Business Innovation Report: Talent Plus, plc - Strategies and Analysis

This report examines innovation strategies for Talent Plus, plc, a human resource consulting firm. It explores the importance of innovation compared to invention, highlighting the roles of organizational vision, leadership, culture, and teamwork. The report delves into the 4Ps of innovation, the use of innovation funnels, and the development of frugal innovation systems. It further discusses the commercial funnel, new product development, and the creation of an innovation business case, including funding access. Finally, it covers tools for developing, retaining, and protecting intellectual property. The report emphasizes the importance of innovation for business growth and competitive advantage, providing a comprehensive overview of key concepts and strategies relevant to Talent Plus, plc.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Importance of innovation and its comparison with Invention..........................................3
P2. Organisational vision, leadership, culture and team work help in shaping innovation and
commercialisation...................................................................................................................5
TASK 2............................................................................................................................................6
P3. 4P's and use of innovation funnel to shape innovative ideas...........................................6
P4. Developments in frugal innovation and its uses in organisational system ......................7
TASK 3............................................................................................................................................8
P5. Importance of Commercial funnel and application of New product Development in
commercialisation of Innovation ...........................................................................................8
P6. Innovation Business Case that include ways to access funding ......................................9
TASK 4..........................................................................................................................................10
P7. Different tools that organisation can use to develop, retain, and protect intellectual
property.................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation refers to process that involve introduction of new and innovative ideas,
thoughts so that work process can be conducted effectively and efficiently. Every business
organisation have to operate in dynamic environment which keeps on changing with time and
has to operate accordingly. Therefore, innovation is a important concept that is adopted by firms
to carry out their operations correctly. There are several advantages associated with it that
involve standing apart from competitors in current market place. This report involve Talent Plus,
plc that is famous for delivering human resource consulting services situated in United States.
Innovation process is very much required in this business firm for regular development.
Assignment underlines importance and 4P's of Innovation and the process of developing frugal
innovation system in this organisation. There are number of tools available for retaining,
developing and protecting intellectual property. There are several applications of new product
development that offer numerous benefits to the business organisation.
TASK 1
P1. Importance of innovation and its comparison with Invention
Every business organisational system have to introduce innovative ideas, thoughts so that
they can able to survive in competitive world. Innovation process increases the productivity and
effectiveness of whole company so that they focus on producing high quality of products and
services in order to meet demands of customers (Ariga, and et. al, 2013). This concept include
coming up with new process, alterations and modifications in some activities so that company
institution can be run successfully without any obstacles. As Talent Plus, Plc is a small business
organisation where innovation is a essential process and thus have to be introduced for regular
development process.
There is another term known as Invention, which is different from innovation term in
several ways on some grounds. It is discussed below:
Basis of Difference Invention Innovation
Meaning It refers to process that involve
product development concept
and include making changes in
Innovation refers to coming up
with advanced and modern
technology in order to

current system. introduce new things for
fulfilment of current market
needs and wants.
Aim Individual or group of people
prosper current things and
process which has been
introduced for first time.
Its basic aim is to modify or
alter the current products or
services in accordance to
current market situation.
Skill required Invention can be carried out by
individual consisting of
excellent scientific and
knowledgeable skills.
Individual should possess
entire knowledge of their
working field so that process
can be completed in
prospective way.
Talent Plus, plc is a small scale organisation that work in consultancy firm and have to
face lot of competition from large operating organisation. Current market is full of competitors
that have huge market share and growth. Thus, it is very much necessary to introduce innovative
concepts and aspects so that they make sustainable growth in their area and lead to continuous
development in their areas (Berrone, and et. Al, 2013). There are numerous benefits associated
with this process which is mentioned below:
For employees Of organisation
 Introducing innovation concepts aids in working with innovative ideas and skills that
lead to career development process.
 It assist in enhancing productivity and working level of employees in conducive manner.
 It aims in developing scientific and innovative skills.
For Business Organisation
 It aids in improving overall company structure so that their vision and mission can be
attained with innovation.
 It is directly linked with gaining high outcomes in form of profit and revenues.
 It also help in building strong image in customer's mind and retain them for longer
period of time.

