Innovation is the process in which products can be referred in unique and distinct manner. It is crucial so that company can create new products and can create something new in firm. Through this it can gain more revenues and can increase the market share. Hence it also helps firm to give competition to the companies. It also helps company to maintain unique image in market as well as front of employees. Commercialization of new ideas is also crucial for firm. Thus firm's innovation can become in many countries (Clegg, Kornberger and Pitsis, 2015). Report describes about Unicorn Grocery firm which is a grocery store. It was found in 1996 in U.K. It explains about concept of innovation and difference between innovation and invention. It further explains about different types of innovation, describing the process required to commercialize innovation. It further describes about the range of methods protecting their ideas and their advantages and disadvantages.
P.1 Importance of innovation in comparison with invention
Innovation is creation of new ideas and process in company. In this existing products are modified and launch in market. While in invention there is launching new products in market and they give solution to complex problems. They are performed by single person. Commercialization are the operations and tasks related to selling of items of company. It includes the production,distribution,marketing and sales function. Various sources of innovation used by Unicorn grocery are-
Unexpected: Company has to create such innovation which is different from other competitors. The results are far better as they have expected by company. There are some circumstances they they cannot get success in all time (Damanpour and Aravind, 2012). Unicorn grocery is first SME and they are organizing rooftops meetings,yoga classes and other extra co-curriculum activities in office so that they can refresh themselves and they can work with more energy and enthusiasm.
Process need: A firm can change the existing methods and processes which is known as process need. For example Unicorn grocery can give training and communicate with all employees so that they can work properly. Hence it helps in improving the efficiency in process.
Change in perception: Unicorn grocery is same which have organized meetings,yoga and vacation for all their employees. Through this they can communicate with each other and can solve their problems which can improve culture. Initially they do not focus on people but now they only concentrate on employees and not on machines. So hence manager interact with them and solve all issues so that they can increase their productivity. As a result they can perform better. It can also maintain good image in front of all users and changes their attitude towards firm (Drucker, 2012).
New knowledge: Unicorn grocery motivates all employees and interact with them so that they can give more innovative ideas and hence they can bring innovation in firm. Through this they can sell different and unique products which increase the knowledge of all users.
Unicorn grocery can can create such a positive environment in which new process can be developed It can give training to all employees and motivates staff members so that they can also give innovative ideas and through this it can increase the efficiency of firm . Hence they can also innovate new ideas related to pronation of products in unique manner (Hall and Wagner, 2012).
Difference between innovation and invention
· They are the methods on which existing products are modified.
· They are process in which new products are lunched in market.
· It is performed by group
· It is performed by an individual
· It helps in solving issues of users
· It give solution to high issues
· It requires technical knowledge,analysis of market etc.
· Proper knowledge, eagerness and scientific skills to create many products
P.2 Organisational vision, leadership, culture and teamwork can shape innovation and commercialisation.
There are different factors which can influence the company in various ways. Factors which can influence Unicorn grocery are-
Organization vision: Unicorn grocery has a vision that to increase the productivity of employees and to satisfy the customers through innovation of new products (Hallerstede, 2013). Thus they helps in giving training and motivation so that they can achieve this vision. Hence they use various techniques to increase the skills and potential of employees so that they can perform better and they can give many creative ideas so that they can bring innovation in firm. Through this they can improve the quality of work done by all employees.
Leadership: It has a leadership model in which leader can organize different seminars and training programmes for all employees so that they can enhance other skills and knowledge and they can improve their performance. Leaders motivate all staff members so that they can increase their energy level and zeal and thus they can think of creative ideas. They have freedom to give their views and suggestions (Inauen and Schenker-Wicki, 2012). Through this techniques they can give unique,innovative and creating ideas of producing and promoting products. All employees can say that they products can sell through online applications. Through these creative suggestions firm can bring innovation in firm in an effective manner.
Culture: Firm can create friendly and positive environment by motiving them and organizing training session for employees. Through thus they can enhance their technical skills and capabilities,potential and hence they can improve their performance also leads to growth and development of all staff members. Hence they mainly focuses on people and not on machines. It is done so that they can improve their productivity and can give innovative ideas. Thus as a result they can give distinct ideas to create and promote all products. Hence firm can bring innovation through improving culture (Lakhani, Lifshitz-Assaf and Tushman, 2012). Thus they can achieve the vision to fulfil needs of users and thus they can increase the satisfaction level of all customers.
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Teamwork: As manager motivate employees so hence all employees in team think of new and creative ideas so that they can bring innovation in firm. As a result all staff members gives different new techniques to sell and promote products. Thus firm can easily bring innovation through teamwork.
