Innovation and Commercialisation

This article explores the importance of innovation and invention in commercialization, the difference between them, and the impact of vision, culture, leadership, and teamwork on innovation. It also discusses different sources of innovation and the 4Ps of innovation.

Innovation and
Commercialisation

Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY...................................................................................................................................4
PART 1............................................................................................................................................4
Importance of innovation and invention .....................................................................................4
Difference between innovation and invention.............................................................................6
Vision, culture , leadership and teamwork of organisation ........................................................6
Different sources of innovation ..................................................................................................8
4Ps of innovation which includes the principle of frugal engineering, and the innovation
funnel ..........................................................................................................................................8
Part B.............................................................................................................................................12
Commercial funnel and development of a new production.......................................................12
Measures to check Efficiency....................................................................................................14
Business case.............................................................................................................................14
Evaluation of various tools for protecting intellectual property................................................18
References .....................................................................................................................................20
Books and journals.....................................................................................................................20

INTRODUCTION
Commercialisation is a process of coveting an idea or knowledge into new product and
inventing it in the market (Mohamed, and et.al., 2020). Innovation is a wider concept and means
application and development of new ideas that help to achieve desired goals. It is a process that
helps to satisfy the needs and wants of customers in a way that they want. Innovation directly
impacts the productivity of the organisation. It is vital to know about the trends in the market and
commercialise the idea to attract more customers. For completion of report Tesla is being
selected. It is important for an organisation to conduct research and makes changes in the product
that will help to gain competitive advantage. The company uses innovative ideas to attract
customers and satisfy their needs and wants effectively. The company was founded in July 1,
2003. The company deals in Electric vehicles, Tesla batteries and Solar panels and roofs. It is an
American company that has understood the requirement and introduced electronic vehicles (Al-
Mubarak, and Basler, 2017). In the report there is discussion related to invention and innovation
and difference among them. The vision, leadership, teamwork and culture of the organisation
also impact the innovation. 4P's of innovation are described in the report and benefit of using
them. There is discussion related to commercial funnel. Process to commercialise innovation is
part of this report. Various methods that protect the ideas are mentioned at the end of this report.
MAIN BODY
PART 1
Importance of innovation and invention
Invention: It is a process of developing a new product. In invention the product or
service launched is new and seen for the first time. Inventions leads is a unique process and
requires a lot of study and research. It is an act through which new idea is used to launch a new
product that does not exists before. It can be better understood with the help of example that is
Tesla has invented its Tesla coil that is used till now.
Innovation: Innovation is a process in which new combinations are formulated that helps
to enhance the position of the brands. The needs and wants of customers are dynamic so
nowadays it is important for an organisation to know and understand the demands of customers
and then make development in the product. The changes may be in the product, service or may
be in process or in all of them (Angrand, 2017). It helps to attract more customers as well as to

decrease the cost. Technology is getting updated at a fast pace so now the companies have to
cope up them and innovate the products and services that are offered by them. It is vital in
today's time to understand the importance of technology and the benefits associated with them.
In relation to Tesla the company has innovated its products in an unquestionable manner. To
enhance the experience of customers the company has innovated and came with a new product
the is electronic cars. Also Tesla claims that the cars produced by them are safest and quickest
car on the road. The company has understood the rapid changing technology and accepted the
same. Tesla has innovated the cars and provide fast-charging sustainable batteries that are setting
record in the market. As it has produced a line of sustainable batteries that are also fast changing.
Importance of innovation is mentioned below:
Effectively responding to unforeseen events: Everyone knows that today's time is
uncertain. It is important to conduct proper research. When a company is planning to innovate its
product and service then they conduct proper research about the market and the trends. They also
make forecasts about the future (Bae, 2018). That helps them to get prepared for the unforeseen
event. Tesla is famous for innovation and using updated technology that has made the company
prepared for the unforeseen events. The company was prepared and knowing about the need of
electrical vehicles.
Competitive lead: Competition is present at every level and it is responsibility of a
business to face competition and gain competitive edge. Every company build strategy that help
them to stand out in the market and establish a brand image. Innovation is important factor that
supports in gaining competition advantage. In respect to Tesla the company has established
brand image in the market due to innovative products launched by the company. It has benefited
the company to grab customers and gain advantage over the customers.
Continuous improvement: Innovation supports regular improvement. As regular
research is being conducted many new and innovative ideas come in path. Regular innovation
helps in attract new customers and retaining the old once (Bakhtaran, Alani, and Hosseini, 2020).
In relation to Tesla the company regularly improves its products and services that helps the
company to retain the customers.
Creative Development: A person or an organisation that has creative nature helps to
develop a product or service that supports innovation. It is good to be creative as it gives new
ideas of doing the same thing. In relation to Tesla the company has creative people working that

