Difference between invention and innovation

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Reference no: EM132233678 , Length: 4500 Words

Project Context and Scenario:

A UK-based organisation of your choice wants to introduce new products into its existing market due increasing demand. The Innovation Manager has studied the market for growth and potential profitability and is convinced that the organisation should certainly develop new products. Your chosen organisation's competitors are currently engaged in developing new products, so developing new products is a must in this industry. In fact, the UK market is increasingly becoming competitive.

You have been hired as an innovation consultant to evaluate the situation and present recommendations on how the company should move forward with developing new products. Your answer should be in form of a business report format to be presented to the Innovation Manager.

The business report will address the following:

1. Explanation of the difference between invention and innovation.

2. The value and importance of innovation to organisations and how this can be embedded within the organisational leadership and culture.

3. The different forms of innovation and the four directions of change an organisation can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise the Innovation Manager which form of innovation he should engage in.

4. Discuss the approaches that the Innovation Manager can take to process innovative ideas, including the innovation funnel and frugal innovation.

5. Explain the steps the Innovation Manager should go through to derive a new and innovative product.

What you must do

The following issues are required to be carried out:

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.

Analyse: Identify separate factors, say how they are related and how each one contribute to the topic.

Assess: to determine the importance, size and value of something. Or give careful consideration to all the factors or events that apply or identify which are the most important or relevant.

Build a case: Answers the question, "What happens if ?" For example, Does the investment in new phone technology justify the cost? A business case is an argument, usually documented, that is intended to convince a decision maker to approve some kind of action. The strength of the business case is every bit as important as the value inherent in the project.

Critically evaluate: Point out differences which are particularly significant.

Evaluate: review the information then bring it together to form a conclusion. Give evidence of each of your views or statement.

Explain: Set out in detail the meaning of something, with reasons. More difficult than describe or list; it can help to give an example to show what you mean. Start by introducing the topic then give the ‘how' and ‘why' OR provide details and give reasons and/or evidence to clearly support the argument you are making.

Explore: Inquire into or research about any factors pertinent to a particular issue. Examine: When you evaluate you look at the arguments for and against an issue. Identify: Point out or choose the right one/ give a list of main features.
Illustrate: Include examples or a diagram to show what you mean.

Determine: Ascertain or establish exactly by research.

Attachment:- Innovation and Commercialisation.rar

Reference no: EM132233678

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Reviews

len2233678

2/13/2019 3:33:00 AM

LO4 Evaluate the range of P7 Evaluate the different M5 Present methods for protecting tools that organisations supported ideas and understand their can use to develop, retain evidence-based advantages and and protect knowledge evaluation of these disadvantages. and intellectual property. different tools in the context of the wider business environment. entrepreneurs

len2233678

2/13/2019 3:32:52 AM

LO3 Discuss the process P5 Explain the M4 Build a detailed D2 Critically evaluate the required to commercialise importance of the innovation business nature of innovation and the innovation commercial funnel and the case which includes context in which it is application of new product how to measure its developed, providing development overall evidence-based judgements (NPD) processing for effectiveness using on how organisations can commercialisation of appropriate overcome challenges to innovation. techniques develop successful P6 Build an innovation available to test, innovations. business case for an iterate and improve. organisation, including ways to access funding.

len2233678

2/13/2019 3:32:44 AM

LO2 Explain the different P3 Explain the 4Ps of M2 Analyse and types of innovation. innovation and explain the apply the innovation use of the innovation funnel in an funnel to examine and organisational shape innovative ideas. context. P4 Explain developments M3 Evaluate the in frugal innovation and role of frugal provide examples of how innovation in an it is used in an organisational organisational context. context.

len2233678

2/13/2019 3:32:37 AM

Grading Criteria Learning Outcome Pass Merit Distinctions LO1 Explain the context P1 Explain innovation M1: Analyse D1: Critically analyse how for innovation and and determine its different sources of innovation is developed, determine the difference importance to innovation, and how embedded and measured in between invention and organisations in organisations can an organisational context. innovation. comparison with invention. foster and develop P2 Explain how an environment and organisational vision, culture of leadership, culture and innovation. teamwork can shape innovation and commercialisation.

len2233678

2/13/2019 3:32:25 AM

The work you submit must be in your own words. If you use a quote or an illustration from somewhere you must give the source. Include a list of references at the end of your document. You must give all your sources of information. Make sure your work is clearly presented and that you use correct grammar. Wherever possible use a word processor and its “spell-checker”.

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