Innovation and Commercialisation In Business
Added on 2020-06-05
16 Pages4064 Words45 Views
INNOVATION AND COMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation, difference between invention and innovation and importance of employees ofMoney penny..........................................................................................................................1P2 How Employees are interrelated to the vision, leadership and culture with innovation inmoney penny company...........................................................................................................2TASK 2............................................................................................................................................3P3 4Ps of innovation and innovation funnel ..........................................................................3P4 Frugal innovation..............................................................................................................6TASK 3............................................................................................................................................7P5 Importance and need of commercial funnel......................................................................7P6 Innovation business case...................................................................................................8P7 Intellectual property of money penny ..............................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Illustration IndexIllustration 1: 4 Ps of innovation......................................................................................................4Illustration 2: Innovation funnel......................................................................................................6
INTRODUCTIONInnovation has different from invention. They are inter-related to each other. 4Ps has thestructure to implement the new style product. This innovation methods provides the higherproductivity of the product and enhancement of the item in the industry. Many companies havedifferent innovative styles to reach at the higher growth. Innovation funnel provides the way ofimplementation of products. This report includes 4Ps of innovation and innovation funnel anddifferent types of innovation that is followed in the companies. This report is based on the casestudies of Apple Inc. and virgin company which showing the importance of these processes.TASK 1P1 Innovation, difference between invention and innovation and importanceof employees of Money pennyInnovation provides the better solution for the product that are already in the market. Byapplying the new strategies and approaches or invent the new product based on the customerneeds. This term consider as an original and efficient and effective that will break theperformance in the industry(Rice, 2013). The invention is related to innovation but not is not thesame term.The difference between the invention and innovation is that invention is the planning andcreation of the item or the first step for the new procedure in the product whereas the innovationis that if product is improved by someone and give the contribution to the existing product. Importance of employees in innovations:1.)Motivation: Employees are interested to do new work and style for the existing product.The way of the working is changed during the innovation. Innovation is that in whichevery employee need to work with different styles in existing product. By motivation theteam member encourage with the new work (Davila, 2012).2.)Communication: This consider the internal communication between the employees. Bycommunicate with other team member only they make a good and efficient product forthe customers. The cohesion in the organization is only the strength by the innovation andby team member and that will also improved the Woking culture in the company.3.)Efficiency: Employer can communicate with the others by discuss the new product ideasand strategies for existing product. By share innovate ideas that is generated by the1
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
The Meaning and Importance of Innovationlg...
|14
|3483
|378
Innovation, Intuition and Commercialisationlg...
|14
|3750
|140
Project on Invention, Innovation and Its Importancelg...
|14
|4006
|43
Innovation & Commercialization Assignmentlg...
|17
|4112
|204
Report on Innovation and Invention - Unicorn Grocerylg...
|12
|3926
|56
Innovation and Commercialisation - Essence drink company Reportlg...
|15
|4713
|28