Technology Commercialization Strategies

This assignment delves into the crucial process of technology commercialization. It examines various strategies employed by businesses to successfully bring innovative technologies to market. The analysis covers relevant concepts such as identifying market opportunities, developing business models, fostering collaboration, and mitigating risks associated with commercialization. Real-world examples are used to illustrate these strategies and their effectiveness in driving innovation and economic growth.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Distinguish between innovation and it differentiation with the concept invention..............1
P2: Role of organisations culture, mission, vision and team in innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3: 4P’s of innovation and contribution of innovation funnel in generation of innovative ideas
.....................................................................................................................................................4
P4: Developments in Frugal Innovation.....................................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and role of NPD in innovation and commercialisation. .6
P6: Development of innovation business case............................................................................7
TASK 4............................................................................................................................................8
P7: Various tools that can be used by enterprise to develop and protect intellectual property...8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is necessarily required for every organisation for their sustainability in
competitive market for longer period of time. There are different types of organisation such as
private, public and voluntary therefore it must essential for all of them to bring innovation in
their business operations so as to maximise the level of satisfaction of customers. Innovation not
only brings advantage to company in terms of reducing cost of operation but also enhances the
standard of living of people through providing them quality products and services at an
affordable prices (Bianchi and et. al., 2010)). The present assignment report is based on OAK
Cash and Carry which is small sized company deals in providing wide range of grocery products.
The project describes the important of innovation along with their comparison with invention.
Contribution of innovation in achieving mission, vision, and team work are also discussed under
this report. 4P’s of innovation and the term Frugal innovations are also mentioned under this
report. All other aspects are also briefly explained under this report with the context of OAK
Cash and Carry.
TASK 1
P1: Distinguish between innovation and it differentiation with the concept invention
Innovation: It is process of modifying something into new and innovative so that it can
bring benefits to company as well as customers. It includes the suggestions and opinions of
expert which directs the management to change exiting into better one. Therefore, it is essential
for OAK Cash and Carry to adopt new and innovative changes in their internal management so
as to enhance the capability and strengths of an organisation. Innovation can be done in different
departments so a to bring efficiency in quality of work. Not only company’s performance,
innovation makes huge impact on employee’s performance also in form of bringing motivation
among them so as to perform well. For example, Launching a new mobile application facilitate
customers to buy company's products using their mobile without visiting at their physical store.
It easily influences buying behaviour of targeted customers which in results increasing sales and
revenue of company. Along with this, there are other advantages as well that will be received by
OAK Cash and Carry which are given as below:
Competitive advantage: Every organisation whether small, medium or large has operated
its business functions with an objective of sustaining in market for longer period of time through
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competing with their rivals in more effective and efficient manner (Crossan and Apaydin, 2010).
As OAK Cash and Carry is small sized company which faces tough competition with large
number of rivals therefore it is important for company to implement new and innovative ideas
into business structure so as to achieve competitive advantage in market. For example, the
administration department of OAK Cash and Carry may uses mobile technology in which they
decide to launch new mobile app which facilitate customers to buy company's products without
visiting at their physical stores. This will help company in achieving huge customer base which
in results achieving competitive advantage in market. Bringing innovation in marketing activities
are also help company in gathering huge number of customers at their stores.
Application of best methods: Innovation enhances the way of grabbing an attention of
customers across worldwide. Only the requirements is an effective management who are capable
to think different and something innovative that will make their company different from their
rivals. Implementation of new and innovative ideas into action in the procedure of different
business activities help in achieving productivity and profitability. For example, launching a new
mobile app to increase sales and customer base or using social media platform to achieve loyalty
of retained customers (Guan and Chen, 2010).
Difference between invention and innovation
Innovation and invention are two different concepts which are adopted by every
organisation in order to brings something new and innovative into the market so as to achieve
competitive advantage. Innovation is the process of developing the features of current products
with the help of using unique methods and techniques where as invention means creating
something new which cannot be introduced earlier in the market. Apart from this, there are many
differences among between two which are given as below:
Basis Innovation Invention
Meaning It is a practice of converting
something existing products into
new and innovative so as to retain
loyal customers for longer period
of time.
