Innovation & Its Driving Forces

This assignment delves into the multifaceted concept of innovation, analyzing its definition and key driving forces. It investigates the role of technological advancements, market demands, social trends, and governmental policies in fostering innovation across different sectors. The assignment also explores various theoretical frameworks that explain the process of innovation and its impact on economic growth and societal development.

Innovation

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison with invention................................................1
P2 Leadership, culture, teamwork and vision can shape innovation..........................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovations..................................................................................................................3
P4 Developments in frugal innovation.......................................................................................4
TASK 3............................................................................................................................................5
P5 Importance of commercial funnel and application of new development process of
innovation....................................................................................................................................5
P6 Innovation business case for organisation.............................................................................6
TASK 4............................................................................................................................................7
P7 Tools that organisation can use to protect and retain intellectual property...........................7
CONCLUSION................................................................................................................................8
REFERENCES ............................................................................................................................10

INTRODUCTION
Innovation means pioneer and deliver something new to customers. Innovation is
undertaken by many enterprises to create better solution to the problems faced by customers and
to increase their convenience level (Rogers, 2010). Basically innovation is a value added process.
It helps firms in getting competitive advantage in marketplace by exploiting existing
opportunities. Innovation is necessary for every enterprise, by doing this firm can offer
something new to its customers. This helps firms in using its resources at an optimum level and
decrease the cost also. Quarda is a technology company which provide technical product and
service to different businesses. Importance of innovation in the organisational context of this
company is given in this report. Leaders, culture, vision and teamwork affect the process of
innovation in various ways is described in this research. Along with this different tools of saving
intellectual property are discussed in this report.
TASK 1
P1 Innovation and its importance in comparison with invention
Quarda one of the biggest firm who deals in variety of technological products for
satisfying the needs and wants of customers can adopt the concept of innovation for
making better products for customers.
Innovation is a process or action of pioneer something new, that can be a new method,
product or can be a feature. Innovation adds value to a product. This is done to generate better
solutions to a problem, to meet requirements of customers and to increase their comfort level
(Jamshidi, 2011). This is different from intervention under this new processes, methods and
solution are developed. Quarda, a technology limited company can undertake concept of
innovation and can do a variety of changes in its products and services to deliver better quality
goods. Innovation is one of the important part of every enterprise. Innovation provide number of
benefits to an enterprise and importance of this can be understood by following points: Increases productivity of enterprise and its employees: one of the main benefit of
innovation is that it results in increasing the productivity of workers working in an
organisation. Innovation will motivate the employees of Quarda to perform better and
create improved solutions to the customers problems. Enhances effectiveness of communication process: When innovation takes place in an
enterprise it increases the effectiveness of communication process. Innovation increases
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coordination, teamwork and morale of employees to learn something new. Effective
communication at quarda will help in solving issues and confusion arise in mind of
employees. Optimum utilisation of resources: Innovation influences and makes the enterprise able to
utilise all resources in efficient way. This results in increasing the cost of making new
products. It reduces wastage of important resources of organisation. Improves the environment: Up gradation of technology reduces the risk related with
employees health at workplace (Ellis, 2014). Health and safe environment improves and
increases the morale of employees and enhance their productivity. Creates a competitive advantage for firm: Adoption of innovation helps the firm in
getting competitive advantage. If firm will provide unique and better products than its
competitors than it will provide opportunity to firm in capturing greater market share.
Implementation of innovation concept will help firm in getting competitive advantage in
marketplace.
 Reduces cost: innovation use improved and upgraded technology and that results in
reducing the overall cost of business operations and help the enterprise in achieving
efficiency in all business operations.
All above importance will provide various benefits to Quarda, this will not only increase
the productivity of employees but provide opportunity to organisation to achieve competitive
advantage and generate large number of profits every year.
Invention: Process of product development is known as invention. This is adopted by the
enterprises for enhancing the features of their products and to capture a larger market share.
