Commercialization of University Innovation

This assignment delves into the crucial topic of commercializing university innovation. It examines theoretical approaches, empirical analysis, and real-world examples to understand how universities can effectively translate their research into marketable products and services. The study considers factors such as open innovation models, technology transfer processes, and the role of networks in facilitating commercialization.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of innovation and its importance .................................................................1
P2. Ways by which organisational vision, leadership, culture and teamwork can be able to
shape innovation and commercialisation................................................................................2
TASK 2............................................................................................................................................3
P3. 4P's of innovation and use of its funnel...........................................................................3
P4. Explanation of development in frugal innovation and examples of it.............................4
TASK 3............................................................................................................................................6
P5. The importance of commercial funnel and application of new product development.....6
P6 Innovation business case for a organisation......................................................................7
TASK 4............................................................................................................................................8
P7. Evaluation of different tools which firm can use to develop, retain and protect the
knowledge...............................................................................................................................8
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is a term which means to create something different in the products and
services which already exist. It is essential for the organisation to always adopt innovation in
their firm so that it would help them in sustaining in market place for a long time. If the firm
does not use Innovation process in their organisation then it will be hard for them to attract more
people towards them and if they will not give anything new to the customers then they will not
be connected with them for a long time as people need something new all time. Blaze is a
technological company which provides better quality flash lights, lesser lights, etc. which is
highly helpful for the cyclist to travel at night (Anokhin, Wincent and Frishammar, 2011). They
are trying to produce more products like this so that it can be helpful for the cyclists. There are
various companies that use innovation in their firm which is the main reason for their existence
like Apple and Virgin group. They are also in list of those firms which follow the innovation and
invention policies. In this report, detailed explanation of innovation and invention is described.
Further, the discussion regarding innovation funnel and frugal innovation will be.
TASK 1
P1. Explanation of innovation and its importance
Innovation is a term which describes creating something new from the things which are
already created. In short word it is known as to modify something is also known as innovation.
In this, one can get success if they have creativity in them. It is very important to have
creativities so that firm can be able to attract more people towards them as now a days, people
want more innovative products. Blaze sometimes use creativities in products so that they can
create something new for their customers. People like to purchase and use new products always.
So, according to them, company should do innovations.
Example- Apple is a company which is liked by lots and lots of people as they use to do
innovation in their products, they use to implement the additional features and new technologies
in their products which people use to like as because it use to be upgraded things (Bagchi-Sen,
2007).
Invention is known to create anything new which is new in the market and for people
which is not made by anyone before. In this modification is not being done, new things are being
created. This can be a strength for a firm and this may increase their level of standards. Even it
can provide organisation with competitive advantage. So, it will be better for company to invent
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something new so that they can be able to achieve more importance in the marketplace and
among group of people. There are only minimum companies which only use to do invention.
Firm should plan to do invention and for that, a lot of knowledge and skills are required as if they
do not have any proper knowledge about necessary things then it will be hard for them to get
success in which they had invented. It is not easy to do invention.
Comparison between innovation and invention
INNOVATION INVENTION
This is a term which is used when any of the
products or services are modified and give it a
new look or added some new features in it is
known as innovation.
In invention, one has to create something new
which is not created or made before. It is
created for the first time and introduced in the
market place.
This relates to the products which are existing. This is a creation of new products.
In this, some skills are required which are
technical, marketing and strategic skill.
In this process mainly scientific skill is
required.
Importance of innovation and invention
It is very essential for companies to have innovation and invention to be adopted in their
business so that they can be able to create new and upgraded things in existing products and to
create something new. It helps the firm like Blaze in:
Creating competitive advantages- Innovation and invention can help the firm to get
competitive advancement in market. It is for obvious that if any firm do creative things which are
not made by any other company then people will get connected to them in more numbers
(Davila, Epstein and Shelton, 2012).
Provides strength- Both of this can provide strength to the firm as they have unique
products and services which they can present in the marketplace.
Help in increasing more customers- Innovation and invention helps company to
provide new products to the customers and retaining them in the long run.
