Innovation and Commercialisation: How Innovation Meets Invention
Added on 2020-10-22
13 Pages3944 Words242 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of innovation and its comparison with invention...............................................1P2 How organisational vision, culture and teamwork can shape innovation andcommercialisation .....................................................................................................................2TASK 2............................................................................................................................................4P3 Four Ps of innovation and use of invention funnel................................................................4P4 Developments in frugal innovation........................................................................................5TASK 3............................................................................................................................................6P5 Importance of the commercial funnel....................................................................................6P6 Form an Innovation Business Case........................................................................................7TASK4.............................................................................................................................................8P7 Tools to develop, retain and protect knowledge and intellectual property............................8CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
INTRODUCTIONInnovation is a process of invention of new product and services which helps to gaincompetitive advantage at market place. It can be defined as new ideas and methods ofcompleting all task in given time frames. In this report, HAKIM group has been selected thatruns their business activities into an optical industry (Bagchi-Sen, 2010). They believe inindependences and work with diversification of commodities thus gaining competitive benefitsto firm in long period of time. HAKIM was established in 2001 and have achieved nationwidereputation for their innovation by using hybrid approach which ensures best opportunities hasbeen provided with practical benefits at market place. In this report, importance of innovationand its comparison with invention is covered. It’s also includes firms culture, teamwork,commercialisation, vision, mission and four P’s of innovation. Assignment includes developmentas well as importance of frugal innovation and makes innovation business case etc. TASK 1P1 Importance of innovation and its comparison with inventionInnovation can be defined as turning ideas into reality which helps to increase someadditional value in their existing products and services form perspective of consumers .Management of firm is participating with all staff members into changes which help tocompleting task in new ways to get target in limited period of time (Aarikka-Stenroos andSandberg, 2012). When organisation has used creativity in their commodities then they are ableto increase brand value in industry. Importance of innovation has been explained as follows:Various kinds of issues arise during completion of whole enterprises activities so thatinnovation helps management of the company to operate business which helps to sustainin future. Through creativity, organisation has capability to take benefits of global entrepreneurshipmovement that provide higher profits and market share. Latest technology provides a competitive advantage by offering diversified goods ascompare to their competitors. Through this, HAKIM group had increased their brandvalue and market position. 1
Through innovation, enterprises have been able to enhance international connectivity togain global presence. Invention: It is a process which is beneficial in producing completely new goods thatcannot sell before or introduced by any other organisation in same industry. It is creativecapabilities of the company (Bogers and West, 2010). Invention is a unique and novel process ofcompleting task to produce goods. Comparison between invention and innovation has detailbelow: Basis of differenceInnovationInventionMeaningIt is an activity of modification ofproduct and services by addingvalues in present goods. Firms have developed completelynew commodities in order to full fillconsumer's needs and wantseffectively. ObjectiveTo add some component thatenhances value in the originalcommodity. A firm has offer some something newto their clients that make their lifeeasy. SkillsAll staff members of the enterpriseshave skilled and technical thus helpto contribute into add feature bynew thinking process (Bogers andWest, 2012). It needed higher professionalknowledge and skills as well ascreativity to identify opportunities atmarket and find out effective solutionin given resources. ConceptIts initiate new thought at workplace which has come into mind ofemployees. Firstly, management of firms has tofind out buyer's needs, wants andaccordingly produce commodities. CreatorsAn entire team must work togetherto do modifications in existinggoods. Department as R&D section of anorganisation has to developinnovative ideas to manufactureproducts and services with newfeatures. 2
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