Factors Influencing Innovation Success

This assignment examines the factors that contribute to or hinder successful innovation implementation. It delves into enablers and inhibitors, drawing on international perspectives on technology management and intellectual property. The analysis extends to social innovation in rural development contexts, considering its significance and potential impact.

Innovation And
Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 MEANING OF INNOVATION, ITS IMPORTANCE AND COMPARISON WITH
INVENTION...............................................................................................................................1
P2 VISION, LEADERSHIP, CULTURE AND TEAMWORK OF AUSTIN FRASER CAN
SHAPE INNOVATION..............................................................................................................3
TASK 2............................................................................................................................................4
P3 EXPLANATION OF 4PS OF INNOVATION AND USE OF INNOVATION FUNNEL
IN SHAPING INNOVATIVE IDEAS........................................................................................4
P4 IMPROVEMENTS IN FRUGAL INNOVATION AND HOW IT CAN BE USED IN
WORK PLACE...........................................................................................................................5
TASK 3............................................................................................................................................6
P5 SIGNIFICANCE OF COMMERCIAL FUNNEL AND USE OF NEW PRODUCT
DEVELOPMENT PROCESS.....................................................................................................6
P6 INNOVATION ORGANISATIONAL CASE AND WAYS FOR ITS FUNDING.............8
TASK 4............................................................................................................................................9
P7 TOOLS TO DEVELOP, RETAIN, PROTECT INTELLECTUAL PROPERTY................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation can be referred as procedure through which business enterprise can meet with
existing and new market needs. It involves several activities and practices so that products,
processes, services and technology of company can work more effectively. This concept is
related with invention but not same as invention. Procedure of innovation often operated by
engineers. In simple words, it is a process of renewing and enlarging existing goods and services.
This concept plays an important role in business and economic growth. In the context of
organization, it brings various positive changes in market share, product quality, efficiency and
effectiveness (Drucker, 2014). So, it can be said that innovation is an important aspect of
entrepreneurship. This project report is based on ''Austin Fraser'' which is specialised in IT,
engineering and life science recruitment services. It helps large organizations by providing them
right people for right job. In this project meaning, types and importance of innovation has been
evaluated so that cited company can innovate its products and services. Along with this, different
steps of commercialise innovation has been discussed. At last, methods of protecting ideas has
been evaluated. So that company can protect its intellectual property.
TASK 1
P1 Meaning of innovation, its importance and comparison with invention
In the context of business industry, innovations are made to satisfy customer needs and
demands. It can also be considered as process as well as outcome. Innovation occurs by
environmental changes and failure of organizational structure. With the help of this concept,
organisations can provide better products and services to their potential customers. In simple
words, it is a result of a procedure which comprises various new ideas. By taking help of
innovation, business enterprise can establish a new management system which can provide huge
benefits to company. According to recent research findings, different innovative activities and
practices can lead organisation to higher level of success and growth. The innovation concept
plays crucial role in public, private and voluntary sector. It can help Austin Fraser by increasing
its organizational profit and performance in effective and systematic manner (De La Tour,
Glachant and Ménière, 2011). It is that approach by which business persons can make profit-
producing resources. For getting competitive advantage, it is very much important for
organization to have appropriate organizational structure. So, it is necessary for enterprise to
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build an innovative environment within work place. Also, manger needs to change the way of
their thinking about current strategies and policies. Innovation take place because of the changes
in market structure, organisational structure, global demographics, individual's mentality and
available scientific ideas. For innovative products and services firstly, company requires to find a
specific need of innovation, advanced technology and financial support. These three aspects are
very mush essential for bringing innovation within work place. Information technology and
modifying business procedures, contributes a lot in creating favourable innovative environment.
There are various significance of Innovation which are follows as under:
 Create a competitive advantage: With the help of innovative strategies and techniques
Austin Fraser can make a good position in market place. In modern world, almost all
companies are using new ideas and capabilities to get commercial advantage. By taking
help of innovation concept, business enterprise can add value in its different products and
services. Innovative organizational structure can help company in competing with its
market competitors.
 Choose best method for business: All organizations have their own goals, objectives,
priorities and issues. Without innovation, no enterprise can survive in competitive market
place for long time period. With the help of innovative ideas, company can improve their
performance and also can select most effective methods and strategies for operating
organizational activities (Neumeier, 2012).
Hence, these are some points which represents that innovation is very much important for
business growth and development. However, innovation is related with invention but it is
different from it which can be determined by below mentioned table:
Innovation Invention
 It is a process of increasing value of
existing products and services.
 It includes strategic, merchandising and
technical skills.
