logo

Innovation and Commercialization – Doc

   

Added on  2019-12-28

14 Pages4450 Words148 Views
INNOVATION ANDCOMMERCIALIZATION
Innovation and Commercialization – Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P 1................................................................................................................................................1P 2................................................................................................................................................1LO 2.................................................................................................................................................1P 3................................................................................................................................................1P 4................................................................................................................................................3TASK 3............................................................................................................................................4P 5................................................................................................................................................4P 6................................................................................................................................................4TASK 4............................................................................................................................................6P 7................................................................................................................................................6CONCLUSION ...............................................................................................................................7REFERENCES................................................................................................................................8
Innovation and Commercialization – Doc_2
INTRODUCTIONWith the help of innovation and commercialization, organization can make theirsuccessful operations through creating new things within the enterprise. In respect to this, itassists to develop plan of business for making effective transactions and activities (Xiao, Li andLiu, 2016). Present report is based on Madgex Ltd. which leading in IT company of UK. Inrespect to this, they promote software for development of the business through making effectiveactivities within the country. In addition to this, they are providing SaaS solutions and supportservices which help to clients to create their values in outstanding career development. In thisreport covers, innovation and its importance towards the organization with comparison to theinvention. Furthermore, report analysis different sources of innovation and how it can be fosterto development of the culture innovation. Moreover, it explains 4 Ps of innovation which canshape to the innovative ideas. In addition to this, report explains the importance of commercialfunnel and application of new product development. At last, report evaluate the different toolswhich help to organization to develop, retain and protect the knowledge of organization.
Innovation and Commercialization – Doc_3
LO 1P 1Innovation and invention are two simple yet different subjects. There is a hair linedifference between the two. Innovation is just a new thought, idea or a different approach thatcan be utilised in a respective field while invention is creating a new device, product or anything.Creation of unique things be it a living or a non living subject is invention. Innovation can belead by invention or vice versa. InnovationInvention1.This is a process of manifestation oforiginal ideas and thoughts fordeveloping a subject.2.It can be applied to the samecommodity or subject again and again(Nwaka, Ochem and Nyasse, 2012).3.Upgraded versions of the old televisionis innovation. That is smart TVs, andcolor television are innovated versionsof television.Invention is creating a new thing fromthe innovative ideas and thoughts in aunique manner for the very first time.Repetition here, doesn't exists.The complete concept is different in thisarea. The inventors have to come upwith unique thoughts and ideas that aredeveloped once and the result gives acompletely new entity that did notexisted in the world previously.Television was a invention (Hsu andChang, 2013).Innovation is the process to implementing the ideas to develop the business objectives indifferent part of the country and other areas (Thore, A. ed., 2012). It demonstrates new things atthe workplace to generate high revenue for Madgex Ltd. In respect to this, it is very essential tomanage the innovation in company because it creates positive aspects within the businessenvironment. It determines both product and organization innovation through business can mae
Innovation and Commercialization – Doc_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Importance of Innovation: Assignment
|13
|3779
|43

Innovation and commercialisation
|14
|4497
|72

Introduction to Innovation
|15
|3692
|368

Innovation and Commercialization: A Comparative Analysis
|20
|6757
|64

Innovation and Commercialisation
|19
|4751
|84

Importance of Innovation and its Comparison with Invention
|12
|3580
|56