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unit 8 innovation and commercialization | assignment

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Added on  2020-01-28

unit 8 innovation and commercialization | assignment

   Added on 2020-01-28

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UNIT: 8 – INNOVATION AND COMMERCIALIZATION
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Contents
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From: CEO; SME To: Board; SMESUBJECT-P1: Description about the innovation and its significance within the corporationThe introduction of Streatley Software Solutions: Streatley Software Solutions is a UK based small companies. The organisationprovides service to manysmall and medium size enterprise to develop software solutions. The organisation also provides sales and marketingsupport, consultancy and training and data file accounts management system. It is Microsoft certified company andthriving to develop the business by becoming more customer focused. The enterprise was established in the year1993 (Streatley.co.uk, 2016). In the competitive market of IT, the company finds it difficult to establish its marketpower.Innovation and invention importance: Per Wintjes et al. (2014), the invention is the process of offering something new in the market which wasnot previously available. Whereas, innovation is modifying the existing product, service and context and producingit in a different form. Streatley Software Solutions is facing stagnation in its operations and facing the high cost ofoperations. The enterprise is considering to make its operations more innovative to reduce operational cost.Innovation and invention is very important for the organisation as by this methods, firm can able to generate the newproduct and services and gain the customer attraction in the market. It assists in developing the effective brandimage in the market. It also aid in generating the revenue by deliver the high quality of product and services byinnovation and invention. Every company must engage with these measures because by this firm can gain theopportunity to expand its existing product range.To enhance its market value, the company also requires bringing innovation in service delivery to attractmore customers and provide customer delight. Streatley Software Solutions has a workforce of 30 people(Streatley.co.uk, 2016). It also has very low budget to invest in bringing effective innovation. This issues alsorestricts the enterprise to invest in research and development for developing new products and services for is clients.This impacts on the profitability and business performance of the company.Brief on the relevance of the case study: The case study of Apple Inc. and Virgin Mobile represent that, companies has identified the potential gapin the market and look out for various opportunities to develop the business. None of the enterprises invented high
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amount of money to innovate the products and services. But, they modified the existing products to meet the marketgap, and it made their business profitable (Wintjes, et al., 2014). Streatley Software Solutions also requires assessingthe market gap and issues faced by its clients to offer them the best solution. It should conduct many brainstormingsessions and empower the employees in the decision-making process will make them motivated to offer newsolutions for making decisions. This will facilitate to improvise a culture for innovation. However, in the presentcontext, the organisation seldom make any initiatives to foster innovation.Conclusion: The discussion identifies that there is a salient difference between innovation and invention. Apple Inc. andVirgin group followed innovation rather than invention. Streatley Software Solutions has identified the practisinginnovation will benefit to create an effectivemarketplace. But, at present, it has not taken any effective initiatives tobring innovation.
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