Unit 8 Innovation and Commercialisation

UNIT 8 - INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.Comparing between Innovation and invention.....................................................................1
P2. The way leadership, visions, teamwork and culture of an organisation shape innovative
ideas in organisation ...................................................................................................................3
M1. Different sources of innovation for developing culture and environment for innovations. 4
D1. Developing embedded, innovative and different measures in organisation. .......................4
TASK 2............................................................................................................................................5
P3 Innovation funnel and 4Ps ....................................................................................................5
P4 Stages of development of frugal innovation technique. ........................................................6
M2 Innovation funnel in Ensoft Ltd. ..........................................................................................7
M3 Role of frugal innovation in Ensoft Ltd................................................................................7
D2 Innovation and their development Ensoft Ltd. .....................................................................8
TASK 3............................................................................................................................................8
P5 NDP and application of commercial funnel. .........................................................................8
P6 Innovation business case for Ensoft Ltd. ..............................................................................9
M4 Business case of Ensoft Ltd................................................................................................10
TASK 4..........................................................................................................................................10
P7 Tools Ensoft Ltd use for, retaining, developing, protecting property and knowledge .......10
M5 Evaluation of tools and their uses.......................................................................................10
D3 Nature of innovation of Ensoft Ltd. ...................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Innovation is all about generating and translating ideas imagination, views and theories
into finished products. In recent market trend, Brexit will be a bigger factor in trading practices
across UK, this will change policies and laws in trading practices that will change whole scenario
of doing business in the country. Government has also planned to support small scale companies
in all over UK (Aarikka-Stenroos and Sandberg, 2012). This has given an opportunity for
different small and medium scale firms to increase and establish their business. Ensoft Ltd. is a
software company that deals in providing software solutions to construction business in all over
the country. This assessment is truly focused on leadership role in organisation and the way they
can make use frugal innovation technique in their business activity and finally how an
organisation can use, retain and protect intelligence property of an organisation.
TASK 1
P1.Comparing between Innovation and invention
Organisation want to grow in market place and have competitive advantage in market.
Software sector is a large competitive market where it gives equal opportunity to every
individual and organisation to innovate and compete. In software industry, creativity and
simplicity are the major factors that determine productivity and increases revenue of an
organisation.
Innovation – It can be termed as generating, forming and executing several ideas to
produce effective finished goods and services. Innovative ideas must be customer based and it
must fulfil the requirements of customers in an affordable price (Bagchi-Sen, 2010). Company
must use innovation in an ethical manner and in the right approach.
Innovation and its importance to organisation
Innovation is a pillar for development of organisation in the business structure. With
innovative ideas, company can manufacture and launch variety of products in market and earn
profit. Given below are some of the importance of innovation that help an organisation to grow
in business market.
 It gives inspiration, opportunities, creative ideas and services that people can use in their
business activities to increase their efficiency to grow in business market.