The Nature and Drivers of Innovation

This assignment delves into the multifaceted concept of innovation, examining its definitions, categories, and key driving forces. It explores diverse theoretical frameworks surrounding innovation, including producer-driven and user-centric models, alongside open collaborative innovation. The assignment also investigates the spatial dynamics of innovation networks and the influence of factors like policy, technological advancements, and market demand on fostering innovation. Furthermore, it highlights the role of universities and industry in driving innovation through technology transfer and collaboration.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1 ...........................................................................................................................................3
P1. Innovation, its importance and comparison with invention..................................................3
P2. Shaping innovation through organisational culture, vision, mission and teamwork............5
TASK2.............................................................................................................................................7
P3. 4P's of innovation and use of innovation funnel...................................................................7
P4 Development of frugal innovation ........................................................................................9
TASK3...........................................................................................................................................10
P5. Importance of commercial funnel and the application of New product development........10
P6 Innovation business case of Better placed Ltd.....................................................................11
TASK4...........................................................................................................................................11
P7 Tools for developing, Retaining and protecting intellectual property.................................11
CONCLUSION..............................................................................................................................12
REFRENCES ................................................................................................................................13

INTRODUCTION
Innovation is one the important tool in running the overall operation of business in order
to run it successfully. Further in dynamic environment changes are coming with rapid fast speed
so to cope up all the challenges of external market company required to make innovative and
creative modification in their products and services so they gain competitive advantages over
competitors (Aghion , Van Reenen and Zingales ,2013). Generally, innovation is done at the time
of launching new products and services in market which help in satisfying the recent customers
needs and demand. Under this assignment the company which is preferred i.e. Better Placed Ltd.
Which is UK based recruiting organisation specialise in recruiting for marketing, sales and HR
jobs and role within the agency market. The USP of organisation is that it known for providing
specialist creative recruitment offering both online and offline creative roles. Further project
discuss about the Innovation and its importance, shaping innovation through organisation and
cultural change, frugal innovation and intellectual property right. Apart from it discuss about the
case study of Apple and Virgin Group.
TASK1
P1. Innovation, its importance and comparison with invention
Innovation can be described as process in which idea come into reality in the form of
product that definitely satisfy the needs and demand of customers (Ariga and et. al. ,2013). In
other word it can easily be said that innovation is the application of concepts that can be reused
by company and novel. In business world individual need to become smart in order to develop
something creative and inventive. In earlier time large organisation establish their dominance
place in market but now the thinking become change because different start-up and small
companies coming in market with their innovative and creative products that down the market of
big companies. Now customer is the king of markets and producers are their servants who has to
produced according to the requirement of target audiences. If employees are creative and think
out of the box then they able to grab all the market opportunities through their skills and talent.
Better placed Ltd. Is recruitment based company that gives creative employment opportunities to
the youngsters of UK country. In this company innovation can be achieved through its quality,

quick services and better competitiveness in market. Innovation is highly required in every
activity of organisation in order to increase profit and market share of company.
Invention:- It can be described as process or product which never before in market or its a
process of creating something that never came before in market. Further, it consist of technical
and scientific skills which needed in products and this mechanism is generally used by company
at the time when it loose its position in market and wants to revitalise the strength of product
portfolio by introducing something new and innovative in market that satisfy the customer
demand.
Distinguish between Innovation and Invention are described below:-
Basis Innovation Invention
Meaning Creation of product, process
and services that add the value
for customers.
A discovery which is new to
the world or creation which
bring advance technological
development in market.
Driven towards The main objectives is to
driven towards the desire of
customers by adding the value
to products.
It coming through inventor
curiosity and interest of
researcher.
Merits Its advantages can be created
through profitable preparation.
It is known through its
uniqueness.
Skills required Innovation can be developed
through the formulation of
strategic marketing,
operational and technical
skills.
Based primarily through
technical and scientific skills.
Significance of Innovation for the employees of Better placed Ltd.:-
 It allow workforce to enhance their skills and capability through the use of modern and
innovative ways in their working style.

