Innovation and Commercialisation: Challenges and Strategies

This report discusses the meaning of innovation and its comparison with invention. It explores the challenges faced by small businesses in innovation and commercialisation. The report also covers the creation of a structure and culture of innovation, understanding the difference between invention and innovation, and the development of innovation vision and leadership. Additionally, it discusses innovation networks, entrepreneurial teams, and the process of managing new solutions through the innovation funnel. The report provides insights into different types of innovation and the process of commercialising innovation.

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Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
1.1: Innovation vs Invention............................................................................................................3
a) Meaning of Innovation & Commercialisation taken in consideration challenges for small
business...................................................................................................................................3
b) Meaning of Invention and its Creation...............................................................................4
c) Converting of Invention in Innovation and sources of Innovation....................................5
1.2: Innovation Management:.........................................................................................................5
a) Creation of a structure & culture of Innovation and understanding of difference between
invention and Innovation........................................................................................................5
b) Developing Innovation Vision & Leadership, Innovation Networks and Entrepreneurial
teams.......................................................................................................................................6
2.1 Different types of innovation.....................................................................................................7
a) Innovation funnel for managing new solution...................................................................7
b) Different type of innovation with a focus on incremental and disruptive innovation with
exploring of pros and cons of approaches..............................................................................8
c) 4Ps and innovation space strategy....................................................................................10
d) Frugal innovation with response to necessity vs market driven innovation....................10
3.0 Process of commercialising innovation..........................................................................12
4.0 Evaluation of various methods for protection of ideas based on intellectual property rights
with their benefits & disadvantages.....................................................................................13
CONCLUSION..............................................................................................................................14
REFERNCES.................................................................................................................................15

INTRODUCTION
Innovation and commercialisation are two business aspects which are always occurring
together. Commercialising a innovation is most important aspect that is used by companies for
achievement of social benefits (Christensen, Raynorand McDonald, 2015). There are many
influences that have a impact on commercial success of a business. Present report is based on
Bigbelly smart solution for cities. This is a waste management company and is having
specialisation in recycling and management of waste. It was founded in year 2003 and has a goal
of managing waste and having effective process of waste collection. Big Belly is bringing a new
innovation in their exiting process where this company will be using their collected waste for
converting it into manure and then there is further planning to do horticulture. This attempt will
help in innovation and at same time contribution towards environment. In present report there is
a discussion of meaning of innovation and its comparison with invention. Management of
innovation is also discussed, vision, leadership and innovation networks are further discussed in
the report.
1.1: Innovation vs Invention
a) Meaning of Innovation & Commercialisation taken in consideration challenges for small
business
Innovation is a term having relation with creation of new ideas, technologies and
process. Their application is done for adding of new value to the exiting product or service by a
organisation (Lusch and Nambisan, 2015). In present scenario, the innovation for small
organisations is a big challenge as they posses limited amount of resources hence, they have to
make maximum output from available limited amount of resources.
In present report, there is a explanation of how unique and creative ideas can be used as
a part of innovation in organisation.
Commercialisation is a process in which there is a transformation of ideas, invention
and knowledge for earning of more wealth by businesses, individuals and society (Azar and
Ciabuschi, 2017). This aspect is related to motives of a organisation for earning of higher profits.
Challenges for small business:

With regards to Innovations and invention there are some challenges faced by small
business as discussed below :
Here are some of the challenges faced by small business:
1) Finding Customer: It is very important to attract customers for the process of increasing
sales of a organisation. Various marketings strategies can be used for the purpose of
attraction of customers. Such as growing use of digital media platforms is used by
hospitality organisation such as Marriott hotel UK etc. for the purpose of attracting
customers.
2)Hiring Talented People: To have a competent workforce is one of the essential requirement
for having smooth functioning in a organisation. Such as organisation are making use of
providing attractive salary packages and incentives in order to attract moper skilled
workforce.
3) Lead Generation: There are many process that can be used for generation of sales it includes
making the target customers aware by organisation of various marketing campaigns. Gfor
examples, there has been use of marketing campaign by companies such as Aldi which is
helping them in attracting of customers and making them aware of various product and
services that are being offered by the organisation (Kahn, 2018).
Current offerings are successful: If for any small business present position is quite satisfactory
then it becomes very difficult for a company to make any further innovation. In case of
organisational targets are achieved then it becomes very difficult for making efforts for
further improvement or working on objectives (Weisburd and Braga, eds., 2019). For
example in Tesco, present offerings are satisfactory for their customers this leads to
companies feeling that there is no requirement for any type of innovation to improve their
service level.

