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Innovation in a small business context: How organisational vision, leadership and culture shape innovation

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Added on  2020-12-18

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On the other hand, invention is the process of actualizing new or fresh insights, thoughts and ideas into action for the first time into the market.This study will highlight, innovation and its importance to Essence Drinks in comparisonwith invention and various sources of innovation. Innovation refers to creation of more effective way of doing some task by implementing new insights which helps in creating more dynamic products by improving the existing service of the business which leads to higher operational performance and productivity.Thereare sustainable effective drivers such

Innovation in a small business context: How organisational vision, leadership and culture shape innovation

   Added on 2020-12-18

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StudentNameIDUnitNumberandTitle08:Innovation and CommercialisationAcademicYearUnitLeaderProjectTitleInnovation in a small business contextTABLE OF CONTENTSINTRODUCTION ........................................................................................................................................1LO 1.............................................................................................................................................................1P 1. Explain innovation and its importance to organisations in comparison with invention. ...................1P 2. Assessment of how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation............................................................................................................................2LO 2.............................................................................................................................................................3P 3. Explanation of 4Ps of innovation and the use of innovation funnel to shape innovative ideas. ......3P 4. Explanation of frugal innovation and examples in organizational context of Essence drinks. .........5LO 3.............................................................................................................................................................5P 5. The importance of commercial funnel and the application of New Product Development (NPD)processing for commercialisation of innovation. ....................................................................................5
Innovation in a small business context: How organisational vision, leadership and culture shape innovation_1
P 6. Innovation business case for Essence drinks..................................................................................7LO 4.............................................................................................................................................................8P 7. Tools that organization can use to develop, retain and protect knowledge and intellectualproperty. ................................................................................................................................................8CONCLUSION.............................................................................................................................................9REFERENCES..........................................................................................................................................10
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INTRODUCTIONInnovation is the process of improving or making significant contribution to the existing line of product orservices which leads to higher success and growth of the business. On the other hand, invention is the process ofactualizing new or fresh insights, thoughts and ideas into action for the first time into the market. This study willhighlight, innovation and its importance to Essence Drinks in comparison with invention and various sources ofinnovation. It further highlights, how Essence Drinks vision, leadership, culture and teamwork can shapeinnovation and commercialisation. It includes 4 P's of innovation and how they help in shaping innovative ideas. Itfurther includes role of frugal innovation in accordance with Essence Drinks. It further highlights, the processrequired to commercialise innovation and the importance of the commercial funnel or commercialisation ofinnovation. Lastly, it also highlights, different tools that organisations must use to protect and retain intellectualproperty.LO 1Innovation: Innovation is the process of creating ideas and thoughts into the business whichleads to higher sustainable growth and development of business. Innovation refers to creation ofmore effective way of doing some task by implementing new insights which helps in creatingmore dynamic products by improving the existing service of the business which leads to higheroperational performance and productivity. There are various effective drivers such as courage,intellectuality, knowledge, thinking and creativity which push innovation process in a businesscontext. Sources of innovation: As per Peter F. Ducker there are seven sources of innovative opportunity whichmainly comprises that innovation can be unexpected, incongruities, market structure, necessity,demographics, changing perception and new knowledge are the source of innovation (7 Sources ofInnovation by Peter Drucker, 2012). Commercialization: It is the process of bringing new insights, thoughts and ideas into theorganization. Broadly, commercialization includes production, marketing, sales, distribution,customer support to achieve sustainable growth and success in the organization. Invention: Invention is the procedure of actualizing new insights, thoughts and ideas into action.Invention is the act of bringing something new into the market which has never been launched orused before (Witell and et.al., 2016). Invention helps in creating competitive advantage in themarket by inventing something new which leads to higher operational efficiency, performance andproductivity.Difference between innovation and invention. 1
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Innovation is the process of improving or making significant contribution to the existing line ofproduct or services in the Essence drinks. On the other hand, invention means introduction ofproduct, process or service for the very first time.Invention refers to creation of brand new product or service, whereas, innovation is the process ofmaking change in the existing product or service by introducing new thoughts and ideas(Difference Between Invention and Innovation, 2016). Innovation helps in bringing distinctive approach to the company which leads to long termsustainable growth and development for Essence Company. Innovation helps in adding value tothe existing products, process or services, whereas invention helps in creating something new forthe first time by bringing in fresh insights, ideas and thoughts. Importance of innovation in comparison with invention at Essence Drinks:Innovation is the major contributor for the growth and success of the Essence Company whichhelps in improving the products according to the needs of the customers. Innovation gives first moveradvantage to the company by delivering value to the customers. Innovation attracts talented people whichprovide greater opportunity to the organization for higher operational efficiency and productivity. Essencedrink is a company in UK, who aims at innovating their products by offering new flavoured lassi to itscustomers whom will helps them competitive advantage in the market (Kelly, 2016.). Essence drink aim atimprovising their lassi by bringing Kesar-pista lassi into the market which adds value to their products andservices and ultimately helps in sustainable growth and development of the business. Innovation is ofgreater importance than invention because invention is the result of innovation which helps in attainingcompetitive advantage and eventually leads growth and success of the company. Organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation:Commercialization:Creation of new thoughts, ideas and insights are the core purpose of innovation and inventionhelps in actualizing the new thoughts and ideas. The main purpose of invention and innovation is toeffectively commercialize the products and services offered by Essence drinks which leads to higheroperational efficiency and helps in long tern sustainable growth and development of the company.Commercialization is the process of marketing, communication production and distribution to thecustomers which leads to higher satisfaction (Datta, Mukherjee and Jessup, 2015).2
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