Commercialization of Innovation: A Comprehensive Guide

LO3 Discuss the process required
to commercialise innovation

Table of Content
• Introduction: Slide 3
• P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation. Slide 4 to 14
• P6 Build an Innovation Business Case for an organisation, including ways to access funding.
Slide 15 to 19
• LO4 Evaluate the range of methods for protecting ideas and understand their advantages and
disadvantages. Slide 20
• P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property. Slide 21 to 22
• Conclusion: Slide 23
• Reference list: Slide 24

Introduction:
• The following slides will show the importance of commercial funnel
and how it can be applied in the NPD or new product development
process. the various tools that help the process to be successful in the
market are also described. apart from that, a business case for an has
been taken and different ways of funding and how the company can
sustain in the market have been discussed. At last, the tools of
developing, retaining and protecting intellectual property is displyed
in the slides.

P5 Explain the importance of the commercial funnel and
the application of New Product Development (NPD)
processing for commercialisation of innovation.
• As Amazon Go is the grocery shop started by the online retailer
Amazon, the company has launched some new products as well.
Initially, Amazon started to sell Organic Apple Juice.
• Within the first few months, the sale was increased by manifold and
the company witnessed a significant revenue.

P5 Explain the importance of the commercial funnel and
the application of New Product Development (NPD)
processing for commercialisation of innovation. Contd.
• The structure of commercial funnel makes sure that the sales and profit of a
company increases significantly. There are four steps in the commercial funnel.
• Attract: The first step of the concept is to make people aware of the existence
of the product. While a large amount of the population will know about the
product, some among them will buy it (Kim, Park and Lee, 2014). In case of
Amazon Go, the company wants to make sure that the launch of its varieties of
Organic Juices is known publicly.
• Convert: As the next step, the company must ensure that people are able to see
the product and know that the product is available in a wide range of variety.
Besides, why the product is different from the similar products should also be
described so that people trust the brand.

P5 Explain the importance of the commercial funnel and
the application of New Product Development (NPD)
processing for commercialisation of innovation. Contd.
• Though the first two steps are the most important steps and those can’t
be missed, there are some additional ways that the commercial funnel
can be improved.
• Different types of marketing channels can be utilized to attract more
customers
• The marketing campaigns of the company should be analysed
regularly, and rectifications should be made immediately