 It is beneficial for all department of
business enterprise.
 It can be defined as procedure of
creating new product or service.
 It involves only scientific skills.
 It is limited only to research and
development section of organization.
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P2 Vision, leadership, culture and teamwork of Austin Fraser can shape innovation
In modern world, all business enterprises are attracting towards innovation because, it is a
source of sustainable growth and development. So, all organisations are promoting innovative
ideas and activities on continuous basis. This can help them in increasing financial profit and
decreasing operational cost. For better growth and development, it is very important for mangers
to use innovative ideas so that, they can improve quality of their products and services. This can
help them in providing amended customer satisfaction. Most entrepreneur takes help of
innovation to adapt new environmental changes and due to failure of existing business system. In
simple words, it is a process which includes three steps (Isabirye, 2015). First, to identify need of
innovation, second, acquire technical resources and third, find financial sources. Organizational
vision, mission, leadership style and environment are the main factors which inspire manger to
work with innovative. Which can be determined by below mentioned points:
Mission: It is known as short term goals of organization, which helps in recognizing
nature of business enterprise. The mission of Cited company is to increase efficiency and
effectiveness of business enterprise by providing better services to its customers.
Vision: It represents those long term goals for which a specific company has been
established. The vision of Austin Fraser is to enhance power of corporate world and help
communities.
Leadership: It can be defined as practical skill of an individual by which he can lead and
guide his followers in most effective and systematic manner.
Organizational culture: It can be referred as structure surrounded by different values and
behaviour which helps in creating positive working environment. In simple words, organisational
culture helps in representing beliefs, values and principle of business members.
Team work: It can be defined as process which involves two or more than two
individuals who work together to accomplish common goals and objectives. In simple words, it
is a concept which involves many individuals of same skills and abilities to operate a same task
in effective and systematic manner (Scott, 2013).
Henceforth, with the help of above mentioned points it can be determined that vision,
mission, culture, leadership and team work can foster innovation within work place. To achieve
all these points, manger require high innovative business environment. Without innovative ideas,
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cited company cannot accomplish its goals and objectives and also can not satisfy new
requirements of customers.
TASK 2
P3 Explanation of 4Ps of innovation and use of innovation funnel in shaping innovative ideas
Innovation plays a significant role in every business enterprise. With the help of this,
company can utilise its available resources in most effective and systematic manner. Also, it
helps in removing organisational problems. On the other side, innovation funnel is a process
which helps in increasing creativity within work place. Also, it helps in inventing different
products and services. According to expert person, innovation is most important concept through
which manger can lead their business enterprise to high level of success. It also helps in
increasing profitability and productivity of company. With the help of innovation funnel,
organization can provide more effective products and services to their customers. In present
scenario, it have become important for all companies to innovate their culture, goods, services
and strategies on continuous basis otherwise they cannot achieve competitive advantage in
market place (Taherian, 2011). Innovation funnel is that concept through which Austin Fraser
can convert their ideas into actions. With the help of this, company can upgrade their technology
as well. There 4Ps of innovation which plays important role within work place. These are
follows as under: Product innovation: It can be any item and substance which is produces by business
enterprise. Organisations manufacture various products and services so that they can
satisfy different needs and demands of customers. It is very much important for mangers
to innovate their goods on continuous basis otherwise they can not accomplish their
organizational goals and objectives. For better growth and development, Austin Fraser
can make changes in its existing services and can provide amended recruitment services
to large corporations. Process innovation: It can be defined as procedure of manufacturing goods and services.
By suing innovative processes business enterprise can increase organisational efficiency
as well as effectiveness. Austin Fraser can make innovation in the process of service
delivery. It can make additional improvements in its existing work procedures.
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 Position innovation: with the help of position focused innovation, business enterprise
can make changes in its current products and process. This can help company in leading
higher level of success. Cited organisation should divide its services as per its market
segments. Through this enterprise can attract a huge number of customers and also can
accomplish its goals and objectives in effective manner (Thapa, 2013).
 Paradigm innovation: This type of innovation helps in understanding actual model and
shape of business enterprise. The main function of this approach is to incorporate
innovation and organisational procedures in systematic manner.
Hence, these are the 4Ps of innovation which can help business enterprise in achieving
sustainable growth and development.
