Concept of Innovation and its Significance to Employees

INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Concept of innovation and its significance to employees ................................................1
TASK 2............................................................................................................................................5
P3 Analysis of 4P's of innovation and utilization innovation funnel.....................................5
P4 Development of frugal innovation....................................................................................7
TASK 3............................................................................................................................................8
P5 Significance of commercial funnel and application of process for new product
development...........................................................................................................................8
P6 Creation of innovation business case................................................................................9
TASK 4..........................................................................................................................................10
P7 Developing, retaining and protecting knowledge & intellectual property through various
instrument.............................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
Illustration Index
Illustration 1: Innovation funnel......................................................................................................6

INTRODUCTION
Innovation is considered as most complex that requires appropriate market research and
analysis of customers demands to make necessary Amendments in products and services. It is
also considered as significant for achievement of sustainable growth in market. In this context,
analysis of softwire is done which is software engineering firms that develops various products
in the field of IT. With the continuous rising competition they have to create innovation to
sustain in market. Apart from this analysis various skills is considered in this report which give
understanding about various skills required to implement innovation and commercialize business
operations.
TASK 1
P1 Concept of innovation and its significance to employees
Innovation is considered as a process of implementation of new ideas or invention and
adding value for the accomplishment of specific task. It is also defined as a process that includes
application creative concepts to enhance the capabilities of products and services (Edquist,
2010). It mainly involves generation of new ideas and methods with continuous research and
assumption. With the continuous rise in competition it has extremely important for the firms to
make changes in their existing goods with the use of resources. In order to achieve sustainable
growth and development firms have to face various challenges and for resolving those problems
they have to apply various innovations. In this context, as an CEO of Softwire which is software
developing firm in UK analysis various changes is done to determine the growth of firms in
market (Chesbrough, 2010). Analysis of firm has determined that firm has achieved a sustainable
growth by creative various innovations and developing software solutions for other firms.
Apart from this, innovation is also considered as highly beneficial for every company and
not just for commercialization but building a brand reputation among the customers. It is also
considered that employees in the organization must creative and innovative skills to generate
new ideas that benefits the firm in introducing new products and services in market. In present
scenario, employees in Softwire has also provided a great support in implementation various
changes in the software that has resulted in continuous rise in market share. For the further
analysis, significance of innovation among employees is described below:
 Providing competitive advantage: In the organization, there is great significance of
employees within the firms as they are considered as stakeholders which provide a strong
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competitive advantage by analysing the strategies of competitors (Sosna and et.al., 2010).
Firms have provided a strong independence to employees to participate in decisions
making by providing various ideas.
 Development of skills: Innovations has great significance as it develops of employees in
the organization. Through continuous research practices employees will enhance their
skills and thinking to provide effective solutions for problems (Casadesus‐Masanell and
Zhu, 2013.). It will develop a strong identity of individuals and make them more
competent to face challenges at workplace.
From the case study, it has been analysed that apple computer has made a strong
innovation by introducing a small I pad in the market In 2001. It was considered as strong
innovation as there was only simple music players were in market which were not so reliable. By
making specific changes in structures and technologies apple has developed a small Ipad which
is suitable for customers and contains specific features like more storage space than other music
player, easily to use etc.
With this innovation, they have achieved a wide response from customers. It was
determined by there CEO this a strong innovation which has provided them a great break
through and increased the reputation of brand in the market (Schaffers and et.al., 2011). From the
another case study, virgin group has analysed that employees plays significant role in providing
growth to the firms. Virgin group is a famous group of companies in UK which is engaged in
various business services like travel, entertainment, finance and life style etc. they have also
achieved a continuous success in their business operations as they have provided freedom to
employees to participate in decision making functions. Firm has adopted innovative ideas which
are provided employees and resulted in development of new services for customers. Moreover,
it can be said that participation of workers is considered as significant for firms to make
innovation in their existing products and services.
Along with this, their also major difference between innovation and invention which determined
below:
Invention Innovation
Development or creation new things,
technologies, products and services which are
Generation of new ideas and implementation of
invention to develop existing products and
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