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P2. Ways by which organisational vision, leadership, culture and teamwork can be able to shape
innovation and commercialisation.
For a firm, innovation and commercialisation is very much required at some points as it is
necessary in this scenario to have proper development and make changes according to the trend,
requirements and many other things. So, if a company wants to sustain in the market place in a
proper manner, they have to always do some changes. There are many things which have to be
focused on while having innovation and commercialisation in the firm as they will also have
effect by doing it (Godin, 2012). So, Blaze should look at the factors which are its vision,
culture, leadership and teamwork.
Vision- While establishing a company, the establisher of firm plans a vision and it is
important to have a clear vision in the mind of CEO. Innovation process plays an effective role in
the achievement of vision of firm. Team members should also know about the vision of
organisation so that they can be able to fulfil it.
Leadership- It is highly important for a leader to manage their team people, and to create a
good, working and positive environment in firm. While hiring the candidates for their
organisation they should chose those who are having good talent in them and skills. And the
leader should have talent in them and know how to manage their team properly. For example
Apple and virgin group has effective employees working in their firm and that is one of the
reason for their success.
Culture- the firm should have a good and working environment in their organisation so that
employees cab be able to perform their work in better manner and effective ways and that is very
important for them (Guha and Yang, 2010). The flexible and comfortable culture is required to
have in the firm so that they can easily adopt the new and changing techniques and innovations.
If company will have adoptable culture then it will be very easy for them to adopt the required
changes in the firm according to the changing world.
Teamwork- As innovation and commercialisation is very essential in the organisation and that
some how depends on teamwork. It is important for the company to have good employees
working over, new and beneficial innovation can be possible if the team which is working behind
the innovation and commercialisation in organisation.
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TASK 2
P3. 4P's of innovation and use of its funnel
Innovation is known as the creation of adding some new features to the existing products.
It is important for even blaze company to do innovation in their firm timely so they can be able
to provide better and effective products to their customers and can fulfil their requirements
(Gulbranson and Audretsch, 2008). There are 4p's of innovation which are:
 Product
 Process
 Paradigm
 Position
Product- In this the idea of the products innovation is being referred as the improvement of any
products which is already exist in the market. Before creating of new new products it is very
essential to plan about it properly as it should be creative, attractive and appealing. It is important
that the product which is made is better then other products in market. For example Apple is that
company which do not compare their products with any other companies products they compare
with their own best products and try to make the new products more better then which they had
produced before (Hemmelskamp, Rennings and Leone, eds., 2013). This is how they create their
brand image and maintain it. Blaze can also use this form to compare with their own products
this helps in creating more better products.
Process- In this innovation mix the process of hiring is being set, as it is important for the
company to have good employees in their organisation to work as if their will be a team behind
everything then it will help them in achieving great success in market. If they will follow good
working process in their organisation then that will help them in cutting down the cost. In Apple
company they use to hire the best skilled and talented employees to work in their company and it
is very important to manage and to make a proper use of employees so that the work can be
performed in better manner as because employees are the main resource of the firm.
Press- It is known as the environment and climate in which the organisation use to perform their
functions, and to create the products. The press has to be included in organisational culture,
resources and the best practices.
Person- The entrepreneur is a person which is behind all the things which is been performed in
the organisation, so he has to be very skilled and knowledgable so that he can be able to do all
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the things properly and in correct manner (Hoque, Chishty and Halloway, 2011). And it is his
responsibility to take care about all such things and that person should be creative so that he can
be able to think creative and innovative.
P4. Explanation of development in frugal innovation and examples of it
Frugal innovation: A development to diminish the unimportant components from the items and
administrations to build the esteem and essentialness of the items and services. It is an
exceptionally identified with the items and administrations which are offered by the organization
to their clients. The Frugal development serves to the Blaze to expand the viability of the
beverages which they are giving to their clients. And additionally it encourages them to decrease
those components and elements which are insignificant in their items and administrations
(Jagoda and et. al., 2011). Advancement cheap help to decrease the cost of the beverages for the
organization since it has lessen the additional components which is putting an additional weight
on the costing of their items. a large portion of the clients needs an items in the viable cost by
utilizing this pipe they can give a financially savvy items to their focused on clients.