 Develop sense of creativity in the mind of employees which can further assist in
providing most effective ideas. Improve both the productivity and efficiency of workforce which allow them to
successfully accomplished their daily targets in stated time period.
Importance of innovation from business point of view:-
 It is helpful in maintaining the standard quality for products and services which satisfy
easily all the requirement and demand of customers.
 It also helpful in developing entirely new and creative products which never exist before
in market according to customers preferences and taste.
 Sustainability of business is more in competitive market because of innovative products
and services in market.
 Better Placed Ltd. Is one of the creative business who come with their innovative service
in the form of employment opportunities that reduce all the problems of unemployment
and uplift standard of economy.
Therefore, Apple Inc. and Virgin group one of innovative companies that come with their
advanced products and services. Apple coming with IPOD instrument which is smaller in size
but having an capacity of storing thousands of songs at one gadgets. It is an improved version of
Sony Walkman which is big in size and very inconvenient for individual to carry that things with
us. After the development of IPOD in market place increase the market share and profitability of
business.
P2. Shaping innovation through organisational culture, vision, mission and teamwork
If any organisation is planning to bring new and innovative changes in market then the
main reason behind it is the continuous change in customer demand and preferences. It can
fulfilled by developing unique and innovative products that satisfy the requirement of niche
market. Although it is not necessary that whatever the innovation launch in market is successful
for example Coca-cola try to make change in the taste of drinks by adding sugar under it which
dislike by target audience by all over the globe because of negative feedback they come with
older versions.
Better Placed Ltd. Is not famous all over the world in respect of their services so they
need to use marketing tools and promotion medium in which they advertise and commercialise
their process through new products in market or by adding features in existing goods and

services (Baldwin and Von Hippel, E ,2011). Both Apple and Virgin group uses different tools
and techniques in order to develop innovate services in market that enhance the sales and
productivity. Better Placed Ltd. Has their vision, mission and objectives which they have to
accomplish through different innovation which can be described below:- Vision:- It is generally made for long term purposes of business on the basis of which all
the objectives and goals has been established by company. Further, it assist organisation
in developing and creating new products and services for further growth and
development. At the time of establishing and setting vision of company Better placed
Ltd. Has to scan the external environment in order to know that whether their plans give
them output in future or not on the basis of which investment has been made on
upcoming projects of company. Apple main vision is to focusing on the motivation level
of employees so that they use their skills and knowledge in order to make changes in their
goods and services through innovative and creative ideas in order to gain competitive
advantages over competitors. Further it also useful in showing the direction to their
employees which is helpful in achieving growth and development. Mission:- It is part of vision which is generally made for short term purposes which
allow them to achieved organisational objectives in effective manner. If company
successfully accomplish short goals then it give them further direction for the
accomplishment of long term objectives in efficient manner. Corporate culture:- In every it is utmost duty of manager to establish flexible culture in
organisation because modern thinking among employees allows company to come
directly with the innovative ideas and creativity in their organisational structure and
commercialisation activities. Better placed ltd. Consist of many employees coming from
different culture and background but they need to work in cohensive manner by
following beliefs, code of conduct and ethics of organisation. Apple and Virgin group is
helpful in maintaining effective communication. Leadership:- It is an effective way of influencing the behaviour of individuals by leader
through their inspiring acts and ethical behaviour. He is the person which maintain the
relationship between employer and employee and encourage them for active participation
in decision making of company. Further Apple and Virgin group consist of innovative

leaders who handle their employees through training and development which leads to
effective atmosphere with better and innovative ideas.
 Teamwork:- One of the important tool or component that need to be present in the
culture of organisation if they want to achieved their mutual objectives. Both leader and
manager plays an vital role in acknowledging all the employees regarding the importance
of team work that in how many manner they use their strength and weaknesses in
accomplishing daily targets and can use different techniques and tools in order to sharing
all types of information which is mandatory to be shared among employees that help
them to betterly understand all the procedures and conduct their operations through using
skills and abilities which gives good outcomes in future. For example company like
Apple Inc. and Virgin group comprises of many employees which work in coordinated
manner.
Therefore, Better placed Ltd. Require to consider all the above points in order to shaping the
innovation in their organisational culture in most effective and efficient manner.
TASK2
P3. 4P's of innovation and use of innovation funnel
4P's of innovation concept is developed by John Bessant and Joe Tidd that helps in
analysing the needs and requirement of innovation in company. It also assist company in
knowing that what changes required and which part. The 4P's of innovation are described
below:- Product innovation:- It is basically related to all the changes that made in product of
company through their innovative and creative ideas which attracts more customers
which enhance sales and profitability (Boschma and Frenken ,2010). Better Placed Ltd.
also required to make innovative and creative methods in order to increase sales and
profitability. Further they also plan to expand their services at global level which allow
them to reach to millions of customers in order to satisfy needs and wants. Apple group is
known for their innovative technologies and high level of software known as macintosh
which is highly preferable by customers and include all those features in their devices
that liked by target audiences. Process innovation:- It is basically related to procedures that company used at the time of
manufacturing goods and services. Under this approach company on the basis of

