Innovation for Ascension Ventures

This brochure discusses the importance of innovation for Ascension Ventures and presents a comparison between innovation and invention. It also covers the role of frugal innovation, 4 Ps of innovation, and the innovation funnel. The brochure emphasizes the significance of innovation in gaining profitable results and sustaining in the market for a longer time period.

INTRODUCTION
Innovation defines as a process of creating unique ideas to modify goods and services
so that more customers are attracted towards company (Bodolica and Spraggon, 2021). To
effectively complete this project Ascension venture is to be undertaken that is leading
company in UK. It is prominent active seed investors in UK founded in 2012 that offers
capital to companies so that they gain more profitable results in marketplace. To complete this
brochure concept of innovation along with comparison between innovation and invention is to
be done. Further innovation funnel and role of frugal innovation is to be done so that UK
understand the importance of innovation in business success.
Innovation and invention
Invention refers to creation of goods that launch in market for the very first time.
This express idea development process that helps in reflecting engineering methods and
product development activities. In case of Ascension ventures they done innovation in their
technology where they distinguish between smart and lucky. In this they invent the use of
artificial intelligence that draw a image of business to which they offer funds.
Innovation defines as a process where organisation emphasis on developing
significant changes in something what they already invented (Cusumano, Yoffie and Gawer,
2020). In context of Ascension Ventures, innovation done in technology that helps in gaining
profitable results.
Comparison between innovation and invention
Basis Innovation Invention
Skills needed Innovation needs marketing,
strategic and technical skills
Invention needs scientific skills
Activities These activities are spread across
the organisation
It is limited to research and
development department
Examples Innovation in Ascension venture is
modifying the technology in
attracting number of businesses so
that they raise funds effectively.
In context of Ascension ventures
invent the idea of feed start-up
and small business so that they
grow for longer time period helps
in gaining profitable results.
Importance of Innovation
There is various importance of innovation that Ascension venture express to create awareness
ion business industry so that company move towards innovation.
 Maximise business growth- Innovation helps business to grow their business to high extent
due to this they enjoy large base of customers and present their value for longer time period
(Komatsu Cipriani and et. al., 2020). As Ascension Venture offer fund raising facilities to
start-ups funds by using artificial intelligence. As it helps in examine the smart and lucky
plans so that their investment done on right basis.
 Satisfy customer’s needs- Innovation is very crucial because it helps businesses to fulfil
demands of customers so that they become loyal and show their trust towards company for
longer time period. It is important for every type business to maintain healthy and successful
relation with market.
It is crucial for Ascension Venture to emphasis on culture, leadership and teams as it helps in
developing atmosphere of innovation so that high profitable results are attained by business.
INNOVATION FOR ASCENSION VENTURES (LO1-LO2)

Organisational leadership
In Ascension Ventures, leader adopts the transformational style of leadership so
that employees easily and flexibly apply the changes and alter modifications prominently so
that they connect with customers effectively. It is essential for concerned company to
emphasis on adopting effective style so that advancement in technology is easily done
where employees works prominently to offers funds to those businesses who need funds to
raise their operations.
Culture and teamwork
Ascension Ventures follow participative culture within working area so that
innovation is done effectively that is useful for UK people to develop their living standards.
Due to effective culture employees are working in a team where they use artificial
intelligence to select the smart and lucky customers so that they offer them funds to raise
their business. It provide beneficial results to ascension venture to generate high return in
their long term survival.
Variety of innovation
It reflects several types of innovation that is useful for business to understand what
type of innovation they done to gain profitable results. Some of them are presented below:
 Incremental innovation- It is a basic form of innovation where company
emphasis on exploit advanced technology to enhance the value of products and
services in customers mind. In this Ascension ventures focus on this innovation so
that they gather number of start-up business so that they face new heights of
success in market.
 Disruptive innovation- It represent that form of innovation in which innovation is
done in goods and services that is essential to attract large base of customers. In
this Ascension venture provide funds to those start-ups who have innovative ideas
that is useful to fulfil the demands of customers in effective manner.
Tool of innovation
Several tools of innovation are presented below:
 Communication- For innovation, communication is one of crucial tool because this helps
idea sharing, gaining up to date knowledge on internal and external matters. As a manager of
Ascension ventures, they encourage employees to communicate with clients and other
department members so that innovative ideas are presented properly.
 Team building- Manager of Ascension Venture emphasis on this tool so that activities are
preformed effectively and efficiently.
4 Ps of innovation
 Product- This is crucial P of innovation that is offered to customers by business to retain or
attract customers by fulfilling needs effectively (Singh and Bhanot, 2020). In this Ascension
venture emphasis on this factor when they offer funds to start-ups using their own innovation in
technology that is use of artificial intelligence.
 Process- This aspect defines the process that company used to produce goods and services. It is
essential to express the process of producing goods and services so that Ascension Venture easily
attracts towards company and offer funds to them.
 Paradigm- It is another p of innovation that represent the model of business. In UK it is
essential for every start-up or other type of businesses to present business model so that they get
funds very effectively. In context of Ascension Venture this is useful paradigm is useful to find
best business for funding.
 Position- In context of Ascension Venture they offer their services to mainly start-up firms using
artificial intelligence tool where they easily find the smart and lucky form of business model that
helps in gaining profitable results.
INNOVATION FOR ASCENSION VENTURES (LO1-LO2)

