Commercialization Strategies and Innovation

The provided document is an academic assignment that focuses on the topic of commercialization strategies and innovation management. It includes references to multiple books and journals, covering aspects like innovation creation, business-model innovation, and technology commercialization. The assignment appears to be a comprehensive study on these topics, potentially used as a resource for students or professionals in the field of innovation and entrepreneurship.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Importance of Innovation And its comparison with invention.........................................1
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................3
TASK 2 ...........................................................................................................................................4
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas 4
P4 Development in frugal innovation and its uses in organisational system.........................5
TASK 3 ...........................................................................................................................................7
P5 Importance of commercial funnel and the application of New Product Development
processing...............................................................................................................................7
P6 Build an Innovation Business case and various ways to access funding for organisation8
TASK 4 ...........................................................................................................................................8
P7 Different tools that can use to develop, retain, protect knowledge and intellectual property8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation can be described as to create fresh idea, concept or thought to implement it for
improving productivity as well as probability of the company. In current scenarios of changing
trends of market is based on innovation to complete needs, wants and demands of customer
along with satisfaction. People have heir product in heir imagination including essential features
along with its price and they demand for that only (Aarikka-Stenroos and Sandberg, 2012). In
this respect, organisations have to create some unique concept to introduce fresh service so that
the become able to fulfil preferences as well as desires of customers at reasonable price which is
suitable as per their budget of income. This report is based on Ensoft Ltd which is networking
software company and was established around the year 1997. This assignment will discussed
about importance of innovation along with several factors like vision, leadership, culture, issues
and many more. Frugal innovation and significance of commercial funnel is are also described
below.
TASK 1
P1 Importance of Innovation And its comparison with invention
Innovation :- This term is all about to create some new ideas and concepts to prepare
unique product or service to provide better features in goods to gain satisfaction of clients.
Innovation is an important aspect for making effective as well as efficient strategies or policies to
achieve expected benefits.
Commercialisation :- This can be defined as procedure of introducing a fresh service in
to commerce and make it available in market so that willing people can purchase it. It is step-by-
step process which is carrying out to fulfil separate goals or objectives. Basic meaning of
commercialisation is to enter in broad mark through new product to improved productivity as
well as profitability. In this aspect, product or service should be launch at right place and correct
time to gain benefits (Bagchi-Sen, 2010).
This assignment is based on Ensoft Ltd which was established around the year 1997 and based
on Harpenden, the company attributes its success to exceptional stage of information ans perfect
within team. It has around 70 engineers that specialise in developing networking software having
branches at several places. It's employees turnover is approximately 9% along with earnings
around £35,000+: 97% and its culture is to provide several clubs for learning as well as
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motivating employees to perform in better way for improving outcomes on regular basis. The
CEO of Ensoft Ltd is Jonathan Turnbull who prefer to spend time more with staff members and
gathering feedback to support for shaping evolution of company.
Invention Innovation
 It is that process of creating something
new and better to use for gaining
benefits (Bogers and West, 2012).
 This procedure is all about to get an
invention to implement for gaining
better outputs.
Comparison of innovations introduced by companies
Ensoft Ltd. Virgin Apple
This company is based on
network software that can
implement several strategies
top make more attractive as
well as satisfactory products to
gain new customers and
improving profitability.
They focus on quality of
services to travellers for
providing comfortable journey
to them. Several entertainment
activities are applied into
flights of Virgin Airlines so
that clients do not get bored.
This organisation apply
systematic approach of
innovation to improve every
area for preparing and
effective as well as efficient
product as per preferences of
customers to gain their
satisfaction.
Internal and external innovations
Internal Innovations External Innovations
 It is described to implement innovation
within he company in team spirits,
efficiencies, structure etc.
 Ensoft organise several learning clubs
to increase efficiencies of employees to
improve outcomes on regular basis.
 It is all about to introduce creative
product by improving its features
through many aspects of company.
