Importance of Innovation and Commercialization

Innovation and commercialization

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Importance of innovation and difference between innovation and invention......................................3
P2 Contribution of organizational vision, culture, leadership and team to develop innovation and
commercialization...................................................................................................................................5
TASK 2.......................................................................................................................................................6
P3 Analysis of 4P’s of innovation and application of innovation funnel in development of innovative
ideas........................................................................................................................................................6
P4 Developments in frugal innovation.....................................................................................................7
TASK 3.......................................................................................................................................................8
P5 Use of NPD for innovation and commercialization and importance of commercial funnel................8
P6 Development of innovation business case..........................................................................................9
TASK 4.....................................................................................................................................................10
P7 Evaluation of the tools which are used by the organization to develop, retain or protect knowledge
and intellectual property rights..............................................................................................................10
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11

INTRODUCTION
Innovation refers to creation of something new with the application of new methods and
techniques. There is huge requirement of innovation for the organizations to attain sustainability
in their business operations. It provides the opportunity to the management of organization is to
create innovate features in their products according to their different requirements of customers
and satisfy their various demands. To attain innovation in their operations need to adopt new
technologies. Through implementation of new technologies and development of innovative ideas
large number of benefits are gathered by organization like competitive advantage, higher
customer base, build good brand image, higher customer satisfaction etc. Application of innovate
technologies improves the internal strength of organization and motivates the employees to
provide their best to attain desired results. Rowlinson Knitwear is small clothing organization
provides their products in UK.
In the present report explain about, importance of innovation and difference between
innovation and invention, creation of innovation and commercialization through organizational
vision, culture, leadership and team, 4P’s of innovation and creation of innovative ideas through
application of innovation funnel and use of frugal innovation. Also, importance of commercial
funnel and contribution of NPD for innovation and commercialization and application of tools
which helps in protection of intellectual property rights (Baraldi and Waluszewski, 2011).
TASK 1
P1 Importance of innovation and difference between innovation and invention
Difference between innovation and invention
Innovation and invention are two different things. Innovation in their old process leads to
new inventions in organization. The different points which make difference between both the
terms are defined below:
Innovation Invention
It is the process which involves the use of new
ideas and methods for development of new
features in their existing products.
It includes the process of application of new
ideas to develop something new which is not
present in market yet. Under the process of
new product is emerged which is different in
every aspects.
It can be used by the management of
organization regarding development of the
existing features and quality of their products.
It is the process which helps in development of
new product line which helps in attraction of
the new customer base.
Example: Rowlinson Knitwear produces
school and corporate wear clothes. Application
of innovative ideas helps in improvement of
Example: Invention by the management of
Rowlinson Knitwear helps in development of
new line of clothing’s which is not yet exist in

the designs and comfortability in their clothes. market.
Importance of Innovation
Through application of innovative technologies Rowlinson Knitwear attains both internal
and external benefits. Internal benefits are referred as improvement of the existing skills and
knowledge of employees of organization. It helps to retain their employees for longer period of
time through build their good professional career. Other internal benefit is improvement of the
quality of their clothes. On other hand, external benefits which are gathered through innovation
are competitive advantage, large number of profit, high market share, good brand image etc.
Such importance of innovation which is attained by Rowlinson Knitwear is mentioned below:
 Competitive advantage: One of the major advantages which is gathered by Rowlinson
Knitwear through innovation is to attain competitiveness. Innovation helps in
implementation of changes in production and marketing process which makes their
clothes more unique and different from others. It also helps in improving the quality of
their products and reduction of operation cost which provides opportunity to fix
reasonable prices (Bianchi and et. al., 2010). It helps in attraction of large number of
customers through providence of new design of corporate wears which are more
comfortable for them. It influences the behavior of customers and helps in creation of
long term bond which helps to provide tough competition to their competitors.
 Application of best methods: Innovation helps in use of innovative technologies,
methods and techniques in production process and marketing activities. It provides the
opportunity to capture large market share and satisfaction of the different preferences of
customers. It contributes in development of long term relation with customers to ascertain
their trust and loyalty. It provides the opportunity regarding retention of their customers
for longer period of time. It helps in application modern tools of marketing like social
media which has wide range in comparison to other measures. It bring awareness among
customers about their clothing lines.