Importance of Innovation in Comparison with Invention

INNOVATION

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Explain the term innovation and its importance in comparison with invention..................................3
TASK 2.......................................................................................................................................................4
P3 State 4P’s of innovation and importance of innovation funnel...........................................................4
P4 Development Stages of Frugal Innovation..........................................................................................5
TASK 3.......................................................................................................................................................6
P5 Importance of commercial funnel and application of new product development................................6
P6 Building an Innovation Case..............................................................................................................6
TASK 4.......................................................................................................................................................7
P7 Various intellectual property rights tools that protect and retain rights of intellectual property.........7
CONCLUSION..........................................................................................................................................8
REFERENCES..........................................................................................................................................9

INTRODUCTION
Innovation can be defined as converting an idea into reality that satisfies diverse needs
and wants of customers in an effective and efficient manner. For organizational success and
growth, innovation act as a catalyst. In terms of business, it means changing workflow or
business processes. Innovation is directly connected with organizational effectiveness, quality,
profitability and market share. It implies making more successful item, work process or
administrations. The selected organization for this report is Unicorn Grocery which is UK-based
small corporative store. The given report covers the difference between innovation and
invention, 4P’s of innovation, frugal innovation, application of new product development,
sources of funding and various intellectual property rights tools for retaining and protecting
discoveries.
TASK 1
P1 Explain the term innovation and its importance in comparison with invention
The idea of innovation deals with developing new thought, product, strategy or process
that viably meets client necessity. It alludes to the way toward changing over a thought into
reality. Fundamentally it refers to new item or idea that arises from person's thought or from
logical research. In simple word, it implies something new or distinctive presented in the market
that gives high upper hand to the organization over their adversaries.
Unicorn Grocery is a UK-based small scale corporative store which is primarily
controlled by its individuals. The organization was established in 1996 for the most part bargains
in offering fresh, dried and processes food and drink and other general basic supply, family unit
our body mind things. By innovating organizational culture they can enhance overall profitability
of the company. Hence the organization has chosen to begin rooftop meeting, masterminding
yoga classes for specialists, boundless excursions for them (Manyika and et. al., 2011). This
assistance in building solid relationship among representatives and more they begin believing
each other aimlessly. As the organization works by set number of worker, the prime obligation of
organization is to fulfill their representative first this is the motivation behind why they have
chosen to place development in their hierarchical culture. Notwithstanding that, they have
additionally chosen to dispatch its online versatile application makes them the first among
different SMEs who will have portable application. Following are the significance of
development in setting of workers:
Development of Skill: Company experience innovation in order to expand the ability and
proficiency of workers that further advantages them both by and by and professionally. They can
perform assignment all the more successfully and effectively (Rosenbusch, Brinckmann and
Bausch, 2011). All specialists can without much of a stretch achieve their coveted goals and
target. It likewise prompts development and improvement of representatives. Because of
development in authoritative culture, representatives came to find out going to manage
distinctive circumstance and how to co-work with other collaborator. For instance: Unicorn
Grocery is chosen from now onwards they will direct housetop meeting and advance open and
neighborly condition in the organization. This empower laborers to regard different workers as
their partners not as opponents
Efficiency of work: Innovation fundamentally deals in changing existing highlights of a specific
item or make a completely new item that fulfills client needs and needs in a successful and
proficient way. Along these lines, it prompts upgrade the proficiency and profitability of