PDF: Innovation and Commercialization

Added on - 22 Nov 2020

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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Innovation and its importance as compared to invention.......................................................1P2 How organizational vision, leadership, culture and teamwork can shape innovation andcommercialization........................................................................................................................2LO2..................................................................................................................................................3P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas.................................................................................................................3P4 Explain developments in frugal innovation and provide examples of how it is used inAmazon Go..................................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONInnovation is the key driving factor for an organisation that aids to grow and develop theoperational activities. It helps the firm to carry out their business operations that will maintainthe development in effective and better manner (Greenaway and Rudd, 2014). A propercommercialisation of these innovative approaches will benefit the firm to bring a balancebetween sustainability and usefulness. For the report, Amazon Go has been selected which is asubsidiary of Amazon.com. This report will lay an emphasis on innovation and its importance.Impact of organisational vision and leadership on innovation will be analysed with the role offrugal innovation in its development. Other than this, the commercial funnel and NPD process isbeen analysed with building of innovation business case and usage of different tools to protecttheir knowledge and individual property.LO1P1 Innovation and its importance as compared to inventionInnovation is the process or an activity that is been followed to make suitable changes inan existing product or services to improve their performance and create a better value so thatcustomers can readily pay for it. The concept of innovation is to bring out the economic cost thatis been applied in production and manufacturing of the firm. Besides this, an innovative productaims to fulfil the specific needs of the customers. The innovation process is deeply based on 3factors which are as follows:Information:This is been gained through the means of market research and thefeedback received by the firm on existing product. This will help the firm to carry out thebusiness actions and activities that will help in carrying out the superior production andinnovation process within the organisation. This will also help the innovator to find outthe proper scope of improvement to be made within the product or services.Imagination:This is the hypothesis that is been led by an innovator in order to make thedesired and feasible improvements in an existing product or services. This will help theorganisation to identify the extent of innovation or feasible alterations that can be madeor incorporated within the existing product or services. This will help the organisation orinnovator to handle the innovation process in much effective way.3
Initiative:This is the process or initiation taken in development of a product or a servicethat will lead to innovation by the firm. This involves the proper management ofactivities or processes that are been taken within the organisation or by an innovator toget the innovation done. This is deeply based on the willingness, extent of changes thatcan be made within the product or services, without much alterations in themanufacturing or production process that is been followed.Besides this, the innovation process that is followed by a firm is been classified further in2 categories:Evolutionary Innovation:It is the process, in which, the innovator brings out theincremental advancements in technology or process to make the product or service moreeffective. For example, updates of iOS etc. It is like an improvement over the existinginnovative product or services and may or may not hamper the functioning of existingfunctionality it performs. This is been made when the requirement or a problem can besolved by just making few changes in prevailing product or services.Revolutionary Innovation:This involves the development of something new as theproduct of innovation to bring a unique product or service (Dutta and Folta, 2016). Forexample, Amazon Go etc. It involves the approach or attempt todevelop a completelynew product or services. This is based on the extensive market research and the measuresthat are been taken by the organization or innovator to get the solution to a problem orissue that is been faced by the users. This approach is undertaken when the rectificationto a problem can’t be obtained easily by few alteration in existing product or services andthus will help in improving the quality of overall product.Innovation is more important as compared to invention. The core difference between theinnovation and invention process is as follows:InventionInnovationIt involves the discovery of a newtechnology or product, unaware of its valueand usage.It is the process to make the appropriate andfeasible changes in an existing product orservices to create value.This may or may not have any commercialor financial usability.It leads to commercial usage by a person ora company to gain proper profit andrevenue.It is completely based on research andIt may or may not be research based.4
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