Unit 8 - Innovation and Commercialisation M/508/0494 HND Business Level 4

Introduction

Innovation is defined as the process of transforming ideas as well as inventions in particular goods and services which create the value and customers will be ready to pay. In business, innovation plays a vital role which helps in often results when specific ideas are applied within an organisation for the purpose of satisfying customers’ needs or wants. Commercialisation also considers a procedure for making products or services available in  market place for sale to the public (Aarikka and Stenroos, 2012). Therefore, innovation and commercialisation are very important components that support company in developing as well as creating something to generate profits and revenues in the firm. It has major impact on small and medium enterprises for their development. This report is based on Ensoft firm which is a small software company that is situated in the UK. This assignment will explain innovation and inventions with comparison. It defines the way vision and leadership within the firm and 4ps will also consider in this. Frugal innovation and commercial funnel for new product development explain here. It will build a business case and defines various tools for retaining, protecting and intellectual property.