Innovation Report: Innovation Strategies for Business Growth

This report delves into the multifaceted concept of innovation, exploring its significance and differentiation from invention. It examines the influence of organizational factors such as leadership, vision, culture, and teamwork on shaping innovation within the context of Thirdway Group. The report analyzes the 4Ps of innovation (Product, Press, Process, People) and the utilization of the innovation funnel. Furthermore, it discusses the development of frugal innovation and the importance of the commercialization funnel, including a business case example and potential funding sources. Finally, the report evaluates various tools for knowledge development, retention, and protection, including intellectual property considerations, providing a comprehensive overview of innovation strategies for business growth and sustainability.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Concept of Innovation and comparison with invention.........................................................1
P2 Influence of organisational factors on shaping innovation....................................................2
TASK 2............................................................................................................................................3
P3 Analysis of 4P's of innovation and utilization innovation funnel..........................................3
P4 Development of frugal innovation.........................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of process for new product
development................................................................................................................................6
P6 Build an innovative business case for an organisation, including ways to access funding.. .6
TASK 4............................................................................................................................................7
P7 Evaluate the different tools that organisation can use to develop, retain and protect
knowledge and intellectual property...........................................................................................7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation can be considered as a concept of organising, developing and implementing
new ideas in order to meet the requirements in a much better and efficient way. In any
organisation, innovation can be implemented by involving various means, whether it is about the
products or services etc. Any idea or a new concept that can help the company in achieving all
the targets and goals at a much faster rate can be considered as a beneficial factor of involving
innovative ideas (Drucker, 2014). The report is about understanding the concept of innovation
and various organisational factors shaping innovation. Also, it includes the role of innovation
models that Thirdway group can make use of for achieving their targets. Various tools that can
be used by the Thirdway group for developing, retaining and protecting information have also
been included.
P1 Concept of Innovation and comparison with invention
Innovation is classified as an idea of developing new thoughts and implementing them in
order to make the processing effective enough to attract a huge amount of customers, thus
increasing the rate of popularity as well as productivity (Teece, 2010). Innovation is somewhere
similar to invention but invention refers to the completely new development of some factor
whereas innovation refers to making modifications and including ways that can be implemented
on the existing operations and services to make it more effective. In Thirdway group as well, the
company can involve various new ideas because it is very important to change as per the current
needs because there is a huge amount of competition growing every day in the market place. So,
it is very important for Thirdway group as well to stay innovative enough so that they can be able
to compete with the other popular brands in the market place. So, Thirdway group can make
involvement of some new range of furniture designs
Also, they can involve some digital technologies that can help in replacing their manual
processing because it can help the company in saving much amount of time (Dahlander and
Gann, 2010). The company can also think of involving various new ideas and concepts regarding
the clothing range etc. As they can focus on involving various new trends as per the requirement
of the current generation, this idea can actually help in attracting various number of customers.
Involving these new concepts and ideas can also help in bringing some sort of change from the
basic routine. Also, it will be new and attractive for the employees as well. So, they will also
enjoy implementing these changes. As it is attractive for the employees, the same will be helpful
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for Thirdway group to gain a higher amount of satisfied customers along. Thus, these new ideas
and concept for developing some sort of innovation can actually help in gaining a huge rate of
popularity as well as productivity. Also, Thirdway group can make involvement of a new
application by which it can be easy for the people to go through what is available in the mart and
so they can order according to that. This idea of innovation can also prove as a very flexible
option for the customers, thus help the company in attracting much number of satisfied
customers.
Basis Innovation Invention
Concept Adding value to something
already existing.
An original of a new product,
Skills required Scientific skills Set of marketing, technical and
strategic skills.
Activities Limited to R&D department Spread across the organisation
P2 Influence of organisational factors on shaping innovation
Creating a structure and culture of innovation
Innovation culture is very much important for the company to getting the organisation
more influencing and developing. It is very much necessary for the company to get some
innovative target market goals and innovative product and services. There are various
organisational factors such as the vision, culture, team work, leadership etc. that have some sort
of influence on shaping the commercialisation and innovation. The influence of these factors are
discussed as under :
Leadership
Leadership plays a very important role in managing all the operations and procedures in a
balanced way. If Thirdway group focuses on managing a leader that is efficient enough, then it
can help in an appropriate undergoing of all the processes. The role of the employees is to focus
on innovative ways that they can make use of but it is the responsibility of the leader to
implement those ways and provide efficient amount of support to the employees and other staff
members. A better level of cooperating between the teams can actually help Thirdway group to
make all the innovative ideas successful enough, thus it can help the company in achieving all
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the targets and goals at a faster rate. This will help in a better innovation of more efficient ideas
which can help in a better commercialisation for M&S.
