Understanding Innovation Concepts and Models
Added on 2020-06-05
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Innovation and invention.......................................................................................................1P2 Mission, vision, leadership and innovation............................................................................2TASK 2............................................................................................................................................3P3 Innovation funnel and 4P's of Innovation..............................................................................3P4 Growth in frugal innovation and use of same in 4com..........................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and NPD..........................................................................6P6 Innovation case including ways to access funding................................................................7TASK 4............................................................................................................................................8P7 Tools to protect intellectual property.....................................................................................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is a tool through which change in the existing scale of business canbeexperienced. As the competition is increasing at a high pace it becomes necessary to makecontinue changes in the working so that the effectiveness of the business can be maintained. It isa huge concept which is entirely different form that of invention in which a complete newproduct or technology is introduced (Davila, Epstein and Shelton, 2012). 4Com is a networkingcompany which is providing its services in telephone industry since many years. Followingreport will discuss the various concept of alteration and invention as how they are being utilisedin the company. Given text will show the comparison between both the terms and will furthergive knowledge about how innovation is an important measure to bring development in 4comLtd. TASK 1P1 Innovation and invention4Com limited is a big brand that is dealing in the networks since 1999. There are variousdepartments which are part of this and needs to be operated effectively. Other than this there areother companies also which are dealing in the same business hence competition is tough in thisindustry. With the help of innovation techniques various advantages are enjoyed by the mentionorganisation. It is mostly observed that both innovation and invention are similar terms but it isnot true as there is big difference between both the concepts.ComparisonInnovation Invention It is process through which modification in theexisting code of conduct is made so thatefficiency of same resources are increased. It is entirely a different term as when inventionis done a new product or technology islaunched which is wide concept.It helps in increasing the value of existingproducts It brings different results at work placeIt require less technical and scientific skills.It is a complex process hence required moreskills to bring change.It is done mostly after evaluating the internalsurroundings of work place.It is done after the need realised in the externalsurroundings.1
It require less investment as change in theexisting product or technology is done.It require higher cost of investment as morefunds are are require to launch an entirelydifferent concept.Different advantages which are enjoyed by company with the help of innovation are givenbelow:Increment in capacities – New improvement inside the cited organisation brings noticeablechange in the existing working condition. With the help of this same resources gave betterquantity and quality output which helps in expansion of operation scale.Creates abilities – Vast headway inside business supports in making agents aptitudes. Thisassist labourers in performing practices suitably and capably which moreover benefits 4comparticularly (Boudreau and Lakhani, 2013).Expands learning – Workers of affiliation are direct benefited by progressions which happens.New advancement inside huge business at certain time breaks reinforces workforce in extendingthere figuring out how to perform apportioned activities.Builds efficiency – As determine above progression supports delegates in making there aptitudesand limits with increase in capacities to perform. This components rose in view of improvementparticularly causes individuals of refereed to relationship in growing gainfulness.Apple has continuously worked on bring innovation and also invention in products andtechnology as it is launching different series of its product which has always a new feature in it. P2 Mission, vision, leadership and innovationWith a specific end goal to accomplish the desired objective refereed to organization it isnecessary that mission and vision is set in advance so that planning is done according to it .Diverse techniques should be used by the administration in regards to change and promoting soassociation can build up the way of life of embracing change. Discussed in the following matterare the points of interest of how the leadership body can shape the advancement with the goalthat mission and culture is promoted within the association. Vision – It is a defilement of the considerable number of attempt taken to set the working criteriafor the organisation. Pioneers by communicating the vision of the organization clears theobjectives and goals that should have been accomplished after utilising the given resourses.Techniques need to be defined for similar with the goal that normal outcomes are watched for2
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