Understanding Invention and Innovation

This assignment delves into the crucial distinction between invention and innovation. It examines the definitions of both terms, provides illustrative examples, and analyzes the various factors that contribute to successful invention and innovation. The assignment also explores the interconnectedness of these concepts and their role in driving progress and societal development.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Innovation and its importance..........................................................................................1
P2: Leadership, culture, vision and teamwork in relation with innovation............................2
TASK 2............................................................................................................................................3
P3: 4ps of innovation and use of innovation funnel...............................................................3
P4: Development of frugal innovation...................................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and application of NDP.............................................6
P6: Innovation business case..................................................................................................8
TASK 4............................................................................................................................................9
P7: Various tools those are used to protect Intellectual property and knowledge .................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is a kind of new idea, which is often viewed as application of better results
that would meet new requirement. It is important for every small and medium size enterprises to
create various new innovation in their product and services which they are offering to its
customers in order to meed their requirement (Ariga and et. al., 2013). It can only be possible
though appropriate techniques and strategies.
This project report is based on two aspect innovation and commercialisation which is said
to be changes those are made by company in respect of improvising quality of their product and
its features. It consist of various sources and 4ps of innovation that would help to transfer
business into other directions. One of the mid size company named as 4COM which is known for
telecom company in UK. This project will help to know about innovation and tools which are
important part of organisation to protect and hold intellectual right of the company.
TASK 1
P1: Innovation and its importance
Innovations is said to be a creativity that would help the company to transform their
business through its variety of product and quality. The main aim of this is to provide product
those are more useful for customer and according to their demand. To get competitive
advantages over others 4COM company is making modification in its goods and services that
would achieve target of the company and customer demand. In respect of this cultural aspect are
also keep in touch so as to make innovation in technical devices through new ideas to implement
it on product and services of the company (Boudreau and Lakhani, 2013). By following above
statement regarding innovation some of its importance are also identified:
 Increase in productivity: Company main target is to increase productivity through
innovative ideas and implementation of new techniques in manufacturing various goods
and services, that would help in enhancing productivity of the employees and their
company.
 Proper utilisation of resource: As resources are in very limited amount for any
company so it has to be use effectively and innovation is a way that would help to reduce
wastage of human wealth such as technology, finance and manpower etc.
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 Better communication: innovation will lead to effective communication among every
member and people to transform better outcome for the company. It will lead to growth
and development of business by increasing moral and team work. Needs of 4COM
company are identified through communicating it with staff's and its client (Cross,
2011).
 Provide safe and healthy environment: Possibilities of accidents are overcome though
using appropriate plan at workplace. New ideas and thinking would lead to reduce
employee's problems.
Innovation and intention are different form various stages and separated from each other.
Innovation Invention
Innovation is said to be execution of an idea
which addresses a specific challenge and that
can create value to company as well as
customers.
Invention is a kind of creation of a new device,
process and or development of a product and
services. In simple words process of discovery
something new for the company.
It can said to be that initial ideas use in
development of product and services.
It is a kind of creativity or development of new
product.
Ideas are used properly in practical situations. It is transformed into theoretical situations.
Combination of various product and
processing.
It is related with just only single product and
processing.
P2: Leadership, culture, vision and teamwork in relation with innovation
A small and medium organisation 4com is focusing various aspect those are related with
culture, vision, teamwork etc. all these things are taken into consideration to develop and
improvise various activity those are going to be use in company.
Role of vision :
vision is said to be target of the company that they want to achieve in coming time
duration, likewise 4com company is use its vision that to improve better service in tale
communication sectors. It will help to implement innovation and commercialisation in relation
to its product and services offered to the customers. As company want to improve customer
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service, so they made various innovation in regard to mobile phones and its installation (Drucker,
2014).
Role of leadership;
It is said to be supervision of team member in the right direction to achieved the company
objectives in effective and efficient manner. In other ways it can said to be professional and
personal skills of employee's in an organisation. It will help them to feel motivated in order to
achieve personal and group goal. In the 4com company leadership in relation to innovation in
product and services are formulated through motivating employee's, enhancing their skill and
development of team work to solve problems those are arises while performing task or any
activity (Goldberg, 2013).