investigation and market research company develop such innovative steps of
manufacturing that main focus for humanitarian innovation which were applied in order
to meet the rapid changes coming in atmosphere and also helpful in creating good
positive environment. Position innovation:- the main focus of this type of innovation is mainly related to
concentration on repositioning the thinking or perception of established product or
process in specific area. Further, position based innovation refers to all the changes that
related to change in the representation in respect to products and process. If the product is
not positioned at right position then it unable the organisation to enhance the sales. For
example if company is planning to launch the different series of IPHONE targeting the
young generation then they will be successful in expanding their market which leads to
enhance their market share and profitability.
 Paradigm innovation:- the final P of innovation is related to specify properly the
dominant paradigm of that organisation or sector. Paradigm based innovation related to
mental models at which shape an organisation is about. Example of paradigm innovation
is development of community which is based on feeding therapy one of the recent
example of it. Further, Better Placed Ltd. require to make complete analysis of external
market in order to making plans in order to combine creation into business process of
organisation.

Therefore it is important for company to understand how to use effectively the 4P'S of
innovation in order to develop innovation in their products and services which leads to better
productivity and optimum utilisation of resources.
Innovating funnel:- This can be described as process in which different steps has been taken
place in order to developing particular process and products. The main objective and purpose of

organisation is to create such type of process or products in organisation that help in meeting all
the external market needs. Apart from it company generally having different types of ideas but
they need to choose best one from available alternatives and put it into innovative funnel in order
to achieve their organisational objectives. Apart from it due to rapid change in customers
demand and needs company required to incur expenditure on researching external innovative and
digital tool and then include such ideas in their respective products and services by using their
skills and abilities that help in satisfying customers demand and needs in effective manner.
P4 Development of frugal innovation
Frugal innovation is defined as process which is used in order to reduce all the
complexity and cost of production. Further this phenomena is generally used in order to remove
all the non important factors from a durable goods which have longer life such as building, car
and phone in order to sell it to developing countries (Christensen, Raynor and McDonald ,2016).
The main advantages that gain from such mechanism is developing the product in new form
which is more effective and efficient and also helpful in increasing productivity and reduce cost
which incur at the time of manufacturing any products and services. They are generally eco-
friendly and less pollutant for its preparation and the products which are create from such
mechanism are more affordable, faster and having standard quality. However it is complex and
time consuming process but due to multiple benefits different company adopt it (Schaffers and
et. al. ,2011).
Their are different examples that can be illustrated from this process are launching of
Fold-scope which is tough origami microscope which take time in assembling from sheet of
paper and lens and Tata nano is biggest example of frugal innovation. In order to develop this
type of product in market Better placed need to start research relating all the company who work
in same line and then think whether any process that can be developed which is helpful in given
better employment opportunities to people. Company also need to stress on the use of market
strategies for better commercialisation so audience aware about their services. Different principle
of frugal innovation are described below:- Engage and literate:- In this first step the first duty of company is to aware customers
and educate them regarding the digitalisation they involved in their services and multiple
benefits that individual get by availing such facilities.

