Innovation and Commercialisation in Desklib

Unit 8: Innovation and
Commercialisation
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Table of Contents
.........................................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Elaborate about innovation and its significance by comparing with invention......................3
P2 Elaborate vision, leadership, culture and teamwork in a firm that shape innovation and
commercialisation........................................................................................................................5
M1 Evaluate various sources of innovation and the way organization can develop or foster the
environment and culture of innovation........................................................................................7
TASK 2............................................................................................................................................7
P3 Determine 4Ps of innovation and their usage to shape innovative ideas...............................7
M2 Analyze and apply the innovation funnel in the context of organisation..............................9
P4 Elaborate development in frugal innovation by using examples in organisational context.. .9
...................................................................................................................................................11
M3 Appraise the role of frugal innovation within the organisation..........................................11
D1 Analyze how the innovation is developed, embedded and measured in the organisational
context........................................................................................................................................11
TASK 3..........................................................................................................................................11
P5 Elaborate significance of commercial funnel and application of NPD in commercialisation
of innovation..............................................................................................................................11
P6 Frame business case for a firm by using funding................................................................13
M4 Build the innovative kind of detailed business case for gaining desirable outcomes........15
TASK 4..........................................................................................................................................15
P7 Elaborate various tools that used to evolve, retain and protect knowledge and intellectual
property......................................................................................................................................15
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M4 Present the evidence based supported evaluation of different documents..........................16
D2 critically evaluate the nature of innovation for developing evidence based judgements.. 16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
Innovation is the chain of activities adopted by the organisation to translate the something
unique in goods and services for creating value to gain amount from consumers. Innovative idea
helps in provide satisfaction not only existing but also potential consumers too. Respective report
is based on the Bigbelly which is the world leader in Smart waste and in providing recycling
solutions for public spaces. They provide smart, solar powered, sensor equipped waste &
recycling stations that helps to communicate real time status to crew in order to enhance level of
efficiency. Respective report is based on the various aspects of innovation that availed by
Bigbelly by providing solutions of waste recycling. By using value and various attributes by
comparing innovation with invention in order to gain better insights. Further it includes 4Ps of
innovation with innovation funnel which assist in directing the innovative idea in right direction.
At last it includes enhancement of frugal innovation by elaborating the implementation of new
product development stages to launch new product into marketplace. Apart from it. Business
case of firm and various kinds of tools such as intellectual property rights to protect innovation.
TASK 1
P1 Elaborate about innovation and its significance by comparing with invention.
The innovation refers to bringing new and innovative idea that make long-term success of
business. The big belly is an world leader organisation in in managing waste and recycling them
for public spaces. The innovation occur as new product and services with in already present
services of company. This helps in assisting of delivering good services to people so that they
can deliver proper services among their customers. The invention refers to the process in which a
new product is develop with in market of company. This include services and product that are
never used by services users. This is an important as it develops creativity with in organisation
which also enhance experience, knowledge and capabilities of an individual. They also provide
various solutions from which waste can be recycled including smart and solar powered
equipment so that efficiency level can be increased. There are several importance occur it is
needed at time of bringing innovation is described below.
 The innovation must attract a large number of populations so that it can increase sales of
big belly. It also includes satisfying needs and requirements of service users. The
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