Innovation in Business: Assignment
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Added on 2020-10-04
Innovation in Business: Assignment
Added on 2020-10-04
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INNOVATION
Table of ContentsINTRODUCTION .........................................................................................................................1TASK 1............................................................................................................................................1P 1. Importance of innovation in company and its comparison with invention.....................1P 2. Explaining how corporation – al leadership, vision, team work and culture shapeinnovation...............................................................................................................................2P 3. 4Ps of innovation and usage of innovation funnel..........................................................3P 4. Frugal innovation development in context to organisation.............................................5P 5. Significance of the commercial funnel and the application of New Product Development7P 6. Building an Innovation Business Case for company including means to access funds.8P 7. Different tools used to develop, retain and protect knowledge and intellectual properties.9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONInnovation simply refers to representation of some thought or idea, device or methodwhich brings revolution in the world. This is used by various companies for developing theirproducts and services in a unique way so that they can seek intention of large number ofconsumers. The current report is based on the Sol-tec which is a small business corporationestablished in around 1992 for offering technologies services and promote usage of cloudtechnologies. They usually write the cutting edge software that is running in the core of net forkeeping the world connected. In this project difference between invention and innovation hasbeen described clearly (Aarikka-Stenroos and Sandberg, 2012). Apart from this, 4Ps ofinnovation is also going to be described along with its application for examining and shaping thenew ideas.TASK 1P 1. Importance of innovation in company and its comparison with inventionWhen a firm wishes to grab large number of opportunities in marketplace and also desiresto make difference in value of its goods and services among the civilians, they commonly takeuse of innovation in their deliverables and merchandises. This would help in simply introductionof different concepts along with uniqueness and creativity for creating their current productsmore attractive as well as valuable so that venture could earn more benefits. The overallprocedure of innovation is very efficient and effective and supports in making strong marketingposition. Sol-tec should bring changes in their existing services by presenting new ideas andthoughts in front of their clients. For this, they have to use organized, scientific and strategicalsupports in order to develop more advanced culture in organisation. This aids in boosting up theproductivity as well as profitability since modern techniques will be utilised in their workapproaches (Bagchi-Sen, 2010). Thus, it can be said that there is great importance of innovationin each and every firm such as Sol-tec since it provides below listed assistance :It offers growth and aid in achieving each and every future aims or goals in effective andeasy way. This contributes in enhancing the production of corporation easily.It also supports in improving the working capabilities of staff members and give themcreative persuasion for using their commercial services. 1
Innovation also help company in attaining competitive advantages from the existingmarket location by assisting them in producing best merchandises. Apart from this, it is also helping in making feeling of more satisfaction amongcustomers by full - filling all of their needs (Bogers and West, 2010). Small business organisation faces a lot of difficulties while running their operations sincethey have less revenue for doing investment. In order to solve this issue, innovationprovides various easier styles and methods for manufacturing goods and services whichconsume minimum sum of money of entrepreneurs in Sol-tec.Most of the people get confused by the term invention and innovation as they feel thatthese words are same. But there are lot of differences in it which can be better understand byfollowing points :Basis of differenceInnovation InventionMeaningIt refers to the enforcement ofideas for different merchandiseor procedures for the very firsttime. This simply introduce newerthoughts or conception forproducing goods or servicesthat has never been donebefore. What is it ?Addition of values tosomething which is alreadyexit. Generation of a newcommodity.Concept Practical execution of neweridea. An actual or original conceptand its working in hypothesis. Skills neededCollection of strategical,marketing, and technicalability. Scientific attributes P 2. Explaining how corporation – al leadership, vision, team work and culture shape innovationDiversity is beneficial for innovation which brings together different viewpoints of acompany. Also it is helpful in widening the pool of ideas. Benefits of diversities could be seen ifan organisation has consists open culture in its workplace. It allows people to express differentviews. Effectiveness of team work and a clear vision turn their ideas into making production2
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