Innovation and Commercialization INTRODUCTION
Added on 2020-07-22
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Innovation and Commercialization
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Difference between innovation and invention and importance of innovation to organisation......................................................................................................................................................3P2 Contribution of organisational vision, leadership, culture and teamwork in innovation andcommercialization........................................................................................................................4P3 4P's of innovation and use of innovation funnel to develop innovative ideas.......................6P4) Explanation of developments in frugal innovation...............................................................9TASK 3..........................................................................................................................................10P5) Importance of commercial funnel and application of NPD for commercialization andinnovation..................................................................................................................................10P6) Innovation business case for an enterprise..........................................................................11P7 Different tools that organizations can use to develop, retain and protect knowledge andintellectual property rights.........................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTION Innovation can be described as the most essential term of each business organisation aseach small as well as large business organizations are concern on implementing innovation atwork place in respect to attaining more growth and profit for firm. Amobee EMEA is a chosenorganisation for this particular report (Ambec and et. al., 2013). This report contents the studyabout the concept of innovation, its importance within business firm, the effectiveness oforganisational vision, mission, leadership, culture, team work in providing shape to innovationand commercialization. The elements of 4 p’s of innovation, the importance of commercialfunnel and application of new product development and various elements that are effective inprotecting intellectual property of an organisation will also be discussed in effective and efficientmanner. TASK 1 P1 Difference between innovation and invention and importance of innovation to organisation.In the modern era competition is so high at market place and organizations are concernon attaining high growth and success through implementing various innovative ideas and tools atwork place. Innovation is considered as the process of applying new methods, ideas andtechnologies in to proper action as to fulfilling the specific requirements of an organisation.Effective implementation of innovation helps in attaining various opportunity to produce andoffer variety of goods and services to their significant customers. As an advertising andmarketing company it is required for Amobee EMEA to adopt various innovative tools as toproducing effective and attractive advertisement functions for their clients (Battistella andNonino, 2012). Innovation is an essential term for each business organisation and variousimportance of innovation are described as below: Developing the effectiveness of communication process: It is necessary for each small as wellas large business enterprises to develop effective communication channel in respect toimplementing proper transformation of data and information in each and every department offirm.
Enhancing productivity of firm: This can be described as the major focused area of eachbusiness organization, as in this competitive era each organisation is focused on developing theirproductivity through adopting various innovative ideas and technologies at work place. AmobeeEMEA adopts innovation in respect to developing the efficiency of company’s activities. Attaining competitive edge: In this modern era there are lots competitors available at marketplace and each business firm is focused on attaining high place through capturing a wide area ofmarket. As a marketing company the major purpose of Amobee EMEA is to gaining attention oflarge number of people towards the firm through applying various new and innovativetechnologies at work place (Boudreau, Lacetera and Lakhani, 2011). Difference between innovation and invention: Basis Innovation Invention Meaning This can be considered as the mostessential process of implementing newprocesses, technologies and ideas atwork place in respect to developing theefficiency of organisational activities. Invention can be consist as theprocess in which idea aboutcreation of a product throughimplementing technology for thefirst time is involved. Concept This described as the process of addingsome new and attractive feature in theexisting product in respect to creatingthe product more effective. It is the process of producing a newproduct with more advance featurefor the very first time. P2 Contribution of organisational vision, leadership, culture and teamwork in innovation andcommercialization.Each business organisation has some goals and objectives which are needs to be accomplishedby them as to reaching at higher position at market place. Desired goals and objectives plays vastrole in providing a clear way to carry out all business activities in well planned and effectivemanner (Breznitz and Murphree, 2011). There is vast contribution of firms vision, culture,teamwork and leadership as to develop innovation and commercialization within firm.Organization and its higher authority are concern on implementing clear and concise vision andobjectives as to providing a clear guidance to their employees about the operations of firm whichare needs to be attempted by them in respect to enhancing the performance at market place. Onthe other side the element of culture difference leadership and team work influence the
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