Innovation Report: Examining Innovation at 4Com Limited

This report delves into the multifaceted aspects of innovation within 4Com Limited, a telecommunications company. It commences by differentiating between innovation and invention, emphasizing the significance of adapting to market demands and the importance of employee skills development. The report then explores the role of organizational vision, leadership, and teamwork in shaping innovation and commercialization. It analyzes the 4Ps of innovation (Product, Paradigm, Process, and Position) and the use of funnel innovation for strategic product development. Furthermore, it discusses the commercialization process, the application of the New Product Development (NDP) process, and the building of an innovation business case, including accessing funding. The report concludes by examining tools for developing, retaining, and protecting intellectual property. The report aims to provide a comprehensive understanding of innovation strategies and their practical application within a business context. The assignment is contributed by a student to be published on the website Desklib, a platform which provides all the necessary AI based study tools for students.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to employees with a difference with invention................1
P2 Organisation vision, leadership, teamwork in shaping innovation and commercialization3
M1...........................................................................................................................................4
D1...........................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation..................................................4
P4 Development of Frugal innovation...................................................................................6
M2...........................................................................................................................................7
M3...........................................................................................................................................7
TASK 3............................................................................................................................................8
P5 Importance of commercial funnel and application of NDP..............................................8
P6 Building of innovation business case including ways to access funding..........................9
M4.........................................................................................................................................10
D2.........................................................................................................................................10
TASK 4..........................................................................................................................................10
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property.................................................................................................................................10
M5.........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Both innovation as well as invention is totally distinguish from each other but some
individual consider it same. Innovation means modify existing goods and services of association
where as invention means produce different thing for people which is not similar to other items
(Wooten and Ulrich, 2017). Present assignment is based on 4Com limited which is doing their
business in telecommunication and much popular in entire world. They are having almost 5000
workers in their business. Fundamental aim of this report is to determine difference amongst
innovation as well as invention. It is required for firm to decide their vision, mission, goals and
so on; thus, they can provide direction to their staff members. This assignment is going to discuss
about 4P's of innovation and utilization of funnel innovation. Company can use
commercialisation to introduce their items at international market. Along with this, to protect
intellectual property manager can use various tools such as copyright, design and many more.
TASK 1
P1 Innovation and its importance to employees with a difference with invention
It is fundamental for each and every type of firm to alter their activities as well as
operations as per time. As a result, they can easily attain desired targets and goals within limited
period of time and will acquire long term success. Both leader as well as manager has to gather
essential data and information from marketplace; therefore, they can change their goods and
services as per need of their customers (Camagni, 2017). This will be known as innovation in
products. Innovation is considered as a procedure and as per this, employer will add some
additional features into items or may be develop new goods.
If manager wants to make their products more attractive then, it is fundamental for him to
implement new thoughts into it; thus, they can attract more people towards them. This will aid
them to compete with their competitors at competitive world. 4Com wants to provide wireless
services to their users. For above stated purpose, they want their staff members more skilled as
well as knowledgable. As a result, this will help them to get more share at marketplace for longer
period of time. Along with this, innovation will assist workers to enhance their working abilities
and gather data from market; thus, they can easily deal with their customers. There are various
significance related to innovation to staff members are stated as beneath:
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 Development of skills: For improvement of workers it is required to enhance their
knowledge, skills, abilities and many more in an effective manner (Tracey and Stott,
2017). Efficiency: With assistance of innovation an employer can easily alter their goods and
services which will help them to improve its effectiveness. As a result, this will help to
improve work efficiency adequately. Performance productivity: If staff members do their task in an effective way then, this
will aid them to increase their performance of productivity. Creative mindset: If an organisation wants to develop innovative items then, it s required
for them to think differently from other and implement it into their working process.
Hence, they will produce goods with maximum appropriateness (Kogan and et. al.,
2017).
 Flexibility: It has been determined that many times workers do not accept changes at
workplace. In this context, innovation is one of them and helps to develop new abilities
as well as skills into a person. Therefore, if policies of firm is much flexible then, people
will adopt modifications easily.
