Innovation and Commercialization: A Comparative Study

The assignment provided is a comparative study of innovation and commercialization in different industries and countries. It includes a list of research papers and articles that discuss various aspects of innovation and technology transfer, such as open innovation policy, university-industry links, patent assertion entities, and market-facing innovation networks. The document also provides a summary of the key findings from these studies and discusses their implications for innovation and commercialization.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its uses in this organisation..........................................................................1
P2. Organisation's vision, leadership, culture as well as teamwork help in innovation..............2
TASK 2............................................................................................................................................3
P3. Innovation funnel and 4Ps that are used for shaping employee idea....................................4
P4. Process of developing frugal innovation in this company....................................................5
TASK 3............................................................................................................................................6
P5. Requirement of commercial funnel and NPD for this company...........................................6
P6. Organisation's innovation building case and its way of accessing funds..............................7
TASK 4............................................................................................................................................7
P7. Various tools for developing, retaining and protecting properties.......................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is often seen as an application which is required for better solutions. These
help in meeting new requirement, essential needs as well as already existing market (Adam,
2014). These innovations require a lot of method to be accomplish properly those can be
effective products, services, strategies and technologies as well as business model that are easily
available in the market and for the government. Innovation basically means something new and
original which is actually effective in real life situations. The report is based on 4Com which was
originated in the year 1999 basically for improving communication facilities of UK and its small
scale market conditions. Its headquarters is in Bournemouth, Dorset. 4Com has a great deal of
pride and culture in this company. Main purpose of this report is understand the importance of
innovation in this firm and how an organisational vision, leaders, team effort and culture of this
company is effected by innovation methods. Basically there are 4P's which are used to describe
innovation is discussed in this report. Commercial funnel as well as NPD is required for
innovation which is explained in this report.
TASK 1
P1. Innovation and its uses in this 4Com.
Innovation is basically the most essential part of this organisation as it is a telecom based
company which will grow faster if it applies innovation in its schemes and strategies. This
technique is required for enhancing the performance of 4Com company and its position from its
competitors. Its provides method which help the company to be more effective as well as become
efficient in their working. They are useful in improving quality of product and meet the needs of
customer (Bastalich, 2010).
Various activities which is involved in innovation process is grabbing concepts and also
changing some data specifically for information as well as imagination process for designing a
particular product. There are two terms in this organisation which can be misunderstood and
confused those are innovation and invention. Basically there is vast difference between the two
terms.
Innovation: This concept basically means that a person thinks of an idea and tries to
execute it which has never been executed by any other person in practical life. In case a person
tries to make changes in existing product to make it a better product and become valuable then it
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is also considered as innovation. The main aim of innovation is implementation and modification
of an already existing plan or method to improve the condition. For working of this scheme the
person basically needs to have knowledge about that field.
Invention: This method is considered as an activity where new idea has been created by
a person and developed formulated and finally used in some concept. It means a new matter is
created for the first time. For this to work properly person has to have specific skills of scientific
approach.
4Com company is operating in telecom department which basically has high competition
with big companies (Chung and Bang, 2015). In recent times there has been so many start ups
for the same field which are rising, they so not require large capital but a good striking idea
would be enough for their survival. Although existing companies having good status and firm
position in the market place tends to impose lot of threat and competition to this small scale
industry. It productivity as well as profitability is affected through all of this, that is why it focus
so much on innovations techniques to stand a good place in the market in front of its competitors.
Apple Inc is a great example of using innovation method in the market. As it has developed in I-
pod which consist of songs and videos and also with a size smaller than a mobile phone. No
body could have though of that and now it has become the most trending thing in the market and
every one is eager to buy it. From the concept of Walkman, small changes in it has made Apple
Inc to achieve so much attention and appreciation from the market and it has established an
image of an innovator according to the customer.
P2. 4Com's vision, leadership, culture as well as teamwork help in innovation.
