Innovation and commercialisation is the activity by which the organization can change themselves. Innovation is presenting the ideas with practical knowledge and help to creating new innovation in their existing ones. This report represent the actual meaning of innovation and show how innovation change the process of business and fruitful in our daily income source. Studer Group is a small company who sells gifts and birthday cards, earlier they does not use the advance technology but as they feel the need of innovation in there existing product they create so many changes. This report shows the different stages of innovation and commercialisation funnel which help to get more information regarding the product. This report is entirely based that how innovation affect in small as well as big companies . It also shows how a good leadership quality help the employees to motivate and clears the vision also.
P1. Explanation of innovations and its importance to the employees
Innovation is the basic need of every firm as to stick in this world one has to go with the flow of time. Innovation is presenting your views, your ideas in creation of that existing product into new ones. Innovation is not about only presenting new ideas its all about executing them in market. It is the comparison between your past and present product . As the Studer Group who is leading the business of cards ,gifts items creates many different innovation in their business just to exploit themselves in the field of business. It has been noticed by the researchers that innovation leads to the increment in wealth and health too. Innovation help in making good decision power which leads the business to take it in further level (van Hemert, Nijkamp, and Masurel, 2013). As innovation help to enhance the ability power of the man to use their mind in presenting and reforming into the new product from their existing product.
Innovation is the first step of learning. Innovation help in increment of money and goodwill. By innovation only one must can accept the challenges and help to get rid from those. By innovations only, a person can change the ability and take risk in life. Studer group help in making new new innovation in their business and they also take help to their employees, this is the best example of communication and coordination. Over 90 percent of the people take risk in their business and believe that innovation is the foremost priority. People need new and different things from the market and if the business man can sell old product then no one will going to purchase them because need and demand of the people is vast and change according to the climate and environment. Today everyone need innovators rather than employees. To improve the quality of work and increase the base of employee, innovation help in every point of view. The importance of creating ideas and presenting them in market are the key point of your innovations (vYu, Y., Wang, C., and et.al., 2016). Innovations techniques proves in consuming time as well as money and give the path to show your views in market which can lead to gain other better opportunities. Only innovation will take the world in better place for next generations.
In context with invention, innovation and inventions are two different poles and these two have there own importance like for innovation it is practical use and for invention its is scientifically skills are used. Invention is presenting the ideas to form new prouct whereas innovation is implementing ideas into the existing product just to renovate them and adding more sell to earn the profit. Both innovation and inventions are related to each other as they are using the present technology to reform their product. Being innovative is a part of our business and with new creative mind, new thinking problems are solved in different methods. As invention is presenting or designing the ideas to form new product while innovation is a process which turn the ideas to reform their existing product.
P2. Presenting how vision, culture , leadership and teamwork help in shape up the organisation
Studer Group help in gaining business up with the help of innovation. As the vision of company to see himself in top company in UK. For this, company must follow leadership quality. Like if the company have the best leader then the teamwork is also affected. If the employees are motivated by the leader and feel appreciated then only they are going to do the work and feel them always that they are part of their company too. As a leader, he should be supportive and always be ready to help them because this positive thing only help in making good team habits(Walsh, 2012). A teamwork plays a crucial role in innovating something. As a leader he should be open in feedback something like if a team worker is doing wrong thing then he must be respond positively and elaborate them about the work, as if he does not know about the work.
Encouraging to the employees and ask them to take a risk even they are fail to achieve is a positive sign of good leadership. Always reward the employees whenever it is necessary. Satisfaction of the employees is must as it help in giving positive way to help in growth of the company. Innovation is done by good teamwork and with the help of experts as it is going to create new ideas and help to demonstrate in market. For having a good teamwork it is necessary to guide them and to help them wherever necessary (Kolychev, and Prokhorov, 2015). A good leader is one who always ready to help others and always motivating them just giving them positive vibes with their notes. The vision and culture of the company should be clear and transparent as it will be affect in future goals.