Innovation for Ascension Ventures

This article discusses the concept of innovation and its comparison with invention. It also covers the tools and approaches to innovation, the four Ps of innovation, and the role of frugal innovation. The article also explains the innovation funnel and the importance of innovation for Ascension Ventures.

Innovation & invention
An idea that prompts a scientist or inventor to study a problem or phenomena is
known as innovation. An observation of what appears to be true or a creative spark of a
fresh concept is generally what shapes that insight. Excellence and continual progress are
the driving forces behind innovation
The conception, development, and deployment of a new product, method, or
service with the goal of enhancing efficiency, effectiveness, or competitive advantage is
referred to as innovation. The four categories of innovation discussed here – incremental,
disruptive, architectural, and radical – highlight the many ways in which businesses may
innovate.
Importance of Innovation
The various significance of innovations is mentioned below:
 • This is concerned with the addition of a new feature to an existing product or
service.
 • This is concerned with increasing a company's productivity as well as its
worth..
 • Innovation aids in achieving a competitive edge by attracting more clients to
the most recent product or service..
Comparison between innovation and invention
Basis of comparison Innovation Invention
Skills required This necessitates a variety of
technical, strategic, and
marketing abilities. Different
combinations of method or
product are associated with
innovation.
Because this is connected to a
particular product or process
in an organisation, it
necessitates a variety of
scientific abilities.
Concept This is a notion relating to the
practical application of new
ideas.
This is a notion relating to
unique ideas and the creation
of a new product.
Tools or approaches to innovation
The following are some of the different tools or techniques that lead to innovation:
 Vision: The Hakim Group's mission is to provide a variety of investment opportunities to
optometrists who want to manage their own practise. In terms of innovation or
commercialization, the firm assists firms in establishing a strong brand image across the
country by utilising their experience in identifying a solid investment opportunity..
 Leadership: This is the most typical strategy for launching a new firm. Here, a Hakim
Group leader leads the team in achieving a specific goal that requires transformational
style. Through his leadership style, the leader inspires his ambitious and talented
employees to go beyond the box and innovate.
 Teamwork and Culture: Employees working together as part of a team and adhering to
the company's culture bring about reinvention or creativity in the company's workings, as
well as in goods and services. The Hakim Group's culture emphasises a competent and
ambitious workforce. This is linked to a pleasant and healthy working environment that
promotes collaboration and teamwork. This fusion of culture and teamwork has resulted
in a win-win situation.
Innovation

Types of Innovation
The different types of innovation are mentioned below:
 Incremental Innovation: This is the most well-known type of innovation,
which allows for the use of existing processes while also improving customer
values in the present market. The innovation can take the shape of adding a
new feature to an existing item, eliminating a feature from it, or making a little
change that gives the goods a new twist..
 Disruptive Innovation: This entails the organization's adoption of new
processes or cutting-edge technologies in their existing market. This type of
innovation is costly for businesses since it requires investments in technology
as well as training for workers who will be working with it.
 4 P's of Innovation
The 4 P's of innovation with respect to Hakim Group are mentioned below:
 Product: This is a key component on which the company's objectives are
built. Customers are constantly drawn to new items, and they expect the same
from the firm. In this regard, the Hakim Group consistently innovates in
offering high-quality eye care as well as presenting possibilities to companies
that deliver as optometrists..
 Process: This refers to the improvement of a process that results in goods that
are both cheaper and more efficient, which benefits both the firm and its
customers. The Hakim group is made up of self-employed opticians who are
free to work anywhere they like.
 Position: This refers to the actions that are carried out in order to promote a
company's goods or services. Hakim Group advertises on television or
billboards, allowing them to serve a huge number of consumers in a short
amount of time.
 Paradigm: This refers to a modification that is being explored in order to
meet a certain goal. The Hakim Group focuses on the investment options that
Funnel Innovation
Employees' brains are shaped through funnel innovation. This is used to describe the many
stages being done toward growth. The Hakim Group, for example, views its first stage to be the
gathering of various ideas, which is then followed by screening and ultimately the decision-making
process. This permit the organisation to provide better eye care services to the customer in order to
get more positive outcomes and enhance their effectiveness among the Marketplace
Frugal Innovation
Frugal innovation refers to a set of approaches that are used to reduce the cost or complexity
of processes and goods. The Hakim Group strives to incorporate economical innovation into their
approach by eliminating superfluous features. The Hakim Group's service excellence necessitates the
establishment of consumer requirements.. Distribution also refers to how services are developed and
made available to the group's customers. The sale of a practise to a staff member, for example, aids
the business in maximising the practitioners' professional capabilities. Adaptability, on the other
side, is what allows the group to generate devoted support for its practitioners. They also feel that the
actual investment is earned via hard labour once the transaction is completed. As a result, the Hakim
Group aims to reduce the complexity in their marketing methods to its practitioners by examining
each element of frugal innovation.
Innovation

