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Introduction

Innovation in simple terms refer as an application of “new idea”, in order to get better solution through which requirements can be met by an organisation. Therefore, innovation is not only inventing things but changing of business  model so as to deliver best quality products and services (Love and Roper, 2015). Henceforth, with the help new and innovative technologies company can attain their set targets and objectives in a speculated time frame. Southern Business Technologies, is a small medium enterprise that deals in telecommunication sector and provides communication services in United Kingdom. The present report will include concept of innovation by determining difference between invention and innovation. In addition to this, various types of innovation is also being included in this assignment. Other than this, process required for commercialisation is mentioned in this report. Lastly, evaluation of range of methods for protecting ideas and intellectual properties are included in this assignment.

Task 1

P1 Innovation and Determine its Importance to Organisations in Comparison with Invention

In relation with business, innovation is simply a collaboration of ideas which can be applied by an organisation so as to satisfy needs and wants of customers. Therefore, converting an idea into reality is innovation. There are many companies who make innovation and implement new technologies in order to improve their productivity level. Thus, most of the business professionals believe that innovation is crucial for companies if they want to sustain in the market for a longer period of time. Southern Business Technologies which is a private company and performed wired telecommunication activities (Laeven, Levine and Michalopoulos, 2015). It has become one of the leading small businesses in United Kingdom and gradually acclaiming name and fame in small medium business sectors. Majorly company deals in four departments i.e. cloud, data, voice and mobile. Therefore, company, after doing innovation and implementing new technologies company, can get better position. In addition to this, it will enable Southern Business Technologies in manufacturing new range of products for its customers.

Innovation and its Importance with Regards to Invention

Concept of “invention” and “innovation” are not same and knowing the difference is important. Invention, refers as creating things which are new whereas innovation states implementing an idea or a method. Therefore, in terms of Southern Business Technologies, they can make some innovation in their business model and operations like; company can develop a smart phones in which there will be a inbuilt software which can track body activities and provide customers with analysed data whether they are fit or not. As a result, it will assist firm in providing better services to its clients (Difference between Innovation and Invention. 2018). In order to know the difference between innovation and invention some of the points are explained below:

Basis

Innovation

Invention

Meaning

Innovation means transforming an idea into reality, so that changes which are done can add value to the services provided. Therefore, it is done in order to fulfil demands and wants of customers.

Invention id define as creating a whole new device which has not developed before. Therefore, invention is done after going through research and experiments.

What is it

In this creating a new product is not a big concern as company focus on adding values to products which are already there.

Invention is all about creating a new product and for this original ideas are generated by scientists or researchers.

Skills required

It doesn't require skills which are hard or scientific in nature but simply needs set of marketing, technical and strategic skills.

In order to innovate a new thing an individual must have scientific skills.  

Therefore, innovation is all about making some kind of changes in the existing products so that it can add value to business. Steve Jobs is known as the poster boy of innovation and Apple for the first time provided a platform for sharing online music with the help of I-pod. Henceforth, Apple created noting but just changed the experience of listening to music.

P2 Organisational Vision, Leadership, Culture and Teamwork can Shape Innovation and Commercialisation

In a company, there are different kind of activities that are being performed by various departments so as to gain competitive advancement in the market area. Therefore, in relation with Southern Business Technologies, different kind of operations are performed by respective departments like; assembling of the parts of phones are done by automated machines and technicians, checking of network is done by connectivity department etc., Other than this, role of leaders and managers are also important in an organisation as they both guide and provide basic facilities to employees so that employees can perform their activities in a better manner (Kogan and et. al., 2017).

In context with managers of Southern Business Technologies, they are formulating strategies for companies so that services and facilities can be provided to its customers at a reasonable cost. In order to shape innovation there are certain component which are required to be done and these are explained below:

Vision: It is determine as a road map which guide and indicate the right path for attaining goals and objectives in a limited time period. Southern Business Technologies, have both short and long term goals which will further assist company in getting into a better position at market area. Therefore, vision of Southern Business Technologies, is to provide excellent services to its customers so that they can portrait themselves unique from companies who are dealing in the same sector.

