Report on difference between Innovation and Invention : Fordway

Added on - 06 Jun 2020

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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Difference between invention and innovation and their importance....................................1P2.Way in which vision, leadership, culture and teamwork shapes innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps and use of innovation funnel and examination of this new idea.....................................4P4 Process of developing frugal innovation in FORDWAY......................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development process.....6P6 Innovation building case for FORDWAYS including way of access fund...........................7TASK 4............................................................................................................................................9P7 Different tools for developing, retaining and protecting intellectual property......................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is very important for a company because it aids in getting success in themarket as well as helps in attracting large number of customers.In today’s competitiveenvironment, enterprise should adopt innovation and must design their products or servicesaccording to the requirement of customers so that it can achieve competitive advantages over therivals (Battisti and Stoneman, 2010). This strategy is very important for small scale organisationbecause it concentrates on a limited area and by adopting same, it can provide their merchandisein an innovative manner for satisfying the needs or wants of customers. This project is based onFORDWAY which is a small enterprise that provides solution related to technology to its targetmarket. This report will explain the difference between innovation and invention as well as willstate about how culture, vision and teamwork plays an important in implementing innovationpolicies successfully.TASK 1P1. Difference between invention and innovation and their importanceInnovation and invention both are different from each other in the following ways-BASISINNOVATIONINVENTIONMeaningIt is a process in which newideas, methods or proceduresare implemented for the firsttime.In this, an idea occurs for thedevelopment of products orservices which haveneverbeen spotted earlier.ConceptIn this, idea is implementedpractically.While in this, implementationis done in theory.Activities involveThis activities are related towhole organisation.In this, only research anddevelopment department isinvolved.Concerned withIt is related to a large numberof activities.While, it is concerned withonly single activity.Skills requiredFor this, marketing, technicaland strategic skills are required(Borrego, Froyd and Hall,In this, scientific skills are veryimportant.1
2010).In this, some modification isdone in the existing products orservices.However, with the help of thisprocess, new goods or facilitiesare created.Difference between innovation and invention can be understood by an example which isgiven as follows-As per the given case study, Apple INC. increased storage capacity in their mobilephones which can be taken as innovation as well as it introduced mp3 music player that is aninvention because it was launched for the first time.CEO of FORDWAY analysed that this process provides various benefits to business suchas-It increases the productivity of enterprise as well as of its employees.With the help of this, company can generate huge amount of profit and sales revenue.It aids in utilizing resources in an effective and efficient manner.From an analysis, it is analysed that FORDWAY should focus more on innovationprocess rather than on invention. If company is going to introduce some uniqueness then itshould involve the workers in this process so that they will give their suggestions and make thisprocess more effective. By doing this, employees will be motivated and do their work as per thespecified standards (Chaudoir, Dugan and Barr, 2013).Innovation procedure directly affects the life of people who are associated with thiscompany. It is because; by this process, company generates a huge amount of profit that providesmore growth opportunities to its employees or stakeholders.In invention process, products are launched in market for the first time which have neverbeen taken place. For example- When computer was introduced in the market then it was aninvention as earlier, it was not seen in the market. But after some time, laptop came in the marketand then it was known as innovation because it is the second form of computer.So, from the above discussion, it can be said that FORDWAY should adopt this policyaccording to consumer's requirements.2
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