It means creating something new
and different which cannot be
introduced earlier in market due to
low in demand.
Objective Its main aim is to enhance the
value to existing products as
Its main aim is to expand business
in market through capturing large
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compared to before. market share.
Skill Strategic and marketing skills has
to be required to bring innovation
in existing products.
Only scientific skills are required to
invent new thing.
Generalisation Inclusion of something to existing
products to increase their value in
market.
Creation of new products.
Example For example, launching a new
mobile application to make easy
for customers to buy company's
products without visiting at their
physical stores.
For example, launching new
grocery product in order to grab an
attention of large number of
customers.
P2: Role of organisations culture, mission, vision and team in innovation and commercialisation
The culture, vision, mission and team performance encourages management of OAK
Cash and Carry to bring innovation and commercialisation in business structure so as to achieve
them within pre-determined period of time. Without changing existing into innovative, the
company cannot achieve its desired outcomes in near future.
Vision and mission are two aspects which need to be understand by the employees of an
organisation due to which they are motivated to find new and innovative ways of achieving them
within limited period of time. It will help in improving efficiency in performance of employees
as well.
Culture refers to the norms, beliefs, value which are exist in an organisation with an
objective of giving proper direction to their employees to perform in better and ethical way so as
to achieve better possible outcomes. For this, the management of OAK Cash and Carry develops
organisational culture which brings motivation and confidence among employees to work hard
and give their maximum efforts in achievement of organisational goals and objectives. It also
help managers to maintain healthy relationship with the employees through creating healthy
atmosphere at workplace (Plewa and et. al., 2012). It will maximise the interest and working
behaviour due to which they are able to continuously perform 8 to 9 hours with the help of
getting adequate support from the management. Through proper communication and
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coordination among employees, it will help in reducing the chances of conflicts as
understanding level between the employees are improved. Such healthy and good atmosphere at
workplace help employees to think freely and bring out some new and innovative ideas to
perform their allotted roles and responsibilities in more effective and efficient manner.
Team performance is important aspect on the basis of which the goals and objectives of
an organisation can be achieved within pre-determined period of time. As combined efforts as
compared to individual efforts brings maximum positive result to company thus it is important
for managers and leaders of OAK Cash and Carry to motivate employees to work in a team and
helping each other to use some innovative ways of achieving common team goals. Apart from
this, it brings unity and trust among the employees while performing in a team which brings long
term advantages to company in future period of time. It will help in achieving high productivity.
Leadership is an important aspect which brings motivation and confidence among
employees to utilise their skills and knowledge in order to provide optimum result to
organisation. With the context of this, the leaders should have skills to lead team from front and
using a effective approaches and strategies in giving proper direction. Leaders always concerned
about the improvement in performance level of their employees and makes them more capable to
assist company in achieving competitive advantage.
All such aspects encourages an organisation to make changes in their existing business
procedures in order to achieve all goals and objectives as soon as possible. Therefore, the
management of OAK Cash and Carry shall required to consider all such aspects given below:
Vision: The vision of OAK Cash and Carry is to bring diversification in the grocery
products offered by them and increases the experience of customers through using their products
and services. It will help in enhancing the profitability and revenues (Breznitz and Murphree,
2011).
Culture: The management of OAK Cash and Carry need to maintain culture, beliefs and
values within an organisation so as to increase efforts of employees towards achieving
organisational goals.
Leadership: The leaders of OAK Cash and Carry shall required to establish healthy
environment at workplace which gives an opportunity to employees to think freely and bring out
new and innovative ideas in execution of business activities in an effective and efficient manner.
