Innovation Management Strategies and Factors

This assignment delves into the multifaceted realm of innovation management, drawing insights from various academic sources. It examines the relationship between knowledge accumulation capabilities and organizational size (Goffin & Mitchell, 2016), explores financing innovations through R&D grants (Howell, 2015), and investigates factors affecting a firm's commitment to innovation (Schoenecker et al., 2016). Additionally, it explores innovation in service ecosystems (Koskela-Huotari et al., 2016) and the co-evolution of sustainable entrepreneurship, innovation, and transformation (Schaltegger et al., 2016). Moreover, it considers system innovation for sustainability (Tukker et al., 2016), urban growth and innovation (Van Oort, 2015), environmental policy and industrial innovation (Wallace, 2016), and idea generation in innovation tournaments (Wooten & Ulrich, 2017). The assignment also considers the definition of innovation for a comprehensive understanding.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Importance of innovation to company in comparison with invention.................................1
P.2 Organization vision, leadership, culture and teamwork can create innovation and
commercialisation.......................................................................................................................3
TASK 2 ...........................................................................................................................................4
P.3 4P'S of innovation and use of innovation funnel to shape innovative ideas.........................4
P.4 Development of frugal innovation .......................................................................................6
TASK 3 ...........................................................................................................................................7
P.5Importance of innovation funnel and application of new product development...................7
P.6 Innovation business of 4.Com company...............................................................................8
TASK 4............................................................................................................................................9
P.7 Tools to develop,retain and protect intellectual property and knowledge............................9
CONCLUSION..............................................................................................................................10

INTRODUCTION
Innovation is creating new and innovative products in business so that company can run
smoothly and successfully (Aarton, 2015). It is done by evaluating needs and wants of
customers. Hence firm can develop unique and distinct items and can satisfy customers. So it
can earn more profits and can increase the market share. So organization can give strong
competition to other firms. Report discusses about 4Com company which is telecommunication
firm. It is founded in 1998. Firm sells handsets, mobiles such as Redmi, Redmi note 4,
computers etc. to the customers. Project explains about innovation, and its importance in
organizations in comparison with invention and methods through which company vision,
leadership, culture and teamwork can shape innovation and commercialisation. Assignment will
discuss about development in frugal innovation and application of this in organizational context
and importance of commercial funnel and use of new product development for
commercialization of creativity. Report explains about the innovative business case including
ways to access funds and different tools to develop, regain and protect knowledge.
TASK 1
P.1 Importance of innovation to company in comparison with invention
Innovation : It is the process in which company can develop new and creative ideas to
create unique and distinct products. Through this employees can also become creative as they
think new ideas to create the products. Hence they bring innovation in the company. Thus firm
can earn more profits and can increase the market share. So it can also give strong competition to
other firms. Sources of innovation used by 4.Com company are:
Unexpected: Through innovation organization can get best results which is far more
grater than expectation of the company and is done through experiment. It is called unexpected
innovation. But company do not always get desired outcome.
Process need: If firm wants that there is some changes in the system so hence it can bring
modification in the process .Thus it can bring the innovation in the firm.
Change in perception: When there us change in attitude of a particular person then they
can bring this innovation. Person can starts with small level.
Invention: It is the process in which company can create products which it has never created
before (Cossle, M. and et. al., 2016). All employees apply their technical and other skills so that
they can invent something which is different from other firms. Through this they can gain market
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share and hence it increases the reputation in the market. Hence company can increase the
profits and maintain good status in front of all customers (Camagni, 2015)7
Importance of innovation to 4Com-
 Company can develop new and creative ideas through process of innovation. Hence they
can develop new and creative products such as mobiles, handsets, laptops, phone system
and iPads etc. Hence5it helps in increasing the satisfaction level of all the customers.
Thus firm can earn more profits.
 Company innovate new products so hence it increase the value to all items. Hence they
can provide superior quality of products to customers. So it helps in increasing the
reputation of company in front of all consumers. Thus all users remain loyal to the
company. This helps in maintaining brand loyalty among all people For example firm can
create products such as Redmi phone,Redmi note 4 etc.