P4 Improvements in frugal innovation and how it can be used in work place
In modern world, innovation has become most important approach which is used by
different organisations to increase their efficiency and effectiveness. It is very much beneficial
for business enterprise because its helps in increasing financial profit and decreasing unwanted
operational cost. Frugal innovation is a major approach by which different companies can
minimise their expenses and organisational problems. The main objective of this approach is to
improve customer preferences. It gives importance to emerging markets. By taking help of this
concept, business enterprise can improve quality of its products or services and also can remove
unwanted characteristics from its durable goods. This concept is known as frugal engineering
(Garcia-Sabater and Marin-Garcia, 2011). It is that problem oriented approach which can remove
all organisational difficulties. For better improvements of company, it takes help of knowledge
and technologies which is gained from form past experience. By taking help of frugal innovation,
local or multinational company can make positive relations with its potential customers.
Mangers can accomplish their social and economic results by taking help of frugal
innovation. In simple words, it helps in improving accession of products or services and also
increase efficiency of available resources. There are several ways through which company can
do frugal innovation within work place. These are follows as under:
Decrease production cost: With the help of this, business enterprise can reduce their
unwanted expenses. If company will produce goods and services without taking help of other
firm, then it can decrease its production cost. In simple words, organization can produce raw
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material by itself instead of getting them from other persons. Through this, enterprise can
manufacture products and services in high quantity. Also, can minimise operational cost.
Manufacture reasonable and durable commodity: For better growth and development,
company should produce those goods and services which are last longer in nature. Through this,
enterprise can improve their economic condition as well. It can be done only by frugal
innovation. If Austin Fraser will provide long lasting products and services then it can attract a
huge number of customers (Dhodapkar and Gogoi, 2015).
Extra characteristics of existing products and services: For organizational improvement
and development, company can add some extra features in its current products and services. By
doing this it can get sustainable competitive advantage in market place.
Emergence of advanced devices: With the help of technological advancement, business
enterprise can produce products and services with some advanced features. This can also helps in
improving quality of products and services.
Hence, these are some ways through which Austin Fraser can use frugal innovation in its
work place. This can prove as best method of improving organizational growth and performance.
TASK 3
P5 Significance of commercial funnel and use of new product development process
Commercial funnel is that business concept which helps manger in understanding buying
behaviour of customers. In simple words, it is a approach through which company can identify
its customer and their income level. It consists of four aspect which are action, desire, interest
and awareness. As per commercial funnel, customers should have the knowledge about different
products and services, after that they should have a interest in a particular product or service
(Spanjol, Qualls and Rosa, 2011). After this, they should generate desire to having that product
and that take action to reach them. With the help of commercial funnel, organisation can make
modifications in their existing goods. Modified products and services can help enterprise in
attracting a huge number of customers. By using this concept, Austin Fraser can get various
benefits. These are follows as under:
Increase profitability: By making improvements and developments in existing products
or services cited company get higher level of financial profit. As, people like to purchase that
product or service which is highly improved in nature.
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Decrease operational cost: If company will modify its current strategies and policies
then it can definitely make changes in its production process as well. This can result in less
operational cost. In simple words, effective production procedure always results in less
operational expense.
Build strong brand image: Improved products and services can provide better
satisfaction to customers. Which can help business organisation in building strong corporate
image within competitive market place.
Quality enhancement: With the help of commercial funnel, company can make various
innovation in product quality as well. In modern world, all organizations are giving importance
to quality management so that they can satisfy their customers in most effective and systematic
manner (Pagnotti, Chubatyi and McEwen, 2011).
Hence, these are some points which represents that commercial funnel influence a
positive impact on organizational growth and development. By taking help of this concept,
Austin Fraser can increase its organizational efficiency and effectiveness. In modern world,
almost all companies are using this approach to enhance their financial profit. New product
development is also a important concept which can increase organizational performance of
Austin Fraser. Process of Product development is following as under:
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(Source: Akrani, 2012)
P6 Innovation organisational case and ways for its funding
Every business enterprise requires a appropriate innovation organisational case through
which it can understand about its different activities and practices. For this, company needs to
acquire sufficient working capital. An effective organizational plan is follows as under: Identify and understand organizational objectives: For bringing new innovations within
work place, it is very much important to recognise need of innovation (Schaltegger and
Wagner, 2011). After identifying that, mangers should set organizational goals according
to them. Market research: After setting business goals and objectives, company should conduct
market research so that it can determine different changes in needs, demands, preferences
and trends of customers. Analysis: After identifying market trends, mangers should determine that which
strategies and policies should they make which can help them in accomplishing
predetermined goals and objectives.
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Illustration 1: Stages Process Steps of New Product
Development

 Evaluation: This is known as last stage of innovation business plan. In this step, mangers
evaluate the all organizational activities and practices to identify that they are generating
required result or not (Standing and Kiniti, 2011).
