Developing Innovation Model

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This document discusses the importance of innovation and commercialisation in organisations. It explores how organisational vision, leadership, culture, and teamwork shape innovation. The document also explains the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. It provides examples of developments in frugal innovation and how it is used in an organisational context. Additionally, it highlights the importance of the commercial funnel in business and discusses the new product development process.

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Developing innovation model

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Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................2
TASK 2............................................................................................................................................3
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................3
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................4
TASK 3............................................................................................................................................5
P5 Importance of commercial funnel..........................................................................................5
P6 Innovative business case for an organisation and funding.....................................................7
TASK 4............................................................................................................................................9
P7. Organisation adopting different tools to develop, retain & protect knowledge and
intellectual property.....................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Innovation is regarded as method for converting ideas into innovative product with intent to
formulate value for consumers as well as sustain within marketplace for longer duration. While
commercialisation is mainly considered as process that is related with how production as well s
supplying strategies may be used for improving firm’s effectiveness (Clayton, Feldman and
Lowe, 2020). As per the scenario the undertaken company for this report is Oven- fresh bakery,
it is one of the known bakery which facilitates quality products as well as on time services for
their consumers. The firm was developed five year ago by Mr. Wilbur. The topics which are
going to be discussed in this report are innovation and its effectualness, how innovation and
commercialisation can be shaped through leadership, team work, culture and vision, innovation
funnel and frugal innovation. Moreover, business case is prepared and various types of
intellectual property are also discussed in this report.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Oven- fresh bakery is one of the known bakery which facilitates quality products as well as
on time services for their consumers. The firm was developed five year ago by Mr. Wilbur and
since now only offerings single product that is white bread. Due to which their sales and business
turnover decreases. So, the Mr. Wilbur have the retailer pressure to explore their product lines as
this aids them to grab the attention of market and customer again. For instance, Oven- fresh
bakery owner Mr. Wilbur decided to introduce healthy fruit muffins which helps customer to be
healthy as well as can able to meet their changing requirements in effective and efficient way.
so, the ideas of brining such innovations in undertaken through market research as this has been
determined that consumer are seeking for different taste and something healthy. This innovation
assists respective firm to grab the attention of much audiences as well as affect affirmatively
upon Oven- fresh bakery sales and profit.
Innovation is considered as the path of brining something unique at market area with
intent for developing consumer’s value as well as accomplish higher success (Hossain, 2020).
Along with this, it aids firm to sustain for longer duration within competitive market. So, Oven-
fresh bakery introduce healthy fruit muffins which is made of different type of fruits such as
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mango, banana and others so that this can able to accomplish the consumers needs as well as
maintain their market performance.
Invention: This is mainly considered as formulating something new which as yet does not
exist into market before. This assists entity for gaining success through maximising their value.
Such as the e- vehicles’ is undertaken as the example of invention.
Significance of innovation on Oven- fresh bakery
Attainment of competitive advantage: Innovation plays vital role as this assists them to
compete against various competitors within market effectively and efficiently. Moreover,
the innovative ideas of Oven- fresh bakery that is healthy fruit muffins grab the attention of
huge audiences because of which firm has opportunity to accomplish competitive advantage
in competitive market area.
Assists into firm’s growth: As this is considered as innovation aids firm to grab the attention
of huge audiences towards brand. Along with this, it also assists them to form affirmative as
well as distinctive reputation at market area which directly drives them towards sales and
profit maximisation effectively.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
In each firm, Longer period survival as well as development is two key intent that have to be
accomplished effective and efficiently (JamilIsmail and Mahmood, 2020). So, there are various
factors that aids Mr. Wilbur owner of Oven –fresh bakery to accomplish the pre-determined
objectives. Some of them are discussed below:
Organisational vision: This is considered as factors that aids in formulating innovative ideas
for entity in order to attain objectives. Moreover, this has been determined that they are
utilising its vision as tools for delivering their goals. In respect of Over-fresh Bakery, they
have vision to provide fresh and healthy items to their audiences so that they may able to
retain as well as facilitates satisfaction to them. This also drives towards attaining loyalty of
consumers as well as faith towards firm.
