Innovation in business

The TQUK Level 5 Diploma in Business Management (RQF) provides opportunities to develop knowledge, understanding, and skills related to management areas, including teamwork, project management, independent research, international marketing, and managing innovation and change.

Learning Objective

What You'll Learn

To enable the learner to differentiate between invention and innovation, and evaluate the various sources of innovation relevant to small businesses.
To enable the learner to critically analyse the development and application of innovation within the management of an organisation, identifying and evaluating different types of innovation available.
To enable the learner to analyse and apply the innovation funnel concept and evaluate the role of frugal innovation within an organisational context.
To enable the learner to develop, test, and launch a detailed innovation business case, explaining how to measure its overall effectiveness.
To enable the learner to explain the sources of funding available for innovation and explicate the importance of the commercial funnel in commercialising innovation.
To enable the learner to identify and evaluate the different tools used by organisations in protecting innovation and define intellectual property rights with their implications.

Learning Outcomes

Understand concepts of invention and innovation
Understand different types of innovation
Be able to apply methods and processes in commercialising innovation
Be able to identify and evaluate a range of available innovation protection ideas and tools

Assessment Methods

Portfolio of Evidence

Units & Credit Structure

This unit enables learners to understand the concepts of invention and innovation, evaluate different types of innovation, and apply methods for commercialising innovations.