Innovation and Technology Transfer Outcomes

This assignment delves into the relationship between university technology licensing offices (TLOs) characteristics and the success of technology transfer. It utilizes the innovation funnel model to illustrate the process, analyzing various stages from idea generation to commercialization. Case studies are examined to provide real-world examples and insights into factors influencing successful technology transfer outcomes.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining importance of Innovation in an organisation along with comparison with
invention......................................................................................................................................1
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explaining 4P's of innovation and use of innovative funnel..................................................4
P4 Concept of frugal innovation and its use in organisational context.......................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD...................................................6
P6 Business innovation case.......................................................................................................7
TASK 4............................................................................................................................................9
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property.......................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
The elements of innovation and commercialisation leads to entrepreneurial success. The
concept of innovation revolves around building a new products and purpose out of the existing
commodity. It emphasizes on developing new products and services which are useful in the
existing application within organisation. On the other hand, concept of commercialisation
revolves taking up the newly developed product or service to the general market. The product
will be primarily introduced to the market and later persuaded for mass adoption. This
assignment revolves around working of Softwire (Clayton, Feldman and Lowe, 2017). It is a
small organisation known to deliver software solution and consultancy services to people. This
assignment undertakes to explain concept of innovation and differentiating it from invention.
The various types of innovation will be explained as well in this report. The manner in which
innovation by an organisation will be delivered to the market will be discussed along with
approaches to protect and preserve intellectual property.
TASK 1
P1 Explaining importance of Innovation in an organisation along with comparison with invention
Softwire is an small organisation carrying out its operation in the domain of software
engineering and digital design along with consultancy in the market of United Kingdom. This
organisation was formed in the year 2000 and possess approximately 130 employees who are
focused on delivering clients with best software solutions. This organisation is owned and
managed by Pete Kenny, Dan Shavick and Phil Marsden and are involved rightfully into
business operations (Dutta and Hora, 2017).
Innovation is defined to be a concept which revolves around implementation of new ideas
so that value could be created on the behalf of organisation. It generally means to create a new
system, product or enhance the existing ones so that better results could be achieved. This
concept helps a business in getting rid of the inefficient and discontinued approaches so that they
could be modified which results in benefit in the organisation. There can be various sources from
which innovation originates such as competitor strategies, team working and market which leads
a business towards success in the long run. Some of the benefits which can be availed by a
business through innovation are as follows:
 The foremost importance which has been catered by innovation is that it uplift the stature
of business in carrying out its operations and definitely prolongs its operations.
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 Innovation helps in providing a competitive edge to the business over it rivals. It has been
extremely important for organisation to possess latest ideas and strategies so that they
could be commercialised and financial goals are attained.
 The concept of innovation helps in determining best approach for management of
business resources. Innovation assists in ascertaining of current business resources along
with identifying opportunities of development so that they could be utilised so that
operations could be carried out efficiently (Gaddy and et. al., 2011).
 Organisation when inclined towards innovation helps in maintaining fresh image in the
market which ultimately reflects through balance sheet of the enterprise.
 The flexible approach which has been enhanced by innovation helps in dealing with
unfavourable market influences in the right manner.
Difference between Innovation and Invention
Basis Innovation Invention
Meaning Innovation refers to modifying or
identifying alternative use of
products.
Invention is defined to be a process
of creation of product which has not
been discovered.
Concerned
department
The concept of innovation is
applicable to the whole
organisation.
The concept of invention strictly
relates to R&D department with the
use of information generated through
marketing team.
Skills required There are no defined set of skills
required for innovation. However,
knowledge of marketing and
technical skills along with strategy
formulation are recommended.
It is essential for the concerned to be
possessed with scientific skills so
that creation of product and service
could take place.
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation
It can be said that innovation and commercialisation within an organisation are
influenced through numerous ways. For instance: Vision and mission which has been identified
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by senior management helps in defining extent of innovation practices which are undertaken in
an organisation. There is an influence in leadership upon manner in which subordinates work in
the organisation (Goble, Bercovitz and Feldman, 2017). The founders with Softwire make sure
that there is emphasizes on the innovation approaches within organisation so that operations
could be sustained in the operating market. The various influences upon innovation in respect to
an organisation are cited briefly.
Vision: Vision of a company defines what it intents to achieve with its effort and
activities. The vision of Softwire is “To produce outstanding software and fulfil requirements of
consumers in an unmatchable manner.” The vision of the company carries a direct impact on the
extent of innovative practices within an organisation. Relating to undertaken organisation, vision
encourages use of innovative approach so that demands of consumers could be fulfilled in an
unprecedented manner.
Leadership: Leadership identified to be an crucial aspect which leads to incorporating of
innovative approaches within organisation. For instance: Steve Jobs who is known to be
godfather of innovation persuaded people working for his organisation to undertake innovative
measures so that needs of consumers could be fulfilled in an improved manner. Leadership can
end up formulation of policies and code of conduct which stimulates innovative practices in an
organisation achieving distinct results. The tools of reinforcement when taken into consideration
help in uplifting innovative practices in respect to organisation.
