Project on Innovation and Its Importance in Company
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Added on 2020-06-05
Project on Innovation and Its Importance in Company
Added on 2020-06-05
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance in organisation in comparison with invention.......................3P2 Impact of organisational vision, leadership, culture and team work in shaping innovationand commercialisation................................................................................................................5TASK 2............................................................................................................................................6P3 4 P's of innovation and uses of innovation funnel.................................................................6P4 Developments in frugal innovation........................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and application of New Product Development...............8P6 Case of innovation business of an organisation.....................................................................9TASK 4..........................................................................................................................................10P7 Different tools to retain and protect knowledge and intellectual property..........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation isimprovement in creation ofproduct and providing services in the company.So, it fulfils the needs and wants of consumers and satisfies users. Commercialisation of newideas helps in earning more profits to company. Report tells about Unicorn Grocery Store. It wasfound in the year 1996. Firm sells products including the body care, household, etc. Projectexplains about the innovation, its importance in company and comparison with invention as wellas methods through which vision leadership and culture can shape innovation andcommercialization (Aarikka-Stenroos and Sandberg, 2012). Also, there is discussion on 4 P's ofinnovation and use of funnel to monitor creative ideas and development in innovation along withits use in the firm with various examples. Assignment talks about the importance of commercialfunnel and use of new product development for commercialization of innovation along withcreating an innovation business case of firm including ways of funding. Project explains differenttools that company use to develop, retain and protect the knowledge as well as intellectualproperty. TASK 1P1. Importance of innovation to an organisation in comparison with inventionThese days, technology is changing on frequent basis. This has a direct impact on theoperations of company. Unicorn grocery has to accept changes and there is the need to adoptthose modificationsand apply them on operations. There are many alterations but it is notimportant to accept all the changes. Modifications which are important and beneficial forperforming business operations must be adopted. These changes are also invented by someone.There are few sources of innovation which are:Process need- The reason of changes in organisation is that when individual is notsatisfied with current process, this helps organisationto take some innovative ideas toimprove operations of company.Unexpected- Every company has some goals and targets and it is necessary to achievethem to make a positive image in the market (Bogers and West, 2012). Key personsometimes apply some new and innovative ideas to achieve set goals and targets. Thereare chances that some positive results out of new technique. Every time, it is not
necessary thatcompany will get success. This type of change is known as unexpectedinnovation.New knowledge- When person gets fresh information or study about some aspect andthey apply it to their operations then it is known as new knowledge innovation. There arechances of negative as well as positive results out of it.Change in perception- When individual's perception gets changed related to someconcept then this type of innovation occurs (Chun and et. al., 2015). It is important totake deep knowledge about such topic so that this proofs to be fruitful.Unicorn Grocery is the store which has many new and interesting changes that can bemade by management of company. Innovation means to take measures which are associated withnew techniques. These days, there are many inventions done and they are registered under someintellectual rights. This will provide security from being used generally. These innovations helpcompany to provide higher satisfaction to customers and in case of some profitable condition, thegoodwill of Unicorn increases. This is important that employees of organisation must also haveknowledge about that change and they must learn about those changes so that in case of anyquery, management can provide proper guidance.Difference in innovation and inventionInnovation and inventions are two words which look synonymous to each other and manypeople think that they are same. But there is a huge difference in both the words. Differencebetween innovation and invention is discussed as below:Innovation InventionAddition to existing product or serviceis known as innovation.Coming up with new products andservices is known as invention.There is value addition in existingproduct through innovation. In invention, it is necessary to conveyabout new products and services toconsumers.Innovation is done when there is someproblem in existing products andservices or there is no propersatisfaction of customer's demand.Invention arises when there is thedemand of thing which is not inexistence.E.g. Updated version of android E.g. Invention of mobile phone
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