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Study on Innovation and Commercialization

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Added on  2019-11-29

Study on Innovation and Commercialization

   Added on 2019-11-29

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Running head: INNOVATION AND COMMERCIALIZATIONInnovation and CommercializationName of the student:Name of the university:Author note
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1INNOVATION AND COMMERCIALIZATIONTable of ContentsTask 1...............................................................................................................................................2Importance of innovation and commercialization.......................................................................2Vision, leadership, culture and teamwork...................................................................................2Task 2...............................................................................................................................................44Ps of innovation.........................................................................................................................4Frugal innovation.........................................................................................................................5Task 3...............................................................................................................................................6Commercial funnel and NPD.......................................................................................................6Innovation business case..............................................................................................................7Task 4...............................................................................................................................................8Knowledge and intellectual property...........................................................................................8Reference.......................................................................................................................................10
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2INNOVATION AND COMMERCIALIZATIONTask 1Importance of innovation and commercialization Tesco Mobile Limited is a virtual mobile network operator which is headquartered in theUnited Kingdom. This telecommunication industry serves the areas of UK, Hungary, CzechRepublic, Slovakia and Republic of Ireland. Innovation in organizations arises from the developers and entrepreneurs especially in thestart- up companies. It can be said that the already established companies can also makeinnovation as their priority. Innovation is considered as a positive change in competence, output,quality, competitiveness, market share and other such factors. Being the CEO of an SME, it isimportant to promote innovation to increase employee inspiration, imagination andindependence, a powerful team and planned suggestion from the bottom up. Innovation leads to agrowth in the customer value by resolving issues that fulfill the new, unknown and the prevalentmarket needs in various ways. The solutions include new and proficient products, services,processes, technologies or thoughts that can be made easily available to markets, governmentsand people (Aarikka-Stenroos, Sandberg and Lehtimäki 2014). Innovation can be confused with invention or improvement, but they differ from eachother. Innovation means bringing up new ideas or procedures or mixing a new approach with anold one. On the other hand, invention refers to creating something new statically. It signifies infinding something new to do things and improvement means to do things in a better way. Asgiven in the case study of Apple, the birth of iPod in 2001 was an innovation and not aninvention. This is because a digital music player was not something uncommon at that time butstoring a large number of songs in the smallest possible place was new for the customer. So itwas matching up of the existing approach with a new procedure. IPod is a product of Applewhich had recreated the experience of listening to music and projected the company with respectto, both innovation and revenue quotient. Steve jobs had selected the music sector as it appeals toa large population and at that point of time there was no big competitor in the market. He made alist to compare the existing music market where CD, MP3, Flash player, Hard disk had somedisadvantages. So he took out the best from all the available option and made an innovation.Apple developed a hard drive of 1.8*0.2 to store 5 GB at a rate of 160 kb. They used fire wire tosolve the issue of downloading 1000 songs at a better speed. There was no problem of chargingtoo as they had devised a battery with lithium polymer which can function for 10 hours whichcan be recharged in 1 hour again (Brunswicker and Van de Vrande 2014). Vision, leadership, culture and teamworkFor the success of a company the CEO needs to have a lucid vision of the goals, missionand morals of the company. These are the primary components which help in guiding andmotivating the employees of the company to commercialization. As Steve Jobs had proved to bean asset for the company Apple, his leadership, vision and culture has lead to a successfulteamwork in his organization. He has found the employees who not only has the right technicalskills but also can adapt to the work environment and adjust with the team as necessary. He hadcreated a surrounding atmosphere to inspire innovation by recruiting people of diverse culturalbackground and provided an opportunity for everyone to voice their opinion. This has allowedfor an experiment based on the time and energy of the employees (Cho, Baek and Chang 2015).
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3INNOVATION AND COMMERCIALIZATIONAs the CEO of Tesco mobile, an individual can utilize his intellect to integratearticulation ability with a transparent vision and invite staff, stakeholders and customers. SteveJobs is described as a visionary and a great leader. He experimented with the operating functionof iPod to simplify the limits of processing power and handle the instructions. His excellentdesigning of devices crossed the benchmark of computer speeds (Chun et al. 2015). The newdevice iPod could be connected to Mac or iTunes store and manage a huge amount ofinformation by dividing labor in the system. Innovators have the capability to change the existingnotion and reshape industries. Jobs too had the ability to rethinking and reshaping the existingconcept to develop the market. He had transformed his vision into a tool to be used on a dailybasis in the business. These tools were used by all the stakeholders so that their vision can beattractive and inspirational for a common purpose. Media is considered as the fourth pillar ofdemocracy so it is appropriate to direct the vision of the company in all conversation with themedia. The company vision will attract the world- class talent to work for. Thus, Steve Jobs’vision enlightened the revolution of electronic gadgets and made its company, Apple an icon forthe small and medium businesses. The efficiency in teamwork in every layer and the silent trustamong all the members made Apple one of the successful and innovative companies worldwide(Datta, Mukherjee and Jessup 2015).
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