give new ideas and help the company to innovate its products and services. It is important to
develop the creativity and use it in the best way that is possible.
Above mentioned are the importance of innovation that help an organisation to become
successful and establish brand image in the market. Tesla regularly innovates the products
offered and attract more and more customers.
Difference between innovation and invention
Basis Innovation Invention
Purpose Innovation is a process that
makes development in the
already existing product as per
the needs and wants of
customers.
Invention is a process under
which a new product is
launched. It does not change
or develops the existing
product.
Requirement It is important to innovate the
product and service of a
company as that helps to gain
competitive advantage over
the other rivalry in the same
industry (Bernier, 2019)
(Berm, Bigram, and Marchuk,
2019).
As the product is new it
helps the organisation to
boost the sales and it
enhances the profitability
position of the company.
Focus Organisations focus to retain
the customers by satisfying
their needs and wants.
The main aim is to enhance
the share in market by
launching a new product
that is not seen before
wards.
Two of these terms are different as in invention new product is launched and in
innovation the already existing product is altered and developed. In relation to Tesla the
company is innovating its products and that is reason for success of the company. For example,
Tesla has been coming in various solar batteries, innovative cars with system of less fuel
consumption.

Vision, culture, leadership and teamwork of organisation
Vision: The vision of Tesla is to build most powerful cars that are safe for customers. They are
also changing world to use electric vehicles.
The vision of the company is innovative and deals about electronic cars that clearly shows the
company is planning to use innovative techniques to achieve the vision. Tesla promises the
customers to provide them compelling cars that takes care of their safety. For this also they have
to regularly update the cars and that provide them safety. The vision of company is directly
linked with the innovation. Tesla supports innovation and that is directly mention in the vision of
the company.
Culture: This means the shared beliefs and values in the organisation. In relation to Tesla the
company has innovative culture. Innovation is in heart of Tesla. The company focuses on
innovation and conducts a regular research that helps the company to know about the trends and
requirements in the market. Tesla promotes innovation and their target is to develop the products
and offer them to customers (Frederickson, and Knudsen, 2017). The culture of the organisation
directly impacts the workforce. It is important that the culture is in support of vision so that the
company focusses on achieving that. The employees are motivated and told about the importance
and benefit of innovation.
Leadership: Leadership means leading a time. It is an art of motivating and directing the team
member and making them work towards the goals and objectives of the company. The leaders of
Tesla focus on promoting innovation. It is their vision that they want to accomplish. They are the
one that spend money for research and development that supports innovation. They take care that
the company is making right use of technology that is helpful for the company. The leaders
motivate the employees to work and achieve the mission. There ideas and thoughts of all the
employees are valued as they give rise to new ideas.
Teamwork: working in team is important for both organisation and employees. It is duty of
leaders to facilitate the employees and make them work in a team. For success of an organisation
it is important to work in a team. In relation to Tesla, they value the employees working in teams
(Gbadegeshin, 2017). Projects are assigned to them and they complete them in teams. It is
important to understand the individuals that are working together. They formulate strategies that
promote innovation and provide ideas that they derive while working in team. It can be seen that
the employees get new and innovative ideas when they work together.

