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Significance of Innovation in Apple and Virgin Group : Report

   

Added on  2020-07-23

14 Pages4823 Words28 Views
INNOVATION

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1. Explaining innovation and its significance in contrast to invention .....................................1P2. Explaining employees, the way in which the vision of the organisation along with theirleadership, working culture and group-work can be shaped through creativity andcommercialization........................................................................................................................3P3. Explaining the 4P's of innovation and the uses of the innovation funnel to analyse andshape innovative thought to employees.......................................................................................4P4 Explain Softwire can develop frugal creativity. Examples of given organisations in the casestudy.............................................................................................................................................5P5 Significance of the commercialized funnel and its utilization of New Product Developmentprocessing for commercialisation to workers of Softwire, with practical examples...................6P6: Different ways to access funding with the Apple and Virgin case study..............................7P7 Evaluating different techniques used by Softwire for the development, retainment andprotection of their knowledge by together securing their intellectual property...........................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONCreativity can also be termed as the multi-faceted and quite complex process. It will behaving very diverse set of activities which is being used to get the final outcome. On the otherhand, commercialisation is the process which is used in transforming the ideas, invention andknowledge into greater wealth for the business processes used in the organization as well as foran individual. The prime focus of both the approaches is to provide better productivity of theorganization. This can be done by adopting unique ideas and new techniques, so that the businessprocess can be increased. This report contains the business approaches and processes selected by the organizationin UK named Softwire. This study is also having two case studies on Apple and Virgin grouprespectively. This will show the importance and effectiveness of the innovative andcommercialized processes used in the company. The present report also shows the tools whichwill be used in developing, protecting and retaining the knowledge of the property in contextwith the given case study. Invention is another process which is shown in this report. This meansthe development of new idea and approaches to improve the services and products of theorganization.P1. Explaining innovation and its significance in contrast to invention Innovation simply means introduction of new products or services in your organisation orit may also mean the way an organisation carries out its business decisions. Innovationencourages new and different ways of using resources, like technology, improved industrymethods, raw material and human resources. To be a successful business, innovation would needto be supported by the organisation, its employees and all its business partners (Alhaddi., 2016). To succeed and thrive many organisations are embracing creativity and innovation,because of unprecedented economic, demographic, social and environmental challenges. Withoutinnovation, many organisations have failed to create the conditions for sustainable growth.Therefore, it is very important to for the organisations to prioritise innovation for their long termsuccess. The importance of innovation could only be explained to the employees by engagingthem with ongoing innovation in the organisation (Ali and Shah., 2016).1

The chosen organisation Softwire Technology Ltd. started back in 2000 and has grown toover 130 employees. They have created the best possible environment to produce outstandingsoftware and deliver unmatched customer satisfaction (Asmawi and Chew., 2016). There are some strategies through which employees can be engaged, so as to strengthen theorganisational culture towards innovation:1.Build a diverse and Team-work place - It means, the projects and tasks should be dividedby an assortment of employees with distinct set of skills and thoughts. Organisationshould also promote teamwork in both their local and international set of teams, and itshould offer opportunities for workers to operate on ground-level with other teammembers in international offices. By structuring a solid basis for employee’s in terms ofvariety and amiability, cited organisation can gear up creativity with better approaches toresolve the issues supported by some sort of invention at their workplace (Carayannis andMeissner, 2017).2.Create a culture of continual learning – Organisations who tends to focus upon the futuregrowth of their employees are apparent to get major returns in the form of an increasedlevel of production, innovation along with engagement. Organisations should authoriseworkers by investing funds in programs like hands-on that in turn concentrates on the keytechnological skills that are beneficial for innovations. Also, it must enable similar set ofabilities supported by design- thinking models and such measures that in turn enhancesthe presentation skills that improves the experience of consumers (Chang, Rasiah andChan., 2016).3.Provide modern and engaging tools to the workers– Apart from specialised improvement,it is highly recommended to the quoted entity to offer such effective tools to theiremployees that in turn improves their efficiency level by together simplifying their jobs.Organisations should plan, build and create such effective work experiences for theiremployee's that in turn modifies their presentation along with efficiency (Clay, 2017). There is a substantial discrepancy among creativity and innovation. It is basically onreferring to the definition of invention that is defined as the initiation of a new product or launchof such process that is going to be introduced for the very first, for instance Thomas Edison wasreferred to be a creator in terms of invention. However, innovation is said to be occur at the time2

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