(PDF) Innovation and entrepreneurship

Added on - 11 Jan 2021

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Innovation
Table of Contents
INTRODUCTIONInnovations is the process of creating a new idea to make modification in existingproducts, services and method so that business can be expanded on a broad level.Commercialisation refers to the process of running business primarily for the purpose ofacquiring higher profits. These elements are required for the achievement of long term goals. It isessential for the companies to make effective policies to implement innovation to achieve longterm sustainability (Abebe and et. al., 2013). Proper and effective market research may help toevaluate the needs and demand of customers and this may lead to a successful innovation whichis going to be implemented by business entities in future. Company chosen for this project reportis C & K holdings which is a developing company of building projects and operating businessactivities in UK.Various topics are discussed under this assignment such as overview of the company,importance of innovation as compare to invention, different types of innovation and detaileddiscussion of the process which is required to commercialise innovation. Evaluation of differentmethods for protecting ideas and their advantages and disadvantages are also done under thisproject report.TASK 1P1 Explanation of innovation and it comparison with inventionOverview of C & K Holdings:The organisation is a development company of buildingprojects and established in Slough, Buckinghamshire, UK. It is currently operating businesseffectively and gaining higher profits in the market.Innovation:It refers to the process of launching a new idea in the market by modifyingexisting products or services. As C & K Holdings is a construction company and it is usingeffective techniques in the construction process so that higher profits can be acquired in longterm (Avimanyu, Reed and Jessup, 2012).Invention:launching a new idea in the market for the first time is invention it helps toattract large number of customers toward the organisation. C & K Holdings can use invention inmachinery that are used in the construction process in order to expand the business. An inventioncan lead the organisation toward success or failure.1
Both the elements are very important for the organisation and importance of both of themare shown in the form of comparison in the table below:InnovationInventionIt is important for the organisation as it mayhelp to save cost because modifications aremade in existing products.It is beneficial for the organisation as it mayhelp to grab attention of customers bylaunching a new product in the market.It helps to retain existing customers and attractprospect customers by proving them innovativeproducts by using innovative methods.It is an effective concept that helporganisations to expand their business.Professional skills are required for innovationthat may be acquired by the employees whoare working in field.Technical skills are required for invention andorganisation have to hire experts form outsideof the organisation.Innovation and invention both are very important for C & K Holdings as they may help toattract new and retain existing customers (Batkovskiy and et. al., 2015). These two elements mayalso help the employees top attain their personal goals by putting their efforts in theorganisational processes and business activities. If organisational goals are achieved than it mayhelp the workers to acquire higher benefits according to their activities that are performed bythem while contributing in the organisational goals.P2 Vision, leadership, teamwork and culture can share innovation and commercialisationCommercialisation and innovation both are such type of concepts that may help abusiness entity to deal with all its challenges because they helps to attract large amount ofcustomers with the help of modified products that are offered to them. Organisational culture,vision, teamwork and leadership helps to shape the process of innovation and commercialisation.All of them are explained below:Organisational vision:Vision is the long term view of future in which organisationsplan to be in a good situation in future. Vision of C & K Holdings is to expand its business inupcoming years by acquiring higher market share. The company may reach to its vision with thehelp of innovation because the modification in the process of construction my help theorganisation to attract large amount of customers. This may also clear the organisation wheninnovation is required so that business can acquire the growth (Budzianowski, 2016).2
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