Business Case Report for Commercialisation: Innovation and Commercialization

INNOVATION AND
COMMERCIALIOZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Importance of commercial funnel and the application of new product development (NPD)
processing for commercialisation of innovation....................................................................1
Build an Innovation Business Case for an organisation, including ways to access funding..2
Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property......................................................................................5
CONCLUSION................................................................................................................................6
References:.......................................................................................................................................6

INTRODUCTION
In the contemporary business world there is extensive competition, uncertainty,
ambiguity and most importantly is dynamic (Reyes and et. al., 2021). To face the neck to neck
competition in the market the organisation must focus on the innovation. Innovation in engine of
the economic growth for the business to gain success. In simple terms innovation is the process
of change to deliver something unique and new to meet the expectation of the customers.
Commercialisation in the business is to maximize the return on investment done on the
innovation. This report highlights the practices of innovation and commercialization via the UK
start up company “The Small Robot Company”. The brand was founded in 2017 and is
headquartered in Salisbury, England. The company is the UK robotics start up that serve farmers
and planters with automated machines to yield their cropping. The report will develop a business
case for the new innovation of the business by using the advanced artificial technology in their
automated machines. The report will revolve around the nature of innovation and
commercialisation and new product development funnel. This also includes the different
methods of funding. Further report will throw light on advantages and disadvantages of tools to
protect knowledge of innovation.
MAIN BODY
Importance of commercial funnel and the application of new product development (NPD)
processing for commercialisation of innovation
A commercial funnel is the procedure that helps the businesses in gaining the potential
customers. A commercial funnel is the technique that provides the organisations with the
potential consumers near to the buying process in order to influence their buying decision
through different marketing actions. For the organisations to sell high range products there is tool
called commercial funnel used that has three categories sales, marketing and services. In case of
Small Robots Company commercial funnel is used to demonstrate visual customer journey that
will present the consumers sales process that starts awareness of the product among farmers to
their final decision of purchase (Sutopo, Astuti and Suryandari, 2019). The importance of
commercial funnel in case of Small Robots Company is discussed below:
1