Innovation and its Comparison with Invention
Added on 2020-06-04
14 Pages4153 Words40 Views
INNOVATION
Table of ContentsINTRODUCTION............................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its comparison with invention. .....................................................................3P2 Shape of commercialization and innovation through different factors..................................4TASK 2............................................................................................................................................5P3 4P’s of Innovation and Innovation Funnel.............................................................................5P4 Importance of frugal innovation ............................................................................................7TASK 3............................................................................................................................................8P5 Commercial funnel and the process of new product development (NPD).............................8P6 Build an Innovation Business Case for World Remit including ways to access funding......9P7 Different tools use to develop, retain and protect knowledge and intellectual property....10CONCLUSION..............................................................................................................................11REFERENCES...............................................................................................................................13
INTRODUCTIONInnovation can be defined as applying new ideas to products, procedures, process or anyother activities related to a firm that results in value addition. Innovation helps an organization tobe figurehead in the market by providing latest and customized goods and services to customer asper their frequently changing taste and preference. WorldRemit is one of the leading onlineoperator firm for providing money transfer services to people who can send and receive moneyfrom their friends, relatives living anywhere in the world. It was established in 2010 with itsheadquarters in London, UK This project focuses on giving a brief introduction about innovationand how it differs from invention. Further it will describe how a firm’s vision, culture andleadership style is adopts helps in shaping innovation and in its commercialization. Moreover itwill discuss about 4P's of innovation and significance commercial funnel along with itsapplication in new product development (Baden-Fuller,and Haefliger, 2013).TASK 1P1Innovation and its comparison with invention. Innovation as describes above can be seen as an ability of a company to identify an opportunity, develop it into something new and take advantage of it. With the fast pace of technological changes and frequent modulation in needs and wants of people; it has become vital for business firms to be innovative so as to gain competitive edge and to secure approach to defend strategic position and success (Bogers and West, 2012). Invention on the other hand can be defined as finding or discovering something entirely unique and new that has not been invented by anyone else before. It might be a product, process or technology. Below are some key points that differentiate between innovation and invention- BAISIS FOR COMPARISONINVENTIONINNOVATIONDefinitionInvention is the process ofcreating something that isabsolutely new and has neverbeen made by anyone beforeInnovation is introducingsomething unique and new inthe existing product, process orsomething for the first time.MeaningIt lead to creating or makingsomething new.Invention leads to makingmodification in the existingproduct that adds values to it
ConceptIt is related to discovering orcoming up with new idea.Innovation is about applying anew and creative idea to makesomething better from itspresent stateConcerned withInvention is generallyconcerned with a singleproduct or process and isrelated to research anddevelopment department onlySingle process or product.It includes combination ofvarious products and processand is not specific to just onedepartment . Mentioned below are some points explaining the significance of innovation for an organization:- Responding to fast modulation in customer’s needs and preferences : Innovationenables a firm to be proactive in catering the frequently changing needs and aspiration ofcustomers. Thus, it make it easy for affirm to attract new consumers and retain the old ones.Helpful in creating an edge: Innovation is of vital importance as it helps company inmarket penetration and leads it to getting better opportunities to grow and thus maintain an edgeover business rivals. Innovation can benefit WorldRemit in differentiating its products from thatof available in market (Camisón and Villar-López, 2014).Implement best method for organizations: Innovation involves in-depth study ofmarket analysis, surveys related to frequently changing consumers taste and fashion. Thus itleads to identifying and implementing best method for developing new product which helps ingenerating maximum outcome and getting higher profits. P2 Shape of commercialization and innovation through different factorsEvery organization conducts its business with the motive to continue and earn profits forthe long run. They strive to make innovation by identifying opportunities at right time so thatthey can cater the frequently changing needs and requirements of consumers. All innovationactivities can be tracked back with the efforts and behavior of employees. Therefore, employeesbecomes the center of focus if a company wants to improves its innovation ability. This can bedone by providing employees with a working environment where they feel comfortable andencouraged to give their ideas, suggestions without fearing about its impact on their employment
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Essay on Importance of Innovationlg...
|16
|4588
|56
(doc) Assignment on Innovationlg...
|13
|4063
|38
Innovation and Commercialisationlg...
|18
|5487
|67
Innovation Business Case for Business Organisation 7 TASK 48 P7 Tools for business organisation 7lg...
|13
|4012
|238
Innovation And Commercialization Assignment PDFlg...
|13
|4152
|285
Innovation and Commercialization Importance - Doclg...
|14
|4578
|473