Importance of Innovation and Commercialization

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Difference between innovation and invention and importance of innovation to organisation.
.....................................................................................................................................................3
P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation........................................................................................................................5
TASK 2............................................................................................................................................6
P3) Evaluating 4 P'S of innovation.............................................................................................6
P4 Development in frugal innovation and its uses......................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation....................................................................................................................................9
P6 Evaluation of Innovation Business Case..............................................................................10
TASK 4..........................................................................................................................................11
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights.........................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is considered as an process of translating an idea or invention into an
appropriate products and services which creates value for firm as well as customers and for this
buyers are ready to (Davila, Epstein and Shelton, 2012). Innovation also refers as the new
device, method and the idea which create value for organisation to attain more benefit and
growth. In the present report Periscopix is a chosen company for this particular report. It is a
known marketing consulting company. This report contents the study about the concept of
innovation, the potential difference between innovation and invention, the importance of culture,
teamwork, vision and leadership within the firm, 4P'sof innovation, development of frugal
innovation, significance of commercial funnel and application of new products development for
innovation and different tools that are used by an organisation as to develop and intellectual
property will also be discussed in detailed manner.
TASK 1
P1 Difference between innovation and invention and importance of innovation to organisation.
Innovation is consisting to be the most essential component for each business
organisation. In this competitive market the major purpose of each business organisation is to
attain a higher position at market place as to sustaining higher profitability for firm. Innovations
is consist to be an essential element which helps in achieving different opportunities to create
and provide wide range of products and services as to significant customers. The major focused
area of firm is to producing more innovative and attractive products and services as to satisfying
the needs and wants of people at market place. Plan.com is a small telecommunication company
which provides variety of telecommunication products and services to their significant buyers
and clients within UK. The major purpose of pla.com is to implement innovation as to producing
more effective and attractive products and services at market place pay (Sawyer, 2011).
Innovation is important for sustaining growth and success at market place and organizations are
widely concern on implementing innovation and commercialization in order to making their self
stand out in front of market as to providing competition to their rivals, there are various benefits
of innovation in which some are described as under:

 Innovation is necessary for each department within organisation as to developing new
ideas and thoughts.
 Innovation helps in making appropriate changes in the existing products and services as
to developing organisational sales and profitability at market place.
 This also create value in implementing effective decision for organizations as to
enhancing their profitability and productivity.
 This is effective in sustaining an appropriate image of firm or its offered products and
services at market place.
Difference between innovation and invention is associated as under:
Basis of Comparison Innovation Invention
Meaning It is depicts as the foundation of
new contemplations and thoughts
for successful execute particle of
creation work. In this new ideas,
thought and methods plays vast
role.
It decided as a revelation of new
procedures, techniques and innovation for
powerful activity of new things that has
never been connected.
Concept It can be considered as the practical
execution of new ideas and
thoughts which create value for
firm or its growth.
This is quite different in nature as it is
significantly based on practical
knowledge and originals ideas which are
implemented on the basis of some theories
and concepts.
Occurance This can be implemented in the
situation when the demand and
preferences of customers are
changed as per the change arises in
market trend as it helps in making
the existing product more effective
in respect to developing the sales
and revenue of firm.
It occurs when an effective and new
idea strikes in the mind of scientist. As
this is applied by organisations as to
developing an idea for the very first
time.