Innovation & Commercialisation of a Waste Recycling System

Innovation &
commercialisation of a waste
recycling system
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Innovation and its importance as compared to invention.......................................................3
P2 How vision and leadership, culture shape innovation............................................................4
P3 4 P’s of innovation..................................................................................................................5
P4 Explain frugal innovation with example................................................................................7
P5 Importance of commercial funnel and NPD...........................................................................8
P6 Innovation case of Big Belly..................................................................................................9
P7 Different tools to retain intellectual property rights.............................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation is considered as component through which companies grow and expand. It
provides a framework through which they are able to develop new products and services.
moreover, with help of innovation it is easy to gain competitive advantage and add value in
product or service. they are also able to increase customer base and generate more revenue.
besides, innovation is done in process as well to enhance product quality. it leads to providing a
new experience to customers (Choi, Choi and Rhee, 2020). also, with advance technology it has
been easy to implement innovation in it.
here, in this report it will be described about significance of innovation and how culture,
leadership, etc. shape it. Moreover, it will be explained about 4P’s along with frugal innovation
with various examples. in addition, it will be discussed about innovation funnel and at last it will
be explained different types of IPR for protecting knowledge and data.
P1 Innovation and its importance as compared to invention
Innovation refers to developing a new product or service by using knowledge. it can be
done in either process, method, etc. or in product or service. besides that, it enables in adding
value or new features to product or service. It is important for business to cope up with
technological change and survive in such a competitive business environment. They are
continuously able to innovate something new in order to attract customers. Furthermore,
innovation enables in competing in market for long term. however, there is great difference
between innovation and invention (Fei, Qu and Zhang, 2016). both terms are related to new
concept but varies from one another. The difference is as follows :
Basis Innovation Invention
Meaning Here, ideas are executed to
create new process or
products.
It is defined as creating of new
idea and concept.
Concept practical concept theoretical concept.
Skills Requires technical, innovative
and creative skill
Requires theoretical skills
Activities It is applied in any area of
business
it is limited to R&D
Concerned with Usually, linked with Here, it is related to specific
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developing of new product
and services
product or process.
Refer to Here, value is added to some
thing
In this new product is created.
Moreover, importance of innovation to business is mentioned as:
High quality products- Innovation is done to enhance product quality. In this deviations are
identified with process and then improved. This help in maintaining product quality as defects
and errors are solved. besides, business efficiency is increased as well. Also, new products are
offered to customers and profits is generated.
Offering advance tools and equipment’s – Innovation provide advance and new tools for staff to
work upon it. with help of these tools it results in increasing efficiency. Along with it, variances
are solved and process becomes streamlined (Ferreira, Cabral and Marques, 2017). In addition,
employee performance is enhanced as well as they are able to learn new skills and work in
creative way.
P2 How vision and leadership, culture shape innovation
For implementing innovation there is a great role of culture, vision, leadership and team
work. This is because they are all interlinked with one another and any impact on other affect
innovation. So, how they shape it is defined as
Vision
the vision depicts that what organisation wants to become or where it want to go in
future. It provide a direction to innovation and framework on how it is implemented. It helps in
motivating employee’s
Leadership
it plays vital role as leader are main source through which innovation is implemented.
The leader inspire and motivate staff to do things in creative way. Also, leadership ensures that
culture maintained is positive. Leadership provide vision and direction for innovation.
(Fujiwara, 2018 ). it offers new ideas and ways of carrying out operations.
Culture
culture also shape innovation as it reflect that how employee’s are adapting it. It helps in
bringing positive culture within organisation and allowing staff to enhance their performance.
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