Question :
'The purpose of this project is to evaluate the effectiveness of innovation in the context of small business organisation. In this regard, it is required for management to take appropriate decisions for firm by considering:
- Determine what is innovation and explain how it is different to invention.
- Discuss several types of innovation that Unicorn Grocery can consider.
- Evaluate the procedure of commercializing innovation and its requirement in Unicorn Grocery.
- Identify different methods that can be used to protect intellectual property as well as determine its advantages and disadvantages.
' Answer :
INTRODUCTION
Innovation is identify as an effective process of translating an invention or idea into a service and products that develop value of for which clients will pay. It is also define as an activity of implementing innovative plans in order to create a better value for an enterprise. This may mean developing a new system, service, process and improving existing ones. Innovation is more essential and important factor for the all business to maximise their sales and profit in an effective manner (Chesbrough, 2010). It is also beneficial for the enterprise to maximise their profitability and productivity ratio in systematic manner. In this report chosen organisation is Unicorn Grocery, it is a small size organisation in United Kingdom. This assignment divided into different parts including meaning of innovation, its importance and difference between invention and innovation. Organisational vision, leadership and teamwork of the company is also analysed in this study. 4P's of innovation, significance of commercial funnel, application of new product development. Innovation business case and different techniques which is used to develop intellectual property rights, it is also included in this assignment.
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TASK1
P1 Concepts of innovation and its importance to enterprise in comparison with invention
Concept of innovation: Innovation is the activity of organisations and people to change themselves as well as environment also. It means breaking dominant and routines ways of thinking, informing behaviours and new thinks, launching unique standards. In order to applying innovation in the business activities and functions, company can easily gain competitive advantages in limited time period. Thus, it is more essential and valuable for the company to maintain strong position at marketplace.
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There is a difference between invention and innovation. Both are important aspects for the business entity to maximise their sales and turnover within predetermined period of time (Chun and et. al., 2015). Innovation supports with transferring such products and services that completely meets with customer requirement and wants. In this Unicorn Grocery needs to improve their product and service quality which help them to attract large number of customers easily. For example: as per the Virgin and Apple group case study, both are perpetually doing innovation or creation in their electronic items just to rule the marketplace. Freshly, Apple establish X series, it is a innovation and in which they followed most powerful and smartest chip in the marketplace. Screen of such products has been radically reinnovated so as to develop it eye-catching and more attractive. On the other side, in the business operations and function of Unicorn Grocery, innovation or creativity is going to yield place in the way of launching and establishing its own effective mobile application. The enterprise has concluded that, recently 80% (Approx.) of the population chose to buy products via online website. Therefore, the requirement for implementing own mobile usage emerges (Cunningham and Porter, 2011). Further, it is the role of administration in order to take an effective decision about launching attractive and quality mobile application so that efforts, energy and time of the organisation as well as its clients can be decreased. Innovation is more important and significant for the organisation which are determined as below:
Maximise the productivity of organisation: Innovation in the Unicorn Grocery help the business to attract large number of customers as well as increase their effectiveness within predetermine period of time. For this purpose, company innovate in their products and service including: providing online facilities, home deliver, changes in the products verity and many other. All these are show as a part of business development and success at international level.
Staff motivation: In order to apply advanced technology in the business activities and functions which support the employees to work easily (Dahlander and Gann, 2010). Thus it highly motivated and encouraged them to improve their reputation globally. For achievement of this, business entity follow different kind of motivation theories.
Saving time and money: Utilisation of advanced and new technology in the company, it save the business time as well as cost also. Thus, it is important for the development and success of business in limited time period.
Difference between innovation and invention: There are certain difference in between innovation and invention which are explained as below:
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Basis
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Innovation
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Invention
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Meaning
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It is the transformation of creative plans into valuable applications by combining resources in unusual and unique form to render value to people through enhanced services, technology and products.
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Invention is identify as a creation of innovative technologies, processes or products not previously understand to exist (Difference between Invention and Innovation, 2016).
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Based on
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Innovation mainly based on a broad set of marketing, strategic, technical and operational skills.
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Invention is totally based on primarily scientific skills.
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P2 Organisational leadership, vision, teamwork can shape commercialisation and innovation
Unicorn Grocery is a type of worker co-operative grocery store which is headquartered in Chorlton-cum-Hardy, Manchester, England. In democratically, such type of business is controlled and managed by its owner or managers who establish the business entity with a flat management structure (Drucker, 2014). It was founded in 1996 with motive to gain maximum amount of the capital in limited time period. In the business, approximately 70 employees are working and having motive is to maximise sales and revenue of company. They sells dried, processed and fresh drink and food, much of it organic with an emphasis on fairtrade and local sourcing.
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