Unit code                           M/508/0494

Unit Level                          QCF Level 4/ NFQ Level 6

Credit value                       15

Introduction

This unit aims to equip students with a comprehensive understanding of innovation and commercialisation.

In today’s competitive landscape it is critical that organisations continually innovate both their product offering and processes to ensure that they remain competitive in the market. Furthermore, adopting a more commercially driven approach is vital to maximise the Return on Investment (ROI).

In this unit, we will look at a number of tools and techniques organisations use to drive innovation and become more commercial in their approach. The aim of the unit is to give students cutting-edge knowledge as well as practical application of the key ways organisations become more innovative while remaining commercially driven.

Learning Outcomes

By the end of this unit a student will be able to:

1. Explain the context for innovation and determine the difference between invention and innovation.
2. Explain the different types of innovation.
3. Discuss the process required to commercialise innovation.

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