Leadership: In an organisation leaders play a crucial role in guiding its employees for accomplishing a task in an effective manner. Therefore, they tend to find out ways through which goals can be achieved in a limited time frame (Kleinknecht, 2016). In relation with Southern Business Technologies, leaders are guiding its employees by providing them proper training. This is gradually improving skills and knowledge of workers. As a result, employees are able to perform their activities.

Culture: This is an important aspect which company must keep into consideration as in an organisation there can be a possibility that organisation have employees who are from different cultural backgrounds. Therefore, it is prime duty of managers to maintain a mutual understanding between employees and this can be done by conducting meetings on a regular basis.

Teamwork: In order to accomplish a task it is crucial that company build an effective team who shares same mind set. As a result it will bring all employees together in order to work for a common goal.

Task 2

P3 4Ps of Innovation and Use of Innovation Funnel for Examine and Shape Innovative Ideas

Innovation is considered as an activity that is performed by people or a company in order to change the environment of an organisation (Johnston and Marshall, 2016). Therefore, innovation is determine as complex developments which are implemented in business for getting outcomes. 4Ps of innovation includes certain 'Ps' which are explained below:

Product: This is the component for which customers pay money in order to get commodities as per their needs and wants. Therefore, it is prime role of companies to manufacture innovative products by implementing latest tools and technologies. For example: Southern Business Technologies, is developing a software which can track activities done by human body and after analysing them provides with the information whether body is fit or not.

Process: Every organisation have different procedure of performing their activities. In addition to this, there are various methods in production process which includes certain steps . For example: as Southern Business Technologies is a telecommunication firm so for manufacturing smart phones company is following a procedure which is making a prototype, Software installation, testing phase, mass production, packaging and lastly shipment (Moulaert, 2016). Therefore, Southern Business Technologies is using the entire process for manufacturing a mobile phone. Henceforth, they can also make some changes in distribution process like phones that are available in outlets can be ordered from online sites.

Position: Every company develop their product for getting into a better position market area (Guttentag, 2015). As Southern Business Technologies, has opened up into the market segments and they are targeting to all age group. As a result, company's smart phone are gradually sustaining a better position at market area. Therefore, Southern Business Technologies, has enhanced their position in the market area.

Paradigms: It is determine as change which is done by company in their existing products for example: unlocking smart phone with figure was boring but now innovation done by Apple people can now unlock their phones using face recognition.

Use of Innovation Funnel:

Innovation Funnel

Source: Innovation Funnel, 2018 

Innovation funnel incorporates certain steps which are required for developing a product so that market needs can be fulfilled. Therefore, innovation is a common model which is being used by most of the firms for identify and evaluate ideas so as to make conceptualised products. Henceforth, use of Innovation funnel is very significant for an organisation as it provides with best thoughts which can give maximum benefits to organisation. Further Innovation funnel includes three-step which are explained below:

Wide mouth of the funnel: It is determine as the first step in which company tend to collect information from different spheres (Donate and de Pablo, 2015). Therefore, with the help of this, company try to improve knowledge and information base. Henceforth, Southern Business Technologies gathers data about reviews of the products provided from its so as to know what are their requirements.

Narrowing Segment of Funnel: It is consider as the second step under which screening is done that involves ample number of ideas. Therefore, in this an assessment is being carried out in order to known whether thoughts are related or not. As a result, this process provides with the attractive opportunities to companies from which company can get better returns.

Narrow Segment of Funnel: This is the last step in which ideas that are selected are delivered in order to meet company's objectives. Therefore, it is effective in analysing best suitable strategies from which company can get effective results. Thus, this funnel help in determining the effectiveness of technologies of action plan which is being implemented.