Leadership: This is factor mainly deals with guidance and ways for accomplishing
organisational goals. An effectual leader is one who possesses quality to influence and
motivates staff for working towards accomplishment of predetermined objectives. In respect
of Oven- fresh bakery, for their innovative product to introduce effectively transformational
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as well as transactional leadership style would be used in order to inspire staff to perform
towards new innovative products in well defined manner. Moreover, their leader’s
responsibility is to assure that its employee’s behaviour towards innovative products should
be affirmative as this aids them to enhance its effectiveness and productivity level.
Culture: Respective factors such as perceptions, beliefs, language and other of individuals in
firm. In respect of Oven fresh bakery, this assures that it provides that goods which meet
with needs of whole kind of culture. Moreover, this concentrates upon staff satisfaction as
well as assures that affirmative culture is provided to them so that they may able to retain
employees for long durations.
Team work: This is essential for firm to perform within team as this aids them effectively
execution of practices as well as attainment of gaols upon time duration. In context to Oven
fresh bakery, to bring innovation that have formulated a group to that practices which is
delegated based upon its competencies as well as interest. This aids into successful
implementation as well as coordination of whole task related with innovation.
TASK 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
4Ps of innovation is developed through Bessant which is utilised through entity for
implementing practices on time that is related with innovation. All 4Ps innovation such as
product, position, process and paradigm. Additionally, these are explained underneath in respect
of Oven- fresh Bakery:
Product: This is mainly the value which is provided to consumers in respect of money
(Ke and et. al., 2020). Along with this, creative goods that are going to be introduced
through Oven- Fresh Bakery in grabbing huge number of audiences that in turn have
affirmative affect upon sale and profit of respective firm.
Position: This deals with targeted segment in which new goods that is going to be
positioned. In context of Oven- fresh bakery is introducing new goods as this aids in
formulating of brand reputation as well as maximisation of market performance.
Additionally, the whole development process of several position into new product
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external is distinguish from existent products so that this is essential for respective entity
to concentrates upon positioning their innovative goods.
Process: This is considered as the accountability of entity for concentrating upon
evaluation and adaption to develop new products and services. Moreover, the whole
methods that would be utilised for introducing innovative goods which health fruit
muffins, it will also utilised channels such as online and offline. This would maximise the
base level of consumers which have affect upon profit and productivity.
Paradigm: This is regarded as the vital aspects that is utilised in order to determine
various desires which have been formulated for enhancing firm’s functions. Within Oven
Fresh bakery, this is determined that in such manner which aids them to gain knowledge
regarding innovation needs within future time duration.
Innovation Funnel
This is defined as the methods which describe a constant stream of ideas which can be
known for their viability (Kuratko and Hoskinson, 2020). Many times, it is considered as process
of funnel management that aids firm as well as person for innovating anything unique effectively
and efficiently. So, in order to manage the new product development, Oven-Fresh Bakery used
innovation funnel that are stated underneath:
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Investigation: Within respective phase, Oven-Fresh Bakery would gathered data which is
needed in order to formulate healthy fruit muffins so that it would be made based upon
requirements.
Market research: At respective phase, entity would identify their segment for which they
have to be launch new products. With assistance of this, they may able to determine their
specified goals in much effective way.
Delivering goods: This is regarded as the end phase, in which Oven-Fresh Bakery
administrative would develop decisions related to items delivery to customers effectively
and efficiently. In this, they have to be clear related what they have to make and how to
deliver into competitive market place.
