Understanding Commercialization of Technological Innovation
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Added on 2020-06-04
Understanding Commercialization of Technological Innovation
Added on 2020-06-04
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INNOVATION
INTRODUCTIONThe term “Innovation” means either changing or creating more effective product, processand ideas. It refers to the process of translating an invention or idea into a product or service thatleads to create value for the customer (Aarikka-Stenroos and Sandberg, 2012). BringingInnovation to business help in saving money and time of organisation. Moreover, it aid in givinghigher competitive advantage to the firm so that they can grown and adapt market changes in aneffectual manner. For business entities, this mean employing new ideas, designing dynamicproducts or enhancing existing services. It serve as a catalyst for the success and growth ofbusiness. Being innovative does not mean inventing, it describes as changing entire businessmodel which enables company to deliver better goods and services as per customer requirement.The chosen firm for this project is Unicorn Grocery which is a co-operative grocery store locatedin Manchester, England. As the name suggests, the chosen entity is entirely run and managed byits workers who focuses on gaining higher competitive edge with their innovative ideas. Thisreport talks about importance of innovation, 4P's of Innovation, importance of innovation funnel,ways of funding and lastly tools that is used to retain intellectual property. TASK 1P1 Explain Innovation and its importance in comparison with invention In simple words, Innovation means converting an idea into final goods and services forwhich customer is willing to pay to business enterprise. To be referred as Innovation, the ideamust be replicable and creative at economical cost and must satisfy a particular need. In contextof businesses, it act as a catalyst who either creates new product or improve present services soas to serve various of target audience in an effectual manner. It aid in increasing the likelihood ofbusiness succeeding. It has been believed that an organisation who innovates more, their workprocess gets more efficient and their overall performance and productivity gets improved. Agood definition of business innovation includes improving existing process, technologies, designor developing new goods etc. Most of the business owner, consider Innovation as a synonym ofResearch and Development but is far different from the term “Invention”. The main key to any successful company is being able to come with designing new andcreative ideas to keep products, operation and services fresh (Bagchi-Sen, 2015). For example:Unicorn Grocery is yielding adequate profits that is sufficient for their survival in the market
place. However, in order to gain higher competitive edge over their rivals, they need to dosomething unique which distinguish them from their competitors. Therefore, the company hasdesigned its online application for its customer which saves time, cost and energy of bothcompany and potential buyer. Mentioned below are some of the benefits of Innovation:Assist in gaining higher competitiveness levelComes out as one of the effective method for Unicorn Grocery in context of capturinglarge market share. It is essential for success and growth of the firm (Chun, D., and et. al., 2015).Businesses who are still following the concept of traditional bricks and motor economyare becoming unprotected to digital era. Thus, innovation serve as a main key for itssurvival in the market. Innovation help in connecting diverse people with business enterpriseIt also help in making work processes more efficient and effective Innovation saves time, money and energy of company as well as of potential buyers. Increased customer satisfactionStaff Motivation Difference between Innovation and Invention:Innovation Invention It occurs when business owner wants toimprove their exiting process, product,services, technologies etc. so as to gain highercompetitive edge. It can be defined as development orintroduction of product or services for the firsttime. For example: By introducing mobileapplication, Unicorn Grocery is doinginnovation in its business. It help in expandingits market share and also increase the size oftarget customer. In context of Invention, IOS was firstintroduced by Apple Inc. The software is usedby Unicorn Grocery for successfully executionof its mobile application. It deals with modernization and novelty It deals with creating something new It deals with process of convincing customer tochange their existing habit with the new one. It is something fresh and the world is yet notaware about it. It is new for an organisation butnot for entire world.
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