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Innovation and Commercialisation in Austin Fraser

   

Added on  2020-06-06

16 Pages4663 Words86 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Definition of innovation and its importance and comparison with invention...................1P2 Vision, leadership, culture and teamwork can shape innovation......................................3M1 Analyse different sources of innovation..........................................................................4TASK 2............................................................................................................................................4P3 Explanation of 4Ps of innovation and use of innovation funnel in shaping innovative ideas................................................................................................................................................4P4 Improvement of frugal innovation and how it can be used in workplace........................6M2 Analyse innovation funnel of organisation......................................................................7M3 Role of frugal innovation in enterprise............................................................................8D1 Innovation is measured on chosen organisation...............................................................8TASK 3............................................................................................................................................8P5 Importance of commercial funnel and use of new product development process............8P6 Innovation organisational case and ways for its funding................................................10M4 Innovation business of Austin Fraser.............................................................................10D2 Overcome challenges to develop successful innovation................................................11TASK 4..........................................................................................................................................11P7 Techniques to develop, retain, protect intellectual property...........................................11M5 Evidence based evaluation.............................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONInnovation refers to a process through which business enterprise can achieve its goals andobjectives. There are various activities and practices that are undertaken by the organisation as tomanage goods, process, services and technology so that firm can work in more effectively.Innovation is the process where an existing item or theory is improved by an individual anorganisation. It is the activity of renewing and elaborate existing products and services. Thisconcept plays an essential role in enhancing economic growth of business (Abou-Ras, Kirchartzand Rau, 2011). It provide various modification in products, such as, improvement in quality ofproducts. In simple term, innovation is important aspect of entrepreneurship. This report is basedon Austin Fraser which specialises in Engineering, IT and life science recruitment services. Itprovide skilled and experience worker to the large organisation who have accurate knowledgeand ability to handle effective task. The purpose of this project is to understand various steps ofcommercialise innovation and also evaluate method of protecting ideas. TASK 1P1 Definition of innovation and its importance and comparison with inventionInnovation is important part in business industry. It help in attracting large number ofcustomers towards company's new designed products. The innovation can change people mindsetand mentality towards specific goods or services. An organisation will provide bettercommodities to their actual customers. This is a process in which an individual can build variousideas and thoughts which assist in making innovative products. It help in developing growth andalso make maximise profitability and productivity of company. According to the research andanalysis, a firm need to capture whole market place which help in enhancing high growth. This isthat concept which plays an important role in public, private and voluntary sector (Chun and et.al., 2015). It also help in improving performance of employees and provide greater efficiency inproper manner. This is an approach which help in gaining profit at high level. For getting advantage ofcompetition, it is very important for company to have right structure of organisation. It isnecessary for company to build sound environment within work place. Managers need to changethe manner of their thinking about present strategies and policies. Innovation assist in changingorganisation structure, market structure, international demographic, individual attitude and1

necessary ideas or thoughts. Austin Fraser need to adopt latest technologies which provideinnovative products or services to customers. The information technology and alterations ofbusiness process, also create lot of favourable innovation environment. There are variousimportance of innovation which are as under:Select best method for enterprise- An organisation have to choose best tool as abusiness operation. Without innovation, no firm can survive in huge competitive marketfor long time period (Eesley, Hsu and Roberts, 2014). The company can change theirperformance and also select best technique and plans for operating activities of anorganisation. Create competitive advantage- By using innovative schemes and methods company canbuild a good position in market place. Every enterprise use new ideas and capabilities toget commercial advantages. Innovative concept help in increasing value of variousproducts or services. It assist firm in facing big challengers in the market. So there are some points which highlights innovation is important for business operationsand growth. There are certain things which identify difference between innovation and inventionwhich are as follows:Innovation InventionIt is necessary for all department ofbusiness functions. This includes marketing, strategic andmanagerial skills. It is that process which enhance valueof present goods and services. It help in improving skill of researchingand technical. It refers to an process which makeproducts or services in effectivemanner.An individual who have scientific skillwho will make new goods forcustomers. Austin Fraser company is a private limited which is specialised in IT, engineeringrecruitment service centre. They provide high qualified employees who handle all work oforganisation in effective manner. Apple Inc. is firm which make innovative goods for theirbuyers and sell in large market. They develop iPods which is small in size but stores more than2

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