Importance of innovation to employees of 4Com company
 As employees think of new and innovative ideas so hence it increases the knowledge and
skills. Thus they can create unique products which are different from other firms. It also
results in increasing the efficiency and effectiveness in all the activities and tasks. So thus
they can function smoothly and successfully.
 Through developing of new and distinct ideas, it helps in enhancing the effectiveness and
efficiency of all employees (Fodgson, 2018) - . Thus they can develop creative ideas and
can perform better. So workers can give good results and it results in improving their
performance.
Difference between innovation and invention
Innovation Invention
 In this company can create new and
innovative products.
 It is the process in which company can
develop new products which has never
been created before and they are
launched in first time in market.
 Innovation is done by the group.  Invention is done by a single person.
 It helps in solving issues and problems  Invention helps in giving solution to
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of all customers. complex issues.
 It requires technical skills and
knowledge and analysing needs of
customer.
 It generally requires scientific
knowledge and curiosity of person.
P.2 Organization vision, leadership, culture and teamwork can create innovation and
commercialisation
4Com is a company which deals with telecommunication sector. So it use new
technology to create and develop latest phones and other digital handsets (Forés and Camisón,
2016). This is important to survive in market. Leadership, teamwork, vision and good culture of
4Com is described below:
Vision: 4Com company has created vision that they can provide something unique to the
people who are living in this society. This can only be done through process of innovation. They
have to commercialize the product in such way so that people can have knowledge about the
products such as business phones and laptops. Commercialization is the process through which
new products are launched in the market. It is crucial as if firm do not charges any money from
the people then it cannot expand the operation and cannot earn more profits.
Leadership: There are two leaders Steve jobs and Richard Branson who do not force their
ideas on staff members. Instead they give a chance to all employees so they can think in different
manner. They also give required resources so that they create good products. Thus all employees
can think in a different and unique manner and hence they can develop new and innovative
products such as business Phone. Through this they can provide superior quality of products to
customers. It results in increasing satisfaction level of all users. 4Com company also give same
kind of freedom to their employees so they can develop new products and implement their
innovative ideas.
Teamwork: Good team is requires so that all employees can think differently and can
create new and unique ideas. If there is good team then all staff members can think in a unique
manner and they can develop products which are different from all companies. As a result it can
bring innovation in the company (Goffin and Mitchell, 2016). All workers can perform research
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and can find ways of launching their new products in market which directly promotes the
commercialization process (Howell, 2015).
Culture: All employees belong to different religion and culture. Workers can easily
communicates wit each other and discuss their new and innovation ideas with each other. This
helps in creating and developing new ideas which can bring innovation in the company . They
can also give suggestions to each other regarding different and unique ideas of launching their
products which helps in promoting the process of commercialization.
TASK 2
P.3 4P'S of innovation and use of innovation funnel to shape innovative ideas
There are different steps through which organization can create innovation. The 4p's of
innovation used by 4Com company are:
Product innovation - Firm can create different and unique products so that it can be
different from other companies. These products can be develop in such a way so that they do not
need much promotion. 4Com can add new and latest features, design and other attributes in their
gadgets such as business phone etc. so that they can deliver superior quality of products to the
customers.
Process innovation: Company can make changes in their production and manufacturing
process so that they can create unique and different products. 4Com can produce business phones
and other products such as laptop in different manner and they can manufacture these products in
such a manner so that all customers can get attracted towards the phone.
Position innovation: 4Com company can reposition the products in the market. They can
launch their existing products in different industry or new segments. They can also promote the
old product in unique manner so that they can create unique image in front of all the customers.
Paradigm innovation: In this process organization do not consider the needs and wants of
the public. Manager motivates and guides all the employees so that they can create different and
unique ideas to create the products (Koskela-Huotari, Edvardsson, Jonas, Sörhammar and
Witell, 2016). Through creativity of employees it can bring innovation in firm. Hence they can
deliver good quality of products and services to all users.
