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| Introduction This brochure includes the description of innovation and its different varieties. As the investment associate of Ascension ventures wants to add information of brochure on its website. As the brochure includes the overall information based on the innovation and its importance for getting different process. The comparison of innovation and intervention will be also described in this brochure. As innovation is one of important part of organization and it improves overall aspects of business in different manner. The 4 Ps of innovation will be described in this report. The innovation funnel is too important in managing innovation which will be also described in brochure. The role of frugal innovation will also be described in this brochure.
(Source: edisonawards, 2019) Importance and variety of innovation The innovation refers to the modification of the inventing product and services and it is about making new tings in the existing product and innovation also works to increase the overall productivity of the company. Ascension ventures work to provide fund to the other companies to manage their growth so organization need to innovate their process to get better growth in the market. Innovation improves overall process by different products and process (Medase and Barasa, 2019). It maintains previous product or processes and it maintain overall potential users for managing overall product in different manner. The innovation is too effective in overall development of innovation. The innovation process work to implement a new improved production or delivery approach for managing overall organization. This is important process to manage overall decisions in the related organization. The organizational management is important with innovation and it manages overall variety of innovation. The decision-making approach manage overall process of innovation in different manner (Ozilgen, 2019).
(Source: jobs-to-be-done, 2018) Tool or approach used to apply innovation There are several tools and approach used to apply innovation in organization. As tools and approaches are used to manage innovation in organization. The main tool or approach used to manage innovation is related to creative problem solving that work to solve the problems occurred in business by adopting different process of creative problem solving. The creative problem solving is related to the different approaches related to innovation and this approach maintain overall innovation in different manner. The creative problem solving is one of main process to maintain overall problem solving in different manner (Belgin, 2019). The idea management is one of effective approach used to manage different innovation in Ascension ventures and it maintains overall strategies of innovation in different manner. The concept of idea management maintains overall innovation and it increases different varieties of innovation for better development process. Innovation tool helps the organization in achieving effective outcomes and idea management is included as right tool for managing innovation in different manner. This approach is effective to get people innovating in different perspectives. The innovation implements better use of ideas in overall management process and it improves better growth of business.
(Source: linkedin, 2020). Comparison of innovation and intervention The innovation and intervention are compared to each other and it maintains overall strategies in business for better management process. As per analysis, it has been determined that invention refers to creation of brand-new product or device. Conversely, innovation is an act of making several changes to the existing product or service by introducing different ways or ideas. Invention is manufacturing of product or service and innovation is to make changes in related product or service. To discover or invent something new or to innovate means to use a new idea in business environment (Szutowski, 2019). The existing inventions in ventures need to innovate for getting effective advantages or benefits for proper management of business. This improves the overall use of innovative services in new world. The invention and innovation are totally different from each other (Youtie, et al., 2012). The invention occurs while creating a completely new idea and innovation is to make improvement in existing idea. Invention implements the motorized in same manner. Innovation is important in workplace to penetrate marketing in faster way and it makes effective improvement in already existing invention. The innovation process led to several opportunities in overall environment. As in the process of invention, innovation is too effective in managing different functions and activities.
| Two types of innovation and 4P’s of innovation There are various types of innovation included in the business innovation as innovation improves overall aspects of business and increase the level of innovative products and services. The two main types of innovation are incremental innovation and radical innovation. As incremental innovation is an improvement in an existing process or service (Wang, et al., 2012). Whereas radical innovation is to finding an entirely new way or process of doing something in business environment. These two types of innovation maintain overall strategies for better management process and it increases the value of services provided by Ascension ventures related to funding. The four Ps of innovation includes product, process, position and paradigm. There are various process uses 4 Ps of innovation in business functions and activities. Product innovation is related to creating or new making changes in overall products or services and it also improves the manufacturing of innovative product in different manner. Position innovation is used to improve positioning of products and services in marketplace as it also works to change the perception of consumers as per requirements. The position innovation is related to shifting the perception to manage overall process and service (Cosh, et al., 2012).
Process innovation is to change the way or process to create a product or service that needs to be delivered in different manner. The use of process innovation improves optimizing of product in proper manner (Chun, et al., 2015).
