The scenario of this report determines the responsibility of the CEO of the DSCL and Crunchbase organisation to implement innovation in organisation within the next 12 months in order to gain maximum competitive advantages. In this context, 4P’s of innovation, Frugal innovation, commercial funnel and New product development are some of the models explored.
- Explain the concept of innovation and compare this to the invention.
- Critically discuss several types of innovation in the context of DSCL and Crunchbase organisation.
- Examine the procedure of innovation commercialize for DSCL and Crunchbase organisation.
- Discuss different ways to protecting ideas as well as provide a clear understanding of its advantages and disadvantages.
The main object of this research is to find out the significance of Innovation and Commercialisation. For maintaining customer retention as well as acquiring new customers Innovation strategy can play a crucial role. To analyse this, the researcher has chosen two different companies, which organisation mainly develops their business with maintaining their retailer as well as customers. With the help of four different tasks, the researcher has described this research paper successfully.
P1. Explain innovation and determine its importance to organisations in comparison with the invention
The term ‘Innovation’ is a confusing word as it has several meanings. Several experts have defined Innovation in several ways. It incorporates the application of processes, products that may have long been familiar however, the effects of which were underestimated, or probably unrecognised. As opined by David Burks, a bestselling author, Innovation refers to ‘the application of ideas that are novel and useful. Creativity, the ability to generate novel and useful ideas, is the seed of innovation but unless it’s applied and scaled it’s still just an idea’. As stated by Razzak (2015), commercialisation is used to convert knowledge, inventions and ideas into a higher wealth for businesses, individuals and society. When something is created or being introduced for the first time it is known as the invention. To gain the patent, an invention has to be new, non-obvious and must have utility (Sengoku, 2015). In this context, Abdul Razaket al. (2014) stated that if one wants to make an idea to be called invention, it just requires being certified as workable. Innovation is an impoverished part of the invention. When further improvements and changes are made on the invention or the product it is known as innovation. As such, all innovations are inventions but all inventions are not innovation.
Importance of Innovation- DCSL and Crunchbase Organisation are benefited in many ways as a result of innovation. By implementing innovative approaches and techniques in the most valuable way, firms can create competitive advantage. Innovation management is the integration of management of innovation method and management of change. It includes business process, product and organisational innovation (Martin, 2015).
According to Chun et al. (2015), rapid innovation can be challenging for small businesses including DCSL and Crunchbase Organisation, as it lacks funds to invest in research and development for change or for creating entirely new products. Skill gap among the employees for small business is increasing as the needs are changing rapidly. This might cause hindrance to the growth of small businesses. Small businesses do face a lot of competition in the market and for the establishment of their company. They have to cope up with the speed of innovation in technology and IT.
P2: Explain how your organisational vision, leadership, culture and teamwork can shape innovation and commercialisation
Innovation management is the integration of management of innovation method and management of change. It includes business process, product and organisational innovation (Castro, 2015). As stated by Castro (2016), organisational structure and implementation of innovation culture are required to manage innovation successfully in DCSL and Crunchbase Organisation. The difference between invention and innovation should be made clear to every employee. Development of innovative vision, network, leadership and entrepreneurial teams are much needed. The vision of the company must be in relation to its organisational culture. All these factors together help in forming of innovation and commercialisation in the workplace.
A vision must be created which is believable, desirable and challenging at the same time. It gives access to gain employee trust and loyalty. Sharing ideas with the employees’ time to time prepares them mentally to be ready for upcoming challenges. As intended by Chung (2009), DCSL and Crunchbase Organisation share its ideas with its employees to keep them updated providing new assignments and roles for an upcoming course of action. These steps ensure that the employees are providing innovative solutions for upcoming issues and problems. All this possible when there is a leader who leads by example and makes the workplace fun to work. Therefore, DCSL and Crunchbase Organisation leaders update their staffs regarding their goals for the company and depend on them to get it done.
An entrepreneurial team is defined as a team who adds creativity to the company problems and looks after the issues coming as a hurdle for growth. As directed by Thompson (2014), an entrepreneurial team is a set of individuals with similar skill set responsible for achieving goals set by the company leaders, remove all obstacle coming in the way. The main purpose of the team is to make decisions, lead the course of action, manage internal and external conflicts and increase profitability. The employees at DCSL and Crunchbase must have shared objective and commitment to gain the trust of the Investors. Creating an innovation network is very important for shaping commercialisation and innovation successfully within DCSL and Crunchbase Organisation. This relationship will frown gradually and will require all available resources to do so.