Both innovation and invention is totally distinguish from each other. Hence, there are some
difference amongst them through utilizing an example of Virgin group and Apple, which is
mentioned as beneath:
Innovation Invention
It happens when company wants to increase or
add additional qualities into their current goods
and services.
As per this, an organisation wants to produce
new products at marketplace.
This helps firm to keep up competition benefits
in an appropriate way.
This will cater strength to an association to
manufacture new items at market.
Apple develop iPod which is like a MP3 player and an individual can easily add more
than 1100 songs in it. But manager of company examined that there are various rivals of them at
market; hence, they have to add extra attribute into their item (Johansson, 2017). As per Steve
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Jobs, to invent periphery, they have to use all data; so that, persons will experience greater
things.
There is an organisation named Virgin group is much famous in entire world. Richard
Branson begin its as a publishing firm in near 1969. In this, owner utilize new thoughts and
apply it appropriately. As time passed, now this company is working in many segments. This
will consider as a innovation which helps them to enhance their profits.
P2 Organisation vision, leadership, teamwork in shaping innovation and commercialization
Each association has their own mission, vision as well as culture, which is follow by
them to complete their operations. It will cater guidance to staff members; thus, they will
accomplish their task in corrective way (Nambisan and et. al., 2017). This is much essential for a
firm to shape innovation as well as commercialisation. As per innovation, manager will modify
or alter their current goods which will provide more satisfaction to their customers. As a result,
sales and productivity will improve of firm. Apart from this, commercialisation is considered as
a procedure through which firm can easily deal at international level.
If an association wants to deal at global market then, they have to develop mission,
vision, goals, targets etc. to fulfil their operational activities in a proper manner. As a result,
company can easily provide quality items and services to their buyers. Main aim of 4Com is that
they want to provide wireless services to their users, which help them to take benefits from their
competitors at marketplace. Vision, style of leadership and culture which is utilized by firm is
mentioned as beneath:
Vision: It is like a statement which is associated with an organisation and describe what
they want to attain within limited time frame (Longo and et. al., 2017). As per thinking of 4Com
they are doing their work in best way and in addition wants to enhance their communication
services at SME marketplace. Hence, they are much clear about their vision as they wants to
become best at entire world.
Leadership: Authority is connected with leaders where each staff members possess a
right that they can provide some suggestions to their manager which is advantageous for them.
Leaders are those individual who interact with labours on continuous basis. Furthermore,
employees will get reward from their employer if he is doing best performance at workplace.
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Culture: As indicated by this, manager of 4Com has to develop effective skills and
abilities into their staff members; so that, they can contribute their maximum power to attain best
outcomes.
Therefore, it is required for a firm to do their business by following their vision as well as
mission to do entire activities in a proper way (De Marchi, Di Maria and Gereffi, 2017). With
assistance of innovation an employer can alter their current goods as this will aid them to
improve effectiveness of products. If company wants to accomplish their targets within limited
period of time then, they have to create vision accordingly. Furthermore, if there is an effective
coordination amongst team members then, people will complete their task adequately. This will
increase their communication abilities. This all will useful for an organisation to do work in an
inventive way as with aid of decided mission manager will provide direction to staff members.
Main aim of leader is to cater info regarding culture as well as mission as it bind persons to do
their task appropriately.
M1
With assistance of innovative ideas manager can easily design new items for their users
and in addition can launch unique products. Like an example: they can conduct research to know
needs and wants of their customers or can get data through secondary sources. Instead of this,
innovative items can easily pull individuals who are residing other nations. Manager of 4Com
thinks that if they introduce new goods to people then they can keep up their client base. Along
with this, they can utilize promotional techniques into their firm (Johnson, Simmons and
Sullivan, 2017).
Through conducting some research programmes they can gather adequate data as well as
information and accomplish requirements of their customers within specific period of time.
D1
According to Lundkvist and Gustavsson (2017) to examine inventive thoughts manager
can use or apply some tools and techniques in an effective way. This will aid to find out
advantages to present new items to public. There are much skilled and talented people who are
working in an organisation from very long period.