P2. Organisational vision, leadership, culture and team work help in shaping innovation and
commercialisation
There are different concepts that has to be coordinated together and result in achieving
final outcomes and results in efficacious mode. Every business firm have their own vision and
mission that has to be achieved in particular time period. It is the responsibility of managers to
guide their team members or employees towards set direction or path while accepting innovation
procedure. Business process in conducted with number of resources in form of land, labour,
capital that is required to be used optimally and rightly (Breznitz, and Murphree, 2011). Talent
Plus plc, have their vision and mission that is focused towards achieving this in set time period.
They motivate their employees and workers towards it. These determinants play vital role in
conducting innovation process in Talent plus company, which are discussed below: Mission: Company's mission refers to statement that define aim, objectives that it hold. It
also include business products and services that they deliver to their target audience in
market area. Hence, it provide basis of conducting operations and work process. It have
short term purpose that has to be attained in particular time period (Williams, 2013). Vision: This refers to developing long term goals that focused on achieving these
objectives. It involve reaching final target that has to be reached in future. The vision of
Talent plus is to be well established consulting company and offer number of quality
products to their clients. Thus, all efforts are concentrated in this direction. Organisational Culture: Culture defines the Working environment that exist in Talent
plus. It involve conditions in which employees work and the treatment they receive in
their company. Leadership: Manager have to play role of leader in order to guide their staff members
towards reaching final goals and aims. They render proper training and development
program to their employees in order to increase their skills and capability. Its basic
motive is to develop productivity and working capacity of individual. Regular motivation
is also provided in order to raise their efficiency level.
 Team work: It is a important structure that involve group of people working together on
synergy concept. They are assigned with particular job that have to be aligned with
organisation's goals and objectives.

Management of Talent Plus, plc require to prepare suitable program and structure so that every
individual that is working there will be concentrated on single aim that has been formulated by
organisation.
TASK 2
P3. 4P's and use of innovation funnel to shape innovative ideas
Innovation system has to be introduced in organisation so that whole work process can be
conducted in innovative manner. Innovation funnel refers to steps and methods that has to be
followed while carrying out work process in organisation. There are number of ideas, thoughts
and procedure that has to be converted into practical situation in order to implement accurate
process (Dahlander, and Gann, 2010). It also assist in stating directions which supply guidance
to employees to increase their innovative thinking process. There are 4P's of innovation which
are described below: Product: It is a physical component that is delivered to clients in market place. Company
have to conduct market research in order to find out current market situation that is
prevailing and than developing products or services accordingly. Talent Plus plc render
services like online assessments, applicant tracking system, development solution etc.
They offer different types of products which have diverse natures and uses so that
demands can be met out in achievable way (Teece, 2010). Process: Being a small scale business organisation, innovation and invention play
important role in order to maintain their image or goodwill. Business system always
focus on conducting working process with sustainable manner and that result in
continuously improving efficiency and effectiveness of final result which is in the form
of high quality products and services. Talent Plus Plc have to conduct decorous process
to deliver all their final outcomes in correct format. Positioning: It is salient for Talent Plus Plc to examine their competitors that are present
in market place. It is essential to position image of company in such a manner so that it
can sustain for longer period of time. Product positioning involve establishing strong
brand image.

 Paradigm: Company have to consider all process that are involve in creating innovation
activity. For conducting this a proper analysis is done so that it only assist in forming
plans and procedures for whole business organisational system. There is set procedure
that need continuous attention and has to be formulated in correct procedure that result in
attainable form (Dechezleprêtre, and et. al, 2011).
Clients of Talent Plus Plc involve manufacturing, healthcare, automotive, education,
engineering firms and able to fulfil their demand and wants effectively. Research and
development team have to work smoothly and correctly so that they can find out favourable
conditions in which work has to be conducted. 4P's of innovation concentrate on developing final
product in optimum approach.
P4. Developments in frugal innovation and its uses in organisational system
It become very indispensable to draft innovation process in such a way so that Talent
Plus plc can conduct their whole work process in achievable manner. Main role played in this
process is managers that completely focus on reducing extra company cost and developing their
work process at significant level. Frugal Innovation is conducted in such a way so that final
objective can be achieved. whole innovation process is based upon capacity and ability of
company institution. Management level have to put efforts in framing such system that assist in
increasing working capacity of each and every workers that are present in organisation. There are
some necessitates that should be adopted by manager of Talent plus Plc:
 It is very much essential to know every staff members that are working in business firm
and their working strength in order to find unique personalties that can be termed as an
opportunity for company (Drucker, 2014).
 It is also required that innovation process must be properly acquainted by every staff
members so that final plans can be formulated in efficacious and expeditious mode.
There are number of resources that are available with business organisational system and that has
to be managed in optimum manner. It include land, labour, capital, human resources that has to
be coordinated properly and correctly in order to attain maximum benefits out of it. Frugal
Innovation system have numerous advantages associated with it. Some are illustrated below:
 Its primary motive involve accomplishing set goals and objectives in proper time period.

