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Innovation and Commercialisation in Organisations

   

Added on  2021-02-18

18 Pages6214 Words90 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1 Innovation and determine its importance to organisations in comparison with invention....4P2 How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................6TASK 2............................................................................................................................................7P3 4Ps of innovation and explain the use of the innovation funnel to examine and shapeinnovative ideas...........................................................................................................................7P4 Developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................9TASK 3..........................................................................................................................................11P5 Importance of the commercial funnel and the application of new product development(NPD) processing for commercialisation of innovation...........................................................11P6 Innovation business case for an organisation, including ways to access funding...............12TASK 4..........................................................................................................................................14P7 Different tools that organisations can use to develop, retain and protect knowledge andintellectual property..................................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16.......................................................................................................................................................16

INTRODUCTIONInnovation can be defined as a new ideas or method which viewed as an application ofbetter solution that help in meeting new requirements, existing market needs as well. This willhelp business organization to make unique and quality products in order to attain success inmarket place (Anderson, Potočnik and Zhou, 2014). In this context, there are number of benefitswhich is gained by company like attaining competitive advantage, enhance profitability, highinvolvement of workers an many more. All these directly contribute in capturing large marketshare from its rivals. LIDL is retailing company which produce variety of food products to largenumber of customers. Mainly, company operates more than 10,000 stores across the world. Along with this, report discussed about concept of innovation with its importance anddifference between innovation and invention. Contribution of organizational vision, leadershipand culture is also mentioned in process of shaping innovation and commercialisation. Apartfrom this, 4P's of innovation and application of innovation funnel and NDP forcommercialisation of innovation is also discussed in this report. At last formulation of businesscase with applications of tools towards the protection of intellectual property rights is assessed inthis project. TASK 1P1 Innovation and determine its importance to organisations in comparison with inventionInnovation is process or methods of doing something in new way. In businessorganization, innovation often results when ideas are implemented and applied by the firm withthe purpose of satisfy customers needs and expectation (Boons and Lüdeke-Freund, 2013). Inthis context, company take initiative for creating something new and unique. This will directlycontribute in enhancing the chances of inviting number of customers towards innovativeproducts and services. Mainly, this process used by business organization to fulfil and satisfycustomers needs and wants by providing quality products and services. LIDL is a retail companywhich produce food products to its customers as per their needs and wants. For attaining successin market place, company adopt innovative approaches within their activities to make theircompetitive image. With the assistance of this, company can easily invite large number ofcustomers towards its offerings. In addition of this, bringing innovation support LIDL to maketheir strong brand image at market place. To capture customer's attention, requirement of3

innovation is required in various department like marketing, finance, and many more. By this,company can easily established their competitive image and capture larger market share from itsrivals (Brynjolfsson, E. and McAfee, A., 2012). Importance of innovation:Innovation plays important role in improving the performance level of company becausewith the use of innovation concept, firm can easily invite large number of customers towards itsproducts and services. In this, LIDL wants to launch mobile application within their businessthrough which customers can easily book their order to its products. This will directly contributein improving overall image of the company more competitive. Mainly, the innovation provideopportunities to business organization to attain their set goals and objectives in stipulated periodof time. In this, there are some major benefits of innovation which is achieve by LIDL:Attract the best talent: Innovation invite skilled and talented people because everytalented people want to work for those company which implement innovation. In context ofLIDL, concept of innovation encourage workers as per daily basis through which they can easilyinvite talented workers. Thus, it is important for business organization to hire talented and skilledemployees in which they develop innovative ways to produce their services for attaining highersuccess in market place (Cross, 2011). Meet customers needs: Customers are important assets for business because they buycompany's products to satisfy their needs. By this, organization can easily increase theirprofitability level at market place. In this context, LIDL can easily understand customer needs bylaunching mobile application. With the help of this, organization can serve quality services as percustomer requirements. For example, LIDL introduce mobile app to interact with their customersand analyse their needs and wants. With the assistance of this they can easily meet customersneeds and wants and at the same time also make them loyal towards its offerings. Competitive advantage: In retail industry, competition is high because number ofcompanies are operating their operational activities in market to attain success. Thus, it isimportant for LIDL to produce quality products to customers as per their needs and wants. At thetime of implementing innovation, LIDL have to determine the market needs and customersdemand towards its offering. With the assistance of launching mobile application, organizationcan interact with target customers to provide hem quality products as per their requirements. Thiswill directly contribute in attaining competitive advantage at market place from its rivals. 4

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