In relation to Tesla, the company is innovative in nature. It provides support to the all its
employees and spend money in research and development so as to provide innovative products to
all its customers. The vision of company is to build electronic cars that is innovative in itself and
it is importance of innovation. Innovation is important and used by Tesla at every stage.
Different sources of innovation
The Unexpected: There are various sources of innovation. It is important to find the
opportunities that will help to gain success. By conducting research innovative ideas are
developed which are unexpected to the organisation.
Incongruities: The feedback, reviews and complaints are also one of the great source of
innovation. It is always important to treat customers as priority and try to satisfy them. By
satisfying the needs and wants of customer’s company gets new ideas and that help them to
innovate (Gupta, Mejia, and Kajikawa, 2019).
Process Need: A company should focus on the process used by company. It is important
to analyse the weak points of the process and redesign the. As that will help the company to gain
an innovative idea. It will redesign the process and will help the company to gain success.
Industry and market structure changes: When there are changes in the structure of
market it impacts the organisation as well. It is important have knowledge about the changes and
take measure for that. At that time, it is important to innovate and make a strategy that is helpful
for business.
Demographics: The demographic factors also impact innovation and give rise to it. It is
important for an organisation to know about these changes. Like change in population is also
example top demographic (Han, 2017). It helps the company to innovate the product according
the change. This shows that demographic factors also a source of innovation.
Changes in perception, mood and meaning: As the needs and wants of customers are
ever changing. It is important to analyse the changes and perception of customers. Then satisfy
them. It is important to identify the changes and satisfy them. These changes help the
organisation to get innovative ideas.
New Knowledge: In today's time there are various changes in technology and it is
important to identify those and grab knowledge about them. The knowledge helps to innovate the
product. It is important to use updated technology as helps in bringing innovation.

These are the sources of innovation that helps an organisation. It is important for the
organisation to grab knowledge and understand the needs and wants of customers to provide
them innovative products (Haran, and Havran,2018).
4Ps of innovation which includes the principle of frugal engineering, and the innovation funnel
4P’s of innovation in context to Tesla are explained below:
Product: The first P under 4P’s of innovation is product. The main aim of the organisation
to provide quality product to all its customers and satisfy their needs and want. It is not easy to
satisfy the customers by offering the same product over time. So it is important for organisation
to regularly innovate the product. Tesla accomplish is vision by regularly updating the product of
offered by the company. They have switch to electronic cars to meet the trends of the market and
to satisfy the needs and wants of customers. Model S of Tesla is the first one plug-in electric
vehicle that has reached 1 billion electric miles’ milestone (Sharma and Kumar, 2019).
Process: The process through which company accomplishes its operations is important. The
profitability of an organisation depends on the production process followed by the company. It is
important to know about the technology improvement and use that in the process used by the
company. Tesla innovate its operations that helps them to achieve economies of scale.
Positioning: Every company positions its product in a way that it attracts more and more
customers. The image of Tesla is innovative that shows the company has rightly positioned its
product. This helps the company to establish a powerful brand image in the minds of customers
that support innovation (Kholiavko, and Shestakovska, 2018).

Paradigm: Tesla has started a new concept that shows that improvement in quality of
products offered by company does not harm the environment the company balance the quality of
product and environmental protection.
These are the 4 P’s of innovation in relation to Tesla.
Frugal engineering is a process that helps in reducing the cost of products that are offered by
the company. The company focuses on eliminating the complexities in the operations of the
organisation. Non-essential features are removed from the durable goods. It helps to deliver the
value to customers at low cost. The company focuses to provide quality experience to its
customers. Frugal innovation helps the company to attract more customers by providing them
quality products at affordable prices. Tesla uses frugal innovation produces innovative product at
price that is affordable by the customers, The Company launches electronic cars as innovative
product to its customers. It is important nowadays for organisations to use the concept of Frugal
innovation as it helps to minimise the complexity. It is done by Tesla and they are able to cater
the needs and wants of customers effectively by using the concept of frugal innovation. At the
same time a lot of money is spend on this process and it enhances the cost of products launched
by the company.
Innovation funnel is a process to innovate the product and service offered by the
company. The aim is to understand the needs and wants of customers and innovate the product
accordingly. It helps to innovate the product products as per the desire of customers.
 Focus on wide mouth of funnel: This is the first step in the innovation management
funnel process. Here the company focuses on grabbing knowledge about the product so

