Limited-time offer! Save up to 50% Off | Solutions starting at $6 each  

Introduction to Innovation and Commercialisation

Added on - 05 Jun 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
Innovation and Commercialisation
Table of ContentsINNOVATION.....................................................................................1INTRODUCTION..........................................................................................................................3TASK 1............................................................................................................................................3P1 Explain innovation and its importance to organizations in comparison with invention.. .3P2 Explain how leadership, culture and teamwork can shape innovation andcommercialization..................................................................................................................4TASK 2............................................................................................................................................5P3 Explain the 4Ps of innovation...........................................................................................5P4 Explain developments in frugal innovation......................................................................6TASK 3...........................................................................................................................................7P5 Explain commercial funnel and the application of New Product Development...............7P6 Build an Innovation Business Case for an organization, including ways to access funding.8TASK 4...........................................................................................................................................9P7Tools organizations can use for retaining and protecting knowledge of Intellectualproperty...................................................................................................................................9CONCLUSION...............................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation and Commercialisation are two very important aspects of any businessorganisation for ensuring its sustainability in the market. It is important for both small and bigbusiness firms to innovate their products and services on a regular basis to maintain thecompetitive position in the business market. Commercialisation helps in increasing theproductivity and profitability of the business organisation. Aldi,is the leading global supermarketchains with approximately 10,000 stores in 18 countries. This assignment is based on theimportance of innovation, difference between innovation and invention and different types ofinnovation.TASK 1P1Explain innovation and its importance to organisations in comparison with invention.Innovation is one of the most important aspect of any organisation for practising businesseffectively in the competitive grounds of the business.. Innovation can ensure high grade successto the organisations. For standing in the competitive market, it is very crucial for theorganisations to understand the needs and desires of the customers in order to regulate highgrade success. The most important and crucial aspect of innovation is related to the creativity. Itis the core requirement of the innovation. The basic meaning of innovation is analysing newpattern of completing or doing something. Business organisations that use creativity in theirworking are more likely to be innovated. In last few years, innovation and creativity has becomeone of the most important skills for any organisation. It helps in enhancing performance of thebusiness along with the individual (Chun, 2015). Creativity is the method of producing theunique and new idea while innovation is the method of implementing that idea. Creativity andinnovation are two interrelated concepts and it can be applied on various methods, products,plans or procedures. If applied efficiently, innovation can turn out to be very beneficial for thebusinesses and it can help in adapting successful position in the market.In Aldi, innovation plays a huge role in developing sense of responsibilities among theemployees,and it also helps in increasing the technical and interpersonal skills of the employees.Some employees or workers contradict innovation with invention, however, bothconcepts are different from each other. The same thing happened in Aldi, in such cases, it is veryessential for the organisational heads to initiate proper training and development for the memberso that they get clear idea of organisational strategies and policies. Innovation is very important
for the organisation as it ensures creative benefit for all, looks for the future, provides for tips forthe the creativity. Innovation management is the process of managing the culture of theorganisation to generate innovative networks. Innovation and creativity is the inter-relatedprocess, it is based on various group decisions. Consent of all the organisational members canprove to be very beneficial for the growth and development of the organisations. It is veryessential for the organisational heads to implement strategies and policies which are beneficialfor both the employees and the organisation (Neumann, 2017).COMPARISON BETWEEN INNOVATION AND INVENTION BASISINVENTIONINNOVATIONDEFINITIONInvention can be definedas the occurrence ofunique and novel idea for aproduct or services whichdid not existed before.Innovation can be definedas implementing the ideasin the new product, serviceor method for the firsttime.CONCEPTThe concept of inventionis the generation oforiginal idea and itsworking in theory(Anderson, et al. 2014).The concept of innovationis the practicalimplementation of the newidea.SKILLS NEEDEDScientific skills are neededin inventionMarketing, technical andstrategic skills are thebroad set of skills requiredin innovation.OCCURS WHENInvention arises when anew idea generates to ascientist (Lee, et al. 2010).Innovation occurs whenneed for new product orimproving the existingproduct is realised(Anderson, et al. 2014).CONCERNED WITHInvention emphasis onsingleInnovation concentrates onP2 Explain how leadership, culture and teamwork can shape innovation and commercialisation.Innovations and Creativity are two interrelated concepts. for establishing successfulorganisations, it is important to use both the skills at the same time. In leadership, innovation isthe technique that combines all other leadership styles to enhance creativity of the employees.Different leadership styles bound employees to generate interpersonal innovative skills to
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document