Several instances of frugal innovation are provided to help you understand it better: Sainsbury's
management uses a social media technique to uncover consumer demands, allowing for effective
product creation. In the case of MOMA foods, the company's executives employ frugal innovation,
which employs a human relation strategy to introduce new products to the market. This technique is
both cost and time effective, and it yields positive outcomes in customer satisfaction..
CONCLUSION
Based on the foregoing, this brochure is quite beneficial since current innovation is a critical
component of achieving profitable outcomes and being competitive for a longer length of time. It also
explains the significance of innovation, as well as the four Ps of innovation, so that businesses can see
how innovation may help them succeed. Within the market, innovation may also be used to obtain a
competitive edge.
REFERENCES
Books and Journal
Haber, S.H. and Lamoreaux, N.R., 2021. Do Patents Foster International Technology Transfer?. The
Battle Over Patents: History and Politics of Innovation, p.69.
Chao, C.C., 2017. The Chinese female leadership styles from the perspectives of trait and
transformational theories. China Media Research, 13(1).
Pittz, T.G. and Hertz, G., 2018. A relational perspective on entrepreneurial ecosystems: the role and
sustenance of the entrepreneurship center. Journal of Enterprising Communities: People and
Places in the Global Economy.
McWherter, D., 2016. Philosophy Outside-In: A Critique of Academic Reason. Journal of Critical
Realism, 15(3), pp.301-305.
Harper, D.A. and Endres, A.M., 2018. From Quaker Oats to Virgin Brides: Brand capital as a
complex adaptive system. Journal of Institutional Economics, 14(6), pp.1071-1096.
Innovation funnel
The term "innovation funnel" refers to a series of actions performed by firms or
organisations to develop new goods and processes. Ascension Venture has created this
funnel to raise awareness in the UK market.
 Idea process- Several concepts are analysed in this step, and the firm must choose
the best option for delivering lucrative outcomes. It is beneficial to all types of
businesses. Ascension Venture gives money to those who have the finest ideas, and
they employ artificial intelligence to do it..
 Conceptualisation- At this point, Ascension Venture promotes their innovation,
artificial intelligence, which is used to discover smart and lucky company concepts
in order to generate profit. By doing so, they raise awareness of innovation,
encouraging businesses to focus on it in order to expand their client base..
Go or no go for launching- In this phase, the firm decides whether or not to launch the
product or procedure. Ascension Ventures is focusing on expanding its market
position in the United Kingdom in order to provide funding to a number of start-up
firms.
Role of frugal innovation
The process of lowering the complexity or expense of items and their related
manufacturing is known as frugal innovation. They mostly seek to remove non-essential
characteristics from durable items in order for them to be easily marketed in developing
nations. In the case of Ascension Venture, frugal innovation is important since they focus on
achieving lucrative results by modifying services, such as introducing artificial intelligence,
where they choose the finest and smartest model to offer money so that the firm can
experience more profitable outcomes. It plays a critical function in introducing possible new
markets and assisting concerned companies in achieving lucrative outcomes in the United
Kingdom.
INNOVATION FOR ASCENSION VENTURES (LO1-LO2)