Business Innovation and Development Report for 4Com plc

This report provides a comprehensive analysis of innovation within a business context, using 4Com plc as a case study. It begins by defining innovation and differentiating it from invention, emphasizing the significance of innovation for firms. The report then explores how culture, vision, leadership, and teamwork shape innovation and commercialization. It delves into the 4Ps of innovation (Product, Process, Position, and Paradigm) and the application of the innovation funnel to shape innovative ideas. Frugal innovation is also examined, including its principles and its application in an enterprise. The report further discusses the new product development process and the importance of the commercial funnel. It covers various ways to access funds for innovation and the creation of an innovation business case. Finally, it addresses different tools businesses can use to develop, retain, and protect knowledge and intellectual property. The report offers a detailed overview of innovation strategies, providing valuable insights into the implementation and management of innovation within a business.

Innovation

CONTENTS
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Significance of innovation for a firm and differences between invention and innovation....1
P2 Culture, vision, leadership and teamwork shape innovation and commercialisation.............3
TASK 2............................................................................................................................................3
P3 4Ps of innovation and use of innovation funnel to examine innovative ideas.......................3
P4 Frugal innovation and its various development and its use in an enterprise..........................4
TASK 3............................................................................................................................................5
P5 Application of new product development process for innovation and importance of
commercial funnel.......................................................................................................................5
P6 Various ways to access funds and innovation business case..................................................6
TASK 4............................................................................................................................................7
P7 Different tools that can be utilise by business firms to develop, retain and protect
knowledge and intellectual property`..........................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Process of transform an invention or idea into a service or good that help in satisfy needs
of customers and for which they will pay is known as innovation. Application of better solution
that help an enterprise to satisfy market needs and fulfil the requirements of customers is also
view as innovation (Gawer, 2011).. Further, innovations can be defined as something original.
One of the main benefit of this is that it help in attract more customers and at the same time help
in get competitive place in market. This is one of the most effective concept to step forward from
all competitors operate in business environment. Innovation help manager in identify various
ways to carry out production process this improve efficiency of business process and provide an
opportunity to offer featured products at affordable prices. 4Com plc that offer various type of
telecommunication services to its customers is consider under this approach for study.
Significance of innovation for a business enterprise and differences between innovation and
invention is all given in this report.
TASK 1
P1 Significance of innovation for a firm and differences between invention and innovation
Innovation is the process in which unique and effective methods are apply by business
organisation in order to offer featured products to target customers. Implementation of
innovation on continuous basis provide various long term benefits to a business firm (Owen,
Macnaghten and Stilgoe, 2012). One of the main benefit of this is that it help in grasp attention
of large number of customers and support in generate large number of profits. This ensure long
term survival of enterprise in business environment. Importance of innovation in context of a
business organisation can be understood by the following points:
 Ensure optimum utilisation of resources: By implement the concept of innovation, entity
offer new and featured products to its customers. This help in utilise all resources at an
optimum level add improve efficiency of business operations. With this company can
offer value to its customers and can retain them for a long time period.
 Provide competitive benefit to firm: When firm manufacture and offer something new to
its customers then it provide competitive advantage to company. Today large number of
firms operate and offer same kind of products to its target market so in that for get the
attention of customers, it is very effective to offer featured something unique. In this
way, more number of profits can be generated by 4Com plc.
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 Increase effectiveness of communication process: For implement the concept of
innovation various activities are carry out by manager. It is very important that all
activities should be executed in an effective manner so all benefits related with it can be
utilise by firm. For implement innovation effective communication channels are use by
firm as this help in remove confusion and make the workers aware about their needs and
wants. `with innovation, entity can bring cooperation among its various functions.
 Improve efficiency: One of the main benefit of innovation for a business organisation is
that it help manager in identify and examine various ways to carry out business process.
This not only improve productivity but also save time of enterprise. With this company
can serve its customers in better manner.
