Report on Innovation Business - Case for 4com comapany
Added on 2020-06-04
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of innovation to an organisation in comparison with invention.........................1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2 ..........................................................................................................................................3P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas......................................................................................................................................................3P4 Development of frugal innovation in 4Com..........................................................................4TASK 3 ...........................................................................................................................................5P5 Importance of the commercial funnel and the application of New Product Development....5P6 Innovation business case for 4com company.........................................................................6TASK 4............................................................................................................................................7P7 Tools used by an organisation to develop, retain and protect intellectual property andknowledge...................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9.......................................................................................................................................................10
INTRODUCTIONIn simple words, innovation means a new idea, gadget or procedure. It can be done inbusiness firms, government organisations or by any social group who do not work for money.Large number of people believe that if this world want to move in positive direction than theyhave to work on doing various types of innovation on continuous basis. 4com is a company whooperate in telecommunication industry. They also make business phone and similar type of otherdevices with latest technology. They provide broadband and internet services, and they also workin area of software and application development. Their mission is to innovate and sell modernequipments relating to telecom services and serve best quality to their customer (Aarikka-Stenroos and Sandberg, 2012). Their vision is to contribute something meaningful to thecommunity and create genuine difference. TASK 1P1 Concept of innovation and comparison with inventionInnovation is related to improvement or making a significant contribution in an existingproduct or service. For example, music player were already in market but when Apple launchtheir music player which is popular by the name of iPod, it made a huge impact on music deviceindustry. Size of iPod was very small compared to other music plays and its designing was alsovery attractive. Although it can not store more than one thousand songs but still it capture morethan fifty percent of market in terms of revenue. iPod was a innovation because their weresimilar types of products which was already popular among society but Apple offer small sizewith attractive designing (Bagchi-Sen, 2010). Their are various sources by source by whichinnovation can be done like, incongruities, change in industry, change in perception or newknowledge. Incongruities is related to thinking in a different way, this difference in thoughts urges aperson or company to make something new and convert their idea into a reality. If there aremajor modification in complete industry than organisation has to accept the change and work indirection of innovation. This concept is popular in mobile and food industry because taste andpreference of customers on continuous basis. Perception of people vary and it changes on regularbasis because of different type of experience that they have in their life. For example sometimeage public do not know disadvantage of tobacco but nowadays they know that it can do serious1
damage to their health. So now tobacco manufacturing firms are innovating new type of tobaccowhich would not do any harm to its consumers. New knowledge can be both scientific and nonscientific (Bogers and West, 2010). When a company or an individual found something new thatis not popular in market than they work in order to develop a product or method which cangenerate more revenue and solve major problem. 4Com is doing innovation in business phone, application development and in some otherareas. They understand that need and perception of various industry are changing so they aremaking products according to their desire. They are also working in area of invention but newdiscovery take time and in this fast moving world innovation has more importance than inventionbecause in normal cases upgrading a product take less time if it is compared to making a newproducts. 4Com is operating in a industry whose major work is related to technology. This is afiled where doing innovation on continuous basis is necessary because it gives an extra edge to acompany over its competitors. Innovation and Invention look similar but their is major differencebetween them. Earlier one is related to up-gradation in existing product or making a new itemswith different idea but similar field. Invention is making something which this world has neverseen. P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.Vision, culture leadership style and team work at cited company is disscussed in the followingtext. 4Com has as sight where they want to make some genuine change in society an doingmeaningful contribution. Long term goals of an organisation is made according to their visionbecause it depicts the direction where company is want to go. 4Com is a small and mediumenterprise and most of their competitors are big firms who have presence across the globe. Thisorganisation is doing different types of innovation in various filed but the real challenge is tocommercialise it. Commercialisation need money, 4com has limited resources so at initial stagethey are giving new updated product to their employee so they can get correct review about thatitem (Bogers and West, 2012). This will assist in removing various mistakes that can happenbetween the process of innovation and commercialisation. This company believe insynchronising all the activities that they do, one of the major advantage of this strategy is thatmarketing department give ground knowledge and information to research and developmentdepartment so they can identify the need of customers and develop products according to it.2
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