A model is displayed here for the development pipe which can be utilized by the Blaze as
they are propelling another item in the market. It is an appropriate procedure which have an a
few stages which must be trailed by the association:
Opportunity assessment: It is the obligation of the promoting administrator to make legitimate
statistical surveying to examine accessible chances of the market. They can utilize advertise
reviews, interviews, poll and so on.
Conceptualization: The association needs to utilize proper methodologies to build their
adequacy on the premise on the information which they have gathered by the open door
assessment (Kutvonen, 2011).
Evaluation: Higher specialists need to perform in this progression, they need to assess their
exercises, methodologies, creation as indicated by the information gathered by their showcasing
chief.
Launch: It is a last stage in which they need to make legitimate dispatch of their item in the
objective market with the powerful procedures and techniques which can build the deals and
additionally the market enthusiasm for them.
Economical advancement has a potential for the Blaze to build the viability of their items
and administrations for their clients. This one can help them to lessen the non valuable
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components from their items, generation and showcasing line, by which they can diminish the
cost of their Blaze. Decrease cost can bolster them in the market rivalry which is a primary target
them to utilize development in their items (Lee and et. al., 2010). The thrifty advancement can
encourages them to utilize a basic procedure for the generation, advancement, deals and
conveyance in different nations where they have their reality. By utilizing this parsimonious
development, organization can increment and enhance their subjective work in their items and
administrations which is powerful to attracts clients towards them. It can makes an antagonistic
response on their benefits and incomes which are the fundamental goal for them. And
additionally it gives consumer loyalty in the taste, deals and conveyance of the items for the
organization.
TASK 3
P5. The importance of commercial funnel and application of new product development
Commercial funnel: It serves to an organization to make to deal their items successfully, with
regards to the Blaze it has a huge essentialness for them to actualize their thoughts in the genuine
conditions. As they are having gigantic market competitions, it is a need of them. It settles on
revise choice from the majority of the representatives in their demonstrations. More often than
not this instruments are utilized by the higher experts to make procedures as indicated by the
necessities of the circumstances of the organization (Snow and et. al., 2011).
New item advancement process is here which is utilized by the Blaze to dispatch another sort of
savour the market.
Idea Generation: It is an initial phase in which they creates new inventive thoughts by the
inclusion of the representatives.
Idea screening: This progression must be finished by the higher specialist in which they need to
assess their thoughts on the premise of the requirements of the clients, notoriety of the thoughts
and viability.
Development and testing: Marketing chief need to make their demonstrations in this stage and
they need to make legitimate statistical surveying know the propriety agreeing of the thoughts.
Product development: In this stage they need to make build up a few models which need to
circulated in the organization individuals to investigate the response and after this they need to
make legitimate creation of the items.
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Test marketing: Marketing administrator need to take client's criticisms for their new items to
roll out further improvements in their items in like manner (Thore,ed., 2012).
Commercialisation: Promotions and showcasing methodologies are chosen by the advertising
supervisor in this progression.
Launch: This is the last stage in which organization dispatch their items by a legitimate dispatch
of their new item.
P6 Innovation business case for a organisation
Blaze need to build the estimation of their items by utilizing creative changes in their
items. as they are having distinctive office so it is the duty of the departmental directors top roll
out improvements as indicated by their investigation on the departmental needs.
So in the main director need to sets out the targets for the creative changes in their items and
services. After it they need to produces new thoughts as indicated by the pre chosen objectives
and targets. In this segment they need to add their representatives to create better thoughts for the
progressions (van Hemert, Nijkamp and Masurel, 2013). So they need to utilize suitable systems
like conceptualizing to build the adequacy of the thoughts. At the remainder of the they need to
counsel with the fund chief to make a budget to execute their thoughts in the fact.
Blaze need to utilize successful and fitting strategies which has the possibilities to
quantify the viability and additionally to investigate and judge the execution of the association.
