Innovation and Commercialization

Innovation and
commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1. Innovation and it's importance to organization with difference between invention and
innovation....................................................................................................................................1
P2. Organisation vision, leadership, culture and teamwork can shape innovation and
commercialization........................................................................................................................3
P3 4P's of innovation and use of innovation funnel. ...................................................................4
P4 Developments in frugal innovation........................................................................................6
P5 Importance of commercial funnel along with process of NPW.............................................7
P6 ways to have development of funding by building an innovation business case for H&M
group............................................................................................................................................9
P7 Evaluating tools regarding the development of intellectual property within H&M group..11
CONCLUSION.............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Companies in this modern era are focussing at greater level with terms of innovation and
commercialization. The company are making it their privacy concern that is needed to be
important part of development and growth strategy. In this report, the aim is to have highlighted
on impacts of innovation and its importance in relation to its employees of H&M group. H&M
group or Hennes & Mauritz is one of the oldest retailer also known as discounted retailer
providing products at affordable prices since founded in Sweden. The company is growing as the
one of the most recognizable brands in the fashion industry. The company is having the
innovation of fibre purposely recognizes orange fibre which is repurposes leftovers from citrus
fruit production to create a silk-like, biodegradable fibre with fantastic sturdiness, shine and
drape. The report will gather the information regarding 4Ps innovation, commercial funnel,
innovation funnel, frugal innovation along with the required tools for developing and retaining
intellectual property of employees within H&M group or Hennes & Mauritz. The information
will be established with relational to employees. To shape innovation and commercialization
within the firm which is embedded over the next 12 months successfully.
LO1
P1. Innovation and it's importance to organization with difference between invention and
innovation
INNOVATION INVENTION
Innovation is the procedure which
transform an idea or creativity into product
and services and gives values to customers
to fulfil their new requirement in business.
For example flourishing products and
services like H & M clothing company etc.
While invention refers beginning of
new product or creates extempore way
to obtain exiting product in business so
that runs into new requirement of
customers. For example goods design,
business framework etc.
Innovation plays vital role in H&M
company. For example customer needs and
requirement always change, and they want
unique product with change, where
Innovation helps in fast changing status
While invention also plays crucial role
in clothing company because it assists
to create new technique or services.
Through new techniques or services
company enables to accomplish further
1

like retail company. H&M is clothing retail
company which introduces innovation in
retail to improve in cloth fashion and their
services, so customer meets their new
requirement in company. Through
innovation H&M enables to take
competitive advantages and product
customization in business market. thus, it
supports to improve services for
customers.
process like implementation so that
company meets new experience and
easily elevates their product in
economical market in high range.
Invention is important because it
introduces new platform in business.
Through this invention company can
take competitive advantage if it's
successful. Thus, invention is crucial in
global market.
Innovation leads commercial success in
retail company by introducing new product
services to customers, so-that customer
gets satisfaction with product and services.
Such kind satisfaction supports to raise
economical scale and retain customer in
company.
While invention creates way or product
for company without verification it
runs. It leads commercial value for
company. It is most important because
without creation innovation ain't
possible. It gives source to encourage
customer with dynamic product and
unique services,
It transforms ideas or creativity into action
and establishes in company. Through this
action company takes profitability in
company. It gives assurity. It doesn't need
any protection during establishing.
While it's just a physical formation of
new concept. It doesn't provide
verification , it runs. It needs protection
or patent, so that another doesn't steal
company ideas.
Innovation is totally dependent on
invention and creativity because without
invention innovation doesn't possible.
Without creation invention doesn't
possible so creation is important for
invention.
Innovation can't possible alone in retail
marker, it needs number of employees and
sources to implement.
Invention can possible alone because it
just idea which creates by innovative
person or human being.
Innovation gives value to business which Invention gives values to customer
2