Innovation, Commercialism and Business Case

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance for organisation in comparison with invention......................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism...........3
TASK 2............................................................................................................................................4
P3 4P's of Innovation and uses of innovation funnel...................................................................4
P4 Development of Frugal innovation.........................................................................................6
TASK 3 ...........................................................................................................................................6
P5 Importance of commercial funnel and application of New product development.................6
P6 Building of innovation business case including ways to access funding...............................8
TASK 4 .........................................................................................................................................10
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property .....................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is refereed to as new ideas and concepts which are formulated by an
entrepreneur to modify items and services in order to enhance its position in market. In each and
every organisation, commercialisation and innovation are two essential tactics which help top
personnel to make business successful (Clayton, Feldman and Lowe, 2017). Present report is
based on Wiser which provide recruitment and consultancy services to public and other firms in
United Kingdom. This assignment specifies innovation and its benefits in small businesses. In
addition to this, 4P's and usage of innovation funnel for assessing ideas at work place is also
explained. The report focus on importance of commercial funnel and new product development
application in commercialisation of innovation. Besides this, entrepreneur uses different tools to
develop, retain, protect knowledge and intellectual property of small firm is also specified to
understand various aspects of innovation.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Innovation is new idea or method which is formulated by an entrepreneur to accomplish
demands of people. For this, market research is appropriate technique which benefit them to have
information about needs of public to provide them creative and unique products and services.
This help small and medium firms to construct appropriate position and image in market by
providing items and services according to requirements of public (Dutta and Hora, 2017).
Wiser is small firm which was started in 2014 by Fin O' Kane whose chief executive
officer of firm. Company provides talent acquisition, recruitment, on-boarding solutions to
people in United Kingdom. This firm has partnership with popular brands that are Just Eat, Sky
Betting and Gaming, Wordpay and Expedia. Thus, entrepreneur is able to grab customers easily
and sustain its position in market in respect to competitors.
Importance of innovation: It is an important tactic which help organisation to make
growth with time. For this, businessperson focus is to provide creative and unique products and
services to people in respect to their demands and needs (What is innovation and how can
businesses foster it?, 2017). This plays essential role in small firm to utilise resources efficiently
and attract large number of people by providing them appropriate variety of items. Thus, these
are the benefits that innovation have on SME's i.e. described below :
1