P.3 4P'S of innovation and use of innovation funnel to create innovative ideas
Various steps are used so that company can bring innovation in firm. 4P's used by Unicorn grocery are-
Product innovation: Unicorn grocery can increase their facts and attributes in their grocery items. This is defining through motivating all employees as they can give creative ideas. Through this they can create innovative ideas such as promoting products through online applications (Markides, 2013).
Process innovation: Organization has changed its process. Firstly it do not motivate all employees but now they focus on motivating and giving training to all employees. It is crucial so that they can give innovative ideas to sell and new products. This is possible only through changing of their process.
Position innovation: Company can create unique image in front of all users. As they can change their process and the are mainly focuses on employees so that they can create different and unique products. Hence by motivating them they can give distinct ideas such as online application selling of products at less rate (O'Reilly, and Tushman, 2013). Thus they can maintain good image in front of all customers. Hence they can also earn more revenues.
Paradigm innovation: By changing culture they can follow this innovation. Company mainly focuses on people and motivating and gives them training so that they can give more innovative and creative ideas and hence they can bring innovation in firm. Thus it helps in increasing satisfaction level of people and firm can increase their revenues.
Innovation funnel is the generation of new and creative ideas through which company can choose bet ideas. It can select that idea through which they can gain more revenues and can expand business in less time. So hence company can create various ideas so that it can satisfy the customers which their mission. It has 2 ideas. First idea is to increase productivity of company by producing good quality of products (Rasiah, Jomo and Felker, 2013). It is through using of good and creative machines it can create good quality of products. Second idea is to focus on people and not in machines. It can give training and motivation to all employees so tat they an give innovative ideas and they a good culture on which they can interact with manager to so their problems which indirectly helps them to give creative ideas and hence they can creative ideas to promote products in unique manner such as they can promote them through online applications. Hence as result they can bring innovation in company. They can beat the competitors and can satisfy all customers in unique manner.
P.4 Development in frugal innovation
This is the innovation which helps them in reducing the problems and issues in process and techniques in market. Through this they can increase the production process of company. It can decrease the problems and other compilations in any manner (Smith and Lewis, 2012). For example company faces many problems in process and techniques that is it cannot create such a unique and distinctive which can create new position in the market. Hence it cannot increase the market share. But it has bring culture innovation in which manager have organize different seminars and programmes,vacations and other training sessions through which all staff members are motivated and they can give best results. Hence all employees are given training and they are motivated upto a higher level. Thus as result they can give creative and unique ideas so that they can sell products through online applications (Tucker ed., 2012). For example they can adopt such a culture through which all employees can easily adopt it and manager take suggestions and then take decision related to creation of any innovative products and in any other matter. Through this they are motivated and give good innovative advices. Through this there are no problems in processes.
For example Apple has launched an iPod which has very less storage capacity and it has evaluate requirements of all users. Leader have analysed that customers do not want that there is high capacity. So hence as a result they have launched their small size one as compared to other rivals. Thus it can gain more profits and can increase the market share. Main reason is decreasing production costs.
Frugal innovation is process in which it can sustain their products through decreasing costs. It also discusses the importance of various resources which helps in creating commodity. There are 6 principles-
Engage and iterate: Company do not require to innovate much in the firm. They can repeat previous ideas and they can motivate employees through old technologies so that they can bring innovative ideas in firm (Yalabik, Howard and Roden, 2012).
Flex your assets: Unicorn Grocery can spend their earnings in retained earnings towards other innovation. They can old techniques in organization of training programmes through which they can give creative ideas to firm.
Sustainable solution: Company has to satisfy customers. If employees do not give creative ideas then firm cannot survive in market. Hence they have find a solution to organize training programmes so that employees are motivated and give distinct ideas.
Shape behaviour of users: It can change attitude of customers by providing good quality of items. Hence as a result company can motivate all employees so that they can give innovative ideas. Through this they can bring innovation in culture and products. Hence they can easily change attitude of users (Zedtwitz and et. al., 2015).
Creation of value with customers: It has to interact with all users so that they can create innovative products according to user's demand.
Innovative stakeholders: Company can have unique and skilful employees and managers so they can give creative ideas. By giving rewards and motivating all employees they can bring innovation in the firm (Clegg, Kornberger and Pitsis, 2015).
P.5 Importance of commercial funnel and use of new product development process
Commercial funnel is very crucial for every company. So importance of commercial funnel for Unicorn Grocery are-
Enhance quality: Through commercial funnel it can improve the quality of work as well as creating unique and creative products. It can also improve productivity in company through using of commercial funnel.
