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Innovation and Commercialization INTRODUCTION

   

Added on  2020-10-22

15 Pages4387 Words143 Views
Innovation andCommercialization

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Difference between innovation and invention and importance of innovation to organisation.......................................................................................................................................................3P2) Culture, teamwork, vision and leadership of organisation in shape innovation. ..................5TASK 2............................................................................................................................................6P3 4P's of innovation and use of innovation funnel to develop innovative ideas within anorganisation. ................................................................................................................................6P4 Development in frugal innovation and its uses within an organisation. ................................8TASK 3 ...........................................................................................................................................9P5) Significance of commercial funnel and application of new product development forinnovation....................................................................................................................................9P6) Innovation business case for an enterprise..........................................................................10TASK 4 .........................................................................................................................................11P7) Various tools that can be used by enterprise to develop and protect intellectual property.11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................14

INTRODUCTIONInnovation and commercialization is considered as the most essential element of eachbusiness enterprises as these two elements are effective for organisational growth and success. Inthis modern business era the major motive of each business is to adopt most advance andinnovative technology at workplace in respect to improvising the operations and function of firmat market place (Ambec and et. al., 2013). Innovation is defines as an effective process oftranslating an invention and idea into a proper product or thing which is having its own value andhelps in providing various benefits to firm or its buyers. Innovation is also consisting as a newmethod or idea which creates benefits for firm in respect to gaining attraction of more customers.In this particular report Dixon Schwabl is the chosen organisation. It is a advertising, marketingand public relation company which has around 77 employees and widely concern on applyinginnovative tools as to enhancing the performance of firm at market place. This report contentsthe study about the idea of advancement, the potential contrast amongst innovation andinvention, the significance of culture, collaboration, vision and authority inside the firm, 4P'sofdevelopment, improvement of thrifty advancement, centrality of business pipe and use of newitems improvement for development and diverse apparatuses that are utilized by an associationas to create and protected innovation will likewise be talked about in detailed and descriptivemanner. TASK 1 P1 Difference between innovation and invention and importance of innovation to organisation.Innovation is an essential term which plays most effective role in enhancing theperformance and walking activity of an organisation by establishing new and innovative ideas inthe workplace. Innovation is majorly defined as an effective process of transforming an idea orinvention into an effective product or services which are beneficial for an organisation or readyto consume by customers (Battistella and Nonino, 2012). Customers are the major key of marketand it is essential for an enterprise to analyze current needs and wants in respect to satisfy themin appropriate manner. Innovation is described as usual concept which includes innovativeapplications of information various imagination and initiatives in respect to guiding appropriate

or effective values by sources and also involves different processes by which an innovative andnew idea are generated or transacted into proper action in regards to reducing some effectiveproducts and services. On the other hand invention is also and essential term which determinedas a technical or scientific thought which is utilized buy form in respect to creating new productor services for very first time this term is effective in promoting a new product and servicewithin the market. As a small business organisation Dixon Schwabl is widely concerned onapplying innovative thoughts and ideas as to developing its marketing and advertising operationswhich are helpful in providing various benefits to their clients and buyers (Boudreau, Laceteraand Lakhani, 2011). There is various importance of innovation within the workplace in whichsome are described as follows:Enhancing productivity: productivity is consistent with the major function of form as the wholeactivity of urbanization are based on its production function and it is the major responsibility ofan organisation to produce valuable and effective products which are helpful in fulfilling thedesires of people at Marketplace. Innovation is very much effective in reducing new andinnovative products at market place to draw the implementation of new and advanced ideas.Optimum utilization of resources: resources are the key element of form the operations of firmare conducted through the use of resources it is necessary for firm to utilize their resources inappropriate manner as to reaching at their desired objective. As a small marketing companyDixonScgwabl is very much interested in applying innovative tools and ideas as to properimplementation of resources within the process of production and any other operations.Difference between innovation and invention is described as below:BasisInnovationInventionMeaningInnovation is successful in makingproper changes in the current items andadministrations of firm throughexecuting new thoughts and strategies.. This is unique in relation to theinnovation, in this a compellingthought has happens which helps inactualizing another and inventiveitem out of the blue which has neverbeen occur in the market. NeedInnovation is generally connected byThe real needs of invention are to

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