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Illustration 1: What is innovation
(Source: 'What is innovation',2018)
Innovation funnel is the process through which products can be developed in an effective
and efficient manner. It includes various steps which help in creating new and distinct ideas. It
includes basically the 3 steps (Schaltegger, Lüdeke-Freund and Hansen, 2016). First step incudes
taking all the information and data from the employees and match with the objectives and
mission of the firm. As then only they can be implemented in the firm. Second is screening of
all ideas so that they can select that ideas which helps in maximizing of profits and can reduce
the unnecessary expenses of the firm. This is small scale industry so they have to put extra
efforts on those ideas and projects so that they can get maximum revenues and minimization of
expenses. This helps them in achieving their goals.
Third step is the selecting the best ideas which helps in increasing the satisfaction level of
all the employees. Virgin group is the company which take suggestions from all the employees
and then creates unique and innovative ideas. Through this they can bring innovation in the
market. Thus through proper application of the innovation funnel,4.Com company can develop
the new and creative ideas which helps in bringing innovation in the market.
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P.4 Development of frugal innovation
Frugal innovation is the process through which company can develop the product
without complexities and can reduce the manufacturing as well as the production costs of
business (Schoenecker, aellenbach and McCarthy, 2016).
Through frugal innovation company can bring the sustainability in the new products. It
also tells that natural resources are crucial to the company (Tukker, and et. al., 2016). Six
principles of frugal innovation used by 4 Com company are-
Engage and literate : In this process company can repeat the initial ideas and other
innovative thoughts in an efficient and effective manner. Firm do nit have to create new and
innovative ideas to create the products.
Flex the assets: Company can use the amount of retained earnings so that they can
develop the new and innovative products in a better manner. It also helps financially to the firm.
Sustainable solution: 4.Com company has to find the basic problem and issues so that it
can find the correct and appropriate solution to the problem.
Change behaviour of users: In this process organization properly communicates with the
people so that their thoughts can be changed. It helps the company in changing their attitude.
Creation of value with customers :Company have to evaluate the needs and wants of all
customers so that they can change the attitude and behaviour of all users. This is important so
that firm can fulfilled all needs and requirements of customers.
Innovative stakeholders: There is a situation in which there are innovative stakeholders
such as customers,suppliers and manager through which there can be innovation in the company.
In this innovation process company can remove the unnecessary features so it can reduce
the costs of manufacturing and production costs of the business. For example there is business
phone of 4. Com company. So hence firm have to remove unnecessary features and they haver to
modify in their technology. They also have remove the unnecessary ringtones and reduce the size
of phones so it cannot take huge space of customers. Through this it reduces the extra costs of all
customers. Production costs of raw materials can also be reduced. Thus they can apply this
method in all units of production. Through this they can generate more revenues and can increase
the market share.
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TASK 3
P.5Importance of innovation funnel and application of new product development
Commercial funnel are the ideas which are used by the company so that they can earn
more profits (Van Oort, 2015)7 . This is important so that company can deliver good quality
products to the customers. Hence they can increase their profits and can increase the market
share.
Importance of commercial funnel in 4.Com-
Enhanced quality: 4.Com can develop the new and creative products as they use this
process. Hence it improves the quality of products and they can create innovative products
through using of advanced tools and techniques (Wallace, 2016). Through this they can deliver
best and superior quality of products to customers. So hence it increases the satisfaction level of
all customers.
Promotes creativity: 4.Com can motivate and guide all employees so that they can think
of new and creative ideas in the business. Thus it can bring creativity in the firm. Hence it
increase the knowledge and skills of employees. Thus they can think in different an unique
manner which results in bringing creativity and innovation in the firm.
Increase efficiency and growth: 4.Com motivates and guides all employees so that they
can think of new and creative ideas in the firm. They tell staff members that they can think
innovative ideas and hence all workers have thought that new attributes can be added in business
phones. Thus it increase the efficiency of all workers as their suggestions are implemented in the
firm. It leads to growth and development of firm.
Application of new product development process: It is important so that company can
deliver good quality of product. Steps used in 4.Com firm are:
Idea generation: Company can create new and innovative ideas through analysing the
needs and requirements of all the customers. Hence they can generate ideas through evaluating
the requirements of market.
