Innovation and Commercialization of an Organisation : Assignment
Added on 2020-09-08
12 Pages3887 Words31 Views
INNOVATION AND COMMERCIALIZATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovations and its importance to organisation in comparison to invention.....................1P2 Organisational teamwork, leadership, culture and vision can shape innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3 Innovation 4Ps and use of funnel innovation for developing innovative ideas................4P4 Analysis of developments in frugal innovation.................................................................5Frugal innovation.............................................................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of NPD for commercialisation..........6P6 Building of innovation case...............................................................................................8TASK 4............................................................................................................................................8P7 Application of different tools to protect knowledge and intellectual property rights.......8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation and commercialisation is important concept which helps small organisationsto attain sustainability in their operations (Adner and Kapoor, 2010). It is the obligation upon themanagement is to continually innovate their products and processes to maintain their position inmarket. In this regard, organisation is need to adopt best commercially driven approach whichprovides maximum return as result. To bring innovation in organisational process need toprovide power employees to use their own ideas in production process. All such processes havelarge importance in organisation. Unicorn Grocery is small organisation which sells fresh, driedand processed food and drink. In the present report explain about, importance of innovation in comparison to invention,importance of organisational vision, culture, leadership and teamwork to bring innovation inorganisation, 4P's of innovation and innovation funnel and contribution of frugal innovation.Also, process of NPD and importance of commercial funnel in organisation and the differenttools which helps to secure their intellectual property rights.TASK 1P1 Innovations and its importance to organisation in comparison to inventionInnovationInventionIt includes the process which helps inimprovement of the existing features ofproducts by application of new ways and ideasIt helps in development of the new products,service and process which is not exist inmarket right nowIt is considered as the practical implementationof new idea (Dahlander and Gann, 2010).It is considered as original idea which is yet notimplemented in real scenarioFor innovation strategic, marketing andtechnical skills are requiredFor invention scientific skills are requiredIt is concerned as combination of the variousproducts and processIt is related to single product and process onlyExample: Unicorn grocery provides food anddrink items, innovation in techniques helps inimprovement of quality and features ofexisting productsExample: Invention process helps indevelopment of new drink which helps toattracts new customersImportance of innovation in organisation1
To sustain their position in market, Unicorn Grocery is need to adopt innovativetechnologies which helps in attraction of the large number of customers. It provides theopportunity regarding maintenance of competitiveness in market. Innovation also helps inimprovement of the existing skills of employees (Davila, Epstein and Shelton, 2012). It helps inbuilding of good structure in organisation which contributes in timely accomplishment ofobjectives. Through all such changes in organisation, employees feel motivated and providestheir best to organisation. The different benefits are mentioned below:Adoption of new methods of working: To understand about the innovative techniquesmanagement of organisation is need to conduct proper research of market. Through suchresearch manager is able to knew about the innovative techniques used by their competitors. So,it provides the opportunity regarding use of such technologies to improve their existing productsand services.Competitive advantage: One of the major change which is noticed after implementationof innovation is development of new features among existing products. It helps in improvingbackground, beliefs and culture provide competitive advantage to unicorn grocery. P2 Organisational teamwork, leadership, culture and vision can shape innovation andcommercialisationCompanies team work, leadership, culture and vision contributes higher in doinginnovation and commercialisation within the firm. Each firm is having their own goals andvisions on the basis of which regular activities of enterprise have to be done. Hence, it is neededfor management to state objectives as well as visions to their workers which give effectivedirection as well as guidelines for achieving them in a span of given time limit. Differences inculture are also one of an important issue which give growth to disputes within workers.Therefore, it is necessary for company to maintain culture which aid in eliminating gap ofcommunication and promotes them to give new methods as well as ideas for performing a giventasks in a efficient and effective way (Drucker, 2014). Team work and leadership also contributemuch in raising workers performance along with firm. Leaders who are having adequate capabilities and skills to apply new way ofaccomplishing work from other in a much profitable way. Hence, it is necessary for managementof Unicorn Grocery to consider all elements on the basis of which they need to take a properdecisions regarding both innovation as well as commercialization. It will aid in producing stylish2
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