Innovation Talent Plus Essay
Added on 2020-06-04
13 Pages4026 Words45 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance in comparison to invention..............................................1P2. Organisational factors shaping commercialisation and innovation..................................2TASK 2............................................................................................................................................3P3 4P's of innovation and use of funnel innovation...............................................................3P4 Development in frugal innovation.....................................................................................4TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of new product development.............5P6. Innovation business case of Talent Plus...........................................................................6TASK 4............................................................................................................................................7P7 Different tools which used to develop, retain and protect intellectual property rights.....7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONIn modern era of technology, introducing innovations and inventions in a company hasbecame necessary for entrepreneurs in order to bring sustainability at marketplace. Due tochanges in demand and needs of people, products of an enterprise cannot expect high profitmargin. Therefore, it is mandatory for firm to keep on bringing alterations in existing products orservices by adding value in them so that customers can satisfied their desired. This will aidenterprises to gain high advancement of competition (Aarikka-Stenroos and Sandberg, 2012).Under this project a small business enterprise has been taken named by Talent Plus. It is aconsultancy firm of UK which provides employees in various firms as per their need. This SMEseeks to create innovation in services in order to enhance its business. Therefore, this assignmentshows how innovation can be done in business and what processes are needed to implement itsuccessfully in organisation. TASK 1P1. Innovation and its importance in comparison to inventionInnovation is a procedure of turning an unique ideas into products. This process addsvalue in existing goods or services and makes it more useful for customers. Therefore, to createsuch commodities management of companies are required to replicable an idea at an economicalcost. Along with this, managers are needed to concern more on demand of consumers in order tosee what they actually want. Through this process, they can modify or add values in products sothat desires of consumers can meet in desired way. With this assistance, entrepreneurs of abusiness use this process as an important tool in order to bring changes in the production.Innovation gives various opportunities for small and big enterprises to introduce creativity inservices so that business can achieve growth in a proper way (Bogers and West, 2012).Entrepreneurs are taken as innovators in a firm who perform various functions to makecreativity in business and take entire risks in order to generate more profit. They have possessedcapabilities and willingness for developing and managing a business in an appropriate way. Butbefore add values in commodities, entrepreneurs in a company used to gather information aboutdemand of people, situation of marketplace and more. In context with commercialisation, thisterm can be defined as a process which drives an idea into era of marketplace by converting itinto money. Innovation is necessary when a firm wants to attract large number of customerstowards its products or services through business can be expanded. This process helps them to1
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