Paradigm innovation is related to shifting of change and implies various concepts and values in a building of product in an innovative manner. Paradigm is an effective manner of innovation. In the Ascension ventures, the management effectively fosters and develop the effective environment and the culture of innovation by developing the string organizational culture, creating the idea of foster collaboration between the different employees and the departments of the company. An effective environment motivates the employees to think innovative and creative in the company. The freedom are given to the employees so that they can work effective and foster the innovation at the workplace. Use of innovation funnel The innovation funnel is a mechanism used to stream different ideas for implementing innovative ideas as it is screened for different aspects of viability. It is a popular approach used by companies to make realistic ideas and improve proper innovation in products or services. With the process of innovation funnel, the companies and individuals innovated in successful manner. Innovation funnel is an important process for managing overall aspects of business innovation that improve different aspects of innovation. The core concept of innovation funnel is to generate many ideas that also included in refined and converted in concrete development plans. The best ideas will remain in innovation funnel. Innovation funnel is an excellent tool to prioritize ideas that develop advanced products and services so that innovations will be launched in different manner (Parida, et al., 2012). The process needs to make potential for customers in different aspects.
(Source: charlsworthbgs, 2020)
Role of frugal innovation The role of frugal innovation is the process included in innovation that is the creation of cheaper but quality products in different manner. Low cost is not related to cheap technology, it often needs the latest technologies and knowledge as well and it manages overall process for maintaining different aspects of management in different manner. Frugal innovation is the process of decreasing complexity and maintain overall production for better management process (Micheli, et al., 2012). The nonessential features are used in managing overall process and it maintains overall innovation in products and services. As frugal innovation builds several processes and services innovative and improves the growth of Ascension ventures. Frugal innovation turns limitations to resources. This increases an advantage to reduce its complexity in different manner. The frugal innovation includes several core elements that includes three criteria that includes substantial cost reduction, optimized performance levels and concentration in core functionalities. This contributes to the process by refining the meaning of frugal innovation. As this is effective in different manner and it is too important in different levels of innovation. The several companies innovate in different manner and manage overall process of business in different manner and improves overall aspects in different manner and increase different levels of innovation for getting innovative features in overall process or differences. Innovation is developed on meeting the requirements of customers and market and mainly focuses on the development of the product and process. After developing the innovation, the process gets start in which business model innovation is performed and makes the innovation in the company embedded. The innovation made in the past is compared with the present one so that innovation can be measured in the company. Innovation also gets foster in the company by measuring the performance from the previous innovations so that more improvement and development can be done. |
This report will be described about the potential growth of innovation UK environment as the growth of innovation included in start-up companies to attain better future and growth in business market. The organization selected in this report is Hopin that required proper innovation for attaining various aspects of growth in market. Hopin deals in event management in virtual environment so it requires high innovative features to get effective growth in market. The proper nature of innovation will be described in this report. The detailed process of commercial funnel and application of new product development will be discussed in this report. The organization commercialize its innovation for better development. This process evaluates the several advantages and disadvantages in different methods and it also recommend the ways to manage funding for the innovative product. This report is overall related to the attainment of potential growth in innovation.
The organization hopin includes proper innovation as engaging online events manage proper virtual event management which manages overall software platform for managing events and experiences for different manner. The organization need proper innovation for proper management and it manages online events to engage proper development for proper management purposes. Hoping is the whole event for millions in different manner. It works to interact and connect people in proper manners so company manage overall process in implementing innovation in different manner (Aarikka-Stenroos and Sandberg, 2012). The company is a live virtual events platform that improve overall aspects for innovation. As innovation can be defined as application of new ideas to the products, process or other aspects that related to activities in different manner. This led to increase value of services in different manner. This value is defining in different manner and improve overall aspects of business for proper management of business.
Commercial funnel and application of new product development helps the organization in doing the innovation as it helps in evaluating the opportunities which are going in the market. It helps in ascertaining the ideas and new concepts due to which the innovation in the products take place. The market is competitive so the innovation the new products are required which are done with the application of the NPD and commercial funnel. Commercial funnel helps in doing the forecasting of the sales in more accurate way. It also helps in increasing the revenue of the new product by improving the conversion rates. Commercial funnel helps in increasing the accountability in the company which creates many possibilities to innovate. The commercial funnel helps in organization to commercials its innovation by structuring the chaos of the innovative ideas by selecting plans which are effective, viable and enhances efficiency (Geogrge, et al., 2012).
The new product requires the innovation which helps the company in earning more revenues and more profitability. The competition in the market is increasing so the innovative products are required with the unique solutions that helps in differentiating the business from others. The customer retention has increased which helps in boosting the revenues.
