Unit : 8 Innovation and Commercialization Assignment
24 Pages7599 Words1154 Views
Added on 2020-01-23
About This Document
Explaining the context for innovation and determining the differences between invention and innovation. Explaining innovation and its importance to the employees of Brands2Life In the modern era of continuous development, innovation plays a significant role in setting the position of an organization within the industry. Process innovation of apple company has been made to available the music to be purchased by the customer the online. You can also check "Case Study of Apple Inc".
Unit : 8 Innovation and Commercialization Assignment
Added on 2020-01-23
ShareRelated Documents
UNIT 8. INNOVATION AND COMMERCIALISATION1
Table of Contents2
The contemporary business scenario is experiencing an accumulation of various historicalevents in relation to the innovation and commercialisation. These rapid changes appearremarkable in changing the way each organisation is looking at innovation andcommercialisation. The organisations are considering innovation and commercialisation as aneffective tool to improve their position within the market. At the same time, innovation and commercialisation play crucial role in improving theperformance standard of the small and medium-sized industries (SMEs). These SMEs areconsidering and analysing the performance of the big firms of the industry in this regard. Further,they are aiming at developing a holistic framework for innovation and commercialisation basedon their findings. The prime objective of these organisations here is to come up with winning strategies anddevelop competitive products. In this regard, this assignment considers the case of Brands2Lifeand explaining their functioning and highlights the impact of the innovation andcommercialisation skills of Apple and Virgin on the organisation. Task 1LO 1: Explaining the context for innovation and determining the differences betweeninvention and innovationP1 Explaining innovation and its importance to the employees of Brands2LifeIn the modern era of continuous development, innovation plays the significant role insetting the position of an organisation within the industry. Innovation refers to the ability of anorganisation to develop new ideas and approaches. In addition, the organisations need to putthese ideas and approaches into their organisational practices. The fundamental motive of the organisations behind putting these approaches and ideasinto action is to ensure effective commercialisation. Success in innovation andcommercialisations can add value to the performance of an organisation (Carmeliet al. 2012,p.341). The business dictionary defines the term innovation as transforming ideas into product inorder to enhance the value of the product. The customers of an organisation pay for thisenhanced value of their required product or services. Therefore, the organisations aim atanalysing their ideas to realise them at an economical cost. That is, the innovation strategies of3
an organization must be cost efficient and specific. This, in turn enhances the value of thedeveloped products. In this context, it is essential to mention that although innovation and invention are oftendiscussed simultaneously, there exists a structural difference between these two. The inventionrefers to the development of a new product, whereas innovation is about developing new ideas(Gokhberg and Meissner, 2013,p.313). That is, innovation allows an organisation to turn invention into marketable products.Precisely, innovation refers to bringing distinctive features in the inventions. Invention generatesdemand for the product of an organisation (businessdictionary.com, 2016). Innovation, on theother hand, allows an organisation to serve their customers in accordance with their specifiedneeds.In contrast to the theories of innovation, invention refers to embodying new ideas(businessdictionary.com, 2016). That is, it refers to the capability of an organisation to develop anew product to the customer base of the organisation. Invention opens a new dimension to theorganisational operations of different companies. However, considering the benefits of product invention, organisations aim at acquiringthe most from their innovations. In relation to this, the organisations rely on patents andcopyrights to protect their entities. For further understanding, it is effective to consider fewexamples of innovation an invention. For instance, Apple opened the door to a new horizon inthe market of music systems by developing iPod. The market already incorporated various music systems that demanded to offer the bestfeatures to the customers. However, they all failed to accommodate a large variety of music in aremarkably small sized device like Apple’s iPod. This refers to the innovative initiative of Apple.On the other hand, when steam engine was discovered, there was no alternative of it in themarket. This indicates invention. An as the development on the functioning of steam engineindicates, this invention opened door for further innovation. Along with the big business bodies, the SMEs are considering innovation sincerely due toits importance in improving the market position of the enterprises. In this regard, the employeesof Brands2Life need to understand this significance as well. Brands2Life is a multidisciplinaryagency in London (brands2life.com, 2016). This award-winning organisation shares an extensive4