Hence, these are some most important points which is required for effective
organizational innovation plan. The most popular company APPLE INC is using this plan which
is continuously helping it in its business growth and development. For this, it takes help of
investors which provides it appropriate funds for operating its innovation activities. Different
types of investors are follows as under:
Business angels: They are the people who have large source of financial sources. They
are get attracted towards those firms who have great corporate image in market place.
Venture capital firms: it involves those firms which takes some business shares of
company in exchange of their investments.
TASK 4
P7 Tools to develop, retain, protect intellectual property
Intellectual property is that concept which helps a person or any business enterprise to
create their legal right for their knowledge, idea, invention and artistic work (Gibbons, 2011).
With the help of this approach different companies protect their knowledge and ideas from
outsider persons. It helps organisation in creating creative and innovative working environment
within work place. Apple company have faced many losses because its innovative ideas was
used by some other company. So, it is very much important for business enterprise to protect
their intellectual property. There are some methods through which corporations can protect their
knowledge and idea. These are follows as under: Copyright: This method is used to protect novels, books, music and creative drawings of
any person. Patents: This technique is used to protect some extraordinary inventions which have
never been experimented in past. Trademarks: This term is used by business enterprise to protect design of their products
and services. It also makes a product different from others.
 Industrial designs: This is used to protect content, design, shape and pattern of any
article (Ewing, 2012).
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Moreover, these are the ways through which business enterprise can protect its
intellectual property from other persons.
CONCLUSION
By evaluating above mentioned project report, it has been concluded that innovation and
commercialisation both are most important concepts of business enterprise. As, it helps in
meeting with new requirements of market place. In simple words, it is that approach which helps
in increasing organizational efficiency and effectiveness. To bring innovative ideas, manager
needs a recognised need, advanced technology and high financial support, without them
innovation cannot take place within work place. In this report meaning, types and importance of
innovation has been evaluated so that, this company can bring various changes within work
place. Along with this, process of new product development has been explained by which cited
company can improve its existing products and services. At last, some methods of protecting
intellectual property has been determined so that, organization can protect its ideas and
knowledge from outsiders and its competitors.
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REFERENCES
Books and Journals
De La Tour, A., Glachant, M. and Ménière, Y., 2011. Innovation and international technology
transfer: The case of the Chinese photovoltaic industry. Energy Policy. 39(2). pp.761-
770.
Dhodapkar, P. and Gogoi, A.K., 2015, December. Seeds of Innovation. In ISPIM Innovation
Symposium (p. 1). The International Society for Professional Innovation Management
(ISPIM).
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Ewing, T., 2012. Indirect Exploitation of Intellectual Property Rights by Corporations and
Investors: IP Privateering and Modern Letters of Marque and Reprisal. Hastings Sci. &
Tech. LJ. 4. p.1.
Garcia-Sabater, J.J. and Marin-Garcia, J.A., 2011. Can we still talk about continuous
improvement? Rethinking enablers and inhibitors for successful implementation.
International Journal of Technology Management. 55(1/2), pp.28-42.
Gibbons, L.J., 2011. Do as i say (not as i did): putative intellectual property lessons for emerging
economies from the not so long past of the developed nations. SMUL Rev.64. p.923.
Isabirye, A.K., 2015. Staff development for innovative teaching and learning at the University of
South Africa (Doctoral dissertation).
Neumeier, S., 2012. Why do social innovations in rural development matter and should they be
considered more seriously in rural development research?–Proposal for a stronger focus
on social innovations in rural development research. Sociologia ruralis. 52(1). pp.48-69.
Pagnotti, V.S., Chubatyi, N.D. and McEwen, C.N., 2011. Solvent assisted inlet ionization: an
ultrasensitive new liquid introduction ionization method for mass spectrometry.
Analytical chemistry. 83(11). pp.3981-3985.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Scott, K., 2013. The politics of influence: An anthropological analysis of collective political
action in contemporary democracy (Doctoral dissertation, Research Space@ Auckland).
Spanjol, J., Qualls, W.J. and Rosa, J.A., 2011. How many and what kind? The role of strategic
orientation in new product ideation. Journal of Product Innovation Management. 28(2).
pp.236-250.
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Standing, C. and Kiniti, S., 2011. How can organizations use wikis for innovation?. Tec
novation. 31(7). pp.287-295.
Taherian, K., 2011. Growing Ideas with Radical Innovation Potential.
Thapa, P., 2013. Understanding the Base of the Pyramid: Inclusive Innovation Context Analysis
Framework.
Online
Innovation networks, 2017. [Online]. Available through:<http://carlosgabrielduran.blogspot.in/>.
[Accessed on 14th September 2017].
Akrani, G., 2012. Stages Process Steps of New Product Development. [Online]. Available
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