 Ensoft as launch better networking
software as per current trends and
demands of customers.
Importance of innovation to Employees
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New innovative ideas facilitates to conduct fresh procedures in which employees have an
opportunity to learn new things which helps them to boost up their efficiencies. Creative factors
can be implement in company while staff members have as an accurate knowledge about
particular innovative technique. Workers gain a chance of learning many new methods and
technologies that helps them to achieve growth in career.
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
There are various kind of factors that are very essential to carrying out an organisation
effectively as well as efficiently it is mandatory to prepare different strategies or policies in order
to improve productivity and profitability of company. It is important set unique and innovative
missions and visions along with creative policies to complete desired targets attaining better
outcomes on daily basis (Bogers and West, 2010). Ensoft Ltd have to concentrate several
components which are described below :
Vision :- This term can be described about several goals and targets of company which
are required to complete for long long. These are helpful for organisation to increase benefits for
long period of time according to its impacts. Ensoft Ltd has vision to provide better networking
software with desires features to customers to fulfil their desires.
Missions are several short term aims and objectives to complete in effectively to gain
desired outputs. These involve specific deadline and must be completed on particular period of
time. Objectives are different as per dissimilar period of time and nature of various projects that
required to be completed. Various kinds of procedures that are carrying out in an enterprise have
their own objective or aim. Strategies are innovative and creative techniques through better
methods can be utilised for conducting manufacturing process effectively as well as efficiently
(Ettlie and Rosenthal, 2012).
Team work :- Every organisation achieve various objectives, aims, targets and goals by
efforts of staff members. There are different types of departments in particular company which
are completed their own targets but all handwork of employees will results into completing
single goal. Ensoft required to maintain an effective as well as efficient coordination an
cooperation between workers to gain desired outcomes.
Leadership :- This term refers to an ability or skill through which proper direction can be
provided to employees so that they will put their efforts or hard-work in correct way. This will
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facilitate to gain desired outcomes. Ensoft have to appoint well experienced and capable to
leader who is able to render appropriate instructions to staff members and accurate techniques to
work properly.
Organisational Culture :- The term organisational culture includes various factors
through workers have to perform in appropriate manner. It involves several strategies, policies,
objectives, techniques and many more components that are essential to maintain culture of an
enterprise. Ensoft have to established positive and healthy culture so that employees become able
to perform efficiently.
TASK 2
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas
There are different types of factors that are included in innovation such which are
required to be focussed a the time of implementing some of new innovative ideas or thoughts
(Gambardella and McGahan, 2010). It is very important to discus about new idea to sub-
ordinates or colleagues and make sure about it's profitability in market. It is mandatory to grab
opportunities and reduce negative impacts of threats. The firm to observe, analyse and evaluate
trends of market along with needs, wants, demands, taste, preferences etc. to ensure that fresh
thought will beneficial or not.
Innovation Funnel :- This can be described as that process in which investigation, development
and shipping products are included. It is useful to know about success of that specific product or
service which is going to be launch in present market competition.
(Source: Innovation funnel, 2016)
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Illustration 1: Innovation Funnel

4p's of Innovation
Product :- This term is basically explained as that final good or service which is provide
to customers for completed their needs and demands. It is very important to make research upon
preferences and trend of market to launch correct and appropriate product or services. Ensoft
have carrying out several surveys of market scenario and modifications of client's choices or
desires. This will facilitate them to prepare correct product or services as peer demands of
people.
Process :- There are various kinds of procedures as well as activities that are conducting
by organisation for production of goods and services (Godin, 2012). Such events are also
monitored to change or modify them so that manufacturing process become faster along with
producing desired featured products for customers. Ensoft have to implement innovations into
production techniques or plants to make their service more efficient.
People :- There are different people who are responsible for success of specific product.
First of all manufacturers who put their efforts to make it effective for completing expectations
of people. After that supplies and marketer whop make available services in market at accurate
period of time and provide appropriate information about characteristics of products. Finally, the
customers who make decision of purchasing top which results improving productivity as well as
profitability of company.
