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Innovation Funnel and Commercialization

   

Added on  2020-06-03

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INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to organisation in comparison with invention......................1P2. Shaping of innovation and commercialization by organisation’s vision, leadership, cultureand team work.............................................................................................................................3TASK 2............................................................................................................................................4P3 The 4P's of innovation and use of innovation funnel.............................................................4P4 Development of frugal innovation.........................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel..........................................................................................8P6 Innovation business case and ways to access funding...........................................................9TASK 4..........................................................................................................................................10P7 Tools to protect, develop and retain knowledge and intellectual property..........................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
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INTRODUCTIONThe innovation can be simply defined as a new idea or method. Apart for this, it is alsostated as an application of the best and effective solutions which support in meeting new wantsof customers or for meeting the needs of existing market (Aryal and et. al., 2016). It is achievedwith the help of more effective products, services and technologies. The effective process ofinnovation supports in adding values to products or services which is being used by customers.Many large organisations such as Apple Inc. and Virgin Group conducts the process ofinnovation in order to add values in their products and services offered to customers whichultimately improves the brand image. Following assignment is based on Periscopix organisationwhich is a small enterprise operating in the economy of United Kingdom. It provides servicesuch as Pay Per Click and Display advertising and Google Analytics to its potential customers.Following assignment will help learners to understand the innovation, invention and theirimportance to organisation. Apart from this, assignment supports in understanding the way inwhich vision, leadership and culture of organisation shapes commercialization and innovation.The use of innovation funnel and 4P's of innovation are being studied briefly. TASK 1P1. Innovation and its importance to organisation in comparison with inventionInnovation:It is a process by which new ideas are transferred into reality which supports in addingvalues to existing products and services of organisation by making some changes in same. It isessential for every enterprises in order to fulfil the wants of customers through delivery of bettergoods and services as well as help in achieving complete satisfaction level of users. It is the mostsignificant process by which an enterprise can maintain higher competitive level in today'sbusiness world as well as it develops a strong brand image. By adoption of following process,business makes some modification in its existing products and services in order to cope up withthe current market demand. The process involves generation of new ideas and their transfer intopractical world to develop goods and services (Breznitz and Etzkowitz, 2016). Invention:Discovery and creation of new method device or process which does not have anypresence in earlier time period is stated as an invention. It is the emergence of new scientific or1
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logical idea came out of research and experiments which is conducted by highly skilledpersonnel. It can be related to evolution of new method and process in order to produce theproducts and services. Importance of innovation and invention for the organisation:The innovation and invention has a great importance for business which supports in allactivities (Chun and et. al., 2015). Some main importance of innovation and invention forPeriscopix is being described as follows: Enhances capabilities of employees: Employees of organisation are the maincomponent who are directly linked with its success. Innovation and invention areelements which support in emergence of new methods of production and this leads toincrease the capabilities of employees in effective manufacturing and delivery ofproducts and services.Increases productivity: As discussed above, innovation and invention enhancescapabilities of employees which support in increasing productivity which is the mostimportant for Periscopix.Develops the brand image: The effective innovation and invention adopted by firm hasa great importance in developing its brand image in business world. Apart from this, italso supports in increasing its competitive level. Increases number of new customers: Both factors i.e. innovation and inventionsupports in modifying the products and services by which needs of customers can beeasily fulfilled. These support the organisation to increase interest of new customerstowards innovative products offered by them and enhances their profitability as well. The above mentioned are some importance for Periscopix. The Apple Inc. and VirginGroup are two organisations who adopt innovation and invention in business which supportsthem in attaining various benefits (Datta, Mukherjee and Jessup, 2015). Comparison between innovation and inventionBASISINNOVATIONINVENTIONMeaningIt is a significant process by whichnew ideas for products and servicesare implemented for the very firsttime.It is stated as the generation of newideas for products and services whichdo not have any existence in earliertime. 2
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