Innovation INTRODUCTION 3 TASK 13 P1 Innovation, Innovation and Commercialisation

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Importance of innovation and difference between innovation and invention........................3
P2 Organisational vision, culture and teamwork shaping innovation and commercialisation. . .5
TASK 2............................................................................................................................................6
P3 4P's of innovation and use of innovation funnel in examining ideas.....................................6
P4 Development in frugal innovation in context of business.....................................................7
TASK 3............................................................................................................................................8
P5 Importance of commercial funnel and application of new product development..................8
P6 Developing Innovative Business Case of an organisation.....................................................9
TASK 4..........................................................................................................................................10
P7 Evaluating different tools that are used to develop, retain and protect intellectual property
...................................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is a crucial tool for every organisation as it bring creativity and ... in offerings
of every company. With the help of innovation modifications and manipulation are made in the
existing products or services, thus making them more reliable and unique. Sometimes,
innovation is required in construction of strategies, policies, procedures, ideas, plans, etc. to
make business more worthy. This technique is used to increase customer base by attracting them
towards company's distinct offerings (Anderson, Potočnik and Zhou, 2014). In order to sustain in
marketplace for long run effective strategies are needed by companies for which this tool is
required in products and services. Generally, innovation is used to bring out some new idea or
plan in business process such as new marketing strategy, new product launching, establishment
of new unit, etc. Brainlab, headquartered in Munich, Germany is a medical technology company
that deals in various technical assistance for surgeries. In this report, importance of innovation
and its difference with invention will be discussed and how vision, culture, teamwork of
company in shaping commercialisation will be also be analysed. Further 4P's of innovation will
be examined and development of frugal innovation with respect to Brainlab. Later process will
be discussed to commercialise innovation and at last different tools will be evaluated that
company can use to retain and protect intellectual property.
TASK 1
P1 Importance of innovation and difference between innovation and invention
In business context, innovation is a technique to convert an idea into good or service that
will increase its value. It is called successful if its implementation meet customer expectation. It
is a combination of imagination, ideas and information thus adding more values to products.
However, many companies refuses to adapt it as it increases their chance of loosing acquired
market. This is because risk taking is one of the major elements associated with innovation and it
eventually create new market (Bloom, Draca and Van Reenen, 2016). Thus making enterprises
to implement innovation as minimum as possible. Brainlab has been serving people for past
many years with the help of technologies in neurosurgery, radiosurgery, orthopaedic surgery, etc.
Hence making it important for company to implement innovation in their business process.

Importance of innovation in Brainlab
For transforming business into more valuable and ... unit it is important to make
innovation in strategies, management and process. This not only empowers people but also
develop profound culture, system and product. Following are few importance of innovation in
context of respective business:
 To overcome uncertainties while adapting technology company need to cross these
barriers with the help of innovation.
 To survive sudden and random events that can affect company.
 To cope up with changes in technology in workplace (Camisón and Villar-López, 2014).
 To increase customer satisfaction by meeting their expectations.
Invention is a method used for creation of product with the help of re-engineering. For
example Altering induction motor in hardware of radiosurgery can be termed as invention. It
require years of experience and observation to gain competitive edge in market. Thorough
analysis and experimentation are needed to invent a piece of work in business unit.
Basis Innovation Invention
Meaning Implementation of new concept or idea
on existing product or service.
Occurrence of new idea and concept
in brains of people.
Result New product. Modifications in existing product.
Thus adding value to it.
Skills needed Advance scientific skills. Marketing and technical skills.
Scope Research and development only. All across the company.
Application New solutions to meet new requirements. Unique method or process to meet
requirements.
Example Improving laboratory assay protocol for
better result in business.
Constructing laboratory assay
protocol is invention in business.
Above mentioned table clearly state difference between innovation and invention.
Applying invention in business help in serving society and in achievement of some useful
purpose and also leads to innovation (Christensen, Raynor and McDonald, 2015).