Difference between innovation and invention can be understand by followings:
Basis Innovation Invention
Meaning Innovation means implementation of
new idea, method or process for first
time.
Invention means occurrence of an idea
for development of a product or service
that has never take place before.
Concept Implementation of idea in practical. Implementation of idea in theory.
Activities
involve
Its activities spread all across the
enterprise.
Research and development activities
involves.
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Concerned
with
Process of number of products involves
in this.
It concerned with process of a single
product.
Skills
required
Marketing, technical and strategic skills
are required for this.
Scientific skills are required for this.
P2 Leadership, culture, teamwork and vision can shape innovation
Leadership and innovation: Leadership is a process of influencing the behaviour of
others. This process gets affected by the characteristics and personal traits of a leader. Motivating
workers to achieve and perform their best to achieve organisation's objectives and goals is the
main task of a leader (Kelly, Lesh and Baek, 2014). Process and approach adopted by leader
affect the success of organisation in various ways. Leadership plays an important role in
implementing the concept of innovation. Qualities of leaders can help quarda in implementing
the process of innovation in better way and motivate employees to take part in this. Results of
innovation process remains in the hands of a leader if he provide proper direction to employees
than effective ends can be achieved.
Organisation culture and innovation: Organisation culture refers to the qualities that
exists in environment of an enterprise. Motivating environment will encourage employees and
other task force in accepting challenges and concept of innovation. On the other hand complex
work environment hinders or creates hurdles in successfully implementing the concept of
innovation. Quarda should try to make its organisational structure simple and effective.
Vision and Innovation: Vision is where an enterprise wants to see itself after some years.
All processes and decisions taken by an enterprise are for achieving that vision. It affects the
organisation's innovation process (Hwang and Tsai, 2011). Effective vision will influence the
whole organisational process to undertake number of operations and this effect the innovation
process also. Vision of Quarda should be that it enhances the innovation processes in firm.
Teamwork and innovation: Teamwork refers to the cooperation and commitment of
organisation's workers towards the achievement of goals and aims. Human resource are the main
and important asset of every enterprise more cooperation leads to give and provide better results
to company. Cooperation not only enhances the productivity of employees but make the
employees more able to cope up with the changes occurring in enterprise after the concept of
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innovation. Managers of Quarda should try to motivate its employees in a way so they can
contribute their best in organisation.
All the above mentioned factors affect the innovation process of enterprise in number of
ways. So all the above mentioned factors should be given proper concentration in order to
achieve effective results of innovation process. By giving proper consideration to these factors
Quarda can better achieve the results of innovation process.
TASK 2
P3 4Ps of innovations
Creativity and innovation is an essential part of every enterprise. It is necessary for every
enterprise to deliver and offer something new to its customers on continuous basis. This will
make the firm able to satisfy needs and wants of customers and at the same time provide
competitive advantage to organisation. To implement the concept of innovation it is essential for
every enterprise to apply the 4 P's in that process which are as follows: Product: Product is that physical good having offer by company to its customers. Quarda
provide technological products to its customers (Schubert, Langeveld and Donoso,2014).
Product of every enterprise should have sufficient features to satisfy different needs and
wants of customers. Quarda should apply this concept and should offer quality products
to its customers. Process: This includes the steps, necessary to implement innovation concept. In this
organisation use number of resources including technical, financial and human to add and
develop new methods of doing the old work (Tortoriello and Krackhardt, 2010). Skilled
employees are needed to implement this concept so training can be given by enterprise to
it employees to learns new thing and concepts. Position: In this enterprise use tools or a combination of tools to promote the features of
its product. Digital and print can be used by Quarda for this purpose to communicate with
people and tell them about the new and added features.
 Paradigm: This includes making the product more fruitful doing its usage. This makes
product more attractive and influence large number of buyers.
All four P's of innovation helps an enterprise in implementing the concept of innovation and get
effective results. This help in reducing the hurdles of innovation process and make the enterprise
able to easily implement the changes.