No motivation: Motivation is a key for working towards innovation or building up of diverse
teams that can help organisation in achievement of their objectives (Doherty, and
Morgan,2016). There can be situation where no motivation for employees can act as a
barrier for organisation to introduced or implement any new innovation. Many times
organisation is not able to have a motivated workforce so they are not willing to implement
a new innovation in the organisation.
b) Meaning of Invention and its Creation
Invention basically denotes to physical creation of a new concept or idea. This tool is
used for creation of a new idea which is commercially viable. Invention cannot take place
without creativity.
Invention can be created from anywhere many times it is regarded that necessity of
anything leads to invention. There is a problem and for developing its solution there is a
requirement that society are facing some problems or issues and for solving them there is a
requirement of some new invention. The process of invention is developed with overall changes
made in exiting product or making modifications in new process. This will help in creation of
innovation in a organisation. Innovation of new process being bought by organisation by addition
of some new steps in their exiting process (Van der Have and Rubalcaba, 2016). That can be in
any form such as a restaurant can make use of their fruits and vegetable wastes related to use of
waste as a manure for horticulture practises. This innovation will result into increase in
percentage of revenue and will also be helpful in fulfilment of corporate social responsibility buy
this organisation.
c) Converting of Invention in Innovation and sources of Innovation
There is a quest by many companies in which they are willing to convert their invention
into innovation with help of various commercialized products. There is use of research labs,
capital and other resources so that invention can be converted into innovation.
Sources of Innovation:

Illustration 1: Different Sources of Innovation

Process: There can be a change in process that involves indemnification of weak spots in
the present process of a company and then correct or redesign it. This is a task oriented approach
and is a source of innovation coming from exiting competence of a business. A invention can be
turned into innovation for example of a organisation is planning to make a new invention in form
automation of technology and if such technology has not been used till date by any other similar
organisation then that is turned into a innovation in external environment.
Technological revolution: Use of new technology can also act as a source of innovation.
Updated technology can also be used as a source of innovation by many companies. Such
advancements lead to innovative opportunities (Huber, Kaufmann, and Steinmann, 2017).
1.2: Innovation Management:
a) Creation of a structure & culture of Innovation and understanding of difference between
invention and Innovation
Structure & culture of Innovation: Innovation is a phenomenon that is very important
for creation of a competitive advantage. Organisational culture is a very important factor that is
stimulating innovation. It has a impact on employee behaviour, commitment level of employee
and creation of organisational value (Wang, 2017). Organisation must be promoting a innovative
culture that can have a impact on promoting innovation. There is a cultural transformation which
must be done for implementation of innovation.
To create a culture of innovation you need to do the following:
1. Understanding of various different types of innovation that can be adopted by a
organisation: One of very popular problem that are being faced by companies is related
with employees are not willing to work for development of new products (Otto, 2018).
The overall innovation done by Microsoft in encouraging their employees to work for
three typed of innovation that is products, policy and business models.
2. Empower champions to push back against bouncers: There is very large base of
employees for various big business. They have a structure that is helping them in gaining
various benefits such as creation of a innovation culture. Example: Bret bishop is a

strategies that is examining their teams of grow to make those people to pay attention
who are very busy in their lifestyle.
3. Redefine metrics and incentives: New business organisation have to struggle as they
have to evaluate their business that is relate with suffering with performance metrics.
Employees have to be more innovation so that they are able to focus on their performance
objectives (Otto, 2018). Example : In Microsoft cathy Wissink is the director who is
sharing how their organisation is by creation of a atmosphere where employees are
willing to take challenges.
4. Give employees the tools they need to make their case: the best approach is to bring
the value to organisation by investing in innovation programs (Bradley, Kim and Tian,
2017). Example: in autodesk a leader who is building 3D designs has made efforts in
creating of a culture of innovation for their employees.
5. Create a safe space for experimentation: There are many business who are willing
to work for start-ups and are making experiments Cheap experiments can only be helpful
if they are providing positive results. Example: Director in Susan Ngutyen is expanding
the system that project can succeed of the department is willing to take the credit.
Difference between innovation and Invention:
Invention Innovation
Invention is creation of a new product or
introduction of a new process for first time.
Innovation is done to make improvement or
significant contribution in a exiting product,
service or process.
In case of invention there may or may not be
commercialisation (Balsmeier, Fleming, and
Manso, 2017).
Innovation always leads to commercialisation
Invention can be induced or autonomous Innovation is mostly induced.

