Innovation and Commercialization in UK Assignment
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Added on 2020-12-30
Innovation and Commercialization in UK Assignment
Added on 2020-12-30
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INNOVATION
Table of ContentsTASK 1 ...........................................................................................................................................1P.1 Innovation and difference between innovation and invention .............................................1P.2 Leadership, team, culture and vision can create innovation and commercialization ..........2TASK 2 ...........................................................................................................................................3P.3 4P'S of innovation and use of innovation funnel to create innovative ideas .......................3P.4 Explanation of development in frugal innovation ...............................................................4TASK 3............................................................................................................................................5P.5 Importance of commercial funnel and use of new product development ............................5P.6 Innovative business case for placement resources ...............................................................6TASK 4............................................................................................................................................7P.7 Tools that regain and protect intellectual property and knowledge ....................................7CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTION Innovation is creating new and different things in an innovative manner. Through thisfirm can create new and different ideas and thus can provide different ideas to the company(Bason, 2018). Through this firm can create new and distinct products in an innovative way andmethods. Thus all customers can easily get satisfied and hence firm can earn more revenues andthey can easily enhance the market share. Hence it can easily enhance the reputation among allparts of world. Assignment describes about the Professional Placement resources whichprovides travel and housing service to people. It was found in U.K. Report discusses about thecontext for innovation and difference between innovation and invention. Various types ofinnovation. It further explains about the process required to commercialize the innovation. It alsoexplains about the range of various methods for protecting different ideas and their advantagesand disadvantages. TASK 1 P.1 Innovation and difference between innovation and invention Innovation is modifying old things and ideas into new and creative ideas and products.Thus firm can easily enhance profits. Various sources of innovation are used:Unexpected: Company has to accomplish the objectives so thus firm has to performactivities in such as way so that it can give unexpected results. Through this manager andcompany can easily accomplish the objectives. This leads to growth and development of thefirm. Process lead: Organization has yo modify their process of recruitment so that it canselect qualified and educated employees. This helps the firm in delivering the good quality oftravel services. Thus it can easily increase the sales and profits. Change in perception: All people change their attitude and they new look things in adifferent manner. Thus as a result they can easily increase their revenues. New knowledge: Organization researches and get new and distinct ideas related to therecruitment and selection of all staff members. Thus it creates new application and thus it cancreate new with distinctive ideas and hence it can satisfy all users in minimum time (Breznitzand Murphree, 2011). Professional placement resources can create a rewarding and motivating environmentand thus it can create provide good travel services to all people by selecting competent1
employees in minimum time. They can perform this by providing different benefits and bygiving different benefits to all employees (Brown and Osborne, 2012). Thus as a result they canall staff members are motivated and thus they can give superior results. They have to create newapplications in the internet so that they can select many people and thus they can deliver goodquality of services to all people. For this they can also organize many innovative trainingsessions and thus they can easily provide them so that all staff members are trained and candeliver good services to them.People have no knowledge about the innovation and invention. Thus there is lot ofdifference between innovation and invention. Invention is creating new ideas and new productsin market while innovation is modifying the old things and ideas into a new and innovativethoughts (Difference Between Invention and Innovation, 2016).Innovation InventionIt is a process in which new product is notlaunched but old products are modified. It is method in which new ides and newproducts are launched in market.It is create and performed by all members ofgroup. It is performed by a single person and not byall members of group. In this use of technical knowledge and skillsare very useful so that there can be increase inthe performance. It helps in giving the solution to difficultproblems. P.2 Leadership, team, culture and vision can create innovation and commercialization Organization can easily enhance the performance and services through a good team and aspecific mission. Thus professional placement resources tries number of strategies and methodsso that it can create innovation in the company (Chesbrough, Vanhaverbeke and West, 2014). Itcan also perform commercialization through many creating and innovative ideas and thoughts.The leadership and vision of professional placement resources are:Vision: Company main vision is to increase the satisfaction of all people. Thus it canmotivate all employees so that they can give good outcomes. It has to accomplish the vision.This vision can only be accomplished through creating and developing a new application. 2
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