Innovation and Commercialization INTRODUCTION
Added on -2020-07-23
This report contents the study about the importance on innovation and effective comparison among innovation and invention, the utilisation of new and innovative technologies at work place, the effectiveness of organisational vision, mission, teamwork and leadership will be analysed, the need of innovation will also be discussed with 4 P's of innovation as it provides shape to the innovative ideas, the development of frugal innovation, the importance on commercial funnel and the importance of new product development, various tools that organisation can use to develop, retail and
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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Innovation and its importance to organisations in comparison with invention...................1P2) Culture, teamwork, vision and leadership of organisation in shape innovation...................3TASK 2............................................................................................................................................4P3 4P's of innovation and use of innovation funnel to develop innovative ideas within anorganisation..................................................................................................................................4P4 Development in frugal innovation and its uses within an organisation..................................5TASK 3............................................................................................................................................6P5) Significance of commercial funnel and application of new product development forinnovation....................................................................................................................................6P6) Innovation business case for an enterprise............................................................................7P7) Various tools that can be used by enterprise to develop and protect intellectual property...8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is consist to be the most essential process of translating an idea or thought intoa good product or services which create value for firm as well as customers. In this modern eraeach small as well as large business enterprises are concern on implementing innovation at workplace in respect to developing their performance and productivity at market place (Amit andZott, 2012). Plan.com is the chosen organisation for this particular report, it is a mobilecommunication provider serving organisation. The was established in the year of 2013 bydirector Dan Craddock. This report contents the study about the importance on innovation andeffective comparison among innovation and invention, the utilisation of new and innovativetechnologies at work place, the effectiveness of organisational vision, mission, teamwork andleadership will be analysed, the need of innovation will also be discussed with 4 P's ofinnovation as it provides shape to the innovative ideas, the development of frugal innovation, theimportance on commercial funnel and the importance of new product development, various toolsthat organisation can use to develop, retail and protect knowledge and intellectual property willalso be discussed in detailed manner. TASK 1 P1) Innovation and its importance to organisations in comparison with inventionInnovation is consist to be the most essential term which helps in developing the overallperformance and productivity of firm through implementing new ideas and thoughts. Innovationrefers as process of translating an innovative idea or invention into a effective product or servicewhich create value for organisation and customers are ready to pay. An idea to be called asinnovation needs to be replicable at an economical cost and also able to satisfy some specificneeds and wants. Innovation is a vast concept which involves deliberate applications ofinformation, imagination and initiative in order to leading greater or different values throughresources and also includes all the processes through which a new and innovative idea aregenerated and converted into appropriate action as to developing some useful products andservices. Innovation is also effective in providing appropriate solution for the issues andconflicts that has a direct influence on the organisational performance (Davila, Epstein andShelton, 2012). The term innovation and invention are totally different from each other asinnovation helps in creating some new and innovative features in the existing products which1
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