Analyzing Research Papers on Innovation and Technology
Added on 2020-07-23
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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1 ...........................................................................................................................................4P1. Innovation and determine its significance to organization in comparison with invention...4P2 Different factor helpful in shaping innovation and in its commercialization .......................6TASK 2 ...........................................................................................................................................7P3 4P's of innovation & use of innovation funnel to scan & shape innovative ideas.................7P4 Development of frugal innovation and its usage ..................................................................9TASK 3..........................................................................................................................................11P5 Commercial funnel and application of New Product Development ..................................11P6 Innovative business case .....................................................................................................12TASK 4..........................................................................................................................................13P7 Tools for developing and protecting rights of customers ...................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................14
INTRODUCTIONInnovation refers to a multi-faceted and complex process that comprehend a wide rangeof activities. It initiates with conceiving a distinctive idea, nurturing it into concept and thenimplementing it for creating a new product, process, technique or service with added value to beoffered in market for commercializing and earning profits. It is of vital importance for acompany to continuously innovate its product and services in this dynamic business environmentto ensure to have an competitive approach over market competitors (Aarikka-Stenroos, andSandberg, 2012).Ensoft ltd is a fast emerging software company having expertise in networking software.Established in 1997 with its base in Harpenden, firm strives to work with mission to tackleincreasing complexity in system software. It has a team of around 70 proficient engineers whoare expert in developing all sorts of networking software and providing IT solutions.The project covers the importance of innovation for a firm in changing businessenvironment along with explaining a difference between innovation and invention. Moreover itwill give synopsis of different types of innovation and its 4P's. Role of Firm's vision, mission andculture in shaping innovation and commercialization are also discussed and a brief aboutinnovation funnel and frugal innovation are also given.
TASK 1 P1. Innovation and determine its significance to organization in comparison with inventionInnovations is a critical factor for both established and developing firms as it proves to bean asset for maintaining an edge by providing something better for customers as well as forsociety and environment too (Bogers and West, 2012).Ensoft ltd with its team of specialized engineers specializes in developing highly complexsoftware that are utilized by some of the most popular communication devices. It uses a blend ofinnovation, creativity, exceptional engineering and EnQuality software to develop networkingand other computer codes that are reliable and resilient. Innovation, as discussed,symbolize a new idea, device, method or technologies withupdated application and value addition for which customers are ready to pay something extra.However, it can also be seen as a process of uncovering a new path or way to do things orintroducing alteration in business model to adapt changes to make existing products and servicesbetter and advanced. Invention on the other side described as process of contriving anddeveloping a distinctive idea through study and experimentation that doesn't exists before orutilized by any one. Significance of innovation can be understand from the mentioned below points:- Make it easy for business to adapt changes- With the fast changing businessenvironment, innovation provides an ability to a firm to come up with new ideas, originaloperations and fresh technologies for their customers. Thus, it enables a employer to be ready tomeet frequently changing preferences of people in accordance with market trends, competitorspolicies, fashion and so on (Bradley, Hayter and Link, 2013). Maintaining an edge over competitors- : In today's advanced international knowledgeeconomy, it is vital that a firm should have best ideas and capabilities in order to establish a truecommercial edge. Innovation assists firm in differentiating its products and service from that ofothers available in market by improving functionality of existing products either by adding somefeatures or introducing new ways to use it.
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