Developing Innovation vision and leadership
Vision and culture
The vision of Thirdway group should be strong enough that it can throw a positive
influence on the whole environment of the work place. Also, if it would be strong enough, then
the employees will also have to consider the fact of working hard to help the company to achieve
their goals. The culture of a company also matters (Chesbrough, 2010). So, Thirdway group
should have to focus on making things better for the employees so that they can be able to focus
on work properly and peacefully. Also, some sort of benefits can be provided to them by
Thirdway group such as incentives etc. as these means helps in making the employees happy,
thus helping in making the environment happier and healthier.
Team work
Team work also plays a very important role as a single mind can speak one or two ideas
at the most but when a team sits, various different ideas pop out and then, the team after a perfect
decision making process can help in discussing all those ideas and reaching out at a better
conclusion that can prove accurate enough (Manyika and Byers, 2011). Also, team work helps in
making interaction with the other employees, thus making the environment of Thirdway group
healthier and happier. For reaching to a better conclusion, the employees along with keeping
their thoughts, should also listen to the thoughts and ideas of others. Everyone should be given
an equal opportunity to speak their mind. By this way, all can have a discussion and reach to a
better idea that can prove beneficial for Thirdway group in achieving all their targets and goals.
It can lead to a perfect implementation of innovation, thus achieving the efficient rate of
commercialisation as well by the M&S.
Overall, culture, vision of the organisation would helpful to create innovative
environment within the business goals. This would help to generate new deveoloping
opportunities for the company.
TASK 2
P3 Analysis of 4P's of innovation and utilization innovation funnel
In the competitive business environment, innovation is identified as the best tool for the
organisation to increase their expansion of business and established of new products and services
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to meet the customers requirements. In present context, Third way group have also used this
approach in order to maintain the business in order to implement those business changes.
It is also considered as innovation mix that contains the four elements which have been
mentioned above:
 Product: This element of innovation implies to the unique changes which have been
made by the organization in their products and services (Casadesus‐Masanell and Zhu,
2013). . It is also considered as parameter that determines the ways though which the
changes in the products and services have been made. Along with the proper research,
the workers the in the thirdway groups have been provided distinctive ways though which
they will be able to achieve the objectives and modify the designs which are delivered by
firms to their corporate clients. These change in their design have been considered as
important in order to secure the confidential data and provided fast processing of the
business clients.
 Press: In this, manager of the Thirdway group in the have a constant towards the
identification of new business technologies and innovation which will be radical and will
make enable the organisation to make the products in order to satisfy meet the customers
requirements (Hojnik and Ruzzier, 2016). Press is the another major component in order
to built up the innovative challenge in the market. Media helps to keep sustain the long
term image of the company. Moreover, it provides an ability to the employees in the
organisation to generate more effective ideas so that the changes have been done in the
innovation of the products in order to meet the customer's expectation. That helps to keep
the company reputation high and productive. Moreover, it is the parameter which has
enabled the enterprise apple towards the changing their process of regulating the business
operations they have also enabled towards making changes in the process of regulating
the business. They have also developed new products Ipod rather than making changes in
simple Mp3 players. Further, it has specified the process of the making changes in the
business. Overall, press is the another essential component of marketing that helps to
enhance product quality and goodwill in the market.
 Process: Along with the process of planning of products and services, it is also
considered as important to analyse the steps the organisation needs to take in order to
implement the unique ideas or changes (Piñeiro-Otero and Martínez-Rolán, 2016). In
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Thirdway Group, through of improvement of process of the development of the software,
database and the systems, managers they will influence the customers and increase their
business functions.
 People: People are the another major It is also considered for the company for which they
targeted for their product or services. People refers to customers or buyers on which all
sale market will be relying. As parameter that implies to increase and development of
company position and its products and services though application of changed process of
the innovation. It is also considered that Thirdway will raise if it constantly makes efforts
for the application of innovative systems in order to raise the brand image among its
employees.