The application of the new product development helps in doing the innovation in the products by overestimating the market size, poor product design, launching the product at the correct time, and helps in targeting the customers’ requirements (Inauen and Schenkerâ€Wicki, 2012). The company makes the product as per the needs and wants of the customers so it helps in meeting their demand and doing the innovation in the product.
The new product development has several benefits which includes it helps in attaining the competitive advantage from their competitors. New product development helps in attaining the brand image and solving the consumer problem. The new product development helps in increasing the sales by engaging the customers more with the innovation and creation. The customers trends are followed in the company so that more revenues can be generated as by getting the new trends the customers get attracted more (Chang, et al., 2012). The organization also attains the benefits by exploring the technology in more effective way. Technology helps in doing the innovation in the products and helps in adding the new flavors, textures, structure, design, etc.
Commercial funnel helps in understanding the needs, wants and thinking of the customers at each stage of the purchasing journey that helps in enhancing the sales of the company. Commercial funnel also helps the organization in investing to the right channels and marketing activities and helps in creating the relevant message at each stage. The more customers get attracted and innovation in the organization are attained when the products are made as pre the requirement of the customers (Plewa, et al., 2012).
The application of NPD helps the organization in doing the innovation in the product by organizing their product planning, making the effective plan, understanding the needs of the customers and by doing the effective use of the resources. The success of the product in the organization are attained easily with the applications of NPD and it also helps in avoiding the pitfalls. The needs of the customers are fulfilled in the more effective way by doing the effective product planning and time framing which resulted in increasing the market share of the organization and helps in satisfying the demand of the customers (Trimi and Berbegal-Mirabent, 2012). The commercial funnel helps in organization to commercials its innovation by structuring the chaos of the innovative ideas by selecting plans which are effective, viable and enhances efficiency which helps in doing the innovation of the product in more effective way.
Idea generation: The new ideas is generation for making the new product development.
Idea screening: After idea is generated screening is done in which the idea gets proof check and top authorities approve that.
Concept development and testing: After screening that idea the testing and development of the product are done so that new product innovation can be environmentally friendly and also cost savings.
Market strategy and business analysis: The objective of the new product will be decided and then its market strategy will be made to attractive the customers.
Product development: Before finalizing the design of the product it is important to create and test the various prototypes.
Test marketing: The products viability also gets checked with test marketing planning with beta nod alpha.
Commercialization: It the time when the new product will be introduced to the market by doing the commercialization in that.
There are several advantages and disadvantages including in different methods for retaining knowledge or intellectual property. As advantages or disadvantages affect overall methods in different knowledge aspects as it is too important in different knowledge process. Advantages of different methods for retaining or protecting knowledge of intellectual property (Davila, et al., 2012). The two methods include participation in group discussion and retaining knowledge.
The advantages of different methods for retaining or protecting knowledge includes to improve new employees onboarded in quick manner, it improves competitive advantages in different manner, it accesses company owned repository. This process improve overall thinking skills and it make learning easier for better development process. The disadvantages of retaining or protecting knowledge includes need for costly training and it also waste time and money in different aspects (Datta, et al., 2015). The prevention of operational efficiency is also affected with the proper use of retaining knowledge.
The advantages of participation in discussion includes proper emphasis on learning instead of teaching process. It implies participation by everyone in the process of class. The other advantage includes development of democratic way of thinking and also provide proper training in self-expression. The disadvantages of participate in discussion includes that it is not appropriate for all topics, it cannot give proper knowledge for overall process, it may lose control for better management process and it create reluctant in overall process of system (Saebi and Foss, 2015).
There are several recommendations used to access for funding of innovative product in overall environment. These recommendations are essential and effective for funding of innovative product. Some of main recommendations includes by debt, equity, business angels, venture capital, government grants and family friends. As in innovation, funding is one of important process for managing innovation in product. The proper sources of innovation is effective in different manner and it improves overall innovation in business process.
From the above discussion, several aspects of innovation has been discussed. The new product development helps in increasing the sales by engaging the customers more with the innovation and creation. The customers trends are followed in the company so that more revenues can be generated as by getting the new trends the customers get attracted more. This process improve overall thinking skills and it make learning easier for better development process. The disadvantages of retaining or protecting knowledge includes need for costly training and it also waste time and money in different aspects. The organization need proper innovation for proper management and it manages online events to engage proper development for proper management purposes. Hoping is the whole event for millions in different manner
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