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Importance of Innovation And Commercialisation: Ensoft ltd

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 12
  • Words: 3000
  • Paper Type: Assignment
  • Course Code:

    M/508/0494

  • Country: UK
  • Downloads: 37
Question :

Ensoft Ltd. want to do more innovation and commercialize in their products in upcoming 12 months. They want to continuously innovate new products in order to remain competitive in the market.

  • Explain the term innovation and differentiate it from invention.
  • What are various types of innovation?
  • Describe the process of commercializing innovation by considering case of Ensoft ltd.
  • Evaluate various methods of protecting ideas and analyze merits & demerits of each for Ensoft ltd.
Answer :
Organization Selected : Ensoft Ltd

INTRODUCTION

Innovation consider as vital instrument in order to carry out overall operations of the business. Further, in dynamic environment changes are coming in the form of technology, digitalisation and advancement in working structure that make the whole system more modernised and help in satisfying the present needs of customers. Apart from it, competitors are increasing day by day and come in technological improvement in respect of their existing products and services (Aghion , Van Reenen and Zingales ,2013). Under this assignment the company which is preferred I.e. Ensoft Ltd. Which is UK based software company comprises of around 70 engineers that having specialisation in developing all type of networking software and all the development in respect of their goods and services are done with the technology known as En-quality development methodology that help in maintaining the quality standard of software and deliver it on stated time period. Further it discuss about the importance of innovation and its comparison with invention, 4P'S of innovation, development of commercial funnel and tools techniques used in order to protect all the intellectual property rights.

Apart from case study of Apple and Virgin Limited has been used in order to describing innovation term in proper manner.

TASK1

P1. Importance of Innovation and its comparison with invention

Innovation can be described as process in which new ideas has been generated by individual which came in market in the form of their products and services that help in satisfying the current demand of customers. Further, various applications, theories and methods has been used in organisation structure that leads to better and innovative ideas in company operations that allow them to beat all the challenges of rivalry. In every organisation, employees are require to update with the external changes and for make it possible proper training development is given to them so they know about all the latest techniques which they need to be utilised at the time of performing their daily task and targets in order to accomplish all the objectives of business. In order to grab all the external opportunities management require to formulate various strategies and tactics that help them to earn huge profits and become the first choice of customers in technological world (Baldwin and Von Hippel ,2011).

Ensoft limited engineers currently using En quality development methodology which is very effective and advanced at the time of delivering software to end customers. Further, appropriate framework has been used in which whole team has been collaborated that allow them to listen thought, thinking and perception of customers that allow them to deliver the goods and services at higher quality with more attractive features which easily influence customer to buy that products at affordable prices.

Invention:- This term is totally different from innovation under which individual invent that features or technology which never exist before in market. Under this logical and scientific methods were used in order to make product more advance and relevant in the form of new gadgets which change the whole image of technological world and allow to retain their position for longer period.

Distinguish between innovation and invention stated below:-

Basis

Innovation

Invention

Meaning

This term include product, service or any type of process that help in creating better picture and value for costumers.

New discovery and creation which never exist in market before that provide various right to individuals.

Driven

It primarily driven by all over desire in order to add the value of customers through their products and services.

Basically driven by inventor oddment and curiosity or research interest.

Characteristics

The main unique feature and advantage is characterised by profitable deployment.

It's advantage is defined by uniqueness.

Specialisation

Generally based on proper strategic planning, marketing and on the basis technical operational skills that allow them to create awareness among customers regarding innovation.

It is based on scientific and logical skills.

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