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TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Innovation portrays that when an employer alter their current items to enhance its
appropriateness. In other words, it transforms skills into money. Apart from this, innovation is
like an ability which change current items; therefore, it develops more value of it. It is
fundamental for an organisation to produce their items in an inventive way; thus, they can easily
grow at marketplace and provide maximum satisfaction to their customers in an appropriate
manner. 4P's of innovation is described as beneath: Product: 4Com is an organisation and doing their work in telecommunication. They cater
best and effective services to people. Items and services of this firm is very creative and
in addition they modify them according to time (Foss and Saebi,2017). Hence, they can
maintain their customer base and will attract more customers towards them. There main
aim is to convert their fixed line services into wireless nature, which will improve their
market share. Paradigm: As per this, employer will add new attribute into their current goods. 4Com
do not want to develop any new product but instead of this they want to transform their
working pattern to improve their work effectiveness. Thus, they are going to provide
those services to their users which is wireless in nature. Process: This is consider as another procedure of innovation through which manager will
cater best services to their clients in a proper manner. Now, they want to flow their
services to users freely; so that, they are providing wireless services to them.
 Position: Primarily, 4Com is providing their services to people with aid of wire phones.
But, in recent time they want to change thinking of their users; hence, they are going to
deliver wireless services to them and in addition they are providing broadband to buyers
at cheap prices (Trantopoulos and et. al., 2017).
As per funnel innovation, an organisation wants to determine a thought; thus, they can
acquire opportunities from marketplace and get success of their goods. At the prior stage, it is
necessary to gather entire data and after that they go by system of refinery. Through utilizing
this, administrative department can easily deal with every issues which are connected with their
products and services.
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Apart from this, it is required for firm to examine ideas of business and then measure it;
therefore, they can easily know that it will be fit into their management ability. Furthermore, they
determine issues and examine them so that they can accomplish entire work within limited
period of time. This will aid them to take an effective judgement which is advantageous for
company and provide long term success (Knippels and van Dam, 2017).
Illustration 1: Innovation funnel
(Source: Innovation funnel, 2013)
Funnel innovation is using by Virgin group adequately; thus, they can easily deal with
SME at their prior phase. But now they are a big enterprise and much famous in entire world.
They are having much talented as well as motivated staff members and always ready to face
challenges whether circumstances are favouring them or not. Therefore, by determining issues
they can easily apply ideas into them to acquire success and growth.
P4 Development of Frugal innovation
With assistance of frugal innovation manager can eliminate unnecessary things from their
items which are irrelevant. This will help to decrease product complexity and extra cost of
manufacturing. Along with this, it helps to identify that how manager do their work with more
effectiveness. As a result, an association can easily develop quality goods with minimum
resources (Balsmeier, Fleming and Manso, 2017).
As per this method, if an organisation has limited assets then they can use them by
examine it in an effective way. It aids to describe capabilities of firm that how they will earn
more profits by using less resources or assets in an adequate manner. Along with this, efficiency
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of company can also be analysed effectively. They can complete their task within limited period
of time. If 4Com wants to get more clients then they have to develop their products and modify
current goods. This will assist them to pull more people towards them. Hence, it has been
comprehended that to produce items by utilizing less resources, an organisation can use method
of frugal innovation.
It is fundamental for 4Com to take this concept into their business; hence, they can use
available resources in an appropriate manner. This helps them to build trust as well as faith and
they can easily get support from people and their staff members. To develop frugal innovation
management can embrace some steps which are stated as beneath:
 Determine thought and utilize best way for this.
 Examine cost to apply idea.
 Analyse reports appropriately and then take effective action for idea as this will aid to
decrease complexity (Bhagavatula, Mudambi and Murmann, 2017).
 After that create advantageous item for customers or users.
Both Apple as well as Virgin group is very successful because they are using frugal
innovation into their business adequately. Apple is using entire resources in a proper way and it
has been measured that iPod is acquire almost 30% market share and there profits are maximized
by 51%. hence, this all is done with trust and faith of staff members.
