Innovation and Commercialization in Organizations
Added on -2020-07-23
INNOVATION AND COMMERCIALIZATION Introduction 3 LO-1: The context for innovation and the difference between invention and innovation 3 Task-1: Explaining innovation and determining its importance to organizations in comparison with invention 3 Task-2: Explaining how organizational vision, leadership, culture and teamwork can shape innovation and commercialization. 5 LO-2: Explaining the different types of innovation 6 Task-1: Explaining the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. 6
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INNOVATION ANDCOMMERCIALIZATION1
Introduction....................................................................................................................................3LO-1: The context for innovation and the difference between invention and innovation......3Task-1: Explaining innovation and determining its importance to organizations in comparisonwith invention..............................................................................................................................3Task-2: Explaining how organizational vision, leadership, culture and teamwork can shapeinnovation and commercialization...............................................................................................5LO-2: Explaining the different types of innovation....................................................................6Task-1: Explaining the 4Ps of innovation and the use of the innovation funnel to examine andshape innovative ideas.................................................................................................................6Task-2: Explaining developments in frugal innovation and provide examples of how it is usedin an organizational context.........................................................................................................8LO-3: Discussing the process required to commercialize innovation.......................................9Task-1: Importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation.......................................9Task-2: Building an Innovation Business Case for an organisation, including ways to accessfunding.......................................................................................................................................11LO-4: Evaluate the range of methods for protecting ideas and understand their advantagesand disadvantages........................................................................................................................13Task-1: Evaluating the different tools that organisations can use to develop, retain and protectknowledge and intellectual property..........................................................................................13Conclusion....................................................................................................................................14References.....................................................................................................................................162
INTRODUCTIONOne of the basic needs of today’s world is to be progressive in nature. Internationally thisis very important for an organization to survive. A company which is innovative is always readyto change. They have set objectives in their mind and build up strategies to achieve thoseobjectives. They do thorough research on the creative idea and implement it in real world. Thisreport does a detail analysis of innovation and commercialization. It highlights the factors thatare responsible for bringing an innovative idea, the misunderstandings about innovations in ourmind, strategies that will be helpful to implement hose innovative ideas and the process ofinnovation implementation. Innovation is a solution for the organizations to survive in today’sworld. One of the essential components of innovation is novelty. One of the famous scientist saidthat disruptive innovation is the key to simplicity. An organization has to show how they aredifferent from others. They have to be competitive and always ready for change in theorganization. The smart thoughts that the individual have in their mind can be converted intoinnovative idea. These innovative ideas are further refined by the organization to make themcompetitive different from others. An organization need to be disruptive in nature if it wants tobe successful. But not all ideas become successful. Therefore an organization needs to dointensive research before implementing a innovative idea. LO-1: The context for innovation and the difference between invention and innovationTask-1: Explaining innovation and determining its importance to organizations incomparison with inventionOne can be innovative even by best utilizing the recourses available. According to pastbelieves, innovation is bringing something new product or service in the market3
(enterprise.gov.au, 2017). But this has changed; one can produce the same product and still beinnovative. Innovation can be done to the current product and service in the market. The usage ofcurrent way can be changed and one can be innovative. If the resources are used in better waythe overall cost of the product can be decreased and the demand of the product will increase.This will lead to increase in the profitability of the organization. This is the way all theorganizations in modern time should try to work, so that the demands of the customers can befulfilled on time. The organization that will produce the best quality product in least cost will bealways in advantage. The organization will always remain in positive situation who is alwaysready to change. Invention is one time but the innovation is continuous in nature (Spulber, 2014).Innovation helps the organization to achieve the long term objectives of the organization. Theyhelp to have a competitive advantage in comparisons to others. The organization which isinnovative helps to be revolutionary in long term duration. The organization which is innovativewill concentrate on the future demand of the customer but the organization which is notinnovative will concentrate only on present demand (business, 2017). Therefore cannot survivein long duration of the market. Internationally organization has to keep them changing accordingto the international demand of the market. Invention is bringing a new idea to the market butinnovation is the implementation of the new idea into new product. Invention can be done to ssingle product but innovation can be done to two or more product simultaneously. There can be asingle department in the organization for the work of invention but innovation cannot be limitedto single department. The organization need to be risk taking if they want to bring innovation intheir organization because sometimes the innovation may not be successful. 4
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