Role of organisational culture:
Under this 4 com company they all are responsible for implementing innovation and
commercialisation. They are giving more weight age to every culture people and their relation
with religions. It will help to achieve excellence in other aspects and also contribute valuable
contribution in serving society. It is most help and support hard working of employee's those are
dedicated in their work.
Role of team work:
Single person can not perform their task effectively and it will take more time and cost to
complete any task. But team work is techniques of organisation that would help to complete the
work in group and in quick time period. Apple is good example of team work that technology
and innovation has combine together to complete a task in by old type of music player to small
size music player to get capital advantages as team.
TASK 2
P3: 4ps of innovation and use of innovation funnel
For every organization innovation in its product and services are in order to meet the
requirement of its customer that what they want from the company in relation to their product
and services. To make products more effective most of the company are using 4ps of innovation
that would help them to fulfil the needs and requirement of customer's and company at the same
point of time. As it was observed in case study of virgin and Apple Inc. They are using 4ps of
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innovation to capture more segment of market (Jaffe and Lerner, 2011). These are discussed
below:
Illustration 1: 4 P's of innovation
(Source: Tidd and Bessant, 2009)
 Product: It is said to be tangible goods which is being manufactured by an organisation
or company to its numerous customers in respect to fulfil their needs and wants and as
well as company goals and objectives. 4 COM company see the demand of business
phones in the market, so they decided to satisfy the demand by make available those
phone by innovating various change on to it.
 Process: It is circulation of product development process. As in 4com company several
resources are being utilised by the company like finance, manpower, material, machines
and other technologies (Jiménez-Jiménez and Sanz-Valle, 2011). Company is try to fulfil
needs of phone to its customer by applying various techniques and tools in relation of
workers and to increase productivity.
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 Position: It is said to a kind of promotion activities which was observed in case of virgin
company that uses various mode of promotion of product and services. In case of 4 com
company they are using print media, and digital media for advertisement of their
products.
 Paradigm: It is a kind of process which will help to make innovative and attractive
products fro customers. It deals with new ideas and things in relation to improve the
service and quality of product before providing it to customers. In case of 4com company
they are using this techniques and provide features as per the requirement of customer
demand.
All of above mentioned Ps of innovation are important for company and it has to be
utilised effectively in business (Rice, 2013). Innovation funnel helps company to target various
desire and needs of customer and market recent trends with other competitors. Above used
company have the ability to cover all customers need and wants by improvising variety of
product and services in respect of its features and quality to build a huge position in the market.
P4: Development of frugal innovation
It is a kind of process of eliminating complexity and cost of goods and its production.
Basically it means removing various non essential aspect of features from durable good and
services such as car, phone in order to sell it into international market. It also help to design new
products and configures value chain in relation to serve customers who are facing inexpensive
constraints in sustainability nature of business.
It include sound or overcoming resources constraints and non existence in order to make
impressive market. Frugal innovation make in providing monitory solution with the help of
various resources (Lundvall and et. at., 2011). In case of 4com company makes use fugal
innovation techniques in the following manner that are discussed below:
Innovative characteristics though innovation:
For development and growth of product and services the 4com company is using this
techniques to upgrade and improve quality and features in order to provide satisfaction to its
customers. These traits are important to increase profitability and market share as individual and
overall group. Customer are getting a good experience of electronic devices because of
innovation and commercialisation (Patti, Yanes and Siuzdak, 2012).
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Example: Customer 's are require multi-criteria features software which can be helpful for
them as well as company to build a great position in market.
Eliminate cost of production:
As it has been seen in most of the company that to produce attractive product to its
customer they are investing more capital on its quality but can be able to do so. If company are
using fugal innovation it will help them to reduce the cost of production and get positive result
for that to.
Examples of reducing cost of production:
 Substitute lower cost materials: Because of technology improvements old material and
forming new one . In this process prices increase or decrease because of political goals as
demand and supply and processing changes.
 Reduction in waste: Production costs are used to minimise the cost of production through
labour or material during the time of establishment.
 Transform buyer into suppliers: If product is an essential element ask the buyer to
contract directly with raw material vendors. So that cost will reduce and profitability can
be achieved.
Increase in product line:
With increase in product line by using variety of technologies and has complete picture of
a particular product that to reach its customers and in target market. As it is kind of group of
product or service in relation to same categories such as various components whether related to
IT services or any other.