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Team work: The management of OAK Cash and Carry shall required to give more focus
on combine efforts rather than individual efforts due to which they need to educate their
employees about the positive outcome that may received while working in a team. It helps in
maintaining healthy relations as well as helps in identifying each other’s strengths and
weaknesses.
TASK 2
P3: 4P’s of innovation and contribution of innovation funnel in generation of innovative ideas
4P’s of innovation:
Product innovation: Such innovation is related with the product offered by OAK Cash
and Carry in market. As the customer are easily attracted towards the company’s products which
are of optimum quality and have less price. Therefore, to attain competitive position in market
OAK Cash and Carry need to make some modification in the features of their grocery products.
For an instance, Oak Cash and Carry decide to produce organic food items along with dealing
with organic vegetables and fruits. With the help of this, the company is able to capture huge
market share and generate huge revenues.
Process innovation: It includes the changes made in the process of execution of business
activities which help in maximising the quality of work. As OAK Cash and Carry deals in
offering multiple range of grocery products therefore it is important for them produce quality
products and services to the customers. Thus, it can be possible when the management of OAK
Cash and Carry should adopted innovative techniques and equipments in order to reduce wastage
of raw material and maximise the quality of products at minimum cost. This will help in
maximising the satisfaction level of customers and retain them for longer period of time (Lee,
Olson and Trimi, 2012). For example, using social media platform to market their new and
innovative products will make easy for company to create demand and influence buying
behvaiour of targeted people through advertising and communicating with them.
Position innovation: Such innovation is related with the brand position of OAK Cash
and Carry in market which can grab an eye of customers towards the products and services they
offered in market. As due to small in sized, OAK Cash and Carry may required to bring
innovation in their brand name and logo in order to build and identification in market due to
which the customer can easily attracted towards them. For this, OAK Cash and Carry need to
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prepare some tag line and logo in order to identified by their customers in market. For example,
social media marketing is considered as an effective platform to reach large number of customers
in order to maintain the position of their innovative product into market.
Paradigm innovation: It is the process of building structure of organisation where the
employees gets freedom to share its views and opinions with the management and co-workers so
to bring innovation into company. Maintaining healthy work environment encourages employees
of OAK Cash and Carry to work for the betterment of an organisation (Yoo and et. al., 2012).
For example: Bringing transparency in communication brings motivation among employees to
share their innovative ideas to promote its promote its organic products into market to increase
sales and revenue.
Innovation funnel
It refers as the funnel where more focuses of management is to develop existing products
through adding extra value due to which the needs and requirements of market can be fulfilled. It
includes three steps in funnel which are given as below:
Wide of mouth: It includes gathering of new and innovative ideas with the help of
information collected through research or survey in which competitors, employees and customers
takes participates in it. It will help in giving right direction to management of Innovation funnel
to modified their existing products according to the needs and preferences of customers. For
example, launching a new mobile app or introducing organic products in their offering list are
some ideas that the management of Oak Cash and Carry may adopt.
Selection of idea: In this, the best and profitable ideas should be taken among various
options after analysing the effectiveness and result that may received by company in near future.
For example, organic food items may adopt by Oak Cash and Carry in order to capture the needs
of health conscious people. It will help them in achieving huge customer base.
Implementation of idea: In this, the selected ideas converted into an action without any
delay so as to achieve competitive advantage and attain strong position in market. For example,
Oak Cash and Carry start to sell organic food items into the market with an effective pricing
policies to meet the needs and requirements of health conscious people.
P4: Developments in Frugal Innovation
Frugal innovation: It refers to the process or an activity of reducing the complexity and
cost of production through eliminating unwanted features attached with existing products.
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According to this concept, the management need to bring changes in their existing products
through eliminating unnecessary features and add some extra added value in order to increase the
value of products. As through conducting research, the management of OAK Cash and Carry
came to know which features attracts mostly customers whereas which feature reduces their
satisfaction level. Removing non-essential features from product reduces cost of production
process due to which the saving amount shall be utilised in adding features to the products which
are more in demand. Due to this, there are lot of benefits the company will gain which are
follows:
Reduction in production cost: Avoiding unwanted features during production process
will help in reducing cost of operation due to which the revenue and profit will be increased. It
saves time and cost due to which OAK Cash and Carry can easily attract large number of
customers (Chiesa and Frattini, 2011).