as to innovate the product. This helps company to take right actions that help in attracting
more and more customers (Libbers, 2018).
 The narrow segment of funnel: The knowledge gained in previous steps gave rise to an
idea. The next task is to match the idea with goals and objectives of the organisation.
 The narrow segment of funnel: It is time to check the idea. It is called narrow segment
as the final decision is taken in this stage. The main task is to innovate the product that
satisfies the needs and requirements of customers.
Tesla has used this process and identified the trends in market and the requirements of
customers. That has helped them to build powerful vehicles that provide safety to customers.
Tesla has also launched electronic vehicles that supported innovation. This shows that the
company is planning to regularly innovate the product and satisfy the vision set by the company.

Part B
Commercial funnel and development of a new production
New product development
An organisation run into long leading market where it interacts with competitions, risks
and failure. Every organisation looks forward to their expansion to gain large market share for
longer period of time and maintain its value into existing market. In order to these requirements,
organisations wanted to search in better and innovative aspect that how can it will attract large
market towards company’s product. Companies try to analyse what is more demanding into
market and find possible ways to make it possible at first place. This could only become possible
by making changes and renovation into product and providing public new and reliable
experience of goods. Every new product requires it to be innovative that differs it from existing
products into market, so that Tesla make proper strategic formulation and plans about launching
and producing new vehicles and come up with something innovative by using uplifting
technologies in marketplace (Niagara, 2017). They move with appropriate paths for creating new
product segment which are described below:
Idea development: it is the initial stage for new product development where company make
think of product features, size, quality and its design. Idea creates the concept and concept will
result into final outcome. The company will make idea by concerning about cost factor and
availability of resources and de4vbelope standards for its production. Tesla first created an idea
of making emission free cars and other vehicles by acknowledging several research regarding
technologies where R&D departments makes the best possible advices in relation to searching
and acquiring market updates. They developing every related strategy which make their product
more unique than the rest (Nepelski, and Parole, 2018).
Analysing the concept: Under this segment, the planned idea takes the execution through
market research, analysing and observation provide relevant factor which influence into the
market so that organisation could come up marketing trends, product innovation, market forces
technological updates and cost saviour techniques. Tesla has analysed all concepts of its idea that
how it will affect market that has shown various benefits for environment and country.
Analysing market: the most crucial part of innovation is to go through with market as what
goods and services are already in demand and what changes customer prefer. Their preferences

make the best outcome for the company by developing personal connection with general public.
Tesla adopt this strategy and before moving for the product manufacturing, the company first
regulate its idea among public via social Chanel like twitter, Facebook also, creating campaign to
attract audience. After getting good response and excitement of people, they make the idea e
implement for production (Nikuman, 2018).
Developing product: After taking round of market analyses, organisation move on the practical
implementation of decided plan and make start in developing product through panned strategies
and technologies approved by R&D department. Tesla make sure about timely compilation of
their strategies and plan for that every work completes within specifies time period to not loose
consumer excitement and provide customers what they want as early as possible. Tesla has done
market research to analyse how their product will affect the market.
Commercialization: After launching product as per the idea and decided plans. Here arises the
need to make product promotion and advertisement into global world. This must be into
attractive form so that customer would understand its reliability and make an apart of gaining
new product experience with Tesla (Rattan, 2019).
Commercial funnel
it is a concept of growing product into large market by using commercial business
techniques. This helps in boosting company’s sales and initiate customers to purchase product.
Every organisation runs and earn for the purpose of getting h high turnover into business year.
For that instance, commercial funnel provide assistance in using techniques and concept which
will tend to rise in consumer demand. Basically, these sales could only grab by attaining a great
knowledge of customer insights that includes the stages through consumer move in making
purchase. This funnel makes the idea powerful and reliable in context with innovative aspect of
marketing. By helping with this concept, Tesla thought of new marketing techniques that will
not loosen up their attractive image into market and get to know about each of factors for
achieving high sales turnover. There are various stages of commercial funnel that are evaluated
by Tesla are described below:
Awareness: the first stage of the funnel makes most influence on regulating awareness among
those areas where companies target to make sales. Selling would only depend on how product
effectiveness and attractive marketing. As first impression of positive aspect will be fit into
customer’s mind which will create their attention and thoughts of getting it. Tesla make aware