depending on the type of invention that is
being done (Bagno, , Salerno,. and da Silva,
2017).
Invention can be for economic or non
economic activity
Innovation is mostly for economic activity in
all organisation (Florida, Adler, and Mellander,
2017).
b) Developing Innovation Vision & Leadership, Innovation Networks and Entrepreneurial teams
When there is invention or innovation taking place in a organisation there is a ned for
formation of a vision of leadership in a organisation that marks the beginning of a innovation.
This also sets the basic framework and standards that have to be achieved by different functional
departments in the organisation (Ceyda and Tecim, 2017).
Vision: vision of a company is evolving by development of complete and unique
solutions by use of information technology in case of innovations.
Leadership: While any organisation is planning for new innovation there is also
requirement of adequate leadership skills that can help in smooth implementation of new
process. There is requirement of competent leaders who can help employees in smooth and
timely implementation of change in form of innovation.
Culture: A culture in a organisation is very helpful in bringing new innovations. Such as
if leaders & managers are promoting a culture of innovation then it will help in encouragement
of employees in development of new innovative and Creative ideas.
Teamwork: In every organisation teams are helpful in carrying of work in a more
simpler way. Leaders posses the responsibility of making employees work together as a team for
development of new innovative business ideas.
Innovation networks: They have successful facility of transforming operations,
increasing productivity, driving of efficiencies and working towards improving quality of life of
people society. The new innovation which is being done in a company will have a
implementation across various places where they are having presence (Rubin and Abramson,
2018).

Entrepreneurial Teams: Entrepreneurial teams play a very crucial part in all
organisations as they are ultimately the responsible authorities for developing new innovation
ideas and then planning its implementation in a business (Bagno, Salerno and Silva, 2017). The
overall longevity and industry knowledge in market is providing all organisations with
unparalleled insights further backed by analytics, extensive data and customer success.
In every organisation especially small organisations where there are no enough resources
to make a separate department for research and development, a structure can be created in form
of functional structure where each functional department such as marketing, finance, human
resource work together in achievement of a common vision that is innovation. Leadership will
play a role in affecting such structure in both positive and negative manner.
2.1 Different types of innovation
a) Innovation funnel for managing new solution
Innovation funnel is used for management process where there is management of new idea or
innovation. There are certain steps in type innovation funnel as discussed below:
 Idea Generation: It is the first step in every process of innovation funnel in this the
management team of organisation is developing various innovative thoughts & ideas for
enhancement of profits and sales in the competitive market. In BigBelly there is
generation of idea that waste collected can be used for a productive development by
converting it into manure (Yun, 2017).
 Idea Screening: There is assistance that is provide to organisation with respect to
response and feedback of their customers. There is examination of every aspect a
company can identify if new product or process will be beneficial or not in the present
market. In Bigbelly, after idea has been generated there will be screening of idea where it
will be tested based on cost associated, labour requirement for the new process and such
related aspects to test the feasibility of idea.
 Testing Concepts: There is a detailed testing in which there is a analysis of expectations
and demands of customers that can help in manufacturing of products accordance to such
requirements. Different test associated with the new process is tested by the Bigbelly.
There will be a complete analysis that will be done based on increasing of brand image
for their customers.

 Analysis of product development: After there has been successful implementation of
above discussed steps in this step there is a detailed analysis of various aspects of the new
process or product that has been developed by the organisation. In Bigbelly there is a
detailed analysis of different aspects which help in smooth implementation of the new
process in their existing procedure (Rasmussen and Eliason, 2017).
b) Different type of innovation with a focus on incremental and disruptive innovation with
exploring of pros and cons of approaches
There are different types of innovation that can be adopted by organisations this can be
understood with the explanation given below :
(Sources: Types of Innovation, 2015)
Illustration 2: Different types of Innovation

