Unit 8 Innovation and Commercialisation : Assignment

Unit 8
INNOVATION AND
COMMERCIALISATION

INTRODUCTION
The purpose of the report is to assessment of innovation and commercialisation concepts and
theories in the organisation. Innovation can be defined as new ideas and methods. Innovation
involves information, imagination, and initiative in deriving different values from resources, and
includes all process by which new ideas can be generated to be converted into products. Here the
report addresses the organisation Apple and the Virgin group. Apple has released a small, sleek-
looking device called iPod. A digital looking player, it weighed just 6.5 ounces. Virgin group is a
group of companies based in UK. Its business areas include travel, entertainment, finance, and
live style.
Task 1
P1 Explain innovation and determine its importance to organisations in comparison with invention
` Innovation is the development of customers’ value through solutions that meet new,
undefined, or market needs in unique ways. Invention is the process of creating a new
product,process,device .The inventors try to develop a product that is completely unique and has
not been discovered it. Apple and Virgin group both have introduced some unique and new
product to give better services to the customers and make profit by providing these facilities to
them.
The innovation can be termed as a process of developing new strategies and plans to add a value
to organization. It may be creation of a new service,process and improvement of the existing
ones. It can be considered as re-movement of old services and updating it with new trends.
Example-The iPod released by Apple is an innovation.
The invention and innovation both are important for the organization as invention allows to
develop a product that is not known from before and can help the organization to sustain in the
competitive market. On the other hand,Innovation can be useful to update the existing product
with some new ideas and knowledge and be beneficial to the organization to give better services
to the customers.

It may include new products, services, processes, technologies, and ideas. Importance of
innovation to the employees of Apple and Virgin organisation- Motivation-Innovation motivates employees as they are very interested in the further
development of company they try do their best which help in motivating them. Even the
new techniques motivate them to achieve goals (Bogers and West, 2012). Communication- Formulation of new ideas and techniques promotes internal
communication which gives a chance to employees to put their view points and get
together. This helps them to get innovative ideas. Efficiency- Bringing up of new technology helps to increase the efficiency of the
employees. Advanced technology increases the speed and working power of employees
(Chan, 2010).
 Empowerment- Innovation increases the empowerment of employees. If employees are
taught about product, service, process, and market innovation with a common task they
will perform their task with responsibility.
Comparison between innovation and invention
Invention vs Innovation
Invention Innovation
1)The creation of a product,process that has
not been developed yet.
It is process of updating or enhancing the
products in order to fulfil the desire of the
customers.
2)Invention only require scientific skills. This requires marketing,technical and strategic
skills .
3)It is the concerned with one product or
process.
It can deal with various products and processes.
4)iPhone developed by Steve job is invention iPhone 5,iPhone 6,iPhone 7 are innovations
that are made.
In Virgin group ,the invention has benefited small companies by providing more job
opportunities to people which would lead to increase in economic growth and will help small