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Unit 6 Innovation and Commercialization Level 4 Regent College

Introduction

One of the basic needs of today’s world is to be progressive in nature. Internationally this is very important for an organization to survive. A company which is innovative is always ready to change. They have set objectives in their mind and build up strategies to achieve those objectives. They do thorough research on the creative idea and implement it in real world. This report does a detail analysis of innovation and commercialization. It highlights the factors that are responsible for bringing an innovative idea, the misunderstandings about innovations in our mind, strategies that will be helpful to implement hose innovative ideas and the process of innovation implementation.  Innovation is a solution for the organizations to survive in today’s world. One of the essential components of innovation is novelty. One of the famous scientist said that disruptive innovation is the key to simplicity. An organization has to show how they are different from others. They have to be competitive and always ready for change in the organization. The smart thoughts that the individual have in their mind can be converted into innovative idea. These innovative ideas are further refined by the organization to make them competitive different from others.  An organization need to be disruptive in nature if it wants to be successful. But not all ideas become successful. Therefore an organization needs to do intensive research before implementing a innovative idea.

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LO-1: The context for innovation and the difference between invention and innovation

Task-1: Explaining innovation and determining its importance to organizations in comparison with invention

One can be innovative even by best utilizing the recourses available. According to past believes, innovation is bringing something new product or service in the market (enterprise.gov.au, 2017). But this has changed; one can produce the same product and still be innovative. Innovation can be done to the current product and service in the market. The usage of current way can be changed and one can be innovative. If the resources are used in better way the overall cost of the product can be decreased and the demand of the product will increase. This will lead to increase in the profitability of the organization. This is the way all the organizations in modern time should try to work, so that the demands of the customers can be fulfilled on time. The organization that will produce the best quality product in least cost will be always in advantage. The organization will always remain in positive situation who is always ready to change. Invention is one time but the innovation is continuous in nature (Spulber, 2014). Innovation helps the organization to achieve the long term objectives of the organization. They help to have a competitive advantage in comparisons to others. The organization which is innovative helps to be revolutionary in long term duration. The organization which is innovative will concentrate on the future demand of the customer but the organization which is not innovative will concentrate only on present demand (business, 2017). Therefore cannot survive in long duration of the market. Internationally organization has to keep them changing according to the international demand of the market. Invention is bringing a new idea to the market but innovation is the implementation of the new idea into new product. Invention can be done to s single product but innovation can be done to two or more product simultaneously. There can be a single department in the organization for the work of invention but innovation cannot be limited to single department. The organization need to be risk taking if they want to bring innovation in their organization because sometimes the innovation may not be successful.

Task-2: Explaining how organizational vision, leadership, culture and teamwork can shape innovation and commercialization.

The innovation and commercialization is affected by the organization vision, mission, objectives, goals, organization culture, employees, employer and the values of the organization. The vision of the organization set the short term objectives of the organization. Therefore is the organization want to bring innovation it should be in alignment with the vision and mission of the organization (Jonathanhalls.net, 2017).The organization need to be revolutionary and imaginative in its ideas to achieve the goal of innovation.  The employee within the organization should also be motivated to bring changes with respect to innovation in the organization. The organization should always be helpful in providing the employee the essentials of innovation in the organization. This will help to remove the barriers of innovation in the organization (Emeraldinsight.com, 2017). Innovation is greatly affected by the leader’s values in the organizations. If the leader is innovative then the employees will be automatically innovative the organization. The organization culture will automatically adopt the principle of innovation. If the leader is authoritative, who believes in his own style then the employee will be never happy from him and automatically will not follow which he advice. But a participative leader will help the organization to build a positive environment and the employees will follow which the leader follows (driving Creativity and Commercialization, 2014). If the leader is directive in nature it will also help the organization to be innovative. The organization need to have good coordination among the employees to support the innovative culture. It helps the proper flow of information within the organization. Proper coordination and communication within the organization help the organization to use the employee skills in a better way. The employee can give suggestions for the better working of the organization. Therefore a better solution can be achieved if the employee gives suggestions for improvement. This also helps in increasing the loyalty of the employee towards the organization. The employee feel motivated to work for the organization and give suggestion for the betterment of the organization. This will help the organization to achieve its objectives and goals in the stipulated time. Leader should praise the employee who brings innovative ideas for the organization.

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