Innovation And Commercialization Assignment - Softwire Limited

Innovation And
Commercialization

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance to business in comparison with invention.......................1
P2. The way organisational vision, leadership, culture and teamwork can shape innovation
and commercialization............................................................................................................3
TASK 2............................................................................................................................................4
P3 4P's of innovation and utilisation of innovation funnel and shaping innovative ideas to
employees in organisation......................................................................................................4
Application of innovation funnels in products development.................................................5
P4 Development of frugal innovation and Example of how it is used in organisation..........6
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and application of new product development processing
for commercialisation to employees.......................................................................................7
P6 Development of innovation case for Softwire and ways to access funding as with two
business in case study.............................................................................................................8
TASK 4..........................................................................................................................................10
P7 Different tools that selected organization can use to develop, retain and protect knowledge
and intellectual property.......................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is analysed as the key factor that enables an organisation to attain high market
recognition and achievement of success. Commercialization is analysed as the process which is
used for introducing a new product or the methods of production by organisation and making it
available in the market. It is also critical that organisation continuously innovates their product’s
offerings and the important processes in order to ensure that they will remain competitive in
market (Van Hemert, Nijkamp and Masurel, 2013). Present report is based on analysis of
Softwire Limited which is small medium enterprise having staff 130 employees and deals in
providing software development and cloud computing service to some large scale enterprises.
Concept of innovation and its importance to the employees of Softwire is also discussed in
comparison with the invention. Along with this, different aspects related to innovation and
commercialization are also discussed in this report. 4P's of innovation and utilisation of
innovation funnel in order to examine and design different ideas to employees of organisation are
stated as well.
TASK 1
P1. Innovation and its importance to business in comparison with invention
Innovation is termed as a process which implies to transform a business idea or the
particular invention that delivers the value for customers of business enterprise. It is mainly
analysed as the major part of success which has been performed by organisation through
transformation of various process in creation of more important appropriate processes, products
and important ideas (Drucker, 2014). In this context, Softwire is analysed as a small medium
enterprise which deals in providing various software development and cloud computing services
to its customers. Company also aims to explore new technologies so that they will be able to
innovate their products and services in market. In this context, being the CEO of Softwire,
organisation has achieved sustainable growth by creating various innovation and development
software solutions for other organisations.
Commercialization is termed as a process of developing new products and production
method which helps the employees of organisation to attain success in its business operations. It
is also considered as a process that involves production, marketing, sales and customer support
which is required for the achievement of commercial success.

Invention is analysed as the occurrence of ideas for a product or process that have never
been made before. It is also analysed as a process of developing new products and services by
organisation which are not available in the market or industry across world. For example: Apple
iPhone based on operating system is the major example of invention which has provided growth
to organisation in market.
Invention Innovation
Invention refers to the occurrence of an
innovative idea for the development of new
product or service which is important to raise
the recognition of organisation in market
(.Freeman, 2013). It is also analysed as a
process that initiates the actions of Softwire
towards development and designing of new
software to provide services to its major
client’s business enterprises.
Innovation implies to the application of new
ideas for improvement and development of
existing product to increase sales and growth in
market. Innovation is essential for company to
increase its recognition and brand image in
market.
It is concerned with a single product which is
developed by the organisation by involving its
efforts in research and development.
It emphasizes upon increasing consistency and
competencies of various existing products of
company in market through application of new
strategies and ideas.
Invention in organisation is only limited to the
department of research and development
because they have completed analysis about
demand of new products and services in
market.
Innovation is spread across all departments as
employees also have capabilities to provide
ideas for the improvement of products and
services to increase sale of Softwire in market
(Patti Yanes and Siuzdak, 2012).
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