LO1 What is meant by innovation and also differentiate between invention and innovation
LO2 What are the various types of innovation
LO3 What procedure is involved in order to commercialize the innovation
LO4 Involve the series of methods to protect the ideas and gain an understanding of the pros and cons associated with it.
By observing the current competitive landscape, it came to the view that organizations are constantly involved in innovating its products offered and also the processes for ensuring that they remain competitive in the market. With the objective of implementing the most commercial driven approach, companies tend to maximize their Return on investment( ROI)
In this we will be considering various tools and techniques that are used by the organization with the aim of becoming more commercial and drive innovation.
You as a new researcher is engaged in the research on innovation and commercialization to the selected organisation which has a plan to involve commercialization and innovation in an organisation culture over upcoming 12 months. The research conducted by you will be prepared in the format of report that will be provided to CEO. The main aim behind the research is to inform the importance of innovation and commercialisation skills that can maximise the return on investment. Following points will be involved-
- A view with respect to organisation present situation
- what is meant by innovation and provide the important role it plays for the employees of selected organisation in comparison to invention. An explanation will include identification of the various sources of innovation and also a critical analysis of implementation of innovation in the selected organisation
- the role played by vision, leadership, culture and teamwork in shaping an innovation and commercialisation in the chosen organisation with respect to the employees
- the aspect of 4Ps of innovation needs to be explained along with its use in order to shape the employees innovative idea and thus the 4Ps include product, position, process and paradigm
- for the purpose of processing of commercialisation to employees of selected organisation, showcase the importance of commercial funnel and new product development. You are therefore the required to utilise the new product development for the purpose of launching new products along with the judgments based on evidence.
- Provide an in -depth case study related to innovation of the selected business organisation and also the sources of finance
- provide the demonstration of various tools that is used by the selected organisation for the purpose of developing, retaining and protecting knowledge and intellectual property rights
|LO1 What is meant by innovation and also differentiate between invention and innovation||LO1 and LO2 D1 do a critical evaluation for that innovation that has developed, embedded and measured in context to organization.|
|P1 what is meant by innovation and manifest its importance in context to organisation in comparison to invention. P2 In what ways vision, leadership, culture and teamwork helps in shaping the commercialisation and innovation in organisation.||M1 What variety of sources has the power to promote and develop culture and environment of innovation|
|LO2 What are the various types of innovation|
|P3 Demonstrate the 4Ps of innovation and provide the use of innovation funnel that aids in examining and shaping of innovative ideas. P4 In context to frugal innovation what developments can be seen, show this with the help of examples in context to organisation||M2 application of innovation funnel in reference to organisation M3 what part does frugal innovation have in context to organisation|
|LO3 What procedure is involved in order to commercialise the innovation||LO3 and LO4 D2 Provide the judgments along with the critical evaluation for the nature of innovation and with the reference it is developed and also the way overcoming the challenges that come in the path developing the successful innovations.|
|P5 What importance does commercial funnel and new product development applicability have for the purpose of processing of commercialisation and innovation. P6 Develop a case study for the innovation in business that will include the various ways to have access to funding.||M4 You are required to create an in-depth case study that will showcase the measuring of effectiveness by involving appropriate techniques available to test, iterate and enhance.|
|LO4 Involve the series of methods to protect the ideas and gain an understanding of the pros and cons associated with it.|
|P7 with the various business tools show how organisations develop, retain and protect knowledge and also intellectual property.||M5 with the supporting evidences, do a critical evaluation of the tools used in wider business environment.|