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

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

1.1Explain innovation and determine its importance to organisations in comparison with invention. –(P1)

1.2Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation.–(P2)

1.3Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation.–(M1)

Tasks 2

LO2 Explain the different types of innovation.

2.1Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas.–(P3)

2.2Explain developments in frugal innovation and provide examples of how it is used in an organisational context.–(P4)

2.3Analyse and apply the innovation funnel in an organizational context.–(M2)

2.4Evaluate the role of frugal innovation in an organizational context.–(M3)

2.5Critically analyse how innovation is developed, embedded and measured in an organisational context.–(D1 LO1 & LO2)

Task 3:

LO3 Discuss the process required to commercialise innovation.

3.1Explain the importance of the commercial funnel and the application of new product development (NPD) processing for commercialisation of innovation.–(P5)

3.2Build an innovation business case for an organisation, including ways to access funding.–(P6)

3.3Build a detailed innovation business case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve.–(M4)

Task4:

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

4.1Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property.–(P7)

4.2Present supported evidence-based evaluation of these different tools in the context of the wider business environment.–(M5)

4.3Critically 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. –(D2, LO3 &LO4)