about its emission free cars through campaign, websites ads and twitter updates by launching
effective posters and content.
Interest: after getting aware and gain knowledge about product, customer think of self-interest
which include how the product will prove to be beneficial for them. for that instance, Tesla make
portfolios, twitter campaign and updates in such a manner that consider benefits for each one.
Decision: after checking self-interest and analyse product advantage into customer life., they
make decision on buying but not easily, customer want money as well as quality satisfaction that
make them comparison from other brands in terms of price, quantity and quality. Tesla needs not
too much focus on this concept as the company has existing brand value and more competitive
prices.
Measures to check Efficiency
Idea orientation: Tesla has identified that their idea of making emission free cars will be
successful due to the concern of environmental and health factors among people. Through
analysing this, the company have made clear path which helping them in moving towards one
aim also, making it the best of all. The company being perfect in orientation of ideas through
which, performance enhance and wastage gets eliminate (Stoic, Shoji, and Coad, 2020).
Screening of ideas: Tesla has go through with all the good and bad sides of the idea created to
regulate into market and check where they could eliminate losses into future.
Testing of concept: After setting ideas into practical execution, Tesla has not stopped in
observing customer’s response by launching features of product in front of audience through
campaigns and social media marketing. It has resulted in positive repose of customers That make
them more clear about new product development.
Analysing need for product development: need for product development raised in context of
Tesla due to getting immense response form public which has made their company more reputed
in the market. The company has use terotechnological power into effective use a make
investment in carbon control mechanism which prove to be betterment for the society and
people.
Business case
Steps Description

Executive summary Tesla is one of the most reputed firm into
American market, the company has
standardised vehicles and innovative features
has its unique selling aspect which make it
unique from others, it deals under cars, solar
panels, roof tiles and electric batteries(USP).
The company has well known best seller of
electric items and stand at a position of first
level (Tobias Sen, and Petersen, 2018).
Mission The mission of Tesla is to build more
prominent electric cars in building more
powerful charger and batteries so that people
would not get suffer from less duration of
batteries and enjoy happy rids with Tesla.
Through this experience, people will create an
innovative image of brand which make the
achievement in Tesla's history. The next
mission is to create emission free cars till 2025
and launch of effective batteries.
Innovation in product The company regularly focusing on making
innovation and creative strategies to provide
extra ordinary features into their product. In
recent years, Tesla proposing for more use of
emission free vehicles and launch in battery
cars. The innovation leads the company to
unexpected growth and success factors. In
current scenario, Tesla has the best innovation
under electrical vehicles which provide
assistance in using diesel free drives and
reduce cost of journey. Also, cars and batteries

have come up with many feature that are
unbeatable into the market including car
lookout and and its exposure.
Target market Targeting the markets will make clear
classification of product reach. market could be
target through demographical and
psychophysiological effects. Tesla attract the
market on the basis of income level as their
products are of standard quality which are
affordable by higher sections of people. They
target most of celebrities, politicians, marketers
and people have large income group due to
high range of cost.
Sources of funds The need for raising funds arises when
company requires to adopt huge investment
and technologies. Sound funding will be result
in success of organisation. So that, Tesla has
sound g financial position in market due to
high revenue into last years with the demand of
more electric vehicles. In order to make their
mission successful, the company could have
many institutions who could fulfil their
financial position through bank loans,
shareholders’ investment. The funds for
proposed innovation could be raised with
banking institution as Tesla has goof\d market
image.
Benefits The organisation need not to only concerned
by gaining profits and revenue as it is essential
factors which must be get influenced in