Innovation funnel
Illustration 1: Innovation funnel
(Source:Innovation Funnel, 2017)
It has provided a complete understanding that the aims of every product's development
process is to gain idea from the market. This funnel mainly consists of three stages such as
investigation, development and shaping products. From the effective market research, the
organisation will tend to identify various appropriate methods and the technologies that supports
in development of products more effective (Cross, 2011). Along with this, the investigation of
the diversified range of the inputs which are provided for the selection of best and appropriate
actions. In the context, Products design process various alternatives inputs are analysed by the
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managers but with the effective screening they able to utilize the effective inputs which will be
suitable for the product's development.
P4 Development of frugal innovation
Frugal Innovations
Frugal innovation can be determined as a process with the help of which cost and
complexity of good are reduced. To make development of these areas, it is important for the
management to make sure that they understand the areas in which cost involved is reduced.
Further, it requires to have proper analysis of situation and information should be communicated
to all people involved. In accordance with the research carried out, it is identified that frugal
innovation is determined to be methodology that is utilized by the organization in order to
develop new business models. This is considered to be the process that is helpful enough to
eliminate waste from the products. This is done so that high quality services can be delivered to
customers. With this respect, Thirdway group, should have proper system in which regular frugal
innovations are done to update the technologies that are implement (Schaffers and et.al., 2011).
When these are done on frequent basis, then it enables to develop strong customers’ base. With
time, there are many competitors that have come up and these have affected the business in
negative manner.
Further, the taste and preference of customer’s changes frequently and with the
innovations are made on regular basis, then it becomes helpful enough to attract service users.
Supports of employees are highly important as they are the one who present the products and
services to customers. When they perform their set of roles in effective manner, then it becomes
favourable enough to raise level of satisfaction among customers. Further it is identified that all
workers fail to accept the changes that they are willing to implement (Tiwari and et.al., 2017).
This is due to the type of perception that is carried out by each one. In such condition, it
is important to make sure that all the information in relation with the changes should be
conveyed so that they are able to accept the changes in appropriate manner. Innovation can only
be made effective when the rates of products that are delivered by the firm to customers are low.
This way, it becomes helpful to make individuals to make use of the products and services that
are delivered by the firm and this way the rate of customers satisfaction can be raised.
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For example: Thirdway group employees has been adopts working on digital technology that
helps in reducing the cost and time performance. By adopting some technological goals. It helps
to motivate employee performance and productivity level.
TASK 3
P5 Significance of commercial funnel and application of process for new product development
There is major important of commercial funnel because it effectively supports the
towards the introduction of new products in the markets so that Thirdway group will be able to
analyse the existing requirements it is also considered as effective for the selection and the
implementation of effective business ideas. It also provides a complete understanding about the
selections of effective methods and application of resources (Vanhaverbeke and et.al., 2017).
Applications of new products development
 Generation of idea: from an effective market research, the company will have to identify
the innovative ideas. In Thirdway, they have to identify various inputs or the information
so that they can make selection of appropriate products which have been beneficial for
them.
 Screening: At this stage, Selection of the best idea from the alternatives will be done by
managers of company.
 Evolution and testing: Further, selected idea must be evaluated to analyse the
effectiveness and accuracy for implementation (Lichtenthaler, 2011).
 Development of marketing strategy: After this, managers of Thirdway group have to
develop an effective marketing plan that they enable to introduce their innovative
business products in the market. Along with the effective marketing, they will be able to
increase promotion of products and services.
 Creation of products: At the last the products will be developed by Thirdway group.
This will provide a clear understanding that the concept can be developed in to product or
any changes are required will be identified.
 Commercialization: Completion of the above process the final product would be
launched in the market in order to understand effects of innovation on the sales.
Significance commercial funnel
 It helps to develop awareness, desires, and action of customers and also helps to keep
customer attach with the product and services.
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 Commercial funnel also consider the product or services quality through which number
of customers get attracted and satisfied.
 Commercial funnel also analyse the customer issues and give them the best product
services to their potential clients.
P6 Build an innovative business case for an organisation, including ways to access funding.
Business case
Executive summary
Innovation and creative ides lead company into new opportunities. This makes new
business environment and opportunity for future expansion (Christensen, Raynor and McDonald,
2016). For Thirdway group company new business case is to open new branches in other
countries or cities where customer demands are high but not good company is offering clothing
fashion services. Thirdway group may open their new outlets in new geographical areas.