Development of new feature: Elimination of non-essential features from the existing
products help company during cost of operation due to which the saving amount can further be
utilised by company to add some value to the products that will help in increasing the value of
products . Through this, OAK Cash and Carry can easily achieve high profitability and
productivity.
TASK 3
P5: Importance of commercial funnel and role of NPD in innovation and commercialisation
Commercial funnel: It refers to the process of manipulating the mind and buying
behaviour of customers with an objective of choosing best products among various number of
options. But before that it is necessarily required to identify their perception and needs and on
the basis of which changes should be made in the existing products through bringing out new
ideas. In order to influence the mind of customers, extra value to be added in the existing
products so as to make unique and different products than their rivals. It will help company in
identifying themselves in market through providing value added products to the customers in
market (Frishammar, Lichtenthaler and Rundquist, 2012).
Importance of commercial funnel
As adding value to the existing products will always brings beneficial result to company
some of which are given as below:
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Enhancing quality: The minds and buying behaviour can only be influenced when an
organisation adding extra value to products that increases value as compared to their rivals’
products. Therefore, it increases quality of products of Oak Cash and Carry due to which
customers are also can easily attracted towards purchasing company’s products.
Reduction losses: Modification in existing products brings maximum number of
customers at the store of OAK Cash and Carry which increases the sales figure and revenue.
Thus, it will help company recovering losses that may face from other products.
Improvement in goodwill: Offering value added products and services maximises the
satisfaction level of customers which increases the brand image and goodwill of company in
competitive market (Dmitriev and et. al., 2014).
New Product Development
Introducing new product into market will help in attracting new customers and capturing
large market share. Therefore, to produce new product following steps must be followed by
OAK Cash and Carry:
Generation of new idea: This is the frost stage where the new and innovative ideas are
developed in order to produce new product that maximises the satisfaction level of customers.
Screening of idea: In this, the best and profitable ideas will be chosen after analysing the
profit margin and sustainability of new product in market.
Defining concept: in this, proving all details and information to the employees related
with new products.
Business analysis: At this stage, the effectiveness of new products will be analysed in
order to ensure whether it will bring profitable outcome to company in business environment or
not.
Product development: Under this, adoption of techniques and method in the production
process will be selected so as to produce quality product.
Test marketing: At this stage, information about new products has been spread in market
in order to grab an attention of customers across worldwide (Howlett, 2010).
Commercialisation: This is the last stage where the managers reviews all above steps and
accordingly decide to launch new product with the help of formulation of an effective plans and
strategies.
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P6: Development of innovation business case
Innovation business is essential to prepare with an effective plans and strategies as it
directs and encourage employees to come up with new and innovative ideas in complex
situations so as to deal with influence factors in more effective way. OAK Cash and Carry is
small sized company due to which faces too many difficulties to survive and high competition in
market. Therefore, it is essential for them to build innovation case which consist of different
steps:
Executive summary: OAK Cash and Carry is small-sized retail company which deals in
offering wide variety of grocery products with an aim of becoming one of the leading retail
organisation in market through producing innovative and unique products that makes them
different from their rivals. For this, all department such as marketing, production, sales, and
finance will required to get support in executing pre-determined plans (INNOVATION AND 4Ps
OF INNOVATION, 2016).
Need: It includes current trends, competitor's products, buying behaviour of customers
etc. on the basis of which company should produce quality and innovative products. For
example, Needs of health conscious people is to consume healthy products containing high
nutrition.
Solution: It includes information collected from research in order to find out an optimum
solution so as to make an effective decisions and plans for the betterment of an organisation. For
example, start to provide organic food items to meet the needs of health conscious people.