All these are the major advantages that can be get by a business enterprise after implement
the concept of innovation. Large number of people think that innovation and invention are
the same thing but there are various differences between these two as give in the following
table:
Difference between invention and innovation
Basis Innovation Invention
Meaning Under innovation,
implementation of a new idea
is take place for the first time
related with a specific
product or service (Battistella
and Nonino, 2012).
When a new idea is come
into existence for the very
first time that has never take
place before then it is known
as invention.
Concept Mainly a new feature or
characteristic is add into
already exist product.
New products are
manufactured and offer to the
audience for the first time.
Required skills For ensure effective
implementation of
innovation, various skills are
required such as marketing,
financial, technical and many
more.
Mainly this concept is related
with research and
development skills.
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Activities Major activities that cover
under the concept of
innovation are spread across
various department of entity
from marketing department
to Human resource
department.
Activities related with
invention are limited to only
research and development
department.
P2 Culture, vision, leadership and teamwork shape innovation and commercialisation
 Culture and innovation: organisational culture play a big role and largely affect the
process of innovation. Appropriate structure, right flow of communication and positive
work climate encourage implementation of innovation in effective manner.
 Innovation and vision: This is another factor that largely affect the process of innovation.
Vision indicate the position that entity wants to get in coming future year. Competitive
vision encourage innovation and its implementation at workplace as this help entity in
attain its vision.
 Teamwork and innovation: Teamwork indicate the working of employees in a group. One
of the main benefit of working in team is that it help in implement innovation in better
manner and also support in get all benefits related with it.
 Leadership and innovation: Leaders are known as the individuals that encourage and
provide direction to employees so they can perform their job roles and responsibilities in
an effective manner. It is very important that right leadership approach should be use by
leaders so workers can implement innovation in better manner.
TASK 2
P3 4Ps of innovation and use of innovation funnel to examine innovative ideas
In today’s business environment, implement the concept of innovation is become essential
for every organisation as this help in respond to the changes take place in business environment
and at the same time with this entity can generate more number of profits. Execution of
innovation should be done in an effective manner to get all benefits related with it. 4Ps of
innovation are there that should be use by 4Com plc for implement innovation:
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 Product: Every enterprise offer some specific features in form of either product or
service for satisfy the needs of its customers. Various type of telecommunication
products and services are offer by 4Com plc to its customers for satisfy their needs. For
attract more customers it is very important that product should have the features to satisfy
the needs of its customers.
 Process: This element reveal the major steps involve in implement innovation at
workplace. It is very essential for firm to have required resources and funds and proper
training should be provided to customers so they can perform their roles and
responsibilities.
 Position: This factor reveal the major communication channels utilise by entity
for do promotion of its products for make its customers aware about its products.
Different digital platforms are there which can be use by company for promote its
products.
 Paradigm: This aspect focus to add more features in product for increase its
usefulness and to attract more number of customers towards it. This help in
generate more number of ptofits.
Use of innovation funnel in organisation to shape innovative ideas
Under innovation funnel, entity take a idea from real life situation and transform the same
into a product or service for satisfy the needs of its customers. One of the main benefit of this
is that it make the innovation more reliable and also make the manager aware about the
trends exist in market which help in offer better products to its target customers.
P4 Frugal innovation and its various development and its use in an enterprise
Frugal innovation is one of the most effective concept related with innovation. One of eth
main focus of this tool is to make the make the innovative products available to every individual
by decrease its cost. Features and quality of product is maintain to satisfy the needs of customers
(Battistella and Nonino, 2012).. One of the main benefit of this concept is that it help in utilise
market opportunities and by offer its innovative products to individual with middle income
company can generate more number of profits. This support in implement innovation in effective
manner. With this company can implement the concept of innovation in better manner.
Following are the six principles through which concept of frugal innovation can better
understood.
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 Find opportunity in adversity: As per this principle, a problem or issue require to be
examine by investigator from every point of view. This help in better understand the
problem and also offer basis to find effective solution. Every single threat related with
problem should be transform into opportunity.