To effectively understand frugal innovation several examples are presented such as: In Tesco,
manager adopts social media approach to identify needs of customers so that innovation in products is
done effectively. In terms of MOMA foods, manager use frugal innovation that use human relation
approach to launch innovation in market as it cost and time effective and present positive results in
favour of business profitability.
CONCLUSION
From the above information this Brochure is very useful because it present innovation is a
significant term of gaining profitable results and sustain in market for longer time period. It also
elucidates importance of innovation along with 4 Ps of innovation so that organisation understands the
use of innovation in their success. Innovation is also useful to gain competitive advantage within
marketplace.
REFERENCES
Books and Journal
Bodolica, V. and Spraggon, M., 2021. Incubating innovation in university settings: building
entrepreneurial mindsets in the future generation of innovative emerging market
leaders. Education+ Training.
Cusumano, M.A., Yoffie, D.B. and Gawer, A., 2020. The future of platforms. MIT Sloan Management
Review, 61(3), pp.46-54.
Komatsu Cipriani, T. and et. al., 2020. Business models & social innovation: mission-driven versus
profit-driven organisations. International Review of Applied Economics. 34(5). pp.541-566.
Ondaatje, A.M., 2020. Animal Ascension: Elevation and Debasement Through Human-Animal
Associations in English Satire, 1700-1820 (Doctoral dissertation, Queen's University
(Canada)).
Singh, R. and Bhanot, N., 2020. An integrated DEMATEL-MMDE-ISM based approach for analysing
the barriers of IoT implementation in the manufacturing industry. International Journal of
Production Research. 58(8). pp.2454-2476.
Innovation funnel
Innovation funnel refers to several steps that are taken by businesses or any
institution to develop products and process. This funnel is elaborated below by Ascension
Venture to create awareness in UK market.
 Idea process- In this several ideas is processed where company need to inhale best
alternative that is useful for generating profitable results. It is helpful for each and
every type business. In this Ascension Venture provide funds to those who have best
idea process for this they use artificial intelligence.
 Conceptualisation- In this stage Ascension Venture advertise their innovation i.e.
artificial intelligence for identifying smart and lucky business models so that they
gain profitable results. By usaing this they create awareness related to innovation so
that companies emphasis on doing innovation for generate more customer base.
 Go or no go for launching- in this step company take decisions about launching the
products or process or not. In this Ascension Venture focus on develop their market
position in UK to offer funds to several start-up companies.
Role of frugal innovation
Frugal innovation defines the process of reducing complexity or cost of goods and
its related production. They mainly work for eliminate the non essential features from durable
goods so that it could be sold in developing countries easily (Ondaatje, 2020). In terms of
Ascension Venture, frugal innovation play a significant role as they emphasis on gaining
profitable results by modify services in terms of launching artificial intelligence where they
recognise best and smart model to offer funds so that more profitable results are enjoyed by
company. It play a crucial role in presenting potential new market that helps concerned
company to develop profitable results in UK.
INNOVATION FOR ASCENSION VENTURES (LO1-LO2)