P4. Developments in Frugal Innovation

Innovation is consider as a concept in which things are modified so that a better product can be delivered to its customers (Dodgson, 2018). Frugal innovation is a process which is used by companies in order to reduce the complexity which are being faced by an organisation. Basically, with the help of this model firm try to eliminate features which cannot add value to the product. Therefore, frugal innovation is related with implementation of effective strategies through which company can gain maximum benefits and attain competitive advancement as well.

In relation with managers of Southern Business Technologies, it is crucial that they formulate strategies in order to provide better services to its clients and customers. Other than this, there are certain points which are to be consider by managers of this company i.e. managers should have proper knowledge about strategies which can be implement in the process of innovation. Further, superior must be capable of explaining the task which are to be performed so that better outcomes can be evaluated. In addition to this, it is important that managers analyse and evaluate skills and knowledge acquired by an individual. For example: Apple and Virgin group are the best example for implementing innovation in their business operations and it is all happening because managers of this company has given freedom to its employees for thinking new and innovative ideas (DiMasi, Grabowski and Hansen, 2016). Furthermore, there are six principles of frugal innovation and these are explained below:

Engage and Iterate: Instead of depending upon educated guess about consumer's needs and wants E&I starts observing behaviours of consumers as a result it will assist Southern Subsensible Technologies in manufacturing their products according to choices and preferences. For example: after evaluating the need of health tracking device company thought of innovating their smart phone inbuilt with this feature.

Flex your assets: With the help of this, Southern Business Technologies can set their funds that will be required for developing this software. Therefore, it will assist firm in cutting down the funds which can be further be used for implementing new tools and technologies in their organisation.

Create sustainable solutions: In this, company tend to develop solutions for a specific problems like if company is running from less funds than they can take loans from financial institutions for executing further plans in a better manner.

Shape customer behaviour: With the help of this,company try to determine purchasing power and behaviour of customers so that firm can produce goods as per choice and preferences of consumers.

Co-create value with customers: Under this, company try to communicate with customers on a regular basis so that feedback and reviews can be collected (Díaz-García and et. al., 2016). Therefore, it will provide customers with an idea whether consumer are satisfied with the products and services provided by the company.

Make innovative friends: Products can be developed properly if people who are connected with them are creative. For example: employees, stakeholders etc.,

Task 3

P5 Importance of Commercial Funnel and Application of New Product Development

Commercial Funnel: In order to develop a new product it includes certain steps that are explained below:

Idea Generation: It is determine as a first step in which idea for a product is generated, therefore, in this Southern Business Technologies, consider various preferences of customers. Company is thinking of developing a software which will tell a person about its health condition by tracking down their body.

Idea Screening: In this company will determine whether the idea will give benefits or it is profitable or not.

Concept Testing: Under this, idea for the first time is present in front of customers in order to know feasibility of products.

Market Strategy: In this, for developing the products company can choose strategy and in terms of Southern Business Technologies they will incorporate aggressive moderate strategy for developing software.

Business Analysis: Under this, company tend to find out whether the product which is developed will give firm maximum benefits or not.

Product Development: By comping onto this step the process of developing a product starts. In relation with Southern Business Technologies the procedure of developing software will be done by software developers (De Vries, Bekkers and Tummers, 2016).

Test Marketing: It is done before launching the product so that its reliability can be measured whether it will sustain in the market or not.

Commercialisation: Under this, after proper testing of the product, it is further launched in the market with the help of commercialisation.

P6 Innovation Business Case for an Organisation

A business case that is being followed by Southern Business Technologies are explained below:

Executive Summary

Southern Business Technologies is a telecommunication company that provides telecom services in the United Kingdom. The main motive of this firm is to provide communication facilities to every individual.

Need

For Southern Business Technologies innovation is important for increasing its customer's base and also to provide unique features in their smartphones. Like company is planning to incorporate a software through which customers can get details related to health i.e. whether they are fit or not.

Solution

Innovation in product will help Southern Business Technologies in attracting large number of customers towards their company, as a result, it will increase sales and profitability.