Idea screening: Company selects the best idea among all ideas. They also evaluate the
required resources to use that idea otherwise firm cannot implement that idea.
Testing and development: Company tests the products so that they can find the Lacunas
in the products. It is important so that they can remove the failures from all items.
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Product development: Rational method of production can be selected. Changes can also
be made in designing of the products. Hence product can be developed in efficient and effective
manner.
Commercialisation: 4.Com uses various promotional tools so that they can promote
products in a better manner (Wolin, 2016). Thus firm can attract more users and can earn more
revenues.
Launching: Products are launched in this stage. For maintaining the brand loyalty firm
can provide after sales services to all users.
P.6 Innovation business of 4.Com company
4. Com company is small firm deals with telecommunication sector. It has launched new
business phone. Innovation business case of 4.Com are:
Executive summary: Mainly 4.Com company targets to the people who deals with
telecommunication sector in U.K. They created products which are unique and innovative
through using of latest tools and techniques. Thus it can increase their reputation in minds of all
the customers and in market. Hence they can earn more profits and can easily increase the
market share.
Target: Company has launched the business phone so it is not targeted to household. It is
mainly targetted to clients who are working in the corporate sector. Broadband Business and
development of application is provided to consumers who are interested in these business. Main
goal is to enhance the communication of business of corporate clients.
Solution: Company have to fulfil all the requirements of buyers so that they can fulfil
the expectation of customers. All the characteristics of business phone do not include any
complications so that all users can easily operate the phone without complications. Hence it is
easy and convenient for all customers too use that phone.
Reasons of innovation: 4.Com company have recently launched the Hihi business phone
which have distinct characteristic that is video calling. So this is the reason that product is
innovative. Hence corporate customers can pay the extra amount of this innovative business
phone.
Customer research: 4.Com company have to analyse the requirements and needs of all
the corporate customers and then continuously modify products. They target to big cooperation
and multinational firms so that they can place huge orders (Wooten, and Ulrich, 2016). They
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uses different with latest technologies and tools so that they can improve their quality of their
products. Through this they can improve the communication of business clients as customers are
using the business phones.
Funding: 4.Com have to receive funds for doing the innovation. So first option is
receiving funds from the bank. It can easily provide loans to firm. But company have to provide
the interest on these funds. Second is receiving money from angel investors and investment
groups. Benefit is that it can provide the amount which is exactly required by the company. But
they have to pay the shares in return for the funds (Xu and DLuing, 2016) .
Expected benefits: Company evaluates the past statements and records for monitoring of
the benefits. Hence they can determine the future returns.
TASK 4
P.7 Tools to develop,retain and protect intellectual property and knowledge
Every firm have to innovate different items and they need to protect these rights. Tools
used by 4.Com company are--
Trademark: This right helps in protecting the signature of a particular products son that
no firm can use that signature on other products. Hence it gives the ownership to the owner of
4.Com company. Company can protect signature by payment of 13000 pounds and thus it can
provide distinct identity to the firm. If company provides product which cause damage to people
then it is disadvantage to firm.
Patent: 4.Com company have created the phone which has a distinct characteristic that is
unique calling. Through this, company can protect the idea and no other firms can use this idea.
They have to pay certain amount of money to protect this idea. They can easily market and
promote the products.
Help from professionals: In this many professionals such as accountants and lawyers
provides legal advices related to the law. So hence every company can easily protect the
property and knowledge. They solves all issues very easily but firm have to incur huge costs to
them for protecting these rights.
Copyright: Company can protect work related to literary sector. They can protect their
poems,and songs,photographs and other images. Dramas and acts can also be protected. Thus
other companies cannot use these rights. Hence company can easily get these rights.
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CONCLUSION
From the above project it can be concluded that innovation is important in every
company. Innovation and importance of innovation in comparison between invention. Different
types of innovation are there in company. Process which helps in commercializing innovation
and evaluating methods of protecting ideas and their advantages and disadvantages.
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REFERENCES
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DDFodgson, M., 2018. Technological collaboration in industry: strategy, policy and
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What is innovation?. 20187. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >
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