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Innovation Management and Strategies

   

Added on  2020-01-16

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Unit 8. INNOVATION AND COMMERCIALISATION Table of Contents 1
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Introduction:...............................................................................................................................3Task 1:........................................................................................................................................4LO1: Explaining the context for innovation and determining the difference between inventionand innovation:...........................................................................................................................4P1: Explain innovation and its importance to employees of Avecto, with examples from thegiven case study in comparison with invention:........................................................................4P2: Explain to employees of Avecto how organisational vision, leadership, culture andteamwork can shape innovation and commercialisation, with supporting references from thegiven case study:........................................................................................................................4Task 2:........................................................................................................................................6LO2: Explain the different types of innovation to employees of Avecto:.................................6P3: Explaining the 4Ps of innovation funnel to examine and shaping innovative ideas toemployees of Avecto:................................................................................................................6P4: Explaining how Avecto can develop frugal innovation:.....................................................6Task 3:........................................................................................................................................8LO3: Discussing the process required to commercialise innovation in Avecto in market withpractical examples:.....................................................................................................................8P5: Explaining the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation to employees of Avecto:....................8P6. Building an Innovation Business Case including ways to access funding..........................8Task 4:......................................................................................................................................10LO4: Evaluating the range of methods for protecting ideas and understanding theiradvantages and disadvantages:.................................................................................................10P7: Evaluating the different tools that organisations can use to develop, retain and protectknowledge and intellectual property:.......................................................................................10Conclusion:..............................................................................................................................11Reference List:.........................................................................................................................12Appendices...............................................................................................................................13Appendix 1:..............................................................................................................................132
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Introduction:A market is ever changing because the customers’ needs change with time. Acompany, which wants to retain the customer base and wants to attract more customers,should always try to evolve with time. That evolution should take place on the plane of theproducts or services as well as in the attitude of the company. The changing needs of themarket forces a company to develop products that can outshine the competitors in the market.It is better to offer such products, which do not have any substitute in the market. To do this acompany should take the path of innovation and commercialisation. An innovation is anentirely new idea, which was not conceived before, and nobody ever tried to do that.Innovations change the vision of the world and every innovation requires a successfulcommercialisation process through which the new product can reach to its prospectivecustomer base. As the newly appointed CEO of Avecto Limited, I will discuss the methodsthrough which it should try to innovate new products and the ways to commercialise them.The ideas should be relevant to the current tech-scenario of the world. The farm ismaintaining its value in securing databases and computers from threats of malware andspyware since 2009 and has been recognised as one of the fastest growing tech farms of UK(Avecto.com, 2016). I will try to explain the methods through which the company canprosper more. In this context, I will study the case of Apple Inc. and Virgin Group who arequite well known for their innovative ideas. 3
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Task 1:LO1: Explaining the context for innovation and determining the difference betweeninvention and innovation:P1: Explain innovation and its importance to employees of Avecto, with examples fromthe given case study in comparison with invention:The process of transforming ideas into reality is innovation (Drucker, 2014). Realityhere indicates products or services. The innovation of products and services is the result ofthe increasing demand of the customers for introducing something new in the market.Innovation is always directed towards customer satisfaction. The innovation should servesome economical purpose too like a great innovation can increase the profit of the company.Per Bicen and Johnson (2015, p.280) an innovation always stands up for serving particularpurpose, which is to introduce a new product in the market that can change the way peoplelooked at similar type of products. There is also the point that an innovation is not somethingnew in the product line but its approach is revolutionary. Imagination calls for the capacity tothink out of the box and gathering ideas from different sources. The importance of innovationis enormous as innovation can build up a company’s image and it can boost a company’scredibility and quality in the market. An innovation also helps to increase the profits for acompany and helps to achieve its organisational goals. As a tech-based SME, Avecto has already gathered much fame in the past few yearsfor providing better and securer digital work environment for the enterprises. Even thepublic-sector organisations have contacted Avecto to make their systems more secure(Avecto.com, 2016). However, Avecto should not stop innovating. Rather it should take cluefrom Apple Inc.’s path to find out how they have never stopped their innovation process andthat’s why the company is now the world’s one of the most premium companies. Innovationneeds creativity and apple has been creative throughout the journey. Apple iPhone is not thefirst phone, which boasts a touch screen display, but it was the first phone that showed theworld how touch screen phones were going to change the world Smartphone market within4
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