Commercialization, Innovation, and New Product Development: A Comprehensive Guide

Unit 8 – Innovation and
Commercialization
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Table of Contents
Introduction....................................................................................................................................2
LO1..................................................................................................................................................3
P1. Explain innovation and determine its importance to the organization in comparison
with the invention..........................................................................................................................3
P2. Explain to employees of your chosen organization how organizational vision,
leadership, culture and teamwork can shape innovation and commercialization...................4
M1 Analyze different sources of innovation and organization can foster and develop an
environment and culture of innovation.......................................................................................5
D1. Critically analyses how innovation is developed, amended, and measured in an
Organizational context..................................................................................................................6
LO2..................................................................................................................................................7
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas............................................................................................................7
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organizational context...................................................................................................................9
M2 Analyze and apply the innovation funnel in an organizational context...........................10
M3 Evaluate the role of frugal innovation in an organizational context................................11
LO3................................................................................................................................................12
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialization of innovation....................................12
P6. Build an Innovation Business Case in an organization, including ways to access
funding..........................................................................................................................................13
M4 Build a detailed Innovation Business Case for the chosen organization which includes
how to measure its overall effectiveness using appropriate techniques available to test,
iterate and improve......................................................................................................................14
LO4................................................................................................................................................15
P7. Evaluate the different tools that the organizations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................15
M5 Present supported evidence-based evaluation of these different tools in the context of
the wider business environment.................................................................................................16
D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgments on how the organization can overcome challenges to
develop successful innovations....................................................................................................17
Conclusion....................................................................................................................................18
References.....................................................................................................................................19
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Introduction
The entire project report elaborates on the concepts of the innovation along with the importance.
In addition, the project report elaborates on the various sources of innovation that can be used by
the organization in order to develop a proper environment and culture of innovation. The project
report also addressed the difference between the process of innovation and invention for better
understanding. The project report further elaborates on the role of the employees in relation to
the innovation and commercialization so as to shape a better working for the organization. The
report also provides for various sources of innovation that can further assist in the new product
development in an effective and efficient manner. The project report enhances the benefits that
can be gained with the proper implementation of the concept thereby leading to a successful
position in the market. The report also contains useful recommendations that can assist in the
growth and development.
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LO1
P1. Explain innovation and determine its importance to the organization in comparison
with the invention.
Innovation is an element of crucial importance in the growth and success of any organization.
Innovation is a concept that focuses on the new and quality ideas so as to bring proper and
effective growth. It is a basic concept that involves transforming new and creative ideas into
good and services so as to satisfy the goals and objectives in an effective manner (Chesbrough,
2015).
Importance of innovation
In the context of the Orion Electrotech Ltd., the following importance can be grasped so as to
avail the maximum benefits. In addition, this importance will enable the company to have a
better and successful position in the market. Some of the importance can be:
 The concept of innovation will enable to attract varied sets of the customer from all around
the world.
 Innovation will tend to increase the level of productivity of the concerned company.
 Innovation will assist the company to diversify and expand its business activities.
 It will support the facing the intense level of competition due to changing environment.
 It will support the concerned company in capturing a greater share of the market.
 In addition, the concept of innovation will tend to save the time and cost resources of the
company in an effective manner.
Difference between innovation and invention
Innovation and invention are two different concepts that are required to be understood by the
concerned organization in an effective manner so as to be successful in an effective manner. The
aspect of the invention includes creating something new while the process of innovation
enhancing the existing product or service through some value addition. In addition, the invention
has a broad scope while innovation is narrow in comparison to the invention (Huang, et. al.,
2017).
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