Innovation: Importance, Comparison with Invention, Organizational Vision, 4P's, Frugal Innovation, Business Case, Intellectual Property

This presentation provides an overview of innovation in the context of business, including its importance, comparison with invention, organizational vision, 4P's of innovation, frugal innovation, business case, and protecting intellectual property. It emphasizes the significance of innovation for organizational growth and success in today's competitive market.

INNOVATION

Introduction
 In context of business, Innovation refers to the process of making
business workflows, product, services or process more effective and
efficient.
 It also means implementing new ideas, creating dynamic product or
services or improving the existing goods or services so as to attain
higher competitiveness level in the market place over other rivals

Innovation and its significance in comparison
with Invention
 The term “Innovation” simply means converting a productive idea into
effective goods or services that leads to create value for target audience or
which customer is willing to pay.
 Basically it means coming up with creating ideas of doing similar things in
unique or innovative manner.

Difference between innovation and invention
Innovation Invention
It deals with novelty and
modernization
It is mainly concerned with
developing and creating something
exceptionally new
Innovation is a modern idea that can
applied to current or existing
situation.
It can only be assessed or felt by
potential buyers
It is a consolidation of different
product, services or process.
It only deals with single product or
process.
It requires technical and managerial
skills
It requires scientific skills

Organizational vision, leadership, team work and
culture
 Vision: The vision statement of Unicorn Grocery is “to delivered
high value product to customers that satisfy and retain them for
longer period of time".
 Leadership: Earlier, the leadership style followed by Unicorn
Grocery was mainly autocratic. But now the company has decided
to embed participative leadership style in their business practices.

4P’s of Innovation
 Following are the brief description of all P's cover in innovation
mix:
 Product
 Process
 Position:
 Paradigm

Innovation funnel
 It describe the series of steps that has been taking into account while
developing a process or a product.
 The main purpose of all innovation is to develop product or processes
that fulfill market needs in economic or manufactural forms.

Development of frugal innovation
 The concept of frugal innovation refers to the process by
which organization tries to eliminate or reduced the
complexities related with cost of goods sold and
production.
 Available resources must be considered as an opportunity
by Innovators instead of treating them as a liability.

Significance of commercial funnel
 It can be defined as a cost effective process by which
companies tries to identify various sources that help them
in offering innovative product or services to target
customer in a structured and thorough manner.

Business Case for Unicorn Grocery
 Business Case are mainly used by companies so as to
determine the risk associated with investing in innovation.
 It ensures that company and its member must think
practically and logically regarding each and every aspect
of innovation

Protecting intellectual property
 Intellectual property rights are normally given to the owner or
creator for their work so that they can protect their invention or
discoveries from others.
 It basically means giving exclusive rights to the owner or creator for
their innovation work or idea. With the help of these tool, creator
can gain monetary benefit and recognition for their inventions.

Conclusion
 According to the above mentioned report, it can be
concluded that innovation is the key for organizational
growth and success.
 In today’s competitive era, strong competition prevails in
the market place which enables businesses to distinguish
themselves from rivals by keep innovating or upgrading
their product or services.

References
 Goldberg, D.E., 2013. The design of innovation: Lessons
from and for competent genetic algorithms (Vol. 7).
Springer Science & Business Media.
 Huizingh, E.K., 2011. Open innovation: State of the art
and future perspectives. Technovation. 31(1). pp.2-9.

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