Importance of Innovation and Commercialisation in EE Limited

Innovation and
Commercialisation

INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Importance of innovation to employees and its comparison with invention.................................3
P2 Way in which organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation..............................................................................................................................5
TASK 2.................................................................................................................................................6
P3 4P'S of innovation and use of innovation funnel to shape innovative ideas..................................6
P4 Development of frugal innovation................................................................................................7
TASK 3.................................................................................................................................................8
P5 Importance of commercial funnel and application of new product development..........................8
P6 Innovation business case............................................................................................................10
TASK 4...............................................................................................................................................11
P7 Tools to develop retain and protect knowledge and intellectual property...................................11
CONCLUSION...................................................................................................................................14
REFRENCES......................................................................................................................................15

INTRODUCTION
Innovation is simply creation of something new which was not every used or sells
before in market. It is different idea or thoughts of a person which was taken place for
fulfilling requirement of entire society. In simple word it can be said that it is creation of
something new and different from others as well impressive. Main motive of this is to satisfy
need and wants of different segment customers. Along with this it helps in development of
economy of nation by bringing new ideas and thoughts in market. This assignment is divided
in four different parts for describing advantages and disadvantages of innovation with the
help of several tool and techniques (Wonglimpiyarat, 2010). EE limited is a company which
believes in new ideas and thoughts by modifying their existing products. As well this is a
small scale enterprise which believes in innovation and creativity. Apart from all this below
mention project explain 4P’s of innovation and utilisation of innovation funnel by involving
all its essential factors. Moreover, this highlights importance of commercial funnel and
explains a proper innovation business case for applying this method in better manners. In the
end, report is going to describe several tools of protecting intellectual property.
TASK 1
P1 Importance of innovation to employees and its comparison with invention
Innovation is a word which mainly focuses on the emergence of something new and
creative as well produce for long term success in business. EE limited is popular organisation
for its electronic appliances whose main motive is to launch dissimilar and innovative goods
which is helpful for staff member to do working more easily in an organisation. Simply,
innovation is too much essential because of several reasons some of them are stated as
below:-
 Enhancement in present products by changing or modifying them as per the need and
wants of customers because their satisfactions help company in generating revenue
and profit maximisation.
 Rising with different innovative ideas and products
 Capturing the attention of millions of consumers with the assistance of several
innovative and creative goods.
 Supportive in building goodwill in the market area with is important for grabbing
entire customer from market (Walsh, 2012).

 Help in achieving goals and objectives of company within least time period
utilisation.
 Up gradation in the technique of increasing knowledge and skills of employees by
applying advanced and innovative technology.
Apart from this, innovation is very helpful and important for staff member and also
for entire business this act as a developmental and growing tool in the organisation (Thore,
2012). Thus, EE limited wants to increase their business across the national boundaries by
developing new and latest ideas or thoughts. In additions, innovation and invention both the
terms are very much dissimilar to each other description of this is mentioned as below:-
INNOVATION INVENTION
This term is explained as an introducing
reformed gadget to attracting several
consumers. Basically it is adding value to
something which already exists.
On the contrary, invention means to introduce
something totally fresh and creative. In simple
term it can be said that it is something new
which did not exist before.
By taking into account to the given scenario of
Apple, they are making alteration their exiting
iPhones by including different extra and
unique features in it which are known as
innovation.
But if Apple will launch or introduce advanced
device with totally different features in the
organisation which don’t have any other
substitute that was available in the market
before. Thus, it is known as invention.
Less skilled and experienced person can also
made alteration by applying the necessary
changes (Teece, 2010). Apart from this
innovation is can be occur when something is
improved by doing some contribution.
Whereas, On the other hand, invention is a
procedure which need fully talented, skilled,
knowledge and experienced person for
continuing invention program because to its
complexity. Moreover invention is that when
something new and creative launched in
market.
From the above explanation, It has been understood that innovation and invention;
both are different term which is not similar to each other because of its nature and meaning.
In this case of these two term, Apple and Virgin Group is a best instance of innovation and
invention as both the organisation believe in introducing and launching something new and