Assignment on Innovation and Commercialization
Added on 2020-06-04
15 Pages4828 Words44 Views
Innovation
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance in comparison with invention................................................1P2 Leadership, culture, teamwork and vision can shape innovation..........................................2TASK 2............................................................................................................................................3P3 4Ps of innovations..................................................................................................................3P4 Developments in frugal innovation.......................................................................................4TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of new development process ofinnovation....................................................................................................................................5P6 Innovation business case for organisation.............................................................................6TASK 4............................................................................................................................................7P7 Tools that organisation can use to protect and retain intellectual property...........................7CONCLUSION................................................................................................................................8REFERENCES ............................................................................................................................10
INTRODUCTION Innovation means pioneer and deliver something new to customers. Innovation isundertaken by many enterprises to create better solution to the problems faced by customers andto increase their convenience level (Rogers, 2010). Basically innovation is a value added process.It helps firms in getting competitive advantage in marketplace by exploiting existingopportunities. Innovation is necessary for every enterprise, by doing this firm can offersomething new to its customers. This helps firms in using its resources at an optimum level anddecrease the cost also. Quarda is a technology company which provide technical product andservice to different businesses. Importance of innovation in the organisational context of thiscompany is given in this report. Leaders, culture, vision and teamwork affect the process ofinnovation in various ways is described in this research. Along with this different tools of savingintellectual property are discussed in this report.TASK 1P1 Innovation and its importance in comparison with inventionQuarda one of the biggest firm who deals in variety of technological products forsatisfying the needs and wants of customers can adopt the concept of innovation formaking 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 bettersolutions 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 andsolution are developed. Quarda, a technology limited company can undertake concept ofinnovation and can do a variety of changes in its products and services to deliver better qualitygoods. Innovation is one of the important part of every enterprise. Innovation provide number ofbenefits 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 ofinnovation is that it results in increasing the productivity of workers working in anorganisation. Innovation will motivate the employees of Quarda to perform better andcreate improved solutions to the customers problems.Enhances effectiveness of communication process: When innovation takes place in anenterprise it increases the effectiveness of communication process. Innovation increases1
coordination, teamwork and morale of employees to learn something new. Effectivecommunication at quarda will help in solving issues and confusion arise in mind ofemployees.Optimum utilisation of resources: Innovation influences and makes the enterprise able toutilise all resources in efficient way. This results in increasing the cost of making newproducts. It reduces wastage of important resources of organisation.Improves the environment: Up gradation of technology reduces the risk related withemployees health at workplace (Ellis, 2014). Health and safe environment improves andincreases the morale of employees and enhance their productivity. Creates a competitive advantage for firm: Adoption of innovation helps the firm ingetting competitive advantage. If firm will provide unique and better products than itscompetitors than it will provide opportunity to firm in capturing greater market share.Implementation of innovation concept will help firm in getting competitive advantage inmarketplace.Reduces cost: innovation use improved and upgraded technology and that results inreducing the overall cost of business operations and help the enterprise in achievingefficiency in all business operations.All above importance will provide various benefits to Quarda, this will not only increasethe productivity of employees but provide opportunity to organisation to achieve competitiveadvantage and generate large number of profits every year.Invention: Process of product development is known as invention. This is adopted by theenterprises 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 MeaningInnovation means implementation ofnew idea, method or process for firsttime.Invention means occurrence of an ideafor development of a product or servicethat has never take place before.Concept Implementation of idea in practical.Implementation of idea in theory.ActivitiesinvolveIts activities spread all across theenterprise.Research and development activitiesinvolves.ConcernedProcess of number of products involvesIt concerned with process of a single2
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