 Incremental Innovation: Incremental innovation is a very commonly observed
innovation and it is based on exiting technology for increasing value for a customers.
This innovation is based on changes being made in feature, design etc. in the exiting
market (Paudel, Xiao and Yan, 2015). Every company is involved in this type of
innovation in some way or another. Small companies are using this experience for
addition of value top their exiting products & services.
 Disruptive Innovation: It is also regarded as stealth innovation in this there is
application of new process or technology to present market in a company's present
market. Many times updated technology is expensive and it can result into disrupting of
the product or service being offered presently in existing market. In such innovation there
are few iterations which get newer tech surpasses and this leads to disruption of the
existing companies (Types of Innovation, 2015).
 Architectural Innovation: This type of innovation is in relation to skills, lessons and
technology that is applied in different markets. Innovation is used for increasing base of
present customers. Risk present in architectural innovation is comparatively low as there
is reintroduction of proven technology (Kim and Park, 2018). It is mainly done for
purpose of matching requirements of new target market of customers.
 Radical Innovation: Radical innovation is with respect to establishment of new
industries and involves creation of revolutionary technology. This type of innovation is
concerned with creation of a entirely new system by replacing with existing one. There is
a completely new value network which displaces established alliances, firms and
products.
From above discussion on types of innovation it can be said that Bigbelly has used
architectural innovation as they are not disrupting or making changes in their existing process.
Instead, this company is adding more steps to their present process. All this will help them in
increasing present base of customers as there is a new technology which this organisation is
adopting for having sustainable development.

c) 4Ps and innovation space strategy
4 Ps of innovation:
 Product Innovation: This is a type of innovation there are changes made in the exiting
product of a organisation. There are various creative and innovative modifications that
are made in existing products or services offered by a organisation.
 Process Innovation: According to the mane of this innovation there are various changes
made in existing process of a organisation. There are modifications made in way process
is being implemented and carried on in a organisation.
 Position Innovation: This innovation is related to changes being made in products/
services being introduced (Gassmann, 2018). There is a creation of a unique position for
the existing target market by a organisation.
 Paradigm Innovation: In this type of innovation there are changes in models and there
is effect of change in one model to another. There are changes made in one dimension
which affects other various dimensions of a business process (Islam,2018). There is
innovation having effect on all business process in a organisation.
From above discussed 4 Ps of innovation it can be said that in present scenario of
Bigbelly, there are changes made in process by this organisation. Innovation is bought in form of
addition of various steps to make the process more useful and have innovation on form of having
sustainable development and making contribution towards external environment in which
organisation is functioning.
Innovation funnel:
Innovation funnel is used for description of various steps for development of a product or
process. Objective is to create a product for meeting various market needs. IT consist of four
steps as discussed below:
1. Mouth of funnel: In this step organisation is willing to collect large number of ideas. If a
organisation is planning to make use of e commerce for their marketing activities then they will
have to develop innovative ideas on how to use digital media as a tool for new innovations.
2. Narrowing of funnel: In this step idea developed in first step has to be screened. There is
matching of ideas with overall goals of organisations. Such as if goal of Tesco is to maximize
profits then a limited amount of investment can only be made by the organisation on such
innovative plans.

3. Narrowing part of funnel: in this step organisation ensures that idea selected is used in the
company according to requirements of new products or services. In case of Tesco a new product
can be developed and for that specially digital marketing tools can be used for the purpose of
making customers aware.
d) Frugal innovation with response to necessity vs market driven innovation
Frugal innovation is a procedure that is used for reduction of cost of goods and
complexity that is involved in production of goods and services. This procedure is related to
removing all the non essential features that are part of final product that is not posing any utility
for the final consumer (Lyytinen, Yoo and Boland Jr, , 2016). This procedure is very helpful in
bringing overall cost effectiveness for any organisation. For example: In the year 2014, Mozilla,
the organisation that is dedicated towards keeping of power of web in people's hands. They held
a on Feb 23, 2014 and introduced commercial Firefox OS mobile ecosystem. Mozilla has
previewed the event demonstrating overall flexibility and customization for their users related
with their mobile experience.
Illustration 3: Frugal innovation

