M/508/0494 Unit 8: Innovation and Commercialisation Pearson BTEC Level 5 Higher National Diploma Assignment Sample UK

Unit 8: Innovation and Commercialisation of the Pearson BTEC Level 5 Higher National Diploma the critical role that innovation plays in contemporary business. The discussion will reveal how varied forms of business organisations obtain, host, and process innovation while pointing out the need for a culture that supports innovative thinking and problem-solving. The unit will teach the students the various types of innovations: product innovations and process innovations, business model innovations, while also learning how to successfully commercialise them. Of course, this unit will also contain the critical methods in order to protect intellectual property and knowledge so that any organisation maintains its competitive advantage. Finally, the last part of the chapter will develop students’ abilities to cope with complexity and innovation leadership at work with concrete examples and cases.

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Task 1: Investigate How Innovation is Sourced and Supported within Different Types of Organisations

P1: Exploring the ways by which different organizations source and foster innovation

Innovation has become an essential driver towards growth and sustainability in today’s competitive landscape. Organizations source and foster innovation through various methods, such as:

1. Open Innovation: There is the use of an open innovation platform to source ideas and solutions from other stakeholders external to the company, including consumers and businesses.
2. Research and Development (R&D): Apple Inc.: Apple Inc. spends time in R&D to create new products and better existing ones. This internal approach keeps them at the fore front of technology.
3. Collaborative Partnerships: Tesla Tesla has partnerships with other companies and universities that help them innovate with electric vehicles and green energy technologies.

M1: Examine Various Sources of Innovation and How Organizations Encourage and Nurture an Environment and Culture of Innovation

Organizations can encourage an innovative culture by:

• Creating spaces for creativity in workshops and brainstorming sessions.
• Open workspaces that encourage collaboration
• Rewarding and recognizing innovative ideas and projects.
• Leadership acts as motivation by promoting novel behaviors and encouraging risk-taking actions.

Task 2: Explore the Processing of Different Types of Innovation within Organizations

P2: Explain the Different Types of Innovations Processed in Organizations

There are different types of innovations. A few of them are:

1. Product Innovation: Inventing a new or enhanced product. For instance, Dyson continues innovating its vacuum cleaner designs in an effort to enhance its functional performance and user experience.
2. Process Innovation:  Changes in the ways in which products or services are produced or delivered. For instance, Amazon can use automated and artificial intelligence operations in its warehouse for easier and more effective delivery.
3. Business Model Innovation: Innovation that changes the way in which businesses produce and deliver value. Netflix is an example of how the innovation from its real business model change from DVD rentals to streaming services, thus revolutionizing the entertainment world.

M2:  An analysis of how different types of innovation are successfully processed within different organisational settings.

Organisations process innovation through structured approaches including;

• Stage-Gate Process:  the model used by Unilever is characterized by stages and gates where projects are reviewed for go/kill decisions.
• Agile Methodology:  tech firms use a flexible approach through which teams will be agile and respond to changes and customer feedback shortly in the development process.

Task 3: Apply the Process Required to Commercialize Innovation within an Organisation

P3: Construct a Solid Business Case for Organizational Innovation with Identification of Risks, Benefits and How to Raise Funding

Business Case Example: GreenTech Innovations

Executive Summary: GreenTech Innovations aims to manufacture a photovoltaic-based home energy management system.

Benefits:

• Reduction in energy costs for homeowners.
• Positive environmental impact through renewable energy usage.

Risks:

• Technological viability
• Forced competition from better established companies in the energy industry

Sources of Funding:

• Grants provided by government-driven initiatives for renewable energy
• Private investors who are interested in this nature of sustainable technology.

M3: Construct an Evidence-Based Business Case Analysis for Innovation which Emphasizes Value to the Business for Investment Implication

This analysis captures the need for renewable energy sources and is a representation of future returns on investment with present trend of energy. This acknowledges that the best competitive advantage lies in earth-friendliness while facing government incentives. The company can appeal to future investors searching for proper strategies with impact.

Task 4: Analyze the Range of Innovation Protection Methods within Organisations

P4: Discuss the Different Forms that Organizations Can Employ to Create, Preserve, and Protect Intellectual Properties and Know-how

Organizations can use several tools to protect their innovations:

1. Patents:Patent laws protect an invention, and it provides an inventor special rights to his invention. For instance, patenting new drugs by pharmaceutical companies.
2. Trademarks: It safeguards brand identity and logo, which are employed to distinguish products from others competing for a share in the marketplace. For instance, branding Coca-Cola.
3. Trade Secrets: These represent keeping confidential proprietary information that could consist of formulas or processes in their maintenance. Example includes KFC’s secret recipe.

M4: Critically evaluate the various tools that can be used by organizations to develop, retain, and protect knowledge and intellectual property within the wider business environment.

Patents provide a very effective form of protection but, as in the previous example, it comes at a price: the innovation must be publicly disclosed. The reverse is true for trade secrets, which therefore offer protection without disclosure but are dependent upon strict internal controls. Organizations have to make the right choices based on their business model, prevailing practices within their industry, or perhaps their level of competitiveness to adequately protect their innovations.

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