 Flex your assets:- Through the use of different techniques and methods Better placed ltd.
Can easily flex its service, production and manage the logistics department that help in
delivering the goods and services to customers at stated time period. Create sustainable solutions:- All the manager at manufacturing department and
research and development department of better placed Ltd. has more ability in order to
develop long time solutions that helpful for both business and environment. Shape customer behaviour:- Better placed Ltd. Require to know the way through which
they can shape the behaviour of customers in the favour of products and services of
company. Co-create value with Prosumers:- Prosumers are those person who can both produce and
consumes the products. In other word they buy goods electronically that are standards
between costumer, consumers and professionals.
 Make innovative friends:- Better placed Ltd. must formulate the strategy in order to
collaborate with strong business partners through which they can use frugal innovation in
their products and services.
TASK3
P5. Importance of commercial funnel and the application of New product development
Commercial funnel can be described as process through which company can identify
their best source that become helpful in delivering the goods and services among target audience
in optimum manner (Davila , Epstein and Shelton ,2012). Under this the manager of company
through proper investigation choose best method of distribution in order to distribute products
and services. This will help organisation in order to increase profits and sales.
So, it is essential for Better placed Ltd. To use this concept for launching new product in
market. Apple and Virgin group have changed the business world through their innovation in
telecom industries in order to reach to maximum number of customers.
The step that covered under NPD are stated below:- Idea generation:- Under this step firstly the idea had been generated in the mind of
person and then it implement this process in order to develop the new products. This step
basically launching creative innovative idea into reality through attractive products. Idea Screening:- Under this step whatever the idea has been generated has been
screened which according to the goals and objective of company. Further manager select

the logical and relevant ideas and rest will be rejected. It will help in gaining competitive
advantages over competitors. Concept development and testing:- whatever the product idea has been selected through
screening then next step is to convert the product and deliver the sample among
customers through testing. This will help in knowing the attitude and opinion of
customers at early stage. Market strategy development:- Next step is to create strong market strategy which is
used to promote the good in market in order to aware the customers regarding the
available benefit they get from it. Financial analysis:- This step states regarding the total amount that incurred in
particular project then compare it with their budget which help then to plan how they use
their resources in optimum manner. Testing:- After financial analysis before official launch in market it must be tested in
market through sample in order to know the opinion and thinking of customer and if any
shortcoming is their then take the corrective steps for it.
 Commercialisation:- Last step is to launch that innovative product and services in
market commercially with the objective of earning profit and market share.
P6 Innovation business case of Better placed Ltd.
Basically innovation case is made by company in order to know that how they will introduce the
products in market (Gordon ,2012). Company need business case on following basis:-
 Explaining the risk of investing in innovation
 ensure that it is made by applying logic
Under this case of Apple Inc. and Virgin group has been taken in order to bring product in
market and following step are described below:-
Collecting inputs:- First step is to collect the overall data and information that will helpful in
running organisation activities.
Analysis:- After collecting data next step is to analyse whether these data are relevant in market
or not.
Starting conclusion:- Under this step developed product is presented in strategic level and on the
basis of their advice final decision is taken.

Objective understanding:- After understanding the objective properly then select best idea for
product in order to gain optimum profits.
TASK4
P7 Tools for developing, Retaining and protecting intellectual property
Intellectual property rights are given exclusively to the real owner of products and
services (Johnstone , Haščič and Popp ,2010). The main objective behind it is to protect the
interest of real individual from fraudulent activities. Generally these rights consider as saviour
for company which is given for invention, innovation and some creative things. The tools under
this are described below:- Patents:- It is an technique which is used generally in order to bring new product in
market. Further it is an exclusive right which is given in order to invent something new
ways of doing work. The maximum time period given for it is 20 years. Trademarks:- It is a symbol, sign. Colour and design that used in innovative products and
services which distinct it from their competitors and ownership of it is given for 10 years. Copyrights:- It is given for literary and artistic work and right is given for ideas, facts and
work that do not have originality with other categories.
 Trade secret:- All the ideas cannot be patented so it has been suggested that some
creative and innovative ideas treated as trade secrets which later be patented at later
stage.
Therefore all the products which has been invented and develop by apple Inc. and Virgin group
must be protected through such intellectual property rights.
CONCLUSION
It has been concluded from the whole assignment that innovation is very essential
component in order to run the business in profitable manner. Further Better placed Ltd. Must
used 4P'S of innovation in their product line in order to strengthen their portfolio and for gaining
competitive advantage over competitors. Apart from it significance of intellectual property right
in order to legally protected it from fraudulent operations.

REFRENCES
Books and Journals
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Encyclopedia of Human-Computer Interaction, 2.
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Online:-
What is innovation?. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >.