(Solution) Innovation And Commercialization Assignment Sample
Added on 2020-12-29
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Innovation andCommercialization
ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Innovation and its importance to organization in comparison to invention.......................................3P2. Ways by which organizational vision, leadership, culture and teamwork can shape innovation and commercialization...................................................................................................................................4TASK 2..........................................................................................................................................................5P3. 4Ps of innovation and explain the use of innovation funnel to examine and shape innovative ideas.................................................................................................................................................................5P4. Development in frugal innovation and examples of how it is used in an organizational context......6TASK 3..........................................................................................................................................................6P5. The importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialization of innovation......................................................................................6P6. Innovation Business Case for Ensoft for accessing funding...............................................................7TASK 4..........................................................................................................................................................8P7. Different tools to protect, develop and retain intellectual property and knowledge .......................8CONCLUSION...............................................................................................................................................9REFERENCES..............................................................................................................................................10
INTRODUCTIONInnovation refers to creation of new ideas and imagination in the form of method ordevice. It refers to applications or technique for better solutions which meets to requirements andneeds of an individual (Stokes, 2011). It is the process of converting ideas or thoughts into goodsand services to satisfy consumers’ needs and wants. This report is carried out in the context ofEnsoft which is a UK based company. It is a software company in which approx 70 engineers areperforming their activities. Along with this, process required by commercialization and range ofmethods protecting ideas is also evaluated under this project. This helps company in achievingtheir goals and allure more consumers towards company.TASK 1Overview of companyEnsoft is a software company which specializes and develops all aspects of networkingsoftware. The company offers or deliver networking solutions to its consumers or clients ataffordable rates. More than 200 cities are using software applications produced by company.They have also introduced many software packages through out the country. It was establishedby Dr. Lymon C. Reese in 1985 in UK. It designs and build tools that increase quality andsecurity, manage variation, cyber-physical systems, etc.P1 Innovation and its importance to organization in comparison to inventionInnovation is the process of translating ideas and thoughts into valuable goods andservices which consumers buy to satisfy their needs. Innovation also helps various companies todevelop or launch new products from existing product at marketplace among customers. In thisconcept of innovation, company produces new products with help existing goods and efforts ofemployees. On the other hand, invention is the method, unique device or overall productdevelopment process. It is the process of creating a product and introducing method for an initialtime. Importance of innovation Innovation helps a company to achieve success and growth. A company needs to beinnovative to stay competitive at market place. It helps company to create dynamic products byimplementing new ideas or with existing products (Ries, 2011). It is a new method of productionof goods. In context of EnsoftEnsoft, innovation also helps company to produce new productswith existing products to satisfy its consumers. It helps company in achieving their goals andobjectives in allotted time frame. On the other hand, invention refers to launching or introducingnew product at market place which has been introduced before.BasisInnovationInventionConceptInnovation is the concept ofpractical implementing ofnew ideas.Invention is the concept oforiginal ideas and inventingnew products.Skills Innovation is a set ofInvention is a set of scientific
strategic, marketing ortechnical skills. It isconcerned with variouscombination of products andprocesses.skills. It is concerned withsingle process or product.P2. Ways by which organizational vision, leadership, culture and teamwork can shape innovationand commercializationInnovation refers to creation of new ideas and imagination which helps company toproduce new products from existing one. In context of Ensoft, it is important for company toclear vision and objectives to achieve goals. It is also essential for leaders to motivate andencourage employees so that they can give their best. In addition to this, teamwork and culture oforganization is also helpful for company to shape innovation and commercialization with ofincrease their profit margins. Thus, some ways which can shape innovation andcommercialization are as follows: Organizational vision: For success and growth of company it is important for CEO ofcompany to have clear vision, goals and mission of company. This will help team members toachieve their goals and company’s vision to commercialization. In Ensoft, the CEO of companyalso focus on vision and shape innovative ideas to produce products which helps consumers tosatisfy their needs. The vision of Ensoft is to create company where bright engineers can performtheir activities by accepting challenges all time.Leadership: Leaders of company also plays an essential role to shape innovation andcommercialization. They have a clear vision of future of business and goals for long term. Theyalso maintain coordination and trust with employees of company (Sawyer, 2011). The leaders ofEnsoft also helps company in attaining goals and objectives in allotted time frame. They giveshape to innovation and commercialization by their innovative and creative ideas.Culture: Organization culture refers to norms, attitudes of employees of company andhow things are going in business. It is an important part of company which can affect employeesand their performance. Different cultures of employees in company also affects innovation andcommercialization of products or goods. In Ensoft, the different lifestyle, attitudes, beliefs, etc ofemployees also affects company’s management or innovation and commercialization. Teamwork: In this, the workers of company perform their jobs in groups or teams toachieve goals and objectives of company. They work on a common and specific tasks toaccomplish it on time. They solve their issues commonly by taking help of each other andsharing information and details (Ordanini and Parasuraman, 2011). Teamwork is also helpful forcompany for shaping innovation and commercialization. They innovate and commercialize newproducts from existing products by putting their efforts. They also provide best services withinnovative ideas to its consumers which helps company to achieve their growth and success. Inthis way, teamwork is helpful for Ensoft and shapes the process of organizational innovation andcommercialization.In this way, organization culture, teamwork, leadership and vision shape innovation andcommercialization. This also helps company to produce new and innovative products to satisfyneeds and demands of consumers’.
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