Promotes creativity: By organizing of many training and motivational sessions company can motivate and guide all staff members. So hence they can give many creative ideas such as online applications of products etc. (Damanpour and Aravind, 2012).
Enhance growth and efficiency: By focusing on people and not on activities and tasks company can contribute to success and efficiency in business. For example Unicorn grocery can motivate all employees and can guide staff members so that they can give creative ideas to sell and promote products. Through this it leads to growth of company. Along with this it also results in growth and efficiency of employees.
Product development is very important so that it a gain more customers and can increase the market share. It can consider the requirements of all users and hence creates the products. It can also adopt new ways of giving training to all employees so that they can bring innovation in firm. Process of new product development process in Unicorn grocery are-
Idea generation: It has evaluated different ideas related using of training techniques so that they can give training to all employees. This is important so that all staff members are motivated and give creative ideas according to need of all users.
Idea screening: It can select best idea that is best techniques to give training and motivation to all staff members (Drucker, 2012). This is crucial so that they are properly guided and they can give create and unique ideas to the firm.
Testing and development: Their skills are tested through various training tests. Through these tests they can evaluate performance of all employees. Hence they can find weak points in all staff members and try to give suggestions to improve them.
Product development: In this company the main product is employees. Through proper motivation and training programmes they can increases efficiency of all employees (Hall and Wagner, 2012). It leads to growth and development of employees which helps in increasing level of satisfaction level of all users.
Commercialization: Company motivates all employees and hence they can give creative ideas. This idea can easily be commercialized. This helps in increasing satisfaction level of all users.
Launching: In this company fix date in which all employees are gathered in a room and then they can decide all activities and task related to training and motivational sessions. Through this it can increase the satisfaction level of all users.
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P.6 Innovation business case for Unicorn grocery
There is an innovation business case of Unicorn grocery store. They have created various training techniques and motivation sessions so that they can motivate all employees. Steps of business case of unicorn grocery are-
Executive summary: Company can bring innovation in culture and hence it can earn more revenues. Manager can organize all training programmes and motivational sessions so that they can give creative ideas (Hallerstede, 2013).
Target: Main target is to satisfy customers through motivating all employees. Hence they use various training technologies to motivate staff members.
Solution: They can increase the satisfaction level of all users through motivating and training to all employees. Through proper guidance and motivation all staff members they can bring innovation in firm.
Reasons of product innovation: It is important so that customers can satisfied through unique ideas. Distinct ideas can given by employees through giving of proper motivation and other motivation sessions.
Customer research: Company can evaluate demand of all users and hence it can motivate employees so that they can give create and unique ideas through which they can satisfy all users (Inauen and Schenker-Wicki, 2012).
Funding: They can receive funding so that they can invest in training programmes. There are 2 sources of finance. They can invest their funds through business revenues which are their internal source. They have external source in which they can take money from bamnkls,financial institutions etc. They can also take money from angel investors and they can receive many benefits but they have to pay shares for that. Through these ways company can easily take funds.
Expected benefits: Past data is evaluated so that company can find returns for future (Lakhani, Lifshitz-Assaf and Tushman, 2012).
P.7 Tools used by firm to develop,retain and protect intellectual property and knowledge
There are different tools which are used by firm to develop,retain and protect intellectual property and knowledge. Tools used by Unicorn Grocery are-
Trademark: It is different signature through which other rivals cannot steal it. Hence as a result other competitors cannot steal this signature. Hence it is a beneficial situation for firm as they can protect their all rights. Through this it can maintain competitive edge on others. Company has to incur some which is disadvantage for firm.
Patent: In this company can protect their innovation culture in which they use various training programmes and other sessions. No other competitor can steal this innovation culture and techniques of training and motivation. This is beneficial situation for firm. But firm have to spend huge amount for protecting these rights. This is disadvantage for firm
Help from professionals: In this many legal experts and professionals haver to give advice so that company can find solution to all their problems. Thus they can find all issues related to arising techniques and other tools. Through this they can fund solution to their issues. But they have to pay huge fees to them. This is disadvantage for firm (Markides, 2013).
Copyright: Firm can protect their books and other musical system so that they can earn more revenues. They can also protect their computer applications and other programmes so that they can protect their knowledge and other rights. Hence they can maintain unique position in front of all users.
Innovation is very crucial in company. It is important so that they can create unique ideas and can satisfy all users. Different concepts of innovation and determining difference between invention and innovation. Various types of innovation. Process to commercialize innovation. Range of various methods and their advantages and disa