Innovation and Commercialization - Teamwork and Leadership

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation with its importance at organisation in comparison to invention.........................1
P2. Ways through which organisational vision, culture, teamwork and leadership can shape
innovation and commercialisation...............................................................................................3
TASK 2............................................................................................................................................6
P3. 4P's of innovation addition to usage of innovation funnel for examining as well as shaping
innovative ideas...........................................................................................................................6
P4. Development of Frugal innovation........................................................................................7
TASK 3 ...........................................................................................................................................8
Covered In PPT............................................................................................................................8
TASK 4............................................................................................................................................8
P7. Different tools to develop, retain along with protecting knowledge with intellectual
property........................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined to application of solutions for generating novel ideas, products
addition to procedures that are unique as well as cost effective (Al-Mubaraki, Muhammad and
Busler, 2015). It involves multiple activities which uncovers ways to perform workings or things.
In addition, commercialisation is characterised to procedures that brings innovations of
commodities and services in market. It transforms ideas, innovations together with knowledge
into broader wealth for businesses addition to society at large. To develop understanding about
innovation and commercialisation, Samsung Electronics is chosen which performs trading
activities in industry of electronics including digital media devices, memory chips, electronic
appliances, semiconductors and integrated chips. The company is committed for making
improvements in global community as well as catering ground breaking innovations that can
help in enhancing lives of general public. The report discusses about innovation as well as
differences between innovation with invention. It further includes different innovation types and
procedures required for commercialising innovations. At last, it involves different methods to
protect ideas along with their pros and cons.
TASK 1
P1. Innovation with its importance at organisation in comparison to invention.
Innovation: Changing current business model as well as adopting changes to deliver
effective services and products is termed to innovation. In other words. It means to implement
new ideas to manufacture dynamic commodity that stimulates towards growth of business. It
increases livelihood of succeeding entity by creating efficient work processes addition to better
performances and productivity. For Example, Samsung Electronics recognises needs of market
and dedicate its efforts with resources to manufacture new innovation and offer the same to its
targetted customers. It delivers best products with operational excellence addition to innovations.
Examples of the innovations of Samsung electronics are 5G Phones are more camera lenses
(Examples of Samsung Innovations. 2019). Importance of innovation are as follows:
 Responding towards trends addition to competition: It helps an organisation to
analyse current trends as well as opportunities in near future (Importance of innovation.
2018). Samsung Electronics not only respond towards emerging customer needs rather
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predicts future trends so that they come up with new idea which will help in meeting
demands and staying ahead in competition.
 Competitive advantage: Consumers sees innovations as something which helps in
adding values on organisational product. Managers of selected entity uses the concept in
effective manner that provides competitive advantage to saturate market and spread legs
rapidly.
Invention: It is generally featured with new ideas, unique imagination along with
creative thinking that are represented through methods. In other words, invention is a new idea
that that has not entered into market and is to be introduced for first time. Examples of Samsung
Electronics inventions are Samsung QLED TV and Samsung Galaxy S6 Edge+ (Examples of
Samsung Inventions. 2019). The company understood the demand of market about the innovation
and launched it in 2018. Importance of invention are:
 Attract more customers: With invention, Samsung electronics attracts large base of
customers by introducing unique features of mobile phones and other appliances at
reasonable costs that fulfil market demands. Innovative product: Invention helps in launching innovative product which is not done
by other companies. Samsung Electronics by carefully understanding product needs
manufactures innovative products.
Comparison between innovation as well as invention
Comparison basis Innovation Invention
Definition Innovation is defined as
procedures for applying
policies, methods and ideas to
develop existing product in
innovative manner.
Invention is defined to new
idea or method for
manufacturing and launching
in market which is yet not
produced before.
Focus Focus of innovation is on
combining several products
(Ding, Eliashberg and
Stremersch, 2016).
Invention focuses towards
introduction of new
commodity.
Required skills as well as Innovating product requires Invention requires scientific
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