Innovation Report: Vision, Leadership, Culture, and Funnel

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Added on  2023/03/20

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This report delves into the multifaceted concept of innovation, emphasizing its crucial role in business development and productivity. It explores how vision, leadership, culture, and teamwork can shape innovation within an organization. The report examines the 4Ps of innovation, the use of the innovation funnel, and the developments in frugal innovation. It further discusses the significance of the commercial funnel and provides insights into innovation business cases, illustrated with examples from Virgin Group and Apple Inc. The report also highlights various tools that organizations can use to foster innovation, such as intellectual property rights, patents, and other strategies to protect and leverage innovative ideas. The content covers the importance of innovation, its impact on firm development, and the practical application of innovation strategies.
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Innovation
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Table of Content
Introduction
Innovation and its importance
Vision, leadership, culture and teamwork can shape innovation
4Ps of innovation and use of innovation funnel
Developments in frugal innovation
Significance of commercial funnel
Innovation Business Case
Various tools that organisations can use
References
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Introduction
Innovation is a procedure of converting an invention or idea
in to the services or goods which develops value for
consumers. Innovation applied on new designs, thought
and also action plan which can not developed before.
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Innovation and its importance
Innovation is that activity which help in enhancing
development and productivity of firm in a better manner.
With the help of using innovation, company can increase
effectiveness of process and making quality of services of
goods better. . It involves various activities like for an
instance alteration, changing, develop new design and
many others.
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Difference among
innovation and
invention
Basis
Invention Innovation
Meaning Under this, an individual
develops unique services or
goods which are not
created before.
It is an activity under which company
provides new size, featured and shape to
existing services as well as goods so
that more people can be attracted.
Works Person develops new
thoughts, ideas and then
manufacture new product
with unique features.
Mainly, firm make change sin existing
products through advanced technology.
Necessary skills Person conduct technical
and scientific skills which
can develop new goods to
attract customers and retain
at market place.
Under this, an individual should have
technical as well as merchandising skills
which will be helpful in increasing
development of an organisation.
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Importance of innovation in comparison with invention:
Innovation is necessary for firm in making products as well
as services more attractive. It will give rapid development
in the success of firm and helpful in developing better
connection with consumers.
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Vision, leadership, culture and teamwork
can shape innovation
Innovation require to integrated in the basic procedure of
business which will be helpful in getting the accurate
outcomes. Business firm will use the better techniques
and methods to help in reaching at the set aims and goals
with in specific period of time.
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Organisation culture and
innovation: For giving
better shape to
innovation, it is important
for business organization
to effectively understand
the organisational culture.
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Vision and innovation: It is an effective statement which
define something where the company wants to see itself in
upcoming time frame. In this vision of the Ensoft support
the whole process of the innovation which may leads in
attaining better results.
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4Ps of innovation and use of innovation
funnel
Innovation is helpful in increasing development of firm as
well as making products more unique. The main objective
of Ensoft company is to use innovative to resolve
particular problems. Innovation funnel is helpful in
creating and develop the new designs to enhancing
development of an organisation.
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Uses of innovative funnel
In the process of new product development, innovation
funnel is common model which use used through most of
the business firm to examine ideas as well as conceptual
goods. The main motive of all kinds of innovative is to
develop products or processes which can meet needs of
markets in an economic or manufacturable forms.
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Narrowing segment of
funnel- In this stage, those
ideas which are generated
at prior needs to be
screening. In its process
included matching ideas
with aims which are
related with.
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