- Explain innovation and determine the difference between invention and innovation.
- Explain types of innovation.
- Discuss the procedure needed to commercialise innovation.
- Explain the range of methods for protecting ideas and determining their advantages and disadvantages.
As a new researcher, you are doing research based on innovation and commercialisation in an organisation of your choice which has the intention to enhance innovation and commercialisation in the organisation culture over the next 12 months. You are needed to work with the company as a part of your research and you are shadowing the CEO of the organisation to complete your research. You have to produce a report on research to inform how the organisation benefit from the innovative to maximise the Return on Investment (ROI). Start with a small introduction of organisation for which you are doing the research. Write the report by using supportive materials .
- Overview of chosen organisation.
- Explanation of innovation and its importance to employees with examples from the chosen organisation in comparison with invention. You can enhance your explanation with an analysis of different sources of innovation and analyse how innovation is developed and measured.
- Explain to employees of how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation, enhance your explanation with an analysis .
- An explanation of the 4Ps of innovation and the use of the innovation funnel to determine and shape innovative ideas to employees. The 4Ps of innovation include Product, position, process, and paradigm.
- An explanation of how organisation can develop frugal innovation. Produce an evaluation of how frugal innovation is used or can be used in the organisation.
- Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation to employees with examples. You must show the application of New Product Development (NPD) for launching a new product and you can enhance this with evidence-based judgements on how organisations can overcome challenges to develop successful innovations.
- Detailed Innovation Business Case including ways to access funding.
- An evaluation of the tools that organisation can use to develop, retain and protect knowledge and intellectual property with practical examples. The IP tools including copyrights, trademarks, design rights and patents
LO1 Evaluate innovation and determine the difference between invention and innovation
LO1 & 2 D1 Analyse how innovation is developed and measured in an organisational context.
P1 Evaluate innovation and generate its importance to organisations in comparison with invention.
P2 Discuss how organisational vision, leadership, culture and teamwork shape innovation and commercialisation.
M1 Analyse sources of innovation, and how organisations can enhance and develop an environment and culture of innovation.
LO2 Explain types of innovation
P3 Explore the 4Ps of innovation and explain use of the innovation funnel to examine and shape innovative ideas.
P4 Explain developments in frugal innovation and with examples of how it is used in an organisational.
M2 Evaluate and apply the innovation funnel in an organisational context.
M3 Evaluate the role of frugal innovation in an organisational context.
LO3 Discuss the process of commercialise innovation
LO3 & 4 D2 Evaluate the nature of innovation and provid evidence-based judgements on how organisations can overcome challenges to develop successful innovations
P5 Discuss the importance of the commercial funnel and the implementation of New Product Development (NPD) processing for commercialisation of innovation.
P6 Develop an Innovation Business Case for an organisation, including ways to access funding
M4 Develop Innovation Business Case which includes how to measure its overall effectiveness using techniques available to test, iterate and improve.
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages
P7 Evaluate tools that organisations can use to develop, retain and protect knowledge and intellectual property.
M5 Provide supported evidence-based evaluation of these tools in the context of the wider business environment.