Frugal Innovation is also referred as frugal engineering that is used for reduction of
complexity in a business process so that cost advantage can be attained. This is very effective
technique and can be used for reduction of overall cost of a business (Febriani and Djatna, 2016).
There are many factors which are affecting a particular innovation such as social, political, legal
that are part of external macro environment. Such type of innovation process can be helpful in
reduction of cost or improvement in existing business procedure. In present scenario, Nissan is a
organisation which is making use of Frugal engineering, where they are planning to use cost
effective methods and make quick innovation with the help of various resource constraints. They
are making improvement in its existing process by addition of new steps so that cost can be
effectively managed and it can be used for further development. It is very crucial for every
organisation that they are able to adopt sustainable innovation which is not posing any harm to
the environment.
Necessity Market Driven Innovation
Innovation Innovation with respect to
necessity is driven by the fact
that there is a necessary
requirement for some changes
and innovation. Hence, for that
purpose there is need of
innovation. In present
scenario, innovation being
made by Nissan in terms of
frugal engineering is not a
necessary requirement but it
has and indirect benefit of this
innovation to people and
society but there is no direct
positive impact of such
Market Driven Innovation is
based on the fact that there is
requirement in the market for
innovation there can be many
reason behind it such as
creative changes made by
competitors, utilization of
excess resources and many
such facts. There are cretin
principles on which, such type
of innovation is based on this
includes technical resources,
organisational focus, leaders in
a organisation, cross functional
approach of a team etc. In

innovation of Nissan. Nissan there is usage of
existing business process that
is further expanded for using it
in a more constructive manner.
This can be regarded as a
market driven innovation as it
is going to provide this
company a competitive
advantage.

3.0 Process of commercialising innovation
New Product Development: It is a process of bringing as well as introduced new
product ans services in market. Along with this, it is also consider as a procedure of making
changes in old product with an aim to compete with rivals in market. New product development
includes various steps which are as follows:
Illustration 4: Product Development Stages
Idea generation: Herein, companies emphasis on identifying new and creative idea from
different sources such as employees, market trends, customers and so on. In context to Bigbelly,
the company has opted an idea of waste management which is different and unique in market.
Idea Screening: At this step, an organisation scrutinize the idea that is collected by
workforce. Along with this, they check the feasibility as well as suitability of the idea (DiMasi,
Grabowski, and Hansen2016). With reference to BigBelly, its higher authorities adopt the idea of
waste management by analysing suitability of it in the market.
Concept Testing: Herein, companies test the suitability of selected idea by considering
the points of customer and advice of employees.

Business Analytical: At this stage, evaluation of an idea take place whether it is good for
business growth and development or not.
Commercialise: In this step, companies finalised the idea which increases profitability as
well as market presence of an organisation. In context to Bigbelly, the company launch its idea
of waste management in the market.
Product Development: This is the last stage of new product development process.
Herein, companies take reviews from customer after launching product in market so that they
can make improvements at the initial stage in a proper manner (Carayannis, Cherepovitsyn and
Ilinova, , 2016).
Business Innovative case
It is important for companies to alter and implement innovative things at marketplace that
help an organisation to sustain in market for longer time frame. In order to understand this in a
better manner, a business case is defined blow:
Executive Summary BigBelly deals in managing and recycling of waste. The company was
established in the year 2003 with an aim to recycle waste and produce
innovative things.
Requirement In order to gain success in market and to compete with competitors, it is
essential for an organisation to bring new as well as unique product nad
service in market. In context to BigBelly, company enter with a new
idea and uses innovation applications for better solution of waste.
Solution BigBelly is a waste management company that provides smart solution
of recycling waste in a proper manner.
Consumer Analysis The higher authorities of BigBelly analyse the requirements of
customers and then satisfy them by providing smart solution. They add
new services that is innovative in market per customer needs.
Funding The company take funds from financial institutions, banks and from
stakeholders of BigBelly.
Benefits By the assistance of innovative idea of waste management, the company
get many benefits in terms of increases in profitability, market

reputation and so on.
On page 5 on Bigbelly(case study) is a necessary information to produce a formal business case,
the expected costs of the project ,a gap analyse and the expected risk.
The necessary information & gap analyse for a business case for Bigbelly – waste recycling
system is outline on Bigbelly (2020) pg.7 .
The main features are as follow :
1.Challange and motivation :
a) one of the main challenge is to handle overflow as members did not shown interest in work
and get tired.
b) The another challenge is to increase number of garbage bins rate by 30% in the year 2017.
c) To prove that public recycling works & declines city's environment.
2.Smarter solution:
a) The first smart solution is introduction of three components by Bigbelly that is bottles, paper
garbage and cans.
b) Coupling of high quality compactors along with standard capacity compress quantity of waste
generated.
c) Collection of garbage at early morning is also the smart solution.
3. Meaningful results :
a) The result that brings out is more than 90 lakh gallons of waste is being captured.

