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Innovation, commercialisation and organisational leadership

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Added on  2020-06-04

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Innovation and its significance to organisations in comparison to invention1 P2.Way in which organisational leadership, vision and teamwork can shape innovation and commercialisation 3 TASK 24 P4 Frugal Innovation's development6 TASK 37 P5 Importance of commercial funnel and NDP in an business firm7 P6 Valuation of Innovation Business Case 8 TASK 49 P7 Different tools used by organisation 9 CONCLUSION 10 REFERENCES 11 INTRODUCTION In the current situation, there are many types of businesses and their processes

Innovation, commercialisation and organisational leadership

   Added on 2020-06-04

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INNOVATION
Innovation, commercialisation and organisational leadership_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1. Innovation and its significance to organisations in comparison to invention.......................1P2.Way in which organisational leadership, vision and teamwork can shape innovation andcommercialisation.......................................................................................................................3TASK 2 ...........................................................................................................................................4P4 Frugal Innovation's development...........................................................................................6TASK 3 ...........................................................................................................................................7P5 Importance of commercial funnel and NDP in an business firm...........................................7P6 Valuation of Innovation Business Case.................................................................................8TASK 4 .........................................................................................................................................9P7 Different tools used by organisation......................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONIn the current situation, there are many types of businesses and their processes who hasthe motive of turning of their vision into the reality and that is being done by applying tools andtechniques to have better future. In this kind of process, there are number of elements which playa major role like platform of opportunities, prototyping, sales, marketing and production (Whatis innovation? 2011). There are various types of creative and innovative ideas which are beingutilised for conducting the production and thus, sell out the goods and services to clients withinmarket. There are two different aspects which are invention and innovation and their functionsare also different but they both work on common goal and that is contributing in social andeconomic factors. In this report, chosen company is Periscopix which is a consultancy servicescompany dealing within UK. There are number of elements which will be highlighted in thisreport like major difference in between innovation and invention. Besides this, effectivefunctioning of both the aspects will also be discussed in this report. TASK 1 P1. Innovation and its significance to organisations in comparison to inventionINNOVATION: Innovation is a concept in which there are many types of thoughts andother creative ideas are being transformed into goods and services and thus, being sold to thecustomers in terms of monetary. Innovation can only be added to an idea when it has the factorof reducing cost in economic terms and hence, fulfil demands (Ariga and et. al., 2013). Besidesthis, innovation can be stated as a process in which essential information is being collected andavailable resources are being utilised in an optimum manner. This in turn will allow company tomake changes within goods and services in order to satisfy the customers in an effective andeffectual manner. Innovation can be implemented within services which are being provided tothe customers. It is basically divided into two main parts which are being described as below: Evolutionary Innovation: In this approach, development happens when the mechanicalchanges are being done on an item over and over. This entire procedure can be said as atransformative development on single item. Revolutionary Innovation: This sort of approach expresses that motive for advancementisn't adjustment on single item however, it happens from new thoughts (Boons and Lüdeke-Freund, 2013).Importance of Innovation1
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There are many ways on which the growth of company totally depends along with toolsand techniques which are being applied for attaining expected results. The major reason behindsuccess and growth of company is innovation which should be applied at initial stages. Themain focus of advanced innovation is on providing competitive advantage along with someother methods by which development can take place (Drucker, 2014). Innovation and other latesttechnologies are being adopted by the company in order to apply innovative and creativethoughts within real world. Furthermore, there is a positive mind set of people regardinginnovation within goods and services and this can be a benefit to company for having largenumber of customers along with increasing goodwill within marketplace. There are number ofadvantages which are being provided for company along with staff members by innovationwhich can in turn enhance level of performance for employees. Besides this, there are morebenefits which are being adopted for attaining the objectives in an effective manner. There are particular differences in between the innovation and invention which aredescribed as below: BasisInnovationInventionDefinition Concept in whichimplementation of variousthoughts and creative elementsin order to attain theobjectives. In this concept, fresh thought isbeing formulated for theattainment of aim in a bettermanner. Base For applying, thoughts can beimplemented. Untouched and appropriatethoughts. Activities Implemented in the wholecompany. Bounded within the researchand development wing. Reason of occurrenceBetterment of goods andservices for maximum level ofsatisfaction (Goldberg, 2013). Occurrence of fresh ideas andthoughts. Allocated withSeveral processesSingle process 2
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