Teamwork: Teamwork is refers to goals which are accomplished through forming a right
association of members (Henttonen and et. al., 2017). A team involves people belonging from
different specialities work together so that business objectives are fulfilled. It is essential for
them to be provided with suitable guidelines and environment so that they are able to generate
ideas which makes sure that services are offered to consumers in an improved manner.
Culture: Culture stands vital for an organisation as it is responsible for supporting and
encouraging innovation. The management have to make sure that culture of business relies upon
experimentation and discovery so that innovative practices could be emphasized. The
development of innovative culture consists of people who believe idea of inflow of latest
concepts and approaches so that better results could be achieved. The point of views of different
people are well-thought upon so that modification could be carried out.
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TASK 2
P3 Explaining 4P's of innovation and use of innovative funnel
The model of 4P's of innovation is tool which helps in analysis of successful innovation
in an organisation. The model is provided by John Bessant and Joe Tidd which helps in
classification of innovation on to numerous grounds. The broad categories which are undertaken
in classification of innovation are as follows:
Product Innovation: It is referred to an preferred approach in terms of innovation which
revolves around launching a new product or finding alternative uses of existing ones. It is a
radical approach which aims to disrupt ideal functioning of the market. Softwire is an major
service provider in terms of software and digital marketing therefore implication of the new
creative ideas will results in provision of something entirely different product or service. The
incorporation of creativity helps in providing ideal software solution to people.
Process Innovation: Process Innovation focuses on the manner in which services are
delivered to the end users. Process constitutes as important segment which redefines manner in
which customers are served. It is comparatively incremental change as there will be no impact on
service output (Khan and et. al., 2012). Softwire have been emphasizing on the automation
approach so that employees are provided with a free and creative environment to work.
Position Innovation: This type of innovation aims to re-position perception of this
organisation which has been formed by the consumers. The perception relates to products and
services which are offered by enterprise are altered so that better financial results could be
achieved. For instance: The software solution which are provided by this organisation were
confined to large scale vendors, but now this business have started offering their services to start-
up ventures so as to redefine perception of this organisation. Prior to this move, this business is
perceived more approachable to small businesses.
Paradigm Innovation: Paradigm innovation relates to mental models which relates to
business. The technological revolution have redefined mental models of people relates to use of
websites and internet portals. It is referred to a complete shift in the technology. The business
organisation irrespective of their size does not rely on the traditional measures of carrying out of
business and have inclined towards use of digital measures which have benefited this enterprise
on numerous grounds.
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Concept of innovation funnel undertake steps which are considered in developing a
process and product. The innovative offerings which are undertaken are later commercialised so
that it is adopted by the masses. It is a refinery system in which ideas pass through funnel and
most suitable ones are implemented at the end. The major steps which are undertaken in
commercial funnel are as follows:
(Source: Innovation Funnel, 2016)
 The first step focuses on wide mouth of funnel which as much ideas possible are
undertaken. It is primary step which revolves around collection of information from
numerous sources such as competitors, market and research which are undertaken by
them.
 The second step initiates when funnel starting to narrow down. In this step screening of
ideas takes place and most unfit ideas are eliminated so that there are limited number of
ideas to select from (Lim and et. al., 2017).
 The final stage focuses on the narrow segment of the funnel which consist of ideal which
possess potential ideas which are capable of fulfilling of objectives. The ideas who are
feasible and viable are focused and implemented upon working of an organisation.
P4 Concept of frugal innovation and its use in organisational context
Frugal Innovation is a contemporary concepts which responds to scarcity of resources in
terms of finance, material and human resources. The products and services which are formulated
with this concept consumes minimum resources and are successful in fulfilling obligation
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Illustration 1: Innovation Funnel

towards consumers. The approach gained momentum as innovation otherwise is beyond buying
power of consumers (Mamo and et. al., 2017). Such innovation initiatives are formed to fulfil
social obligation towards consumers as it uses most simple and efficient means of production.
This concept originates from transportation and healthcare and spread onto technological
domain.
This concept is more popular amongst small enterprises as they do not posses a separate
R&D division and can carry out innovative practices with minimal resources. It emphasizes on
production of services which are lower priced and are aimed to be provide value to its
consumers. Softwire is an organisation known to create software solution for enterprise who are
operating at larger scale. By undertaking frugal innovation approaches, this business have started
providing services to start-up venture and new businesses at lower costs. The reason being it is
extremely important for small enterprises and ventures to mark their presence upon digital
platforms if they wish to succeed in the market. The software which have been developed for
small ventures carry basic features and functionality which helps in fulfilling their needs in cost
effective manner (Perry and et. al., 2017). This concept as stated carries high relevance to the
organisation as it is able to fulfil distinct needs of consumers in they manner desired by them.
The elimination of wasteful activities (which are not adding worth to service) are eliminated so
that operational efficiency could be achieved. The brand reach and goodwill both will be
enhanced when it is able to deliver value services to the prospects. There is lesser distraction for
the management and can divert their action and resources on activities which are crucial which
ultimately leads to attaining of business objectives.
