Importance of Innovation and Commercialisation - Assignment
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Added on 2020-09-17
Importance of Innovation and Commercialisation - Assignment
Added on 2020-09-17
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance in comparison with invention................................................1P2 Shape of innovation and commercialisation through different factors..................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of its funnel..................................................................................4P4 Development in frugal innovation.........................................................................................6TASK 3............................................................................................................................................7P5 Importance of Commercial funnel and application of NPD processing................................7P6 Innovation business case and ways to access funding...........................................................8TASK 4............................................................................................................................................9P7 Tools use to protect, develop and retain knowledge and intellectual property......................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is one of the important factor of every organisation. This is essential for thebusinesses to use new innovation in their operation so that they can target more customers andprovide better services to them. It is required to make the necessary development of product andservices that are rendered by the company. Periscopix is SME (Small Medium Enterprises) thatis offering their services in marketing in UK (Aryal and et. al., 2016). There are many renownedcompanies like Apple and Virgin Group that are offering their services at large level and theyhave main focus to make new innovation and inventions so that they can be more effective.Many innovation that are required to consider so that better services can be offered to market. Inthe present report, importance of innovation and commercialisation is explained. There is briefdiscussion regarding innovation funnel and frugal innovation is also considered here. TASK 1P1 Innovation and its importance in comparison with inventionInnovation is the process to create something new that provides strength to the business. It is theway to convert useful product and service in operation so that new innovation can be made. Thisis the result of creativity that is important for innovation. Changes and innovation are the twoterm that are inter related to each other. It is because when something new came in force thenthere is some changes that are made in activities of business. Successful enterprise likePeriscopix uses necessary innovation in their process so that they can create high value to itscustomers. Example: Apple always tries to make new innovation by implementing additional features withits product so that they can capture high market share and provide their services to large area. Invention is to create something new that is new to market. It is the thing that is introduced firsttime. This is protected by the companies so that it can not be misused by other organisation. It isthe thing that provides strength to the organisation and enhance standard level of operation. Thisis the competitive advantage of the company (Breznitz and Etzkowitz, 2016). It is not related tothe existing product if the company and different from innovation. Comparison between Innovation and inventionInnovationInventionInnovation is the occurrence andIt is related to the generation of idea for1
implementation of idea for product and productthat for first time. product and services that is new to market. It is related to the existing product.It is for the creation of something new. There are some skills that are required asMarketing, technical and strategic. Scientific skill is necessary in this regard. This is related to number of product andprocess.It is concerned with a product and process.It spreads out of organisation.This is limited to R & D department. Importance of innovation and inventionIt is important for Periscopix to consider new changes so that they can secure competitiveadvantage in market. This company is marketing based company that is offering their services inmarketing. There are many techniques can be innovated so that this organisation can be moreeffective in present time (Chun and et. al., 2015). It has some advantage as they can come upwith brand new idea, original operation, product and services to consumers. To secure competitive advantageInnovation and invention are the technique that helps to make the growth and development of thebusiness of the company. There are many advantage that can be made through innovation. Thesetechniques provide assistance to company to perform well in the market. When company adoptnew technology then they are more impactful to provide better services to its customers. Establish best method for businessMany methods are used by organisation so that they can provide better offerings to market.When new innovation come up then this is effective one to show better position in market. Itprovides assistance to operational activities. This aids to establish best method in this regard. P2 Shape of innovation and commercialisation through different factorsInnovation and commercialization are the key term that is required to use by organisation.Some changes are required to be made time to time so that such organisation can provide theirservices at large. There are many factors that are innovated by Periscopix so that they canprovide better services to their client. Vision, leadership, culture and teamwork contribute moreto the innovation and commercialisation (Datta, Mukherjee and Jessup, 2015).2
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