Importance of Innovation and its Comparison with Invention

Innovation

Contents
Introduction.................................................................................................................................................4
TASK 1..........................................................................................................................................................4
LO1..........................................................................................................................................................4
P1 Innovation and its importance in comparison of invention................................................................4
P2 Effectiveness of vision, leadership, culture and teamwork that supports innovation and
commercialization...................................................................................................................................5
TASK 2..........................................................................................................................................................6
LO2..........................................................................................................................................................6
P3 Explain 4 p’s of innovation and use innovation funnel to shape innovative ideas..............................6
P4 Development in frugal innovation and how it is used in organizational context................................7
LO3..............................................................................................................................................................8
P 5 Importance of Commercial funnel, New Product Development (NPD) and innovation.....................8
P6 Build an innovation Business Case of Educ8 Group to access the better funding..............................9
LO4............................................................................................................................................................10
P7 Evaluation of the various tools used by the organization use to develop, retain and protect their
knowledge and intellectual property......................................................................................................10
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11

Introduction
The innovation is the effective process to convert the effective product or innovative good into
the profitable business idea. The effective innovation process helps in the development of the better goods
or services that help in meeting the needs and demands of the customers (Ke and et.al., 2016.). For this
report, Educ8 group is been taken as the organization of context. It is a UK based SME that works in the
education sector. This report will effectively cover the better handling of the various operations that leads
to the innovation in the organization in comparison to the invention. Also, the impact of organizational
leadership, culture and vision is been discussed along with the commercialization. The 4 P’s of innovation
and importance of the frugal innovation and new product development cycle in been taken into the
effective consideration. Also an innovative business case for funding and various measures to develop,
retain and protect knowledge and intellectual property of an organization is been taken into effective
consideration (Yu and et.al., 2016).
TASK 1
LO1
P1 Innovation and its importance in comparison of invention.
The Educ8 group is a UK based education and consultancy firm that work in the better handling
of education and training process in UK. They take into consideration the effective and significant and
effective measures that help in the better handling of the various business operations that lead to the
significant increase in the business operations and the profitability of the business enterprise. The better
management of the different operations helps in the significant growth and development of the various
innovative business processes (Yin, Shi and Yan, 2014.). The innovation is the procedure that helps in
better management of the different functions, increasing the productivity and profitability of the company.
The effective innovation process will help in the better management of the different business operations.
Also, it is very important for a firm like Educ8 Group. The innovative approach of the organization helps
in the significant adoption of the various measures that will lead to the significant development of the
high quality product and services to provide the effective satisfaction level to the customers and better
revenue generation to the stakeholders of the cited firm. This will help in the better growth and
development of the company, improving the work processes and efficiency and operational capacity of
the company.
Besides this the innovation is also important in a business firm as it helps in the effective
improvement of the work processes and enhances the operational measures of the firm. The better
innovation process will lead to the significant rise in the effectiveness of the operational process that has
increased the satisfaction level of the customers. For instance, the effective and innovative method of
using mobile devices like tablet PC’s for providing the education will attract the maximum number of
customers or students and will help in providing the better and high quality of services and products that
will lead to the rise in the productivity and profitability of the company (Song and et.al., 2016.). It is
different from the invention process as:
Innovation Invention
It is the process of effectively using the existing It is the process to develop a product or item using

product or service to develop a better product or
service.
the scientific concept.
It is the combination of technical and management
processes.
It involves only scientific approach by research and
development.
It is developed to solve a real time problem of the
customer.
This is developed as a result of executing scientific
operations.
It is the effective utilization of the invented
product.
It is the utilization of a concept or idea.
It increases the efficiency of the company (Ge and
et.al., 2017.).
It improvers the scientific approach of an
organization.
P2 Effectiveness of vision, leadership, culture and teamwork that supports innovation and
commercialization.
The various operational factors like vision leadership, culture and teamwork effectively
plays a very significant and crucial role in the development and supporting of the better
innovation and commercialization of the various products and services that are been provided by
the cited firm and helps in the better rise in the productivity and profitability. Other than this, the
better management of these factors will lead to the effective rise in the quality of operations and
help in the better rise in the productivity and profitability. The effect of the various factors is as
follows:
 Vision: The effective vision that is been developed by the Educ8 Group will help in the
better handling of the different operations that will help in the better handling of the
various operations that lead to the significant rise in the better management of the
different business functions of the company. The effective and clear operational business
vision will help in the effective business planning and take into consideration the
effective and significant measures that will help in the better rise in the productivity and
profitability by increasing the chances of revenue generation. Also it will help in the
effective setting of goals and target and taking efficient measures to achieve them.
 Leadership: The leadership also plays a very significant and crucial role that will help in
the better management of the various measures that will lead to the rise in the
adoptability of the various innovative measures at Educ8 Group. The leaders and
managers will look after the better operational measures or functions that will contribute
in the better rise of the productivity and profitability (Aryal and et.al., 2016.). They will
also guide the employee’s at the business enterprise to meet the needs and requirements
of the customers in a better way. Also, they will perform the essential analysis and will
give the better output to meet the operational requirements of the company to develop
better innovative products and services.
 Culture: The effective business culture also plays a very significant and crucial role in
the execution of the various business functionalities and development of the innovative
products and services by the cited business firm. The Educ8 Group will look after the
better handling of different business operations that will lead by the effective work