Innovation and Commercialization - XLN
University: Regent College of London
Question :
The objective of this report is to evaluate requirements of innovation within an organisation that can assist in implementing desired changes within a firm. Thus, the CEO of Xln wants to implement innovation by analysing its effectiveness and contribution in organisational success.
- Explain the term innovation as well as analyse the difference between invention and innovation.
- Evaluate various types of innovation in the context of Xln.
- Analyse the required process that can assist to commercialize innovation n Xln.
- Determine different methods of protecting ideas as well as its advantages and disadvantages.
Answer :
INTRODUCTION
Innovation is the factor which helps to utilize fresh and advance application in order to execute various function of enterprises. (Abou-Ras, Kirchartz and Rau, 2016). These changes helps to sustain a strong position in the marketplace. This helps to achieve aims and objectives of company in stipulated time. There are various types of advance technology which helps to execute different types of operations of company in effective way. Innovation plays a significant role in order to inculcate with various challenges and issues which arises in the future. Xln is small organisation which provide various types of telecommunication service to the in UK. The management assumes to implement various new and innovative technology which helps to attain growth in business and able to attract large number of customer. The management of the company ascertain different types of leadership approaches which guide employee to perform various work. Implementation of 4P's of innovation helps to accomplish various functions of organisation in effective manner.
TASK 1
P1
There are different types of innovative and advance techniques which helps to perform various types of activities of company in effective way. This leads to improve the quality of the different products and company also able to produce new range of products and supply it into market. These new and advance technology which helps to accomplish different types of products and service to the customer (Huang and et. al., 2012). This aid to achieve the aims and objectives of organisation. New and advance technology helps to produce different types of new and innovative products as per the demand and desire of different customer present in the marketplace. This helps to attract large number of client. This helps to maximise level of profit of enterprises.
Importance of innovation in respect of invention
Innovation is the procedure by which company able to implement different kind of new and innovative technology within organisation. This helps to gain the productivity of system in effective manner. The management of company precede various types of effective theory which helps to inculcate with various risk which are responsible to reduce the performance of the company. By gaining different type of knowledge from various theory it give confident and attitude of different employee working in organisation. There are assorted type of instrument and techniques which are used by the Xln company to provide effective services to the organisation ( Schroll and Mild, 2011).
Difference between innovation and invention is explain in tabular form:
|
Basis |
Invention |
Innovation |
|
Meaning |
It is concerned with various methods and process which are responsible to develop new range of products and services. |
It concerned on to accomplish different types f operation which are perform by the employee working in the organisation. This helps to make changes in the shape , size and colour of the new products as well as existing products. |
|
Work |
A person can able to develop new idea which helps to produce new products for different customer. |
This helps to implement different types of changes in the existing products as per the latest techniques which are ascertain by company. |
|
Essential skills |
A person have the capability invent advance techniques which helps to produce new range of products this helps to attract large number of customer which are present in the marketplace. |
Innovative technology helps to increase working efficiency of organisation which helps to expand business in effective manner. This helps to perform various kind of purpose of company in effective way. |
In present document it is assumed that company implement various types of new and advance techniques which helps to utilize various types of new and advance techniuqes in order to maximise the level of profit of organisation (Wu and Zhou, 2012). Due to implementation of new and advance technology which helps to increase the fruitfulness of organisation in short period of time. Like Apple is the reputed company which manufacture hybrid laptop, I-phone and I-pod for its loyal customer. The most innovative product which Apple has launch is that the capacity of storage capacity of I-pod is almost 1000 song this is innovative product which company has introduce in the marketplace. These changes are implemented by the organisation at small level of customer which helps to enhance the rate of sales of various products in marketplace (Bianchi and et. al., 2011).
P2
There are various functions and operations which are present in the marketplace in order to increase the productivity of the organisation. The upper level of management of Xln implement various types advance and innovative technology to perform various types of modification to produce new range of products. In order to perform implement different types of changes in the organisation leaders and managers of organization in proper way. Leaders of the company helps to guide employee in order to perform different type of work in effective manner. They encourage various employee working in company which helps of new and innovative technology which aids to enhance effectiveness in performing various activities of organisation. Manager of the organisation helps to give relevant information to the employee working in the organisation. The manager and leaders of company define the vision, mission of company on which employee have to perform various types of work in effective manner. This helps to attain goals and objectives of organisation (Maritz and Donovan, 2015).
Vision: Xln company perform different types of work on the basis of long and term goals. As per the vision of the management of organisation assigned target which employee have to complete in stipulated time period. The main vision of organisation is to sustain strong position in the marketplace and also provide better quality of service to the various client present in the marketplace. This helps to increase the level of productivity of company.
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