TASK 3
P5: Importance of commercial funnel and application of NDP
Commercial funnel refer to buying techniques that a company lead its customers through
in purchasing products. It is said to be sales and revenue funnel. As it has been state that 4com
company is associate with production of business phone system , internet and broadband, calls
and lines other business lines. To satisfy customers all these products are being offered to them.
It can be the process under which 4com company tried to do investigation of customer needs and
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their requirements, those are related with development of goods and transport of goods to make
in reach of customers (Patton, 2011).
Importance of commercial funnel:
It is said to be expansion of business though more sales. If the company want to earn
maximum profit from the business then it need to sale more product to its customers. In relation
to telecom company best quality product should provide to customer's. It will help to increase
conversion rate: when moving into commercial funnel, the number of them are decreasing but
most of important aspect to identify those people who are going to pay for products those are
related to development of business.
The main objective of the company is to develop a product with an idea that would make
market full of manufacturable products. In the case of Apple Inc. it display highest position is
being held by Apple in production process in terms of technology. I-pod is newly innovative
launch product of Apple which known for old music players. In common circumstances 4 com
company is also involve in similar business that play in modern era of innovation that carry
variety of facilities with having calling.
Application of NDP:
It is based on various step those are required to be implement during production of
products:
 Idea generation: It start with a concept which are come various directions that are based
on market trends and ensure ideas are tested for their validity.
 Idea screening: Under this step important ideas are given a particular shape and
eliminate the unsuitable ideas. It is mainly those stages were rejection are possible. It is
based on specific criteria that are need to be used while screening process.
 Concept development and testing: If an ideas are pass screening stage they are send to
internal department to take opinion from people or a particular segments. And on that
basis testing of feedbacks are to be analysed.
 Business analysis: After all above stages it put together to assess new product and
services will be as profitable as previous one (Tebbe, 2011).
 Product development: Here the idea is come in development stages were products are
passed by department to manufactured.
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 Test marketing: It includes prototypes product that are followed with proposed
marketing plan.
 Commercialisation: After development and testing of ideas it has to be commercialised
into various market.
 Launch: It is the final stages in which product is being lunched in market for customers
to use it.
P6: Innovation business case
Business is important aspect for every person that would help to make available ideas and
their innovation in manufacturing of products. 4 COM company was developed in 1999, which is
formed with idea for the development of SME market as a communication service. Various cases
are being developed in relation to justify risks of identification in innovation to persuade approve
ideas those are developed with certain concepts (Difference Between Invention and Innovation.
2016). Following are those steps which are being used in case:
 Introduction: It is said to be overall features and concepts which are going to be
explained about the company. It contains various innovative ideas and modification that
has to be performed by the company in coming time. It also includes various techniques
and methods those are being used by company in relation to product development.
 Executive summary: It is a summarise details of a project presented in the form of
documents that contain details of every department and capital requirement for
development of that particular product. 4Com company is providing want kind of
facilities and services are mentioned under the report.
 Objectives: The main purpose of 4 com company is capture all corporate clients those
are going to use business phone , internet facilities and other broadband services.
 Solution: It has be be very simple and easy to handled and that would help to overcome
various issues and requirements of customers to make use of effective products.
 Need of innovation: Under this process business plan need of products is identified and
according to that product is being designed. Under this company is giving HIHI
technology which help to make video calls facility to them.
 Customer survey: 4 com company is used this techniques more wisely to identify its
target customer those are going to use the products. The main target is average and
middle class people are in requirement of such kind of facilities (Stokes, 2011).
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 Development of plan: From proper market survey, designed and development of a
products is being done in order to provide products in each and every areas and location
were they can find more customers.
 Requirement of Investment: Sources of finance is main aspect for any company in case
of 4 com the are getting funds mainly though internal sources and little bit from external
source. They always in search of investors whoa re going to invest in their projects.
 Estimated profit: Under this steps most of the important ways though company can
generate profit is being analysed.
TASK 4
P7: Various tools those are used to protect Intellectual property and knowledge
Acquisition of knowledges and management is very important of every organisation. As
per the innovation of new products Apple Inc. is using various technology in making iPod.