 Do more with less: As per this principle, researcher require to do efforts to identify the
solution of problem with the available data rather than carry out research for gather new
information.
 Think and act flexible: It is very essential for researcher to remain flexible during whole
research rather than being rigid as this support in find better and effective solution. With
this issue can be examine from various aspects.
 Keep it simple: Tools, method and process that use by researcher should be simple as this
help in deal with the issue in better manner.
 Include the margin: According to this principle, customers require to be encourage to take
part in problem solving. With this, effective solutions can be come intro ground.
 Follow your heart: An individual should be passionate about his work.
TASK 3
P5 Application of new product development process for innovation and importance of
commercial funnel
Commercial funnel is a tool that is utilise by every enterprise one of the main reason
behind this is that it help in reveal the major ways through which company can increase the
number of its profits. A business firm work on various projects in order to attain its set goal and
objective. No matter how profitable a project is the profit that firm will get and the risk involve
in that project also remain uncertain (Schaltegger and Wagner, 2011). In this type of situation,
commercial funnel help manager in select the best idea from all available which contribute in
success and growth of company. Effective use of this funnel increase the sale of company’s
product and provide opportunity to generate more number of profits as compare to its rivals.
Initially all ideas through which firm can generate profits is identify and after that manager
determine the funds require to implement a specific project. In the end an idea is selected
through which profits of company can be increased. One of the main feature of this funnel is that
it help in increase features of products and at the same time help in create a creative environment
at workplace.
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New product development
Various steps are include in process of new product development but the major steps can be
understood by the given points:
 Idea generation: This is the first step in which manager carry out research to collect
information related with various aspect such as product, process, suppliers, strategy and
many more (De la Mothe and Paquet, 2012). With this manager can identify the trends
exist in market and can manufacture products as per the requirements of customers. With
this entity can retain them for a long time period.
 Idea screening: All steps developed in first step is examine in this for choose the best and
reliable one. Under this firm take help of experts in order to determine how reliable an
idea is and on which it can work further.
 Concept development: In this idea of innovation is transform into real life situation.
 Formulation of strategy: Manager formulate strategy for implement innovation and also
highlight the major resources require for the same.
 Undertake situational analysis: An analysis related with various conditions exist in
business is analyse by manager (Ambec and et. al., 2013). This support in identify the
right time to implement innovation.
 Product development: In this company decide the features of product for satisfy the needs
of customers.
 Test marketing: In this step, company offer innovative product in specific areas and
region to determine its acceptability.
 Commercialisation: Under this company starts selling its products on big level for
generate profits and cover the cost involved in research and development activities.
P6 Various ways to access funds and innovation business case
4Com plc is a firm that operate in telecommunication industry and offer various type of
technical products and services to its clients. But for satisfy the needs of customers and to retain
them for a long time, it is very essential for company to offer something unique and effective to
its customers. 4Com plc wants to manufacture and offer a phone use for business purpose with
an unique feature of video calling. Essential steps require for implement innovation is given in
the following points:
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 Executive summary: Due to operate in telecommunication sector, different type of
products and services are offer by firm. Now with help of innovation, entity wants to
offer something new to its customers for better satisfy their needs and to generate more
profits.
 Target: Main target of this innovation of entity is business firms. As phone manufacture
for business purpose will not be use by households. One of the main feature of this phone
is that it will increase effectiveness of communication process take place among various
businesses.
 Solution: This element highlight that all features of products should be in that way so
that all customers can utilise it in simple manner. This not only help in satisfy the needs
of its customers but also enhance their loyalty towards the brand.
 What the product is innovative: It is very important that the product manufacture by
entity should be unique and different from the other products exist in market. As this help
in attract more customers and at the same time increase profitability of company. By
offer more features to its customers 4Com plc can charge high prices from its customers.
 Customers research: Before offer product s to the customers it is very essential for entity
to carry out research in order to understand about their needs and requirements. This also
help in identify the trends exist in market.
 Funds: This is known as one of the major resource require to implement the innovation
and to provide unique features to customers. Adequate amount of resources help in
implement innovation in better manner.
