P1 Explain innovation and determine its importance to organizations in comparison with invention.

ASSIGNMENT BRIEF-UNIT 8: INNOVATION & COMMERCIALIZATION

Student Name/ID Number

 

Unit Number and Title

Unit 8: Innovation and Commercialisation

Academic Year

2021

Assignment Title

Innovation and development of business case

 

 

 

 

Learning Outcomes and Assessment Criteria

Pass

Merit

Distinction

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

 

 

LO1 and LO2

D1 Critically analyse how innovation is developed, embedded and measured in an organisational context.

 

 

 

 

 

P1 Explain innovation and determine its importance to organizations in comparison with invention.

P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation.

M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation.

LO2 Explain the different types of innovation

P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas.

P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context.

M2 Analyse and apply the innovation funnel in an organisational context.

M3 Appraise the role of frugal innovation in an organisational context.

Pass

Merit

Distinction

LO3 Discuss the process required to commercialise innovation

 

 

LO3 and LO4

D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations.

P5 Explain the importance of the commercial funnel and the application of

New Product Development (NPD) processing for commercialisation of innovation.

P6 Build an Innovation Business Case for an organisation, including ways to access funding.

M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve.

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

P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property.

M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment.



ASSIGNMENT BRIEF

UNIT LEARNING OUTCOMES:

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 commercialize innovation.

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

SCENARIO

An organization which is in the field of manufacturing sector of your choice wants to introduce a new product in to the market due to the increasing demand and competition. The innovation manager has studied the market for growth and potential profitability and is convinced that the organization should certainly develop a new product. Your competitors are also engaged in developing new products for sustaining in the market. So, innovation is a must for your organization.

You have been hired as an innovation consultant to evaluate the situation and present the recommendations on how the company should move forward with developing new products.

Your answers should be in the form of a business report format to be presented to the innovation manager.

The business report will contains the following:

  1. Explain the difference between invention and innovation and their significance in an organizational context.
  2. Explain the importance of innovation to organizations and how this can be embedded within the organizational vision, leadership, teamwork and culture at your selected organization. Analyze different sources of innovation that can be adopted at your selected organization, how organizations can foster and develop an environment and culture of innovation.
  3. Explain the 4Ps of innovation and innovation funnels in supporting capability and management of innovation. Advise your selected organization which form of innovation they should engage in.
  4. Explain the approaches that your selected organization can take to process innovative ideas, and frugal innovation. Analyze and apply the innovation funnel and evaluate the feasibility of whether frugal innovation model can be adapted to its main product? Critically analyze how your selected organization can measure the success of its new developed product.
  5. Explain the significance of commercial funnel and techniques for testing the effectiveness of the new product development (NPD) Processing for commercialization. Identify the solution to the problem and build a detailed business case of your selected organization, using the commercial funnel(to highlight strategic capability meeting following guidelines:
  • Matching goals to funding resources and ways to access funding.
  • Assessment of risk.
  • Value analysis applying frugal innovation.
  1. Evaluate and present with evidence the different tools that your selected organization can use to develop, retain and protect the knowledge and intellectual property rights of a new product? Critically evaluate what challenges are envisaged during the New Product Development and how can these be overcome to develop a successful innovative product.
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