Likewise, virgin company is another example in regard to protection of Intellectual property
(Sawyer, 2011). So company must evaluate before all sources to get knowledges of business
concern that will help in growth and retention of employee's.
There are various ways by using that company can protect their operations like,
 Patent: It is applicable in those products which are utility, design, or plant to protect,
inventions and betterment to existing inventions. A patent is a limited duration of
intangible right that are associated with one to prevent other from making, using and
selling the product those are design by the owner.
 Trademark: It is comprises of various words, names, symbols, devices and use of
images those are being used in relation with products and services to identified various
sources. In other ways it is said to be visual representation of attached with the product
and services for an objectives of representing its original location and origin.
 Copyright: It is the protection of various ideas, artistic and musical work that are
associate with concern organisation are being used to protect them. It provide a certain
kind of right to prevents other people from copying its product design and other physical
aspect those are associated with other parties. It happen automatically as soon as its copy
is being created.
Tools of retention:
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 Faster employee development: This can be kind of training to learn a new job skill or
reimbursement to protect the employees those are associate with production of products.
 Establish clean Performance chart: To evaluate employees performance a well planed
charts is being designed to achieve business objectives. It is based on review of
performance on regular basis.
 Create growth opportunities: Most of employees of organisation are in search of
opportunities to explore themselves in order to do something. So by organising such kind
of facilities can help them to retain in the business.
 Knowledge of macro environment: There are various external factors which affect
performance of business. It summaries with political, economical, social, technological,
legal and environment factors.
 Research and development: With the use of proper research and development a company
will be able to collect necessary data which will help in formulation of new ideas and
plans (Rosenbusch, Brinckmann and Bausch, 2011).
 About market trends: It is important to understand market conditions as that is followed
in 4 com company about new technologies and its competitors. It will help to identified
various information about marketing mix used by the company.
Above mentioned all tools are being evaluated properly before implementing any ideas
into business. They will help to protect risk knowledge, performance assessment that would be
help create advantages to the company.
CONCLUSION
From above mentioned project report it has being concluded that innovation is a concept
of changes that are required to be implemented by any company to make their product more
attractive and innovative. Under this report various ideas and plans are being made in process of
product development. Commercialisation will help 4com company to collect more customers in
new and current market. It also consist of 4 ps of innovation that would help to make effective
plan in development a products. At the end a business plan is being design with the help of new
development precess.
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REFERENCES
Books and Journals:
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Ariga, K and et. al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters.43(1). pp.36-68.
Boudreau, K.J. and Lakhani, K.R., 2013. Using the crowd as an innovation partner. Harvard
business review.91(4). pp.60-9.
Cross, J., 2011. Informal learning: Rediscovering the natural pathways that inspire innovation
and performance. John Wiley & Sons.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goldberg, D.E., 2013.The design of innovation: Lessons from and for competent genetic
algorithms(Vol. 7). Springer Science & Business Media.
Jaffe, A.B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system is
endangering innovation and progress, and what to do about it. Princeton University
Press.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research.64(4). pp.408-417.
Lundvall, B.Å and et. at., 2011. Handbook of innovation systems and developing countries:
building domestic capabilities in a global setting. Edward Elgar Publishing.
Patti, G.J., Yanes, O. and Siuzdak, G., 2012. Innovation: Metabolomics: the apogee of the omics
trilogy. Nature reviews Molecular cell biology.13(4). pp.263-269.
Patton, M.Q., 2011.Developmental evaluation: Applying complexity concepts to enhance
innovation and use. Guilford Press.
Rice, A.K. ed., 2013.Productivity and social organization: The Ahmedabad experiment:
Technical innovation, work organization and management. Routledge.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs.Journal of
business Venturing.26(4). pp.441-457.
Sawyer, R.K., 2011.Explaining creativity: The science of human innovation. Oxford University
Press.
Stokes, D.E., 2011.Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Tebbe, J., 2011. Where good ideas come from: The natural history of innovation.
Online
Difference Between Invention and Innovation. 2016. [online]. Available
through:<http://keydifferences.com/difference-between-invention-and-
innovation.html>. [Accessed on 7th July 2017].
Tidd and Bessant, (2009). [Online]. Available through:
<http://knowledge-innovation.purot.net/dimensions-of-innovation> . [Accessed on 6th
September 2017].
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