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Use of innovation funnel to shape innovative ideas
Innovation funnel is a process of taking a idea form real life and shape it into a product
and than offer it to large number of customers. This focuses on identifying current trends of
market. Quarda is able to find and access market needs and than customise its products according
to this, so that needs and wants of the customers can be satisfied at an maximum level. It is very
necessary for every enterprise to analyse its current tools and techniques so that necessary
changes can be taken by enterprise.
Types of innovation: Incremental innovation: It is one of the most common form of innovation. It increase the
value for customers by utilising all available resources of organisation. Every type of
enterprise undertake this type of innovation. Disruptive innovation: Under this type of innovation enterprise uses new technology
with moderate features. It is very expensive method of innovation. Architectural innovation: In this enterprise apply the same technology in different
markets. This innovation results in increasing number of customers.
 Radical innovation: This type of innovation gives birth to new industries and technology.
P4 Developments in frugal innovation
Main aim of frugal innovation is to brings products and services in reach of all people
around the world. Under this main aim is to cutting cost ans at the same time safeguards the user
value and deliver it to large number of people. Frugal innovation helps and provide numerous
opportunities to number of businesses (Prahalad, 2012). By adopting this concept Quarda can
provide its products to poor and middle class people by cutting down the costs of their products
while maintaining the quality and features of product.
Innovation can be done in number of forms. Some are done to increase more features in
an existing product or some take place to decrease the cost of production process. Type of
innovation or why this takes place can be understood by following points: For expansion: Innovation is done by enterprise to increase or enhance their existing
product line. Innovation includes making of new products to satisfy changing needs and
wants of customers which results in making a new product. Reduce cost of production: Innovation involves use of updated technology and processes
which helps in reducing the cost of production process.
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 Make product more featured: One of the basic reason of innovation making one product
more featured or effective (Seyfang and Haxeltine, 2012). It is done to increase the
convenience of consumers or people of using the product.
Development of frugal innovation make the enterprise able to implement the process in an
effective way by reducing overall cost of the product. Concept of frugal innovation should be
adopted by enterprise to decrease the cost of innovation process and offer innovative or featured
products to large number of customers at an affordable rate (Battisti and Stoneman, 2010).
Frugal innovation wants to capture whole market including poor and middle class people. It
focuses on middle class people to use the same innovative products.
Principles of frugal scan be understood by the following points:
 Find opportunity in adversity: As per this principle of frugal problem should be reframed
by the problem solver and all the threats should be converted into opportunity to properly
utilised them.
 Do more with less: According to this problem solver should try to find the solutions with
the work he had already done rather than doing more efforts.
 Think and act flexibly: It is very necessary to be flexible rather than rigid.
 Keep it simple: Complex methods and process created unnecessary problems so it is
beneficial to keep it simple.
 Include the margin: It is very necessary to identify the customers and include them in the
problem solving process.
 Follow your heart: It is very necessary to be passionate about your work.
TASK 3
P5 Importance of commercial funnel and application of new development process of innovation
Commercial funnel help the firms in selling out its products. It can help Quarda also to
selling its technological products to large number of customers. Marketing of product is coem
under the concept of commercial funnel. Basically it identify needs and wants of consumers and
than undertake production process to make and deliver that products to consumers. Following
steps are included in the process of commercial funnel: Sales lead: Under this company first try to identify the leads and attract them to enter into
a contact of sales by provide them a magnet. This can be anything which influence the
people to enter into sale contract.
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 Qualified prospect: Collection of tastes and preferences of the people are studied under
this. Traits of decision maker are analysed or evaluated under this step (Borrego, Froyd
and Hall, 2010). Identification of needs: After identifying the customers, company undertake a study to
identify their specific needs. Proposal: After evaluation of customers needs this is a step to added that specific features
in the product and offer them to customers to make them a decision to buy or not to buy
the product. Closing: Under this step firms sole out any issues or question arise in mind of customers.