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Frugal innovation is regarded as procedures of avert as well as decrease production price,
problems and other in appropriate and proper way. Essentially, this is considered as the process
to obviate useless aspects within durable products like phone, and many more for selling this
within developing nation. Additionally, it is development of innovative items from several places
that would maximise cost as well as at the time of selling goods, cost of distribution would also
get increased (Laihonen and et. al., 2020). Such as Oven-Fresh Bakery is going to introduce
health fruit muffins within market areas so adaption of frugal innovation aids them to
concentrates upon items standards as well as quality and have to be reasonable. Additionally, it
decreases extra cost which affects overall revenue of entity adversely.
Beside this, there are few stages that highlight how this is utilised within entity:
Hatch aback order for attaining outcomes in well defined way, for this, Oven-Fresh Bakery
administrative have to perform market investigation which would aids them to get
knowledge about market desires.
Screening new ideas: Herein, Oven-Fresh Bakery must formulate efficacious product plan
as per the expectation of potential customers.
Testing: This is crucial to test goods that are going to be introduced which aids Oven-Fresh
Bakery to obtain optimistic results either items is effective or not.
Review marketplace: At last phase, Oven-Fresh Bakery should review that their innovative
item is accomplishing the expectations of consumers requirements of not.
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TASK 3
P5 Importance of commercial funnel
Commercial funnel can be defined as a system which is used by Organisation in order to
identify the targets within the market and can lead the competition within the market by
providing the goods and services in an appropriate way. In context of a business organisation it is
needed that it has to identify the customers within the market and offer the product according to
the needs and requirements to increase the business profitability (Lim, Darley and Marion, 2020)
. In context of oven fresh bakery, organisation can easily target customers within the market by
using appropriate questions with them for interacting with them with the help of indirect methods
in order to manage the demand. This will help the organisation in analysing the current situation
of their product as well as using innovative product to match the demand within the market. In
assistance with commercial funnel, at unity within the organisation can easily aware about the
customers regarding the new innovative products as well as identify the flavour with the market.
It can easily target its healthy fruit muffins within the market for getting the profit and will assist
organisation to implement their product in an appropriate manner.
New product development process
Order to gain successful business within the market it is important for firm to identify the
product which can be used. This is helpful to Organisation in understanding the market
competition and producing the product in an appropriate way so that it can achieve different
processes and can follow the new product development (Linder and Williander, 2020).
Appropriate process which can be followed by chosen Organisation in order to implement its
healthy fruit muffins is discussed below:
Idea generation: This is the first step in this process where it is needed by the manager
within the organisation to generate an innovative idea which can be easily implemented
within the market according to the current requirements of market. In context of this, the
respective bakery has an appropriate idea for launching healthy fruit muffins with the
market so that it can easily improve its productivity and can achieve better results.
Idea screening: This stage involves screening of different ideas which are generated in
previous stage according to the needs and requirements. It is identified that there are a
number of ideas which are generated by bakery in order to implement its new product
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within the market and use the commercial funnel and new development process. Here,
organisation needs to rectify the functions and achieve the objectives in a timely way.
Developing of concept: Development of concept is an important part where
organisations need to take idea in an appropriate way which includes formalities designs
and feasibility.
Marketing strategy: Marketing strategy is also effective tool which can be used by
Organisation in order to promote the functions and identify the requirements of bakery so
that it can easily implement the products and achieve effectiveness within the market
where it is trading.
Business analysis: Business analysis also system which is helpful to the organisation in
evaluating the product and implementing it within the market.
Development: Under the function of development organisation need to develop the
product according to the market in which bakery is using its healthy fruit muffins.
Test marketing: This is the second last process where organisation has to test the
product by implementing some sample within the market and using the market situation
in favour of firm.
Commercialization: This is the last time in this process where organisation needs to
commercialize the product in order to achieve its objectives and implementing the
strategies in an effective manner.
P6 Innovative business case for an organisation and funding
Innovation plan: innovation plan can be defined as a set of activities which are used by
the organisation in order to achieve its objectives of implementing products and achieving them
in a timely manner (Mollick and Robb, 2020). Appropriate innovation plan in relation to the
bakery is discussed below:
Steps Description
Summery The current project is about development of new product which is based on
innovation function of oven fresh bakery. This product is related to healthy fruit
muffins which is provided by Organisation in relation to overcome its current
decline in sales.