b) The capacity of trash is enhance around 200% and more than 20.000 gallons is added for
recycling stream.
c) the quality of life improves due to decline in the waste level and proper recycle system.
REFERENCES
Tharuka, M. N., Bathige, S .D .N. K. and Lee, J., 2017. Molecular cloning, biochemical
characterization, and expression analysis of two glutathione S-transferase paralogs from the big-
belly seahorse (Hippocampus abdominalis). Comparative Biochemistry and Physiology Part B:
Biochemistry and Molecular Biology, 214, pp.1-11.
Commercial Funnel
It is a procedure that organisation follows when their customers purchases products &
services. Along with this, it is defined as a journey which prospects go through in order to
becoming potential customers. There are various steps of commercial funnel which are as
follows:
Attract: The process of attracting large number of people through marketing as well as
advertising.
Convert: herein, companies offer good deals to customer who show interest towards
their product & services.
Close: After the conversion, companies put their efforts with an aim to close deal with
customers.
Delight: At this stage, organisations retain their employees by providing quality and
effective service to customers.
ACCESSING FUNDING AND RESOURCES:
a)The reasons why an organisation would want to access funding and the different types of
funding sources available.
Every organisation need funds in order to expand their operations and increase their sales.
In addition to this, organisation needs finance for marketing activities which help them to aware
more number of customers and enhance level of profits. The sources of funding are as follows:
Bank loan: The bank grant loans to companies and charge certain rate of interest from
them . It is considered as one of the most secured way to take loans in a proper manner. Banks
give loans after checking all the documents properly.

Family & friends: small businesses also take money from friends and fro family
members in order to save money of interest. They give funds to companies on trust and
sometimes a time period is decided.
b)Consideration of resources a small business may require to commercialise their offerin
The small business require an official space where they can perform activities in an
effective manner. The other necessary things require is license, documents, permission from
government and many more.
4.0 Evaluation of various methods for protection of ideas based on intellectual property rights
with their benefits & disadvantages.
Intellectual Property is defined as an ownership of idea that is design by a person for
commercial use. It is essential to protect as well as secure ideas and design of an organisation.
There are different tools that helps companies to protect their ideas which are as follows:
Patent: It is a tool that is adopted to protect design, invention of an organisation
(Ghimire and et. al., 2015). By the assistance of this tool, Bigbelly smart solution can secure
their idea of waste management that leads to maximization of sales as well as profitability level
of it. Along with this, it assist Bigbelly to gain competitive advantage at marketplace. Patent is
determine as most beneficial intellectual property as it protect the unique idea to be copied in
market which assist organisation to attain competitive advantage ta marketplace and build their
image as well.
http://blog.bigbelly-announces-patent-infringement-settlement-against-ecube
Copyright: It is an impeccable tool that assist an organisation to protect their artistic as
well as creative work to be copied by other companies. This tool will help Bigbelly smart
solution, to copyright its creative idea of waste management so that other companies will not
implement its idea in the market. By the assistance of this, company have the opportunity too
attract more number of people towards its services that leads to generation of higher profits.
Trademark: This tool is used by companies to differentiate their products as well as
services from competitors prevailing at marketplace. With reference to Big belly smart solution,
this tool will help them to distinguish its new product as well as services that attracts large

number of people in market which in turn leads to raise in sales and profit of company. Along
with this, it assist BigBelly to build its position in market and enhance its sales level.
Advantages & Disadvantages of Intellectual Property:
Advantage: The benefit of Intellectual property is it enhance value of companies due to
which an organisation gain competitive advantage at marketplace (Aarikka-Stenroos and
Lehtimäki, 2014). By the assistance of this, companies can easily gain funding for business
activities in a proper manner.
Disadvantages: one of the major disadvantage of Intellectual property is it add cost to the
company due to which their profitability level declines. Along with this, patent application takes
time that affect on overall productivity of an organisation
CONCLUSION
From above discussed points it is concluded that innovation is most essential tool that is
used by organisations for adding value to their present process or products. Role of structure and
culture in the overall process of innovation is mentioned. There has been a discussion on
meaning of innovation and its comparison with invention. There is a analysis of role played by
leadership skills, entrepreneurial ventures and networks in the overall process of innovation.

REFERNCES
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Types of Innovation, 2015. [Online]. Available
through:<https://techblog.constantcontact.com/software-development/types-of-
innovation>