 Deal transaction: Goods are finally delivered to the customers as agreed under this.
Sales funnel help in increasing the sale of company's product.
Apple is holding a competitive position in given case study by delivering or making
technology updated products (Pande, Szewczyk and Grover, 2010). It makes and deliver an
updated I-pod to its music lover customers. Innovation and offering new and innovate products
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to large number of customers is the only option for firms to their survival and this is done by
apple and that's why it holds effective and competitive position in market.
New product development
For implementing concept of innovation and for making new technological products firm can
follow the following steps: Idea generation: This is the first and primary stage of innovation, under this company
undertake research all of its competitor's strategy, product, process, suppliers and its
consumers. This give relevant information to entity and provide them a direction. From
all collected information firm get a idea what they wants to produce in future to capture
greater market share (Kesidou and Demirel, 2012). Idea can be get from other various
sources and data. Idea screening: Under this stage the generated idea is developed, further work is done
on idea if company finds its suitable and ethical. Under this company can take advice
from various market experts Concept development: This includes transformation of written plan or ideas in real
actions. Development of strategy: It includes deciding or making a plan of sequence needed to be
taken. Under this required resources are decided by entity. Analysis of business situations: Analysis of business conditions help the business owner
in knowing about the current existing situations are in the favour of implementing
innovation or not. It help the firm in analysing long term benefits of implementing idea. Product development: Under this various steps are taken by entity to decide features of
the product and new shape is given to the product. Test marketing: Under this company starts selling developed product in some specific
regions to check its acceptability.
 Commercialisation: After getting acceptability from some specific areas. Company start
selling out this and launches the product in front of whole world. A lot of promotional
tools are used by the for this (Rabosky, 2014).
Quarda can follow these steps to implement the concept of innovation and at the same time to
capture a greater market share. All steps should be given proper attention by the firm other idea
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of innovation will fail. Quarda can learn from the given case study that innovation is very
essential for every enterprise to survive in the market.
P6 Innovation business case for organisation
Quarda can implement the concept of innovation to add more features in its products and
services. For implementing this it is essential for firm to use latest technology and process which
decreases the cost of production process and at the same time help organisation in maintain
quality of its products. Firm, should have relevant information about what features they want to
produce for their customers.
Building an innovation case for the firm means invest fund and time in it. This concept
can be used by the firms for developing a new product. Therese are some specific steps which
should be followed by an enterprise during the process of case.
 Understand the objectives: Before implementing the plan and to achieve the set targets it
is very necessary to first understand the main objective. This will support managers in
make an effective plan and to better achieve the success.
 Gather input: In this company collect all the necessary and required information for
supporting the business case. This help in the later stages of business case.
 Analysis: After collecting all the data it is very necessary to analyse it for finding best
solution to support the case.
 Tell the story: After all the stages, all collected information is presented to large number
of customers to make the people aware about the things of enterprise.
Large number of sources are there which can be used by the firm for getting funds.
 Firm's own earning and savings.
 Firm can take loans from banks.
 Loans from venture capitalist.
TASK 4
P7 Tools that organisation can use to protect and retain intellectual property
Intellectual property is the result of one's creativity and can be in the form of patents,
copyrights, trademarks etc. It is very important to the creator of idea to protect the intellectual
property so misuse can not take place (Schubert, Van Langeveld and Donoso, 2014). Intellectual
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property can be discoveries, words symbols and designs of someone. There are some ways
through which an enterprise can protect its intellectual rights: Professional help: An enterprise can take professional help to retain or protect its
intellectual rights. This will provide password security to creator of the intellectual
property and only person person can access or use that particular information. Rights about intellectual property: Creator or develop of intellectual property or
information should have sufficient information about his rights and duties(Evangelista
and Vezzani, 2010). The person should have information about what is his or her power
related with that intellectual information. The person should timely protect its
information to get all his rights and powers. Keep the information or idea secret before it get a patent: Information or details of the
creator should be kept as secret before it get protected. Once the idea will published it
will lose the ability to get protection.