Consumer Analysis

This component explains whether customers are satisfied with the products provided by the company or any kind of changes are required for better improvement. Therefore, it assist firm in executing  their activities in such a way that it will fulfil needs and desire of consumers.

Creation and Improvement

In this, views and thoughts of customers were kept into consideration so that innovation which is being done by Southern Business Technologies can fulfil needs and wants.

Acquisition of funds

Southern Business Technologies is a small scale industry and for executing the plan company will require ample amount of funds, therefore, firm will take help from financial institutions for the same.

Benefits availed

In relation with this component company will be able to increase its customer's base by providing best quality services and facilities.

TASK 4

P7 Different Tools which Organisation can use to Develop, Retain and Protect Intellectual Property

It is prime responsibility of a company to protect its intellectual property from outsiders. Thus, it includes different kind of laws and legislations therefore, with the help of this company can claim their right on innovation and these are explained below:

Patents: It refers to an exclusive right which is granted by governmental body of an organisation in order to protect their innovation (Brunswicker and Vanhaverbeke, 2015). Therefore, it provides protection to an individual who have developed a product or an idea.

Trade Marks: This is determine as a unique name which is provided to a product. Thus, firm by using this name do their trading process. Therefore, it requires some legal procedure in which firm register its name legally so that no other company can sell their products using their name.

Copyright: It is applicable for written material, books, websites etc., therefore, it provides protection from outsiders because there can be possibility that some other person may copy the stuff and publish them as well. As by registering, company can have their copyright for the products developed.

Right to intellectual property: While establishing a business or a products there are certain rules and regulations which are required to be known by owner so that illegal activities can be reduced.

Conclusion

From the above report, it has been concluded that in order to sustain in the market for a longer period of time company do innovation with their products. As it will assist firm in being connected with its customers. For this, enterprise can use 4Ps of innovation for executing the plan more effectively. Other than this, company can incorporate frugal innovation which will further support in accomplishing the entire process of innovation and commercialisation. Therefore, all these factors are important and along with this, company should have adequate information about rule and regulations so that they can protect their intellectual rights.

References

Books and Journals

  • Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized enterprises (SMEs): External knowledge sourcing strategies and internal organizational facilitators.Journal of Small Business Management. 53(4). pp.1241-1263.
  • De Vries, H., Bekkers, V. and Tummers, L., 2016. Innovation in the public sector: A systematic review and future research agenda.Public Administration. 94(1).pp.146-166.
  • Díaz-García, C., and et. al., 2015. Eco-innovation: insights from a literature review.Innovation. 17(1). pp.6-23.
  • DiMasi, J. A., Grabowski, H. G. and Hansen, R. W., 2016. Innovation in the pharmaceutical industry: new estimates of R&D costs.Journal of health economics. 47. pp.20-33.
  • Dodgson, M., 2018.Technological collaboration in industry: strategy, policy and internationalization in innovation. Vol. 11. Routledge.
  • Donate, M. J. and de Pablo, J. D. S., 2015. The role of knowledge-oriented leadership in knowledge management practices and innovation. Journal of Business Research. 68(2).pp.360-370.
  • Guttentag, D., 2015. Airbnb: disruptive innovation and the rise of an informal tourism accommodation sector.Current issues in Tourism. 18(12).pp.1192-1217.
  • Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation, technology. Routledge.
  • Kleinknecht, A., 2016. Innovation patterns in crisis and prosperity: Schumpeter’s long cycle reconsidered. Springer.
  • Kogan, L. and et. al., 2017. Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics. 132(2). pp.665-712.
  • Laeven, L., Levine, R. and Michalopoulos, S., 2015. Financial innovation and endogenous growth. Journal of Financial Intermediation. 24(1).  pp.1-24.
  • Love, J. H. and Roper, S., 2015. SME innovation, exporting and growth: A review of existing evidence. International small business journal. 33(1). pp.28-48.
  • Moulaert, F., 2016. Social innovation: Institutionally embedded, territorially (re) produced. In Social innovation and territorial development. pp. 27-40. Routledge.

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