TASK 3
P5 Importance of commercial funnel and application of NPD
The commercial funnel takes into consideration the buying process of consumers in
availing products and services of the company. Commercialisation focuses on launching of
innovative products and offerings for the masses. The process of commercialisation is broken
down onto various segments initiating from introduction of offerings in the market to its mass
adoption. The various segments which are undertaken in this approach are production,
marketing, delivery and after sales support which is crucial for a business to attain success in the
market. To successfully launch a product in the market there is a need to develop suitable
marketing plan so that each and every activity is well emphasized. The sales funnel focuses on
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the consumer being aware about the offerings and ending up availing service of this enterprise
repeated times (Schmitz and et. al., 2017). The major benefits which could be availed from
commercial funnel is that it helps in making people aware about its products and services
through its promotional messages. The consumers who are aware about existence of products
and services considers relating to making and purchase and finally convert from prospects to
clients of an enterprise.
The thought of New product development stands vital for an organisation in the longer
run. The justification of the same is that business towards experiences dynamic market in which
life cycle of the product have become really shorter and there is an greater emphasis on the
technological aspects of the offerings. The steps which are undertaken in NPD process are as
follows:
Idea generation: This business is initiating consultancy services as well to people and
them evolve their operations.
Idea screening: The step focusing on identifying whether this business will be
sustainable and profitable for business in the long run. The organisation already possess
innovation in its roots and helps organisation in succeeding.
Concept testing: it is essential to test this concept with the existing clientèle of
organisation so that it could be tested (Shakeel, Takala and Zhu, 2017).
Business analytical: This step aims to conduct an assessment so that it could be
identified whether it will possess a positive influence on business or not.
Commercialise: When the business identifies that such innovation measures will be
profitable for business it should be launched commercially in the market.
Product development: The responses of the existing clientèle of consumers helps in
identification of shortcomings which later help in forming necessary modification in the existing
service.
P6 Business innovation case
It is extremely important for business to keep evolving their business software so that a distinct
position in the market could be achieved. The software which are considered by business
organisation emphasize on forming a collaboration amongst various segments so that better
collective results could be achieved. There is a brief mention of the business case for following
organisation:
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Executive Summary Softwire is an software and digital engineering company carrying out its
operations in the United Kingdom. This enterprise is known to create an
environment which assists them in catering needs of consumers in best
way possible.
Need Innovation stands crucial in field of software as it helps in meeting ever
changing demands of the consumers. The innovation in terms of
software which is undertaken by a business helps in achieving distinct
results.
Solution The development of innovation software helps in conducting an
assessment of the various needs and expectation of consumers and are
further fulfilled by modifying existing services.
Consumer Analysis It can be said that consumers of this business were satisfied with
innovation undertaken by business. This latest development of in terms
of software will help in preserving most suitable ideas for business and
implying the same upon organisation so that better results could be
fulfilled (Sheep, Fairhurst and Khazanchi, 2017).
Creation and
Improvement
The idea which has been captured by this enterprise through
communication with concerned parties for building a software which
can capture ideas in structure and unstructured manner. A business will
be able to choose from numerous available filters according to their
reach so that innovative approach could be identified.
Acquisition of funds Being a small enterprise, it is essential for this business to consider
raising funds from numerous sources so right approach is selected. The
primary sources which could be focused are Banks which can fulfil
needs of financial resources in exchange of a security. The another
approach is that this business can offer their share of ownership for
monetary support.
Benefits availed The benefit which could be availed by the clients of business through
innovative approach is that it helps in facilitation a culture of innovation
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within organisation and simultaneously improving customer experience.
TASK 4
P7 Evaluation of different tools which are utilised by business in preserving intellectual property
Intellectual property are considered to be an important part of the business which help in
setting business apart from its competitors. The protection of intellectual property help owner
preventing unauthorised use of licensed intellectual property. It enhances capabilities of business
to offer something new to the consumers and can be further utilised as a security when looking to
raise finance from banks. The major tools which are considered while preservation of intellectual
property are as follows:
Trade Marks: A trade mark is referred to be a brand or logo which has been used by an
enterprise in their name, catch phrase and tag-lines. It is important for business organisation to
opt for trade mark registration so that valuable asset of business could be promoted. This
registration helps in gaining protection against unauthorised use of trade marks and logos which
are identical or similar to that of an enterprise (Shi and et. al., 2017).
Copyright: A copyright is refers to an protection which have been provided by the
government of the United Kingdom. It is aims to preserve authorship relates to published and
unpublished form of original work. The main aim of forming of copyright law is to protect
creativity, time and efforts of creator. The owner of the copyright possess the power to authoritse
other to make use of the creation.
Patent: Patent are referred to right which have been offered to inventor relates to using
and selling of their creation. The patent can be of three major types such as design, plant and
utility patents.
CONCLUSION
It can be concluded from the above report that innovation have emerged to be a crucial
concept for an organisation. The innovation and invention are distinct from each other as small
businesses with limited resources can carry out innovative practices. The incorporation of
innovation can be carried out through numerous approaches such as leadership, vision and by
building a innovative culture within organisation. The innovation relates to organisation can be
carried out through developing new products, approaches through services are delivered and
finally through changing perception of people relating to brand. This organisation is emphasizing
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on building a automated innovation software that helps in screening best ideas for the
organisation.
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Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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