Innovation and Commercialisation in Tesla: Sources of Innovation, 4Ps of Innovation, and Frugal Innovation

INNOVATION AND
COMMERCIALISATION
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INTRODUCTION...........................................................................................................................3
Section 1...........................................................................................................................................3
Background to the company and its commercial potential....................................................3
Examine the difference between invention and innovation, analyse sources of innovation as a
core process in a specific company........................................................................................4
Critically discuss link between innovativeness of a specific organisation and its leadership,
organisational culture and teamwork......................................................................................5
Evaluate 4 Ps of innovation, appraise the value of the innovation funnel and frugal innovation
with reference to your case study...........................................................................................6
Explain the 4Ps of innovation with reference to your company......................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7
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INTRODUCTION
Innovation is defined as a practical implementation of new ideas, products, methods etc in
order to add value to an organisation. In simple terms innovation is basically application of ideas
that are useful and novel (Chebo and Wubatie, 2021). This process allows companies to deliver
new and unique products and services to consumers in a market segment with an aim to improve
profitability and competitiveness in industry. Innovation is a specific instrument which helps in
creating wealth and influencing attention of consumers. Present report is conducted on Tesla
which is operating in automotive industry. Organisation was founded in the year 2003 and offer
number of high-quality products in electric vehicle segment and clean energy. Present report
include discussion upon the background and commercial potential of organisation, difference
between invention and innovation and link between innovativeness of organisation and its
leadership culture as well as team work. Along with this value of innovation funnel and frugal
innovation is also discussed in present report.
Section 1
Background to the company and its commercial potential.
Tesla was established in the year 2003 by group of engineers those who have innovative
spirits to prove that individual does not need to compromise to drive electric vehicles. In this
they provide more fun to drive in their cars as compared to gasoline cars. This led Tesla owners
to offer electric vehicles in market segment along with focusing upon clean energy as to stop
relying on fossil fuels. Tesla created an entire sustainable energy ecosystem and manufacture
innovative set of powerful energy solutions, solar roof, power pack etc with the help of
renewable energy. The main goal of Tesla is to develop a compelling car of the 21st century in
order to drive world towards electric vehicles with an innovative spirit and focus upon
sustainable energy. Tesla have commercial potential to drive technology this organisation is
continuously rolling out several new electric vehicles.
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