Explain the context for innovation and determine the difference between invention and innovation: Unit 8: Innovations and Commercialization Assignment, UK

LO1 Explain the context for innovation and determine the difference between invention and innovation.

LO2 Explain the different types of innovation.

LO3 Discuss the process required to commercialise innovation.

LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.

Introduction of innovation

Innovation is the process and outcome of creating something new, which is also of value. Innovation involves the whole process from opportunity identification, ideation or invention to development, prototyping, production marketing and sales, while entrepreneurship only needs to involve commercialization

Invention: can be defined as the creation of a product or introduction of a process for the first time. “Innovation:on the other hand, occurs if someone improves on or makes a significant contribution to an existing product, process or service. In other words, they are, as Andrew Wyckoff, Director of the OECD’s Directorate for Science, Technology and Innovation (STI), related but not identical. Innovation flows from invention. It is a core competency, sought by both companies AND governments alike. And countries that harness innovation and entrepreneurship as engines for new sources of growth will be more likely to pull out and stay out of recession.

Consider the microprocessor. Someone invented the microprocessor. But by itself, the microprocessor was nothing more than another piece on the circuit board. It’s what was done with that piece — the hundreds of thousands of products, processes and services that evolved from the invention of the microprocessor that required innovation. The same can be said for the Internet, as we understand it today. Or Apple’s ubiquitous iPhone, where Apple took a stagnant product category – the mobile phone – and completely rethought how it could be used.

They took an existing product category and existing technologies, but still somehow reshaped modern society. Apple’s innovations in design and user interface sparked a tech revolution.

Whether a business is in the initial stage of exploring innovation or has already gained some experience from it, new opportunities exist across the entire growth cycle. By classifying innovation into four distinct categories, companies can assess the opportunities that exist and how different approaches can enable them to create and capture value.

Incremental Innovation is the continuous improvement of existing products or services to provide more value to an existing market. It focuses on reducing defects and incrementally improving performance with features like product line expansions, cost reductions, and next-generation products. This type of innovation occurs in the short-term and has low technological advancement and low market impact.

Architectural Innovation is the modification of existing solutions for an entirely new market. Architectural innovation refers to changing the overall design of a product by putting existing components together in new ways. This innovation occurs in the short to medium term. Examples: Sony Walkman, desktop photocopiers

Disruptive Innovation is when new technologies and products are created to serve an existing market. This type of innovation is enabled by new technology that provides a more efficient and accessible alternative to what already exists in the market.

Businesses apply disruptive innovation to serve the evolving needs of their consumer base, creating entirely new value streams and service offerings that did not exist before. Disruptive innovation mostly originates at the lower end of the market segment, however, as the maturity of the technology increases, it eventually displaces established market leaders. This innovation occurs in the medium to long term.

Examples: Open source software, Peer-to-peer platforms (Airbnb), video streaming

Radical Innovation is when an organization applies new technology to a new market. This type of innovation is when a new product, process, or service with high technological advancement has a high market impact and completely replaces an existing offering. This innovation occurs in the long-term.
Through our work together, these are the eight steps we have found to commercialize innovation:

1. Understand the “noise” in the system. Too many manufacturers still get caught up in developing ideas without any real concept of how, why or where they will make a difference. This is a recipe for failure. Only then can you be sure your innovation journey will set off on the right track.

2. Run a divergent innovation session. Feature targeting a group of around 10 people from different areas of the organization (think marketing, sales, design, engineering or any others who have insight to share from a unique perspective

3. Hold a convergent innovation session. This is the filtering stage during which the myriad concepts brought up by the divergent innovation session are consolidated and evaluated in more detail. The task here is to separate the ideas that are either impossible and improbable from the one (or more) that stands the best possible chance of making it all the way through to commercialization.

4. Build a works-like prototype. This is what Nottingham Spirk calls a “Frankenstein prototype,” one in which aesthetics and design are set aside in favor of developing the core nuts and bolts that can turn the new product into a functional reality.

5. Develop a looks-like prototype. Here, the designers get involved, packaging the idea into something that will be visually and stylistically capable of cutting through in the market.

6. Combine into a full prototype. At this point, steps 4 and 5 come together, combining the works-like prototype with the looks-like one. As well as evaluating the concept in its entirety, now is the moment to run focus groups and testing sessions with the relevant stakeholder segment

7. Start scaling. Once you have addressed any issues or concerns that arise during the full prototype trials, it is time to create a larger lot size — normally around 10 to 12.

8. Conduct a soft launch. Before going into widespread release, it is highly advisable to launch your innovation with a more targeted customer segment or in a specific location.

Assuming the soft launch goes well, it is then a quick step to a full-scale unveiling. But even this is not the end of the process. The critical role of research, data analysis and live customer feedback continues, allowing you to keep refining even after the product or process goes live.

Incremental and architectural innovations extend the relevance and life cycle of an existing business. These innovation processes follow a formal set of predetermined steps from concept to commercialization, whereas disruptive and radical innovations supersede existing processes to redefine industry standards. These innovation types are characterized by several process changes along the way due to unexpected events and discoveries.

The most successful companies diversify their approach to innovation by maintaining a portfolio of various initiatives and techniques. To gain a competitive edge, businesses should explore all four types of innovation and align each approach with specific company goals

Introduction:

The main object of this research is to find out the significance of Innovation andCommercialisation. For maintaining customer retention as well as acquiring new customersInnovation strategy can play a crucial role.

To analyse this, the researcher has chosen two different companies, which organisation mainly develops their business with maintainingtheir retailer as well as customers. With the help of four different tasks, the researcher hasdescribed this research paper successfully is to develop a student’s understanding of the influence culture, politics and power have on the behaviour of others in an organisational context.

Students will be in a position to apply the principles of organisational behaviour to a variety of business situations. On successful completion of this unit students will have an understanding and awareness of key influences which affect the behaviour of individuals, teams and organisations as a whole.

They will be able to use this knowledge to make an immediate and positive contribution in the workplace, whether that role is as part of a team or as a team leader. This will be achieved through a strong appreciation of working in a team, having a more profound perspective of what makes people and organisations do what they do, and how to adjust one’s own behaviour to reflect the circumstances and situation.

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