Apart from this, Virgin group is dealing at public enterprise only. But now Richard is
introducing their firm at broad level. He is using his efforts to develop business and present ideas
in front of other effectively. Furthermore, they are utilizing entire assets in an appropriate
manner with help of their worker. They are always ready to do work and face challenges
properly.
M2
If an organisation wants to decrease additional cost from their working procedure them
they can use innovation funnel into their business. This aid them to use resources in an
appropriate way. Fundamental aim of this funnel is to examine all phases of manufacturing;
therefore, they can reduce unwanted wastage and will use resources properly (Huang and et. al.,
2017).
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M3
4Com wants to accomplish requirements of their customers within limited period of time;
hence, they adopt new and advance techniques into their working process. This will aid them to
improve their goodwill as well as market share and in addition they can compete their
competitors at competitive world.
TASK 3
P5 Importance of commercial funnel and application of NDP
With help of innovation tool, it has been determined that it is required for administrative
division to enhance quality of their goods and services; therefore, they can fulfil demands of their
clients more effectively. This is much useful to improve productivity as well as profits of firm
because it aids to solve issues properly. It is necessary for an association to commercialise their
products at international market; hence, they will acquire chances to improve their revenues.
Funnel is considered as a tube which needs to be follow by an organisation.
Apart from this, commercial funnel is much useful technique as with aid of this, firm can
easily introduce their goods at international market. It is fundamental for them to maintain
quality of their goods and services to gain more clients (Archibugi, 2017). As quality is a major
factor through which manager of 4Com can attract users towards them. Hence, it has been
comprehended that commercial funnel is an essential attribute by which an association can
introduce their creative items worldwide. Mentioned company wants to present wireless phones
at marketplace and for this aim they are going to use this methodology. As a result, they can
enhance their profits as well as productivity and cater quality goods to people at global level.
Furthermore, NDP is required for each and every kind of firm. For this, an employer can
use some effective strategies which are helpful in new product development. Therefore, there are
some stages which needs to be follow by company to introduce their services in an inventive
manner: Idea generation: Primarily, it is fundamental for an organisation to develop a though on
which they want to begin their work. This will aid them to maintain competitiveness at
marketplace. Idea screening: After generation of an idea, it is necessary for manager to do screening.
That time they have to examine all differences on which they need to get over.
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 Testing the concept: As indicated by this stage, it is needed for management to test their
thought that it is best for their firm or not. If goods and services pass this phase of NDP
then they will go to the next step (Bogers and et. al., 2017). Analyse product or services: It is fundamental for an association to examine growth as
well as progress of their goods. This helps to measure their long term success at
marketplace. Commercialisation: According to this, if response of products and services are positive
then, manager can introduce that item at international marketplace. Along with this, by
using commercialisation firm can present their goods to their targeted clients.
 Product launch: It is consider as a last stage and as per this, an organisation has to apply
their thinking into goods. Now, people are able to buy that item from market.
P6 Building of innovation business case including ways to access funding
With aid of innovation an organisation can easily modify their goods and services as per
prerequisite of time (Ouyang and et. al., 2017). If manager implement this aspect into their
business then, they can easily acquire market in broad way and in addition can compete their
competitors at competitive world. Therefore, it is necessary for employer to find out business
attribute and after that do work on them. Both innovation as well as commercialisation of items
are essential.
If association wants to introduce their products at global level then they need proper fund.
Hence, it is obligation of higher authority to arrange required amount for product to launch it for
people. For above stated purpose, administrative division can take some steps which are
mentioned as below:
 Determine those objectives for which fund is needed; so that, management can arrange
fund accordingly.
 Examine those areas in which manager has to allocate sufficient amount. As a result, they
can easily introduce their goods at international level (Png, 2017).
 Money is considered as an essential resource of firm; thus, it is fundamental to utilize it
properly. It is necessary to reduce wastage as it can enhance unwanted cost.
Purpose of 4Com is that they want to provide wireless connections to their users
adequately. For this, they required proper fund which can be arrange by top authority and they
can take assistance of some institutions like stakeholders, banks and many more. Furthermore, it
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