing new products or to find alternate uses of existing ones. The main purpose ofinnovation is to meet existing as well as changing requirements of consumers. However,commercialisation is a different concept which focuses on launching new product in the market.Under this concept, a new product is introduced to the public. This report consists a brief aboutthe innovation and commercialisation carried out in Apple Inc. and Virgin group. This reportfocuses on understanding the innovation strategies, leadership, and team work in 4com Plc. It is atelecommunication company located in United Kingdom and the products and services includehandsets, call recording, call management and call reporting all over United Kingdom. Thevarious types and ways of innovation will be taken into consideration keeping in mind the SME(Lindič and et. al., 2011).TASK 1P1. Importance of Innovation and the way it is different from Invention Innovation is necessary if the organisation wants to survive in the industry for a long run.Small and medium sized enterprises are under continuous threat from the mammoths intelecommunication industry (Wong, 2011). The main competitors for 4Com Plc is Giffgaff, O2,virgin and Tesco and to survive in the same industry it is essential to innovate. Innovation islooking for an opportunity and acting upon it to gain a competitive edge over its competitors andto successfully sustain in the market. Example: Revolution brought by Apple Inc. in the field ofMP3 players.Here enlisting some of the benefits of Innovation:Higher Morale: A motivated employee is always an asset for the organisation thus helpsachieving targets personal as well professional.Better Means of survival: Innovation can help an organisation survive in the industry fora longer period of time which means job security for employees.Competitive edge: It helps in achieving a competitive edge among its competitors whichwill further help with financial gains and help promote financial stability in theorganisation.1
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