 Expected benefits: This indicate the major benefits get by entity by implement
innovation. For get all benefits is it is very important for firm to offer featured products to
its products,
TASK 4
P7 Different tools that can be utilise by business firms to develop, retain and protect knowledge
and intellectual property`
Unique creations of human beings that remain intangible in nature is known as intellectual
property. It can be either a symbol, sign logo or design. Protect intellectual property and
knowledge is known as very essential as this help in save the data so that no other individual can
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misuse it. Owner of intellectual property can protect it with help of various tools and techniques
as given under the following points:
 Professional help: Under this tool, owner of intellectual property take help of technical
experts to protect the knowledge as they provide a password so it become impossible for
any other individuals to access it. This is very popular and effective method.
 Trademark: This is another method, in this a unique symbol or sign is utilise. With this
customers find can the company’s products in effective manner.
 Patent: Under this tool, owner register his unique knowledge so no other individual can
access or use it.
 Copyright: This method also provide protection to the owner of intellectual property for
a specific time period.
 Right about intellectual property and knowledge: Before get protection for intellectual
property it is very important for an individual to have information about his rights and
duties. With this he can get proper protection and can avoid misuse of data.
All these are the major tools and techniques that can be utilise by 4Com plc to protect and
retain knowledge and intellectual property.
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CONCLUSION
From the given project report, it can be summarised that innovation help in offer featured
products to its customers which support in retain them for a long time period. One of the main
benefit of innovation is that it help in utilise all business resources to an optimum level and also
increase effectiveness of business process. For implement the concept of innovation there are 4Ps
that can be utilise by 4Com plc. Various factors are there that affect the process of innovation so
it is very important for manager to examine those elements in order to get all benefits related
with innovation. Large number of tools and methods are there that help entity in retain and
protect intellectual property and various sources are there which can use by entity raise funds to
carry out business operations.
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REFERENCES
Books and Journals
Ambec, S. and et. al., 2013. The Porter hypothesis at 20: can environmental regulation enhance
innovation and competitiveness?. Review of environmental economics and policy. 7(1).
pp.2-22.
Battistella, C. and Nonino, F., 2012. Open innovation web-based platforms: The impact of
different forms of motivation on collaboration. Innovation. 14(4). pp.557-575.
Boudreau, K.J., Lacetera, N. and Lakhani, K.R., 2011. Incentives and problem uncertainty in
innovation contests: An empirical analysis. Management science. 57(5). pp.843-863.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
De la Mothe, J. and Paquet, G. eds., 2012. Local and regional systems of innovation (Vol. 14).
Springer Science & Business Media.
Díaz-García, C., González-Moreno, Á. and Sáez-Martínez, F.J., 2015. Eco-innovation: insights
from a literature review. Innovation. 17(1). pp.6-23.
Gawer, A. ed., 2011. Platforms, markets and innovation. Edward Elgar Publishing.
Gennaioli, N., Shleifer, A. and Vishny, R., 2012. Neglected risks, financial innovation, and
financial fragility. Journal of Financial Economics.104(3). pp.452-468.
Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and
co-creation for organizational values. Management Decision. 50(5). pp.817-831.
Metcalfe, J.S. and Miles, I. eds., 2012.Innovation systems in the service economy: measurement
and case study analysis (Vol. 18). Springer Science & Business Media.
Owen, R., Macnaghten, P. and Stilgoe, J., 2012. Responsible research and innovation: From
science in society to science for society, with society. Science and public policy. 39(6).
pp.751-760.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Yoo, Y. and et. al., 2012. Organizing for innovation in the digitized world. Organization science.
23(5). pp.1398-1408.
Online
INNOVATION AND 4Ps OF INNOVATION. 2016. [Online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/>
Innovation Funnel. 2016. [Online]. Available through
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>
Commercial Funnel. 2016. [Online]. Available through
<http://www.cloverleafinnovation.com/blog/winning-the-new-popularity-contest/>
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