Innovation and Commercialization

Innovation and
Commercialization

Table of Content
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Importance of innovation in comparison with invention........................................................3
P2 Organizational vision, leadership, culture and teamwork shape innovation and
commercialization........................................................................................................................4
LO2..................................................................................................................................................5
P3 4Ps of innovation and how it leads to shape innovative ideas................................................5
P4 Developments in frugal innovation........................................................................................6
LO3..................................................................................................................................................7
P5 Importance of commercial funnel and New Product Development for commercialization of
innovation....................................................................................................................................7
P6 Innovation business case and ways to access funding............................................................8
P7: Tools to protect and retain intellectual property and knowledge .......................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process through which ideas and inventions are made into valuable
goods and services for which customers and consumers will pay. There are primarily four
different types of innovations: Incremental Innovation, Disruptive Innovation, Architectural
Innovation and Radical Innovation respectively (Lambert, 2019). While commercialization is the
procedure through which new goods and services are brought into the market. Broadly
commercialization also includes manufacturing, distribution, marketing and promotion, sales,
customer service and other key operations which are necessary in achieving commercial success
for new goods and services.
This report analyses concepts of innovation, commercialization and invention along with
their differences. It also evaluates the various different types of innovations possible within an
organisation and determines the process which is required to commercialise innovation in an
organisation. Finally it studies the range of methods which can be used to protect knowledge and
ideas along with their advantages and disadvantages. In this report we have evaluated these
operations within the organisation Samsung Electronics, as part of its Product-Innovation team.
Samsung Electronics is one of the biggest and well recognised brands globally, beginning
operations in 1969 it has continued to expand its operations and market share ever since.
LO1
P1 Importance of innovation in comparison with invention
Innovation- It refers to the process of making an idea or invention already invented into
good or service which has innovative approach behind it, by increasing comfort levels for
customers and to meet the changing requirements. It can be understood as application of better
solutions by companies for creating higher value for customers through implementation of new
product and services. Innovation brings improved efficiency, effectiveness which is highly
relevant for enhancing production levels in competitive business environment for organizations.
Innovation brings high creativity to the process which eliminates chances of errors of products
and enhances the quality performance for customers. For example innovation of iPhone is one of
the most innovative breakthrough advanced in technology which has improved networking for
people to large extent (Wan and Ding, 2019).

Invention- It can be understood as unique device, method or composition of process
within an overall product development process which enhance the functioning levels . Invention
helps to overcome barrier by creating something new which increases level of efficiency through
constructing imagination into practical outputs. It brings imagination of humans into practical
actions where visualization of ideas has played an important role in inventing new objects. For
example Galileo invented Telescope in 1609 which has played an important role in human
history by advancing our understanding of Earths place in universe.
The difference between Innovation and Invention can be understood on various points which are
as follows:
 Innovation connects the dots between inventions. This statement can be understood as a
foremost creation step or introduction of process for the first time which brings
revolutionary change for humans. Whereas Innovation on other hand occurs when
significant change with help of technology comes in existing product or method for
enhancement in performance levels.
 Invention creates something entirely new which has not been functioning until now,
innovation creates something which has high chances for selling in companies.
Innovation along with creativity speed up the process of invention which has an already
implemented function to deliver.
Implementation of innovation- Samsung aims to deliver high innovation criteria of
technologies in already invented networking systems by advancement in quality service and
superfast communication standards (Wang,2019).Company is committed to transform the digital
world with highly innovative technologies, products and design which enriches life of people
creatively. Company inspires constantly by delivering ground breaking innovations constantly in
digital appliances, network systems for enhancing global community living. Samsung Vision
2020 is an ambitious growth target by company where company aims to deliver operational
excellence and innovation in highly competitive digital business environment (Djamasbi and
Strong, 2019).
P2 Organizational vision, leadership, culture and teamwork shape innovation and
commercialization
Vision- Organization vision of Samsung shape innovation and commercialization to a
great extent as company visions to enhance the productivity levels with high technological up-