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Innovation and its Importance in Comparison with Invention

Added on - 03 Jun 2020

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INNOVATION ANDCOMMERCIALIZATION
Table of ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Innovation and its importance in comparison with invention............................................................3P2. The way vision, culture, teamwork and leadership of enterprise shape innovation..........................5TASK 2..........................................................................................................................................................6P3 4Ps of innovation and use of innovation funnel..................................................................................6P4 Development of Frugal innovation.....................................................................................................7TASK 3..........................................................................................................................................................8P5 Significance of commercial funnel and application of new products development for innovation....8P6 Innovation business case for an enterprise........................................................................................9TASK 4........................................................................................................................................................10P7 Tools used to develop, retain and protect knowledge and intellectual property.............................10CONCLUSION............................................................................................................................................10REFERENCES..............................................................................................................................................11
INTRODUCTIONInnovation refers to fresh idea which adds value in the existing or latest products of anorganization. But introducing creativity in production is not an easy task for employers. Alongwith this, managers are need to identify trends of marketplace and needs of customers. Further,they should concern on reliability of commodities also which are manufactured after innovation.Innovation and invention involves deliberate efforts of a person which is a result of imaginationand information gathered by them (Metcalfe and Miles, 2012). This would help in delivering thecommodities or services to consumers according to their demands. In order to know the conceptof innovation and commercialization an assignment has been presented on a small businesscompany of UK i.e. Talent Plus. It is a consultancy company which helps other firms inrecruitment and selection procedures by hiring most qualified candidates in their workforce asper choice. In order to gain sustainability at marketplace, this firm needs to make creativity onregular basis in its services. This report throws lights on importance and difference of innovationand invention as well as discuss about vision, leadership, culture and teamwork of organization.In addition to this, 4 PS of innovation, frugal innovation, various tools or technologies and moreare also explained in file.TASK 1P1 Innovation and its importance in comparison with inventionThe term innovation refers to a process which is used to make products of a company morecreative. Process of modifications in existing goods or introduce some changes in production isgenerate innovations. Such alterations help companies to gain more number of customers bysatisfying their needs and demands in a profitable way.It aids an enterprise to gain a betterposition at market place and move forward from competitors (Manso, 2011). Therefore, in orderto retain customers, Talent Plus has formulated various strategies and business plans to createtechnological effects in its services. It helps in recruiting employees in other firms in less time aswell as in high order. These plans have added various features in commodities which help thiscompany in following manner:Raise efficiency level of company: Innovative products enable a company to provide moreefficient services and raise prices in own manner. If an enterprise has unique goods and servicesthen people at marketplace can avail the same on any cost. Thus, it raises productivity andprofitability of a firm in wide manner.Sustain effective communication process:Implementation of new techniques and latesttechnologies in business environment helps in bringing sustainability at marketplace. Along withthis, innovative concept aids organizations in making proper communication and relationshipwith staffs members and other people. Through proper conversation employers can give proper
guidelines to employees which help in proper working as well as reduce the chances of conflicts.This process also supports managers to eliminate employee resistivity in a proper way (Lundvalland et. al., 2011).Give profit to business organization:The main importance of bringing innovations and latesttechnology in production and operations is it reduces time and cost of making products. Inaddition to this, it also helps in utilising the resources in an appropriate way. Adding value inexisting products assists organisation to attract mind of customers towards its commodities.Therefore, Talent Plus used to bring changes in features of its services on timely basis. Thiswould help in gaining competitive advantage in a profitable way. This process helps inenhancing growth of business as well as expanding organisation in other locations.Difference between Innovation and Invention:-BasisInnovationInventionMeaningInnovation is a process ofturning a unique idea into abusiness which helps inmaking a product morereliable and useful. It is doneby brining latest technologies,concept of new thoughts oropinion to create changes inexisting goods of making newproducts of innovative features(Kleinknecht, 2016).Invention brings improvementin business which generateswhen functions of acommodity do not perform inrequired manner. It happensonly one time so should bepatented by a person whoinvents it. Innovation is aresult of invention.ConceptInnovations bring changes incommodities of a company byadding value which enhancesits sales performance andbrings efficiencies as well. Itholds practical implications ofnew idea.Invention creates a product ofunique feature which neverdone before. Thus, it is anoriginal idea of innovators.Required skillsFor making alterations inproducts, an employer needsFor creating invention, a personshould have possessed highknowledge in a particular thing as
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