Innovation and Commercialization Importance - Doc

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INNOVATION ANDCOMMERCIALIZATION1
ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1. Innovation and its importance to organizations in comparison with invention.................................3P2. How Samsung’s vision, leadership, culture and teamwork would shape innovation andcommercialization...................................................................................................................................6TASK 2..........................................................................................................................................................7P3. 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas.....7P4. Developments in frugal innovation and how it is used in Samsung Electronics.................................9TASK 3........................................................................................................................................................10P5. Importance of the commercial funnel and the application of New Product Development (NPD)processing for commercialization of innovation....................................................................................10P6. Innovation Business Case for Samsung Electronics..........................................................................11TASK 4........................................................................................................................................................13P7. Different tools for Samsung Electronics to develop, retain and protect knowledge and intellectualproperty.................................................................................................................................................13CONCLUSION.............................................................................................................................................13REFERENCES..............................................................................................................................................152
INTRODUCTIONInnovation refers to any new add-on feature that adds value to existing offerings of anorganization. It is of vital importance for firms that aim to capture a bigger market and increasethe number of customers. The following report is based on the role of innovation in SamsungElectronics Co. Ltd. which is multinational company which deals in home appliances, semiconductors and consumer electronics. The company is situated in Suwon, South Korea and is oneof the leading companies in electronic industry. Currently, the firm plans to maximize its ROIwithin the next 12 months. For this, the company is planning to implement innovation andcommercialization in their organizational culture. The report covers concept of innovation and itsdifference with invention and an explanation of different types of innovation. It also discussesthe process of commercializing innovation and evaluation of the range of methods for protectingideas.TASK 1P1. Innovation and its importance to organizations in comparison with inventionBefore starting with the answer give a brief introduction of your chosen organization and its keyactivitiesInnovation:Any fresh idea that adds value to the existing products and services of thecompany by introducing creativity is termed as innovation. Managers and leaders at SamsungElectronics must ensure this creativity in their employees as well as production process so thatthe firm could increase their customers all around the world and maximize their Rate ofInvestment (ROI)Invention:This refers to the production and development of a unique and a new productby a company which has never been created before (West and Bogers, 2014). For instance, theCurved LED TV by Samsung Electronics was the first of its kind. It contributes towards creatinga whole new market for the firm and enhances its customer base.Both the terms are equally important for Samsung Electronics to retain its market statureand improve its competitive position in the market. In addition to this, it helps to enhance thecreativity of employees and they become more productive and committed towards the3
firm.However, there is a vast difference between innovation and commercialization which isdiscussed before.BASISINNOVATIONINVENTIONMEANINGInnovationmeansimprovement in existinggoods and services of acompany by adding value toit,Invention is the creation ofsomething that doesn’t existyet. It means that the creatorhas a completely new offeringfor the market.SKILLS NEEDEDFor innovation, it is necessarythat technical, strategic aswell as marketing skills arepresent in the company’semployees.For invention, presence ofscientific skills is veryimportant in employees tocreate a product or servicewhich is unique and new.OCCURRENCEInnovation occurs when aneed arises to improve andenhance performance of thefirm’s existing offerings.The idea that strikes theinventors or the scientistsworking in a company, becomethe cause for invention inorganizations.LIMITATIONProcess of innovation couldapply to all the existingservices and products of anorganization.Process of invention, however,is limited to a single service ofproduct of a company.Samsung Electronics Co. is a global leader in electronic products in the world. It has aworldwide market and customers tend to consume every innovative product or service the firmhas to offer. There are different sources of innovation that could be an advantage for the firm.These are mentioned below:Industry and Market Structure Change:Electronic industry is is one of the mostdynamic industries in the world. The industry witnesses various changes almost everydaywhich is a major cause for innovation in Samsung Electronics.Changes in Perceptions:Perception of consumers is forever changing. The firm needs todevelop new products to satisfy these demands.4
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