organisational context. Tesla is well known for
its electric vehicles which aims at fuel free
journey into the country, that shows their
concerned about environment and health factor
of every creature into the planet. So that it has
maintained a fruitful image into public that
results in various benefits for company.
Monitoring and controlling This is the last stage of a business under which
company combine their idea, mission,
Objectives and strategies together to check
performance whether it is moving into right
path or not. Tesla have high maintenance
facilities and workforce that control and
supervise every operation and make every
decision after taking its practical exposure. It is
the matter of company’s image to not to
perform any misleading act into market which
get down into its goodwill.
Sources of funding:
There are several opportunity ruling into the market which provide support to every
business organisation who are working for serving goods and services for customer use. These
sources of funds have some limitation and boundaries according to the size and reputation of the
company but has another alternative also (Weber, and Heidenreich, 2018). Tesla could opt
required sources to get innovative products into market and provide better experience to
customers and economy.
Bank loan: it is the most reliable and effective source of funds which does not require complex
facilities or procedure. Getting loan from any bank institution require to meet up with the
eligibility of having good past records and clear transaction of past loans. As Tesla in the largest
and reputed organisation which will be needed large funds should not opt this source.

Government assistance: under these sources, companies could acquire monetary benefits
through government funding or schemes launch for the welfare of society. Tesla could have use
this assistance as their mission helps government in reducing pollution and make Eco-friendly
environment. This could be an advantage for the company to have government support into long
run.
Crowdfunding: This source is useful when lot of people are engage with the image of company.
Companies launch their shares on profit basis which fulfil organisation one-time financial
requirement and provide shareholders with future benefits. It is one of the popular source of
funding acquire by many and used among large market. Tesla could have the opportunity to use
these sources by making investors attract towards new and innovative products are to be declared
into market.
Equity sources: equity sources are also an integrated part of organisation by providing equity
shares to not only public but employees as well. The equity shareholders work as a member of
company and have all rights over companies functioning. There should be evaluation of shares
by Tesla, that helps in building market image and more of investors would show interest in being
a part of company.
The discussed sources are essential fund taking ways which provide assistance to the
organisation for profitability and gaining market opportunity. With the help of these,
organisation need not to worry about raising financial funding and could freely proceed with
their operations. However, Tesla has much sound position and large revenue re-enablement but
in order to make more reliable innovation in more powerful batteries, government assistance and
equity shares will be the best option of all (Tobias Sen, and Petersen, 2018).
Evaluation of various tools for protecting intellectual property
Intellectual property rights:
There are various companies and firms working into market which have different
product, property, machinery and assets that makes them all unique from one another. So that,
these organisations are entitled with their own rights over all activities. It describes their unique
and innovative aspects that are not allowed to use by any other business or person. These rights
involved strict legal restrictions in using one's property. Legal control establish actions protective
measures to whom comes into allegation. There are several rights associated with different
properties that have covered by Tesla in using their products and machinery. Any abolition of

these laws will put strict actions against culprits. These different property rights are described
below:
Patent: these rights are concerned about assets and machinery that are using o specific
purpose by creating it with own special demand. Organisation put severe efforts in building and
using these machineries with the help of R&D department. They have all rights reserved over
using the same. Tesla have strict patents rights in manufacturing department as all the assets
there have specific identity built by Tesla itself. Making emission free cars required high
powered batteries, systems and software that cannot be used by any other department. If any
market founded to abolish these rights over company will lead into serious cause of legal acts
and entitled to pay fines or in prison.
Trademark: This right is used for the specific identity of the company that describes by
having brand logo, sign, design or tag line. These signs are useful for make a separate entity of
organisation which is helpful in identification of its uniqueness for the people. The logo and
signs make the brand differ from one another and shows innovative concept of their product and
services. The advantage of this element is that it gives right over property. Limitation of this
Trademark is that unwanted logo or tagline will effect company’s growth as once it gets
purchased it will not rectify. Tesla have its unique logo of “T” that says the name at all that it
shows no other firms are eligible to get the same name or else would be held liable to pay fines
and strict actions. Trademarks evaluate a unique concept of companies that does not to be come
up with any normal act (Nepelski, and Parole, 2018).
Copyright: These rights are said to be intangible assets or inventory for the assets which
could be liquidity at any time in future. These rights are entitled with any unique own made
concept that have indulge one's innovative mind. The duration of these rights and limited for
some specific time after that it would get free if not paid again. The right reserved on mainly art,
work, content, or nay self-made reliance. The limitation of copyright is the time period as
require timely purchase. Whereas, it gives advantage to right on content so that no one could
one’s hard work.

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