(Solved) Innovation and Commercialization in Business
12 Pages3309 Words437 Views
Added on 2021-01-01
(Solved) Innovation and Commercialization in Business
Added on 2021-01-01
ShareRelated Documents
Innovation AndCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1LO. 1................................................................................................................................................1P.1. Context For Innovation Along With Difference Between Innovation And Invention....1P.2. Explanation on how organizational vision, leadership, culture and teamwork can shapeinnovation and commercialization.........................................................................................3LO. 2................................................................................................................................................4P.3. 4 P's of Innovation And Use Of Innovation Funnel........................................................4P.4. Developments in Frugal Innovations..............................................................................5LO. 3................................................................................................................................................6P.5. Importance Of Commercial Funnel.................................................................................6P.6. Innovation Business Case................................................................................................7LO. 4................................................................................................................................................7P.7. Different Tools To Retain And Protect Intellectual Property.........................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation refers to thinking or performing of any task in a very innovative and creativeway. It refers to doing of any assigned task or work by thinking out of the box. The reportcompletely focusses on the innovative thinking and the process of converting the ideas andaction into the desired outcome (Ke and et.al., 2016). The assignment further focuses on theinnovation and its importance in the respect of organisation as compared to the invention.Further the project lays emphasis on the vision; leadership; culture and the teamwork that helpsin the achievement of organisational goal if clubbed together, with the innovation andcommercialisation. Here, the organisation is Tesla (Liao and et.al., 2016).LO. 1P.1. Context For Innovation Along With Difference Between Innovation And InventionInnovation is a process that involves application of information in a deliberate manner.With the use of self imagination and taking an initiative to derive a greater value from theavailable resources and it includes all the process by which new ideas are generated and arebeing converted in some useful products (Yu and et.al., 2016).Invention can be defined as the process of inventing any newer product for the benefit ofmankind and for the organisations. In other words it refers to the generation of ideas and themeans of its embodiment and accomplishment. It can also be defined as an act of creating;designing or discovering any process; device or a method that has not existed ever before in theorganisation or in the market (Yu and et.al., 2016). It is such an idea that can be patented, by thescore of it provides security to the inventor for the purpose of intellectual rights. There aredifferent rules in different nations for obtaining the patent and copyright and this process is alsovery costly.Difference Between the Innovation And Invention are as follows:-Basis Of DifferenceInventionInnovation1.)MeaningIt's an occurrence of idea, forany product of service that hasnever been made before.It can be define d as theimplementation of idea for anytype of product for the veryfirst time.2.) What is it?It's completely a creation of aIt is an innovation to an1
new product.already existing product.3.) ConceptHere, the idea is completelyoriginal and its working in atheory.Implementation of a new ideain practical aspect.4.) Skills RequiredScientific skills are required.Set of marketing skills arerequired along with thetechnical and strategic skills.5.)OccurrenceNew ideas strike in themindset of a scientist.In this case, the need is felt forthe product that is alreadyexisting by doing someimprovement.6.) RelationIt is related with a singleproduct only.Here, a combination of variousproducts and services areinvolved.7.) ActivitiesIt is only related with theResearch And DevelopmentDepartment.It spreads all around theorganisation.Importance Of Innovation:- It's quite clear that the process of innovation is related withthe taking of new ideas and converting them into some useful products and services or themethods of operations. Now, useful idea are just a result of creativity which is a pre-requisite forthe innovation (Ge and et.al., 2017). Creativity is nothing but just an ability to combine the ideasin a unique way and to make them presentable and useful in the association among the ideas. Forany organisation whether, its an established reputed firm or a new organisation, it's very crucialfor them to adopt a dynamic and challenging environment (Ge and et.al., 2017). If a company ora firm fails to make innovation in its already existing products than, there are chances that acompany might have to quit. So, the ability to manage changes are very essential part of anyorganisation. 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
An innovative business caselg...
|10
|3266
|88
Innovation in a small business context: How organisational vision, leadership and culture shape innovationlg...
|16
|4664
|104
(Doc) Solved Assignment Innovation and commercialisationlg...
|17
|5562
|355
Innovation and Commercialization Assignment - Healthy Drink companylg...
|12
|3548
|484
Importance of Innovation and its Comparison with Inventionlg...
|11
|4100
|34
Innovation and Commercialisationlg...
|14
|4561
|273