They are having two alternatives for the this which is formal and casual methods which can help
with doing the improvements. In the segment of casual methods incorporates composed
configurations, overview and so on. In the formal procedures it incorporates test, web based
learning modules. It is powerful for them to accomplish their objectives which are chosen by the
pioneers. So representatives have top utilize legitimate arrangement for their work by which they
can actualize their new creative business thoughts in the activities and by this they can roll out
compelling inventive improvements in the items and administrations.
Advancement is a need of every last organization to hold in the market so they need to roll out
legitimate and arbitrary development improvements in their items and administrations. As
indicated by the Walsh, (2012) every single association need to receive changes and need to roll
out as needs be inventive improvements in their item and administrations to keep up stream to
accomplish the objectives. The vast majority of the workers of the Blaze organizations are
capable in critical thinking and build up another item (Wonglimpiyarat, 2010). They need to
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embrace new advancements in their generation which can help them to achieve the requests of
the clients. It is a need of them to deal with their protected innovation issues and lawful dangers
to defeat the difficulties.
TASK 4
P7. Evaluation of different tools which firm can use to develop, retain and protect the
knowledge.
As the Blaze is a private company association and they are having little structure for the
generation however they are having capacities to give fulfilment to the customers. A few
strategies are here create, hold and ensure information of protected innovation:
Training and development: The supervisor of need to give legitimate preparing to their
representatives for the advancement of them. It increment their aptitudes and capabilities which
in a roundabout way helps in their work (Wong, ed., 2011).
Rewards and compensation: It is a kind of inspiration to empower specialists for their
obligations and work. This one causes them to hold their representatives for quite a while.
Software: Blaze need to utilize some product to save their scholarly properties in it.
CONCLUSION
The above finished up report is having centre around the Blaze which are utilizing a few
techniques to roll out creative improvements in their items. these all are having sway on to build
the viability f and meet the requests of the clients. By this they can expand their piece of the pie
and decrease the market rivalry of them.
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REFERENCES
Books and Journals
Anokhin, S., Wincent, J and Frishammar, J., 2011. A conceptual framework for misfit
technology commercialization. Technological Forecasting and Social Change. 78(6).
pp.1060-1071.
Bagchi-Sen, S., 2007. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Davila, T., Epstein, M and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva. 50(4). pp.397-
421.
Guha, S and Yang, J., 2010. Thin film silicon photovoltaic technology–from innovation to
commercialization. In MRS Proceedings (Vol. 1245, pp. 1245-A01). Cambridge
University Press.
Gulbranson, C.A and Audretsch, D.B., 2008. Proof of concept centers: accelerating the
commercialization of university innovation. The Journal of technology transfer. 33(3).
pp.249-258.
Hemmelskamp, J., Rennings, K and Leone, F. eds., 2013. Innovation-oriented environmental
regulation: theoretical approaches and empirical analysis (Vol. 10). Springer Science &
Business Media.
Hoque, M., Chishty, M. and Halloway, R., 2011. Commercialization and changes in capital
structure in microfinance institutions: An innovation or wrong turn?. Managerial
finance. 37(5). pp.414-425.
Jagoda, K., and et. al., 2011. Development and commercialization of renewable energy
technologies in Canada: An innovation system perspective. Renewable Energy. 36(4).
pp.1266-1271.
Kutvonen, A., 2011. Strategic application of outbound open innovation.European Journal of
Innovation Management. 14(4). pp.460-474.
Lee, S., and et. al., 2010. Open innovation in SMEs—An intermediated network
model. Research policy. 39(2). pp.290-300.
Snow, C.C., and et. al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management.28(1). pp.3-16.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
van Hemert, P., Nijkamp, P. and Masurel, E., 2013. From innovation to commercialization
through networks and agglomerations: analysis of sources of innovation, innovation
capabilities and performance of Dutch SMEs. The Annals of Regional Science. 50(2).
pp.425-452.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wong, P.K. ed., 2011. Academic entrepreneurship in Asia: The role and impact of universities in
national innovation systems. Edward Elgar Publishing.
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Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
Online
INNOVATION AND 4Ps OF INNOVATION. 2016. [online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/> [Accessed on 9th
Ausgust 2017].
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