Innovation is basically needed very essentially for building the business process for good
results. This can become a solid tool that will constantly bring success and improvements for
achieving long term goals. There should be proper support by the managers and leaders to the
employees working in this organisation regarding innovation methods and strategies. If there can
be any kind of query related to address issues or practical problems that arise at various
situations that those need to be sorted out in proper procedures whose training should be given to
them employee before hand. If the expertise and employee capabilities are joint together to
complete a task then it become very easy and in fact efficient way for solving any particular task.
This can only be done when the manager supervise properly and try to find out worker's
capability and how well can they perform the task (Clausen and Rasmussen, 2011). For all of
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this to occur, 4Com company has to focus on vision, mission, leadership quality and culture of
the company and lastly the team work efforts. All these factors lead to innovation method for this
organisation.
Vision: This is the idea or the principle on which this company is dependent on and
working for. It states the goal of the firm and the ways tot accomplish them. It also describes the
position of this company in the market field and how exactly will it see itself in coming future.
For this company the vision is firm and focused and yet very simple to be stated as “Providing
area for innovation as well as solutions to become top in telecom department”. Basic main of this
company is to bring better connectivity in UK.
Mission: This method is actually responsible for stating short term goals which needs to
be achieved for accomplishing vision statement.
Leadership: This responsibility is basically fulfilled by managers or leaders which hold
some authority or position in the company and are required to solve any issue in the organisation
if it arises. This leadership is a skill which is very essential in the company to improve its
productivity and its efficiency. People working under these leaders get motivated and get some
kind of encouragement do complete their task.
Culture: When the surrounding and the environment of the 4Com company is in favour
of the employees then working becomes more easy and effective else it would be very hard for
the workers to perform well (Cosh and Hughes, 2010). For people working in the establishment
needs to use their full potential then focus of the company should be to provide them with good
working culture.
Teamwork: This is very important part of this organisation as it brings so many people
to come together for collectively working over a common approach. This brings co-ordination
among various departments within the company and their employees. For example in Apple Inc,
Steve Jobs has formed teams to fulfil different tasks and help them to work efficiently.
TASK 2
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P3. Innovation funnel and 4Ps that are used for shaping employee idea.
For this organisation main objective and aim is to use innovative methods for conducting
various problems and issues. Innovation funnel is basically required to state the overall process
which is required to boost up creativity in the firm by following certain procedures (Edison, Bin
Ali, and Torkar, 2013). After so many researches which has been carried out by scientists it has
been found out that innovation funnel is basically a process that is used for transformation of
theory into imagination for testing out real life events. This can be done basically for describing
path in which people use innovation techniques as per the requirements. There is some
innovation methods which has to be used for conducting process properly, that is 4P's of
innovation.
Product: This is very important aspect in innovation process as it one which is offering
the organisation with some vital collection of information related to different marketing
variables, techniques and even abilities of the company. For all these preparation organisation
needs this factor to work effectively. This company is basically known for its packaging material
and product quality which is highly competitive in the market place and is also responsible for
beating the giant figures from the market scene. This is the reason why this product factor
actually differentiates this 4Com company from its large number of competitors. Innovation used
in Apple Inc. is a great example for proper success and market status in the world due to use of
innovation strategy, so if this organisation also uses this techniques then they can gain lot of
competitive advantage over their competitors (Fiedler and Welpe, 2011).
Process: Innovation is not an easy and simple concept just like invention. It is not
achieved so simply just like that, it requires a lot of resources. But there is one advantage of this
process which is it tends to reduce cost of activity and also enhance the efficiency of the
company to a large extent. Virgin Group follows a lengthy method of innovation that is actually
implemented by its team members and has resulted in better quality of travel and entertainment
plans also with improving lifestyle of the people.
Positioning: This 4Com company uses this method for continuous learning from big
giants which are already established in the market. These are actually improved due to
innovative approach and strategies which are used in these organisation.
Paradigm: This organisation needs to consider every aspect and factors which are
actually required for formulation of innovation process. For making any plan proper analysis is
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required for collaborating business process of this firm