Paradigm :- It is a different type of field in an organisation which is focussed on several
aspects so that problems and issues can be ignored easily without facing any loss. Ensoft may
implement a separate department for this to evaluate threats and work on them effectively to get
rid off problems.
P4 Development in frugal innovation and its uses in organisational system
Innovation is an important criterion which is required to be fulfilled by preparing creative
strategies or policies for improving internal and external aspects of an organisation (Huizingh,
2011). Frugal innovation is an essential factor that is used to minimize cost or production along
with difficulties of procedures or activities. It is useful to remove unnecessary features to reduce
cost and implement few fresh characteristics for gaining satisfaction of people.
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Frugal innovation-funnel :- It is kind of procedure in which correct features and
characteristics are determined that are required to implement in product or service. Frugal
innovation funnel facilitates to the quite revolution that is fighting off inequality.
Principles of frugal innovation-funnel Search Opportunities when faced with difficulties :- This principles focus on that act
which states about to concentrate on opportunities to chances and try to grab them rather
then feel stressed due to issues. Accept something as problem and try to make profitable
factor and work on it into different way to gain it's benefits (Kim And et. al., 2011).
Ensoft can modify any service if in case it does not working and focus on second element
to attain success. Do more with less :- This may refers to that thought, people try to work more than their
efficiencies and produce better products as well as services. It is important to make
effective planning and perform in better manner to gain appropriate manner. Ensoft Ltd
required to make optimum utilisation of sources and achieve maximum profits from it. Think and act in flexible way :- It is very essential to make adopt multi tasking
capabilities and think as per situation to perform in accurate manner. This will facilitate
to reduce problems and achieve desired productivity on regular basis. Ensoft Ltd have to
organise certain learning programmes to build multi qualities into employees so that they
are able to tackle every crucial or simple situation properly. Keep it simple :- Various organisations have their own structure and culture through
which people are required to work as per policies of company. It is essential to make
simple and effective strategies because employees can easily understand hem and they
are able to work on them efficiently to get desired outcomes (Lindič and et. al., 2011). Expand your market :- It is very essential to make effective techniques and try to think
about enhancing company n wide range of market. For example, firm is established at
local level then they have to put efforts for expand market at national standard for
improving customers as well as profitability of company.
 Follow your heart :- This principle described about to always listen to your heart. For
introducing anything fresh in market, it is very essent6ial to know about possibility of
success about new product.
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TASK 3
P5 Importance of commercial funnel and the application of New Product Development
processing
Commercial funnel can be described as that events in which several researches top
determine accurate features of products according which manufacturing can takes place properly.
It is an important criteria to utilise various sources of information to make appropriate product as
per demands of people.
Importance of commercial funnel :- It is an important factor which provide support to
make an effective as well as efficient product in creative manner to complete perfectness of
consumers. It has a significant role because it help to determine an appropriate features of goods
to made an innovative product which can fulfil present needs of customers according to fashion
of market to grab more market share.
New-product development: - Some of essential elements in procedures of new product
development that should be focussed by Ensoft Ltd are given below:
Idea :- This term can be define as to generate new and innovative idea or thought which
mat applied top introduce fresh product or service in market (Snow And et. al., 2011). People
like new things to purchase and they buy fresh products so that it is necessary to launch goods
with new concept.
Analysing concept :- This term refers to observe and analyse that people like it or not by
carrying out some of researches and surveys of market to know about client's views and their
own suggestions.
Prototyping :- This can be explained to launch initial sample of product at lower level
basically to make people aware that something will be introduced in market. This process is
helpful to know about opportunities and threats of fresh product.
Product development :- It is described to implement some creative or innovative features
into products and services. This will facilitate to gain better productivity as well as profitability
of organisation (Teece, 2010).
The above described factors must be focused by Ensoft Ltd while launching any fresh
product or service in market trends.