Objectives Objectives of Oven-fresh Bakery “To maximise their sales by 15% in 2year
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through offering healthy fruit muffins”.
Mission The current version of organisations to attract customers and satisfy their needs
and requirements within the market
Vision The main vision of organisation is to establish appropriate brand image within
the market so that it can easily compete with its competitors.
Solution Organisation is going to launch a new product so that it can easily manage the
current situation and can improve its functioning within the market..
Innovation in
product
Organisation is going to launch healthy fruit muffins which are helpful to the
organisation in order to deal with the current challenges.
Funding To attract the finances organisation is going to use various kind of promotional
activities so that it can easily implemented within the market where it will use
funds from commercial banks and retail advance payments.
Benefits This innovation plan is helpful to Organisation in attracting number of
customers within the market where oven fresh bakery can easily achieve high
profit and growth. This will also help Organisation in attracting large number of
customers so that it can increase its sales and re-establish brand image.
Monitoring
and
controlling
monitoring and control is a essential part of every organisation where form is
using appropriate system to manage the responsibilities and make sure that plan
will implemented in an effective manner.
STP Segmentation: Under the process of segmentation organisational used to
develop some small products which are helpful in achieving the business project
at different locations so that organisation can achieve its objectives and maintain
function and different branches.
Targeting: organisation will be used to target different age groups peoples so
that it can improve its function and achieve its objectives.
Positioning: In order to position the product within the market company will use
its existing brand image so that it can implement the process of positioning.
Sources of funding
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Bank loan: Bank is an effective source of funding where organisation can use to take
loan from commercial banks in order to perform its function and fulfil its fund requirement
(Oskam, 2020). This is also cheapest method for fulfilling requirements of organisation as
companies operating in an appropriate manner where it can perform the functions according to
the current requirements.
Government assistance: Government policies are directly related to functions of
organisation where there are a large amount of investors. Organisation is using innovative idea
which promote small scale industries and helpful to the firm in attracting the intentions of
government and getting government assistance.
TASK 4
P7. Organisation adopting different tools to develop, retain & protect knowledge and intellectual
property
Intellectual property rights can be defined as asset which is owned by Organisation in
order to defend the innovation of organisation and reduce the threats of product plagiarism.
There are a number of laws and rules which are directly related to intellectual property rights and
are helpful in achieving appropriate system to save the resources of organisation from being
copied (Petkovska, 2020). In the current business environment oven fresh bakery can use
different intellectual property rights which are useful to the firm in managing their Innovation
and producing appropriate technology within the market according to the brand image. Some of
these are discussed below:
Patent: Patent is that kind of intellectual property right which is used by Organisation in
order to protect the newly invented formula method process and research. This is an appropriate
system which helps the organisation in reducing and protecting their invention from being copied
by others. These methods include different kind of inventions which are used by organisation
without the permission of other individuals. It is also helpful to the organisation in earning
royalty by providing their products to the other organisation and using functions in an
appropriate manner for profitability.
Advantages: The major advantage of patent is that it helped Organisation in protecting
their inventions for longer period of time which is around 10 years.
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Demerit: Sometime this time limit is limited for the organisations because of continuous
improvement within the technology delay in issue of patent rights.
Copyright: Copyright is that part of intellectual property rights which is related organisational
performance and helpful to oven fresh bakery in saving their machinery designs and other system
(Sexton and Ligler, 2020). Corporate provide organisation are right to use a particular product
and produce the product according to the needs and requirement of organisation as well as also
barrier other organisations to copy the product of organisation.
Advantages: The major advantage of copyright to organisation is that it is helpful to
maintain a particular product toward the organisation for a longer period of time.
Disadvantage: In current business organisation can only copyright the name of the
product which is not useful for firm to manage the products and services.