global capability. To improve their industry position, the organisation needs to understand theimportance of innovation. Brands2Life appears quite effective in this regard nevertheless. Their emphasis onincorporating the strategic planners, creative thinkers, and people with great expertise in theirfield reflect this effectiveness (brands2life.com, 2016).For example, in the context of the VirginGroup, the innovation skills have been maintained, as the managers have developed the strategicplans after consulting with the lower level employees and their innovation ideas have beenrestored in many cases and have proved to be successful for the company. In relation to this, it is essential to analyse the performance of the large organisations inthis case. For example, as world’s most innovation organisation Apple put emphasis on diversity(apple.com, 2016). It allows the organisation to gather a varied perspective of innovation from alarge set of people with different ideas and approaches. For example, it allowed the company to understand the market demand regarding musicplayer. This allowed them to develop iPod that claimed the no. 1 position in the market withinfew months of its release. On the other hand, Virgin believes in keeping the curiosity alive(virgin.com, 2016). In this regard, the organisation encourages ideas from all their employees. Further, theorganisation believes that curiosity allows a person to take the risk. To ensure effectiveinnovation, willingness to work with risk is essential. However, the organisations need to assessthe risk while developing decisions as well. As the multidisciplinary organisations, Brands2Life needs to encourage their employeeslike Virgin. Further, they need to support the employees through innovativeness. This wouldcontribute to boosting the organisational image of Brands2Life. P2 Explaining the way organisational vision, leadership, culture, and teamwork can shapeinnovation and commercialisationTo understand the innovation and commercialisation effectively, it is essential to considereach of the factors associated with organisational performance and analyse their influence oninnovation and commercialization. These are considered as the main sources of innovation. Thefirst to mention in this context is the organisational vision. 5
To ensure efficacy in innovation and commercialisation, the organisations need todevelop a clear vision. That is, the authority needs to have a proper idea of their purpose.Further, they need to promote this vision among the employees. This is essential to encouragethe employees and ensure innovativeness from their end. For example, Virgin group has their organisational vision clear and they believe inencouraging and supporting each other within the organisation to ensure innovation and boosttheir performance (virgin.com, 2016). In this relation, it is essential to mention the importance ofteamwork and effective leadership. Teamwork is one of the most commonly used organisational practices to encourage andsupport the employees. In addition, as teamwork promote the cumulative effort, it appearseffective in developing the innovative idea (Davis and Marshall, 2014, p.223). In this regard, it isessential to ensure strong leadership within the teams. Effective leadership is essential tooptimise productivity within the team (Bock et al. 2015, p.291). Further, efficient leaders can encourage the team members to practice creative thinkingby sharing the passion with them. This creative thinking is a crucial factor in the context ofinnovation.On the other hand, culture is an important factor in this case. Each organisation needs toensure a culture that encourages and supports their employees. This would allow the employeesto share their ideas with others (Martín-de Castro et al. 2015, p.359). For example, theorganisational culture at Apple is based on diversity (apple.com, 2016). This allows theorganisation to gather ideas from people with diverse observations.The innovation cultures may be restored in the company by inculcating the followingsteps that includes the defining of the innovation cultures followed by the innovationprogramme. The third step involves the determination of the plan that is generally followed bythe vision and leadership. The fifth step is related to the leading of the plan from the present place; however, animportant consideration in this stage is the next stage of valuing the people that are important forthe companies or the organisations. The next stage is the process of analysing and nurturing ofthe better ideas of the people of the company, followed by the reclaiming of the authority tointerrupt things for any precautionary measures. 6
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercialisationlg...
|14
|4561
|273
Unit 8 Innovation and Commercialisation- Fordwaylg...
|18
|3935
|38
Importance of Innovation and Commercialisation for F-Drone | Deskliblg...
|19
|6094
|1
Assignment on Innovation in Existing Productlg...
|7
|1724
|60
Innovation INTRODUCTION 1 P! Explaining the importance of innovation to employees in Tate organisationlg...
|18
|5792
|228
Innovation & Commercialization of Waste or Recycling Systemlg...
|17
|4436
|70