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P6 Build an Innovation Business case and various ways to access funding for organisation
There are various factors are involved in building an innovation business of Ensoft Ltd
are given below :
Creating new concept :- Every organisation have to fist generate an innovative idea or
thought to work on that for preparing an accurate product.
Screening :- Various ideas and concepts prepared then to is mandatory to determine the
best one for improving productivity as well as profitability.
Funding :- To apply anything fresh in organisation or in goods will become possible only
while required funds implement into company. Sources of fund which are utilised to gain capital
to invest for implementing changes in company to develop a new product. It includes several
resources such as issue of shares, debentures, term loans, fund from operations, sale of fixed
assets, sale of current assets, decrease in working capital, receipt of interest, dividend and refund
of taxes.
Development and testing :- It is compulsory to implement new features and test it in
order to measure their success before launching product at large scale.
Analysis of business :- Efficiencies of business must be observe and analysed to build an
appropriate product to be introduced in market for fulfilling desired expectations of customers
(Thore, 2012).
Development of product :- An innovative and creative goods or services should be
prepared and make unique features into them.
Commercialisation :- This term may refers to launch that fresh product at broad market
and grab opportunities to gain more benefits.
Launching :- This is final step in which product will introduced in market and make it
available so that people can buy that.
TASK 4
P7 Different tools that can use to develop, retain, protect knowledge and intellectual property
Ensoft Ltd. Is small organisation which provides ready to use software's products. The
main purpose of organisation is to design and build the tools which helps in improvement of the
quality, security, management of variation and reduction in the development time of complex
software's. As their main work is to innovate in products fro satisfaction of the demands of their
customers and ensures more safety in business transactions. So, it is the responsibility upon the
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management of organisation is to protect their new inventions from copy by outsiders (Walsh,
2012). In this regard, large number of tools are provided by government which helps in retention
of their invention and restricts others to copy such techniques without their permission. Such
different tools are named as Patent, Copy right, Trademark etc. Such tools have their different
roles and functions which helps the organisation is to conduct their business operations in more
appropriate manner. Through effective application of such tools large number of benefits are
gathered by organisation like safety of their inventions, prevention against duplication, build
good image in between competitors and market. The application of such different tools for
development, retention and protection of their intellectual property rights by Ensoft Ltd. Is
defined below: Patent: It is effective tool provided by the government to protect the new inventions
which are developed by organisation. The main aim behind the providence of this tool is
to provide the security that such new technique or method is not used by any other
without their permission. To attain patent for their invention organisation is need to apply
to government in specified form. After that they provide exclusive right to use such
invention without interruption of any outsider. Trademark: It is considered as the logo, symbol or tag line which is used by the
organisation to make their differentiate from others (Wonglimpiyarat, 2010). It helps the
organisation is to secure their registration process with the helps of such aspects. This
will provides the security of 10 years. For further protection for large number of years
need to renew after completion of 10 years.
Copy right: This includes the process where the right is given by the creator of invention to any
other person is to use such new technique for providence of their business functions. This power
is transfer is to specified person or organisation only and not any other person or institutions are
allowed to use without the permission of creator.
CONCLUSION
The above report had concluded that innovation can be described as to create fresh idea,
concept or thought to implement it for improving productivity as well as probability of the
company. In this aspect, product or service should be launch at right place and correct time to
gain benefits. There are various kind of factors that are very essential to carrying out an
organisation effectively as well as efficiently it is mandatory to prepare different strategies or
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policies in order to improve productivity and profitability of company. Frugal innovation funnel
facilitates to the quite revolution that is fighting off inequality. Commercial funnel can be
described as that events in which several researches top determine accurate features of products
according which manufacturing can takes place properly.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
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.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
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.
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.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
Online
Innovation funnel. 2016. [Online]. Available through:
<https://www.ifm.eng.cam.ac.uk/research/dstools/innovation-funnel/>
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