The problem Statement
This is the new business case through which they adopt new profit revenue and brand
image. Apart from that, by opening new outlets with that, they also need to adopt technologies
and creative pricing strategies in order to attract the customer attraction. This makes the new
opportunities for the company. Company should meet the needs of customer in terms of
innovation.
Analysis of the situation
Thirdway group needs to adopt social media or constructing multimedia platform to
develop the new plans. This makes new opportunities and ideas. For that company needs to make
plan for accessing the funding to accomplish those ideas. With the helps of those findings
company may full fill the needs of product development, marketing. For small scale businesses
company needs to set their preplanned structure in order to meet the needs of plans (Drucker,
2014). With they help of different types of funding sources company implement the new
business plans.
Options
This helps to identify the potential option to grow and proposed solution to the problem
statement.
Cost benefits analysis
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This section helps to analyse or measure the cost benefits and set the objectives in terms
of solutions. Besides, it also helps to discover the new knowledge and ideas to implement.
Recommendation
This section of business case will help to address the issues or challenges of problem
statement. Through Thirdway group can easily achieve the set objectives.
Project proposal
In this section of project proposal recommended solution for the business case level. It
also helps to reconstruct the better solution making approach.
Ways to access funding
Investment finance: this is the first source of funding is that, sell the share or some
assets of the business to raise the more funds and capital to invest on other business activities.
This is the effective source through company not need to take any loans from other institutions.
Crowd funding: this method is useful for project work. This is related to day activity. In
this process number of people chip in through either investment or donation on the company.
Loans: Thirdway group also take funds from banks as a loan, this is the way company
arise their funds for the large project (ohnston and Marshall, 2016).
Overdraft: this is the kind of another source of funding for Thirdway group. In this
method company take some funds on small period as a credit, after completing that time they
need to pay back to the person or bank.
TASK 4
P7 Evaluate the different tools that organisation can use to develop, retain and protect knowledge
and intellectual property.
Intellectual property is refers to the creation of minds, Intellectual property is useful to
protect the any intangible asset. Intangible are those assets which doesn't exist in physical term
but has high value. This is effective enough to protect the intangible assets of the company. Cited
organisation must adopt this IP to safe their company intangible assets. IP includes design, works
of concept, software, inventions, trade secrets, formulas and brand names. IP protect the assets
by copyright, trademark, patent or other legal measure (Union, 2014). Thirdway group adopts
industrial espionage to protect themselves intangible assets. To protect the intellectual property,
Thirdway group needs to understand some IP laws and regulations to protect their business IP.
There are various achievement of intellectual rights which gives cited company benefits and
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security level in order to secure the all data information. This is very necessary in the
organisation. For example, Thirdway group organise various new ideas and innovation skills for
their potential customers, for that they also need to secure their all innovation strategies from
rival firms. Moreover, IP rights and regulations protect the company rights and strategies. IP
exploiting to promote innovation and create value, this will helpful to attract new creative
environment in the business (Wolin, 2016). IP is become the biggest challenge in current
strategies to become the innovation and business model innovation. There are some intellectual
techniques which help Thirdway group to protect from piracy, theft and from hackers.
Copy Right: Copyright is the legal term which explains the rights of creator which
creates the innovative ideas (Types of intellectual property, 2017). Only individual company has
rights to make their own copyright on its own Intellectual Property. For example ,Thirdway
group Barcodes is the copy right of the Third way group
Patents: Patent is the another tool or type of IP, it is a foremost right of granted for an
invention. Every company has their own patent rights on its IP. Patent rights gives the rights to
owner to decide how and whether invention can be used by others.
Trademark: On the other side, Trademark is the another major type of intellectual
property. In this type in which company makes the sign which express the rights of ownership.
Thirdway group mark is their own established mark of the company. No one can adopt the same
mark for their own company (Christensen, Raynor and McDonald, 2016).
Industrial Design: Industry design is unique identity of every organisation. If any
company adopts the same design or logo of another company, they will liable to face troubles
and issues from government sides.
Branding plays a very important role in the large organisation. This makes more
productivity in profit outcomes. Brand names of Thirdway group decides the future stability of
the company. It must be unique, attractive qualitative and effective for customers. Moreover, the
main objective of the organisation is to develop the high brand image in the market. Besides, due
to limitation of IP protection company may facing issues and troubles in the future. Like due to
lack of knowledge of IP rights company may facing the issues. Besides, due to lack of protection
rights or acts company may facing issues of piracy, hacking and miss management related issues
(Wolin, 2016).
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