 Be realistic: It means that creator of knowledge or intellectual property should have the
information that all information can not be protected (Damanpour, 2010). Only specific
information and rights can be protected.
All these are the ways through which an enterprise can retain or protect its intellectual
property.
Innovation can be undertaken if enterprise has relevant facts and figures about the trends
going in market. A firm can collect relevant information through the following: Research and development: enterprise should undertake various research activities to
gain important information about any new trends going in market. Information of internal environment: Internal sources of firm sometimes provide useful
information to manager. Data through third party: Sometimes enterprise uses third party to collect relevant
content about the company and about its competitors. Customer information: Customers are the final users of products and service. A firm
should have all relevant information about their tastes and preferences. Sometimes
customer's information provide great idea about the innovation.
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 Knowledge through professional associations: This is one of the effective source of
information (Chaudoir, Dugan and Barr, 2013). Company can get this through various
journals and books.
 Trademark: A trademark can be a logo or sign which is used by firm so that customers
can identify its products easily.
 Patent: This is another tool which is used by owner to protect his or her right. If an
individual have some unique idea than he can registered it so that no one can use it.
 Copyright: Under this owner get the legal protection for his unique idea for some
specific period of time.
All these information can help Quarda in making featured products according to the going trends
in market.
CONCLUSION
From the above information it can be concluded innovation is one of the main aspect of
success of every business. Without this no enterprise can achieve or satisfy the needs and wants
of customers. Timely innovation should be done every enterprise for this effective and useful
tools and techniques should be used by organisation. Quarda can capture a greater market share
and competitive place in market by delivering or offering unique products to its customers. Four
P's of innovation through which an enterprise can effectively implement the concept of
innovation is given under the report. Development of frugal innovation and its importance in
organisational context is also discussed in report. Quarda can do impressive and attractive
innovation by following the concept of frugal innovation. It is very important for every
enterprise to protect and retain its intellectual rights and property, how an entity can protect
intellectual rights that specific information is given in the report.
REFERENCES
Books and journals
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UK community innovation survey on synergies between technological and
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Borrego, M., Froyd, J.E. and Hall, T.S., 2010. Diffusion of engineering education innovations: A
survey of awareness and adoption rates in US engineering departments. Journal of
Engineering Education. 99(3). pp.185-207.
Chaudoir, S.R., Dugan, A.G. and Barr, C.H., 2013. Measuring factors affecting implementation
of health innovations: a systematic review of structural, organizational, provider,
patient, and innovation level measures. Implementation Science. 8(1). p.22.
Damanpour, F., 2010. An integration of research findings of effects of firm size and market
competition on product and process innovations. British Journal of Management. 21(4).
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Ellis, A.K., 2014. Research on educational innovations. Routledge.
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innovations. A firm-level analysis. Research Policy. 39(10). pp.1253-1263.
Hwang, G.J. and Tsai, C.C., 2011. Research trends in mobile and ubiquitous learning: A review
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Jamshidi, M. ed., 2011. System of systems engineering: innovations for the twenty-first century
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Prahalad, C.K., 2012. Bottom of the Pyramid as a Source of Breakthrough Innovations. Journal
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Rogers, E.M., 2010. Diffusion of innovations. Simon and Schuster.
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Schubert, C., Van Langeveld, M.C. and Donoso, L.A., 2014. Innovations in 3D printing: a 3D
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overview from optics to organs. British Journal of Ophthalmology. 98(2). pp.159-161.
Seyfang, G. and Haxeltine, A., 2012. Growing grassroots innovations: exploring the role of
community-based initiatives in governing sustainable energy transitions.
Tortoriello, M. and Krackhardt, D., 2010. Activating cross-boundary knowledge: The role of
Simmelian ties in the generation of innovations. Academy of Management Journal.
53(1). pp.167-181.
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