Shaping of Innovation and Commercialization
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Added on 2020-10-05
Shaping of Innovation and Commercialization
Added on 2020-10-05
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Innovation and commercialization1
Table of contentsIntroduction......................................................................................................................................3Task 1(lo.1)......................................................................................................................................3P1. Importance of innovation..........................................................................................................3P2. Shaping of innovation and commercialization..........................................................................5Task 2 (lo.2).....................................................................................................................................8P3. Explanation of 4 p’s Innovation................................................................................................8P4. Explaining the development of frugal innovation...................................................................10Task 3 (lo3)....................................................................................................................................11P5. Explain the importance and application of commercialization...............................................11P6. Innovative business case study................................................................................................13Task 4 (lo4)....................................................................................................................................14P7. Evaluation of different tools chosen for development............................................................14Conclusion.....................................................................................................................................162
Introduction Innovation has improved the idea of the application of new techniques in the business that willhelp in the business expansion. A business venture cannot grow if innovation is not associatedwith the existing business. Innovation does not always mean inventing new things it also impliesthe improvement of existing service, technologies. It also includes the innovation of creatingdynamic products. It helps to adopt new trends in the market and work as a catalyst for thegrowth of the business. Commercialization is an integral part of any business. The innovation ofnew products needs proper commercialization for introduction in the market. For theachievement of commercial success an innovative product need production, distribution,marketing, sales and support of the customer. Innovation process must includecommercialization for the improvement of productivity in any organisation.Task 1(lo.1)P1. Importance of innovationEnsoft is a software-based company who provide a solution to the router that is used bothpersonally and in large corporate house. The company established in 1997 and around 70engineers are associated with the company. They are involved in developing complex networksystem that runs in the communication device of any part of the world. They have expertise inrouter and switching, carrier Ethernet, residential subscriber management, embedded service, andall the hidden function that associated with the high-end carrier-class service.Invention and innovation both are important for the development of an organisation, they gohand in hand (Ke, 2016, p.5214). However, all the innovation does not conclude as the invention.Ensoft is a software-based company and always in need of invention and innovation as well. Intoday's highly competitive world, it is necessary for a software-based company to evolvecontinuously. They must explore a relative aspect of software-based innovation (Yin et al.2014,p.4658).Innovation and invention both are important for Ensoft to grow further in future. However, theyalso differ in any context. The basic difference between innovation and invention are-inventiondeals with the creation of new product whereas innovation adds value to the existing product.3
Invention often requires only scientific skills. Innovation requires marketing, technical andstrategic skills. The invention of the product might limit to research and development part of acompany, innovation of production needs output from every department. Invention generallyimplies the original idea and its working theory. Innovation is the practical implication of newidea as stated by Weng (2016, p.1701).Figure1: importance of innovation(Source: Weng 2016, p.1701).It has been discussed earlier that innovation shows significant improvement of the existingprocess, product or services. On other hand invention always relate to the creation of thecompletely new product. Innovation and invention both are not singly enough for the growth ofthe company. In order to turn a great idea in the practical world, both the factors must be takeninto account (Song, 2016, p.19).Ensoft Company must not only focus on invention but also have to give priority to innovation.Often company give importance to innovation and completely ignore the customer's problems.In order to thrive as a software company, they must take all the factors into account. Ensoft tobecome more successful in future they not only have to focus on the invention of a new productbut also give importance to an existing product.4innovationfeasibilitydesiarability
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