- Importance of innovation in comparison with invention
- Different types of innovation along with its development
- Discussion of the process for commercialising the innovation
- Methods that can protect ideas and thoughts
Innovation has improved the idea of the application of new techniques in the business that will help in the business expansion. A business venture cannot grow if innovation is not associated with the existing business. Innovation does not always mean inventing new things it also implies the improvement of existing service, technologies. It also includes the innovation of creating dynamic products. It helps to adopt new trends in the market and work as a catalyst for the growth of the business. Commercialization is an integral part of any business. The innovation of new products needs proper commercialization for introduction in the market. For the achievement of commercial success an innovative product need production, distribution, marketing, sales and support of the customer. Innovation process must include commercialization for the improvement of productivity in any organisation.
P1. Importance of innovation
Ensoft is a software-based company who provide a solution to the router that is used both personally and in large corporate house. The company established in 1997 and around 70 engineers are associated with the company. They are involved in developing complex network system that runs in the communication device of any part of the world. They have expertise in router and switching, carrier Ethernet, residential subscriber management, embedded service, and all the hidden function that associated with the high-end carrier-class service.
Invention and innovation both are important for the development of an organisation, they go hand in hand (Ke, 2016, p.5214). However, all the innovation does not conclude as the invention. Ensoft is a software-based company and always in need of invention and innovation as well. In today's highly competitive world, it is necessary for a software-based company to evolve continuously. They must explore a relative aspect of software-based innovation (Yin et al.2014, p.4658).
Innovation and invention both are important for Ensoft to grow further in future. However, they also differ in any context. The basic difference between innovation and invention are-invention deals with the creation of new product whereas innovation adds value to the existing product. Invention often requires only scientific skills. Innovation requires marketing, technical and strategic skills. The invention of the product might limit to research and development part of a company, innovation of production needs output from every department. Invention generally implies the original idea and its working theory. Innovation is the practical implication of new idea as stated by Weng (2016, p.1701).
It has been discussed earlier that innovation shows significant improvement of the existing process, product or services. On other hand invention always relate to the creation of the completely new product. Innovation and invention both are not singly enough for the growth of the company. In order to turn a great idea in the practical world, both the factors must be taken into account (Song, 2016, p.19).
Ensoft Company must not only focus on invention but also have to give priority to innovation. Often company give importance to innovation and completely ignore the customer's problems. In order to thrive as a software company, they must take all the factors into account. Ensoft to become more successful in future they not only have to focus on the invention of a new product but also give importance to an existing product.
P2. Shaping of innovation and commercialization
The innovation of a product decides it fate in market and commercialization create curiosity of that product in targeted consumers. The world is now evolving around new technologies. Mankind is totally dependent on technologies and most important of them is internet as massive part of the world population is having internet connections on their phone (Rasmussen and Eliason, 2017, p.735). Ensoft deals with networking system of the internet. The big network system was built around phone companies but they were slow and expensive. Here comes Ensoft, they ripping out the old technologies and provide service to find another way of the networking system. Their projects run on the standards of quality software development
Ensoft Company’s worker, engineer tries to find an innovative way on how to improvise their service in regarding technologies. Their management always tracking the new ideas and provide a detailed approach to every innovative idea (Ge et al. 2017, p.76). They always provide training to all workers to ensure that they can manage with the new technologies. As the company writing codes of the network system, they emphasized on the design of a coding system. They always address the problem that arises from the project before starting out the coding system. The company allow the engineer to work on a creative aspect of design. They tried to design code that can be understood by all the employees in the company which help the identification of error if happened in the respective coding system. The company also have a testing team that examine the speed and aptitude of the designed codes; they identify the speed and looks for any error if happened in the coding system.
The company also give proper importance on commercialization. Generally, commercialization is a process where company introduces the new product in the market. The corporate company have personal and additional financing to access their product publically. The Ensoft Company uses the GATES model for commercialization (Yu, 2016, p.3297). They need time, money and proper resources for commercialization of the product. Ensoft Company must ensure that they publicise their product. The end product of commercialization deals with the availability of the product to consumers. Commercialization helps the company to get a fair price for their product, it helps to generate profit in Ensoft, and that create job opportunity for others in the respective company.
Benefits of commercialization that company can acquire are economic growth, input innovation in product and then commercialize for business purpose, it can benefit the company's economic growth. It also provides an opportunity to the company to get associated with other firms and form a partnership that helps the company to expand itself (Aryal et al. 2016, p.1200). The successful commercialization can attract new employees and also help to retain old workers in the company. Ensoft Company always maintains a good commercialization strategy in order to promote their product. It generates 10 million pound revenue annually in 1997.
P3. Explanation of 4 p’s Innovation
4 P's model is a tool that uses in business for recognition of any improvement is required or not. The 4 P's are - paradigm, product, position and process. This 4 P's often confused with market mix model where 4 P's refer to product, place, public relation and promotion. This tool guided the company were to make improvisation (Walt, 2014, p.115). They suggested the area where innovation is required for the growth of the company. The figure helps to enhance the business in a positive way
It is the way to improvising the business. Organisations have to think of a new and imaginative way of improvising their product. The new ideas may not bring the positive result always, but a company should provide the environment to work where they can generate new ideas for the improvement of the product. Ensoft Company always encourages the worker to think out of the box. They allow employees to give the opinion on their business model and suggest changes if required.
It is used for the measurement of product improvement. How can a company make their product more appealing is the main motto of the organisation? Ensoft also tries to improve their software technologies for surviving in the competitive market (Sebastianski et al. 2015, p.69). They already revolutionized their company programme to stay updated with recent technological evolution. They ripped out their old model and adapted to new programme structure.
This process not only includes the making of the product but all the other steps including supply, workflow, and training of workers also involve. In this step, organisation thinks out new ideas of how to enhance the production and how to carry latest trends in the product. Ensoft organisation evolves their technologies in order to keep up with trends. The organisation always tries new ideas to improvise their product.
It is used to recognise the targeted customer. Every product attracts the specific customer. The organisation must ensure that they targeted the right kind of consumers. Ensoft Company deals with software coding system that uses in corporate offices and residential areas. The network coding system is mainly popular in the urbanised area. Therefore Ensoft must target the large corporate houses to expand their business (Ghimire et al. 2015, p.2192)