Unit 8: Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation compared to invention.............................................................1
P2 Importance of company's vision, teamwork and culture in forming innovation...............3
TASK 2............................................................................................................................................5
P3 Explanation of 4Ps of innovation and use of innovation of funnel...................................5
P4 Explanation of Frugal Innovation.....................................................................................7
TASK 3............................................................................................................................................7
P5 Explanation of importance of commercial funnel.............................................................7
P6 Innovation business case for company..............................................................................8
TASK 4..........................................................................................................................................10
P7 Evaluation of tools to protect Intellectual property.........................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the creation and discovery of novel idea and methods which are being
implemented in order to ease the working of customers and satisfying the underserved needs of
society. This report is based on Samsung private limited. Samsung is the largest conglomerate of
south Korea. It manufactures electronics items such as smartphones, televisions, air conditioners,
and many more. Initially this report include how innovation is important for an organisation as
compared to invention. Secondly the report explains the role of vision, leadership, culture and
teamwork in shaping innovation and commercialization. Further the report explains the 4Ps of
innovation and use of innovation funnel in assessing and formulating innovating ideas. Moreover
the report also cover the explanation of developments of frugal innovation and examples of its
implementation in company's perspectives. The assignment also explicate the significance of
commercial funnel and application of new product development processing for
commercialisation and innovation. Further the report also include an innovation business caselet
and methods of raising funds. Finally the report end with evaluation of tools to protect
intellectual property .
TASK 1
P1 Importance of innovation compared to invention
Invention
Invention is a phenomenon of emergence absolutely new e equipment in the market.
Invention is usually performed by scientist with high intellectual mind.
Innovation
Innovation is a method implementation of original idea for the first time. Innovation is of
two types- evolutionary innovation and revolutionary innovation. Evolutionary innovation
emerge from various subsequent advancement in technologies and applications. Revolutionary
innovation are absolutely novel (Ke, and et. al., 2016).
Commercialisation
It is a procedure of introducing newly invented or innovated product in the marketplace.
It is a event of launching absolutely novel and useful product in the market for purchase by
common people. Business case refers to an written and oral presentation that is made on the basis
of decision making. In context of Samsung, it is develops for the innovative product.
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After analysing the situation of the needs, preferences and comfort of the customers Samsung
innovate “Samsung- FH” phone in this they easily fold and it is made up with 3D glass. Where
operational activities of the company evaluate the monetary value in making the phones. Here
the managers use various promotional tool to recognise their product by their customers. They
examine the source of fund that was used in manufacturing the products or promote the product.
At least manager monitor and evaluate all the circumstances that was present in the delivering
and launching the products (Yu, and et. Al., 2016).
Importance of Innovation
 Solve the existing problems in highly efficient manner.
 It enhance the productivity of the respective substance.
 It helps organisation in cut down the competition.
 It lower the need for marketing effort (Song, and et. al., 2016)
Basis Innovation Invention
Meaning Innovation refers to creating
something original in nature
by implementing an idea for
the very first time.
Invention is an event on
creation of a tangible product
for the first time with an
original idea which give value
to people.
What it is A new valuable physical
product.
Addition of features in existing
product.
Skills required Deep knowledge of science High order thinking skills
Responsible Department Research and development
department
Whole organisation
Example Creation of Televisions was
invention
Emergence of LED and 4K
televisions is innovation
Challenges to innovation
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