Trade mark: TM can be defined as a right to help the organisation in order to save the
brand logos so that form can maintain a separate image within the market with its brand image.
This is an appropriate system is helpful to the organisation in maintaining intellectual property
rights as well as provide various kind of facilities to oven fresh bakery. Oven fresh bakery is
maintaining a separate brand image within the market with their organisation is using appropriate
logo to attract the customers.
Advantage: The major advantage of this system to organisation is that it provides
appropriate system to the organisation where company can save its products and can build
appropriate brand image within the market (Uprety and et. al., 2020).
Disadvantage: Major disadvantage of this function to organisation is that it is also shameful
for firm as it is easier to defame the logo of organisation.
CONCLUSION
As per the above report, this has been concluded that innovation and commercialisation
plays crucial role as this is helpful in converting ideas into innovative product with intent to
formulate value for consumers as well as sustain within marketplace for longer duration.
Moreover, both invention and innovation are distinguished from one other. In addition to this,
there are mainly 4Ps of innovation which are product, process, and paradigm and position all
these aids entity to implement practices on time that is related within innovation effectively and
efficiently.
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REFERENCES
Books and Journal
Clayton, P., Feldman, M. and Lowe, N., 2020. Behind the scenes: Intermediary organizations
that facilitate science commercialization through entrepreneurship. Academy of
Management Perspectives. 32(1). pp.104-124.
Hossain, M., 2020. A review of literature on open innovation in small and medium-sized
enterprises. Journal of Global Entrepreneurship Research. 5(1). p.6.
Jamil, F., Ismail, K. and Mahmood, N., 2020. A review of commercialization tools: University
incubators and technology parks. International Journal of Economics and Financial
Issues. 5(1S). pp.223-228.
Ke, W. and et. al., 2020. Employing lead thiocyanate additive to reduce the hysteresis and boost
the fill factor of planar perovskite solar cells. Advanced materials. 28(26). pp.5214-
5221.
Kuratko, D. F. and Hoskinson, S., 2020. Technological innovation: Generating economic
results. Emerald Group Publishing.
Laihonen, and et. al., 2020. Technological strategy, open innovation and innovation
performance: evidences on the basis of a structural-equation-model
approach. Measuring Business Excellence.
Lim, J. S., Darley, W. K. and Marion, D., 2020. Market orientation, innovation
commercialization capability and firm performance relationships: the moderating role of
supply chain influence. Journal of Business & Industrial Marketing. 32(7). pp.913-924.
Linder, M. and Williander, M., 2020. Circular business model innovation: inherent
uncertainties. Business strategy and the environment. 26(2). pp.182-196.
Mollick, E. and Robb, A., 2020. Democratizing innovation and capital access: The role of
crowdfunding. California management review, 58(2), pp.72-87.Styhre, A.,
2015. Financing Life Science Innovation: Venture Capital, Corporate Governance and
Commercialization. Springer.
Oskam, J., 2020. Airbnb or “networked hospitality businesses”: between innovation and
commercialization. A Research Agenda The proceedings of HONG KONG, 2016, p.2nd.
Petkovska, T., 2020. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development.17(1-2).pp.55-74.
review. Journal of Strategy and Management. 9(1). pp.58-73.
Sexton, K. B. and Ligler, F. S., 2020. Strategies to Close the Gender Gap in Invention and
Technology Commercialization. Technology & Innovation. 19(4). pp.701-706.
Uprety, P., and et. al., 2020. Application of Optical Hall Effect to PV Relevant
Materials. Bulletin of the American Physical Society.
Wang, J., 2020. Structuring innovation funnels for R & D projects under uncertainty. R&D
Management. 47(1).pp.127-140.
Yin, W. J., Shi, T. and Yan, Y., 2020. Unique properties of halide perovskites as possible origins
of the superior solar cell performance. Advanced Materials. 26(27). pp.4653-4658.
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