Research of customers: It includes identification of interest and perception opf
customers relating to their products so that needed changes can be implemented in existing
products. For example, identifying the actual needs and preferences of health conscious people
regarding their buying behaviour.
Designing of plan: It includes formulation of plans and strategies for the employees to
perform allotted task in an effective manner. For example, introducing organic product into
market through using social media as a tool of promoting such product.
Investment requirements: It includes raising funds from different sources in order to
provide sufficient help in executing pre-determined plans and strategies without any
interruptions. For example, inviting shareholders to increase their capital in company to get
maximum return in future.
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TASK 4
P7: Various tools that can be used by enterprise to develop and protect intellectual property
Intangible property consists of asset which are invisible in nature but plays an important
role in growth and success of an organisation. Such includes new ideas and innovation which can
be secure by an organisation in order to protect them from their rivals. Therefore, the
management should required to use different tools and techniques in order to protect and keep
with themselves only. Such tools includes:
Professional help: It is an effective tool through which an organisation took advice from
the experts and professionals so as to protect crucial information about employees, customers,
strategies etc. from their rivals (New Product Development Stages, 2017).
Trademark: It is another tool through which an organisation can secure its symbol, tag
line etc. by registering them with the company's name. The company can protect these for
maximum 10 years and therefore need to review it (Innovation Funnel, 2016).
Patent: With the help of such tool, the company can secure its innovations so that it
cannot be leaked to outside parties.
Copyright: It is such a tool with the help of which the company distribute its rights of
selling products with the help of using company's name. The company uses such tool in order to
enhance brand image of company in market.
CONCLUSION
It has been concluded from the above project that innovation is an effective way of
achieving competitive advantage thus need to be implemented by an organisation. Encouraging
employees to work in a team and rewarding them help them to bring new ideas and innovation
while executing allotted business activities. 4P's of innovation and the concept of innovation
funnel should also required to implemented in order to sustain in market for longer period of
time.
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REFERENCES
Books and Journals
Bianchi, M., and et. al., 2010. Enabling open innovation in small‐and medium‐sized enterprises:
how to find alternative applications for your technologies. R&d Management. 40(4).
pp.414-431.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
Chiesa, V. and Frattini, F., 2011. Commercializing technological innovation: Learning from
failures in high‐tech markets. Journal of Product Innovation Management. 28(4).
pp.437-454.
Crossan, M. M. and Apaydin, M., 2010. A multi‐dimensional framework of organizational
innovation: A systematic review of the literature. Journal of management studies. 47(6).
pp.1154-1191.
Dmitriev, V., and et. al., 2014. An exploration of business model development in the
commercialization of technology innovations. R&D Management. 44(3). pp.306-321.
Frishammar, J., Lichtenthaler, U. and Rundquist, J., 2012. Identifying technology
commercialization opportunities: the importance of integrating product development
knowledge. Journal of Product Innovation Management. 29(4). pp.573-589.
Guan, J. and Chen, K., 2010. Measuring the innovation production process: A cross-region
empirical study of China’s high-tech innovations. Technovation. 30(5). pp.348-358.
Howlett, R.J. ed., 2010. Innovation through knowledge transfer (Vol. 5). Springer Science &
Business Media.
Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and
co-creation for organizational values. Management Decision. 50(5). pp.817-831.
Plewa, C. and et. al., 2012. Technology adoption and performance impact in innovation
domains. Industrial Management & Data Systems. 112(5). pp.748-765.
Yoo, Y. and et. al., 2012. Organizing for innovation in the digitized world. Organization science.
23(5). pp.1398-1408.
Online
INNOVATION AND 4Ps OF INNOVATION. 2016. [Online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/>
Innovation Funnel. 2016. [Online]. Available through
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>
New Product Development Stages. 2017.[ONLINE]. Available through:
<http://productlifecyclestages.com/new-product-development-stages/>.
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