Unit 8 Innovation and Commercialization : Assignment
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Added on 2020-05-16
Unit 8 Innovation and Commercialization : Assignment
Added on 2020-05-16
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Running head: INNOVATION AND COMMERCIALIZATION UNIT 8Innovation and Commercialization Unit 8Name of the Student:Name of the University:Author’s Note:
1INNOVATION AND COMMERCIALIZATION UNIT 8Executive SummaryInnovation and commercialization is the way of implementing new business ideas for addingunique value to the business model. This study has assessed the innovation andcommercialization of Amazon through its cashless store Amazon Go. The study has evaluatedthe importance of innovation over invention through its less investment opportunity. Apart fromthat, the creative thinking ability of Amazon’s CEO has made the company capable ofdeveloping innovative cashless store Amazon Go. The discussion of innovation 4p’s hasdemonstrated that the cashless store Amazon Go meets the unique need of customers towardsavoiding the long waiting time of cash counter without checkout process. Innovation funnel andfugal innovation has facilitated Amazon toward developing innovating Amazon Go.
2INNOVATION AND COMMERCIALIZATION UNIT 8Table of ContentsIntroduction......................................................................................................................................31.1 Differences between Invention and Innovation at Amazon Go.................................................31.2 Importance of Innovation in Comparison to Invention at Amazon Go.....................................42.1 Impact of organizational vision, leadership, culture and teamwork on innovation andcommercialization............................................................................................................................53.1 4 P’s of Innovation and Innovation Funnel for Amazon Go.....................................................73.1.1 4 P’s of Innovation..............................................................................................................73.1.2 Innovation Funnel...............................................................................................................94.1 Role of Frugal Innovation in the development of Amazon Go...............................................12Conclusion.....................................................................................................................................13Reference List................................................................................................................................14
3INNOVATION AND COMMERCIALIZATION UNIT 8IntroductionInnovation and Commercialization is the way of developing new products and servicesfor creating unique values of the customers (Visnjic, Wiengarten and Neely 2016). Innovationand commercialization facilitates an organization towards bringing competitive advantage overthe rival organization. This study will evaluate the innovation and commercialization of Amazonthrough its new Amazon Go store. The study will explain the difference between the inventionand innovation of Amazon. Moreover, the study will assess the value of innovation overinvention through Amazon Go store. On the other hand, the study will also assess the importanceof organizational vision, leadership, culture and teamwork for developing innovation andcommercialization. An explanation of innovation 4p’s and application innovation funnel forAmazon Go will be discussed in this study. Furthermore, the study will critically evaluate therole of frugal innovation in the development of Amazon Go. 1.1 Differences between Invention and Innovation at Amazon GoInvention is the act of inventing something, which is typically a product or service.According to Prajogo (2016), invention is the occurrence of idea for product and process, whichhas never been made before. It is completely new concept, which often strikes a scientist. On theother hand, Gundry, Ofstein and Kickul (2014) opined that innovation is the implementation ofideas for products and process for the very first time. Unlike, invention, innovation requires setof technical, marketing and strategic skills. Moreover, invention is the creation of products forthe first time, but innovation is significant to the existing products and services for theirimprovement.In case of Amazon Go, the concept of check-out free grocery store is not new tothe market. Such concept has already been invented by other organizations like Kit and Ace,
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