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Innovation and Business Model Development

   

Added on  2020-02-17

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INNOVATION ANDCOMMERCIALISATION
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TABLE OF CONTENTSINTRODUCTION .........................................................................................................................................................2TASK 1...........................................................................................................................................................................2P1 Explaining innovation and its significance to employees of Tate Consultancy services.....................................2M1.............................................................................................................................................................................3P2 How the vision of organization, culture of leadership and teamwork shape the innovation andcommercialisation......................................................................................................................................................4M2.............................................................................................................................................................................5P4 How to develop frugal innovation at Tate Consultancy services.........................................................................5M3.............................................................................................................................................................................6P4 Explain the 4ps and evaluate in order to get product innovation and other innovative ideas for employees ofTate Consultancy Services .......................................................................................................................................6P5 Explaining the importance of commercial funnel and the application of new product development processingfor commercialisation of innovation to the employees at Tate consultancy services...............................................7P6 Build an innovation Business Case for Tate consultancy services along with the ways to assess funding.........9P7 Evaluating the different tools which helps the organization to develop, retain and protect knowledge alongwith intellectual property.........................................................................................................................................10M4...........................................................................................................................................................................10CONCLUSION.............................................................................................................................................................11REFERENCES..............................................................................................................................................................121
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INTRODUCTION Commercialisation is a procedure for introducing a new product and provide availabilityof it in market. It is considered as subset of innovation which is driven by the market along withthe motive of profit with companies and other different aspects for gaining return on investmentfor the product development. Present report is based on the Tate consultancy services which isUK based organization that base of clients consists of three main aspects such as corporateclients, students along with other business operating within UK (Aarikka-Stenroos, Sandberg andLehtimäki, 2014). Further, this report covers the understanding the concept of innovation alongwith its importance to the employees at workplace. It also includes the explanation about shapeinnovation and commercialisation through the organization vision, culture along with leadership.Moreover, this report also covers the innovation mix and utilisation of innovation funnel forexamining the innovative ideas to the employees at organization. Lastly, it includes the varioustools which are used by organization for development and for retain the intellectual property. TASK 1P1 Explaining innovation and its significance to employees of Tate Consultancy servicesInnovation can be defined as the process of alterations of ideas into reality. It can berepresented as a change which makes addition in the value of the products as well as serviceswhich helps in fulfil the requirement of customers. In context of Tate Consultancy services, thereare various types of benefits of innovation to the employees at workplace. It covers different typeof significance to the employees which are mentioned below:Innovation is important for the employees of Tate as it uses the space for enhancement inthe level of productivity and provides satisfaction to them at workplace. Further, as perthe consultancy services there is an appropriate room for the employees in order to workin a free environment. In this, the meting are conducted on a daily basis where theemployees can meet for getting different ideas of each other. There are different new ideas which provides employees in order to develop innovativeways or the improvement in the products and services or to develop a new one for theorganization. Innovation plays an important role for achieving the goals and objectives oforganization (Boehm and Hogan, 2013). 2
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It is important for the employees at helps to work in an easy manner so that will proves tobe beneficial for increase in the level of profit. Along with this, it provides different typesof opportunities to them for enhancement in their business level which is consideredimportant for them. With the help of innovation, it helps in keep competitive in market as there are differenttypes of challenges are faced by the organization for meeting the needs of customers.Furthermore, through an appropriate strategies of innovation at Tate the employees areable to fulfil the requirement of customers in an effective manner. In this, it also provides the encouragement to employees so that they can give satisfactoryservices to customers which overall proves to be advantageous for the company. In addition to this, there is some difference between the innovation and invention in context ofTate consultancy services. Invention can be termed as the presence of an opinion for the productwhich has never been made before. On the other side, innovation at Tate is different in whichthere is implementation of that idea for the product at the initial stage. Further, at Tate inventionis considered as to develop a new product and innovation is all about to make changes in theexisting products and services as per the requirement of customers. Along with this, invention isconcerned with the single products or a procedure while in innovation there is main focus on anappropriate combination of the different products and services. Thus, it can be stated thatinnovation and invention is not one and the same thing as both of the concepts are different. There is requirement of huge capital in both of the investment as in the process of research.Thus. The concept of innovation is considered to be important for the growth and developmentof the organization that is proves to be beneficial for the people at workplace (Breznitz andEtzkowitz, 2016). M1In order to identify the different sources of innovation which helps the stated companyfor carry out the various innovation for the development of the business. Some of the sources ofinnovation includes the changes in the market structure and industry, demographics, changes inthe perception of customers and new knowledge for running the business in efficient manner. 3
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