 It aids in forming basis on which whole system is depended and work towards it. There
are some certain key areas that are present and must be highlighted so that proper
attention can be made (Edquist, 2010).
 There can be condition of favourable and non favourable that has to be faced accordingly.
Hence, it is required to be prepared for such events. Thus, Frugal innovations helps in
meeting such process.
 There are number of tools and techniques that are present under this system and therefore
it become essential to execute such procedure in impelling manner.
 There are number of risks that may arise in different situation in organisational system.
These challenges have to be taken up by management system so that there is no option
for threats to develop (Tebbe, 2011).
TASK 3
P5. Importance of Commercial funnel and application of New product Development in
commercialisation of Innovation
Commercial funnel is crucial process that defines research procedure that is conducted in
organisational system. It is formulated or completed in three stages that are rightly set starting
from collecting data from different sources that are primary and secondary which have different
ways of collection (Stokes, 2011). After, data collection have been done next step involve
evaluation the collected information properly in accordance to needs and motive of researcher.
Last stage involve presenting the whole data information and than coming into ultimate
conclusion and completion of purpose for which it has been conducted.
Talent Plus Plc have framed many actions that accomplish final objectives and aims that
are present in achievable manner that are focused impelling. Commercial funnel help in finding
out key field so that proper attention can be located into it. Basically it is process of finding out
potential consumers in market area and than transforming them into loyal and permanent clients
for long period of time. New Product Development refer to developing products and services that
result in finding out their demands and work accordingly so that they can able to meet their
needs and wants decorously (Kerr, and Lincoln, 2010). Another process involve locating barriers

and hurdles so that they become competent in performing actions while ignoring all this. The
complete process can be illustrated below:
(Source: New product Development, 2015)
From the above image it can be find out new product development is a essential and
important process that are conducted in Talent Plus plc. There is proper team which is set that
only focuses on this system correctly and appropriately. It involve huge amount of funds and
require large investment that has to be made. This business arrangement have to conduct market
research and find out many options or alterations that has to be adopted in attainable way. It is
necessary to study the behaviour of customers in market area so that final function can be
executed in accordance to set aims. Talent plus Plc can make use of 4p's of marketing concept
and run their whole process in conducive style.
Illustration 1: New Product Development, 2015

P6. Innovation Business Case that include ways to access funding
Finance refers to important resource that is required in almost every area so that there is
optimum utilisation of resources can be made. Innovation business case include developing such
stage so that all resources that are available must be coordinated in effective and efficient mode.
There are number of financial institutions that are present which provide financial aid to the
system by utilising it into that areas which concentrate in bringing high revenue and financial
gains. There are methods that which must be adopted by certain company that are described
below:
 Collection of Inputs and information: This is a initial step that involve gathering data
from number of resources in order to keep record of all data information so that proper
analysis can be done in appropriate and correct style (Kerr, 2010).
 Analysis of gathered data: Next step involve analysing information that has been
assembled in first stage. This process must be conducted by manager in corrective way.
 Finding out the concluding part: At this stage, conclusion is determined so that aim for
which research has been conducted. These outcomes can able to take declensions which
can be in favourable and unfavourable form.
 Proper understanding of objectives: As it become very much important to know final
ends and objectives that need for complete growth and development.
Talent Plus Plc have to create different cases in form of developing and creating different
types of investors that are present in market area which is as follows:
 Organisation capital establishment: They offer financial aids to clients in form of issuing
shares and receive return on it.
 Business Investors: These include person that are involved in investing high amount of
capital (Lundvall, 2010).
TASK 4
P7. Different tools that organisation can use to develop, retain, and protect intellectual property
There are number of intellectual property rights that render rights to the owner of
products and services. It basically give protection to their thoughts, ideas and work process so

that no one can able to conduct wrong actions associated with it. It also provide protection to
their working process in various forms that are discussed below: Patent: It is a right that is given to the party when they have developed new and
innovative products or services. Patent act is drawn allow organisation to deliver
protection. This ensure that it allows patent holder to conduct their work process in
prospective way so that no other party can use their concept (Reed, Storrud-Barnes, and
Jessup, 2012). Copyrights: It has separate copyright act 1988 that give right to owner of work that have
first started the operation. It is for specific period of time and have to be renewed when it
get expired.
 Trademarks: It consist of designing some sing, symbols, or any slogan which is related
to product and services of any company institution. It can be any single party, individual
or whole company who have processed actions and have developed some new thing.
Hence, above intellectual property rights can be properly examined by manager of Talent plus
plc and have to adopt proper right for their invention or creation. This duty lies in the hands of
higher management level that take decision related to it and hence able to protect and secure their
process for longer period of time (Nielsen, And et. Al, 2010).
CONCLUSION
As per above prepared report it has been concluded that innovation is a very important
process that has been implemented in organisational system in order to conduct operation and
work process in effective and efficient mode. There are several importance associated with it if it
is implemented in correct and appropriate way. The company included in this report is Talent
plus Plc, which is a small business organisation dealing in consulting services related to human
resources. There is frugal innovation process that has been enforced in business organisational
system that focuses on enhancing work process and reducing cost at significant level. There is
another concept of new product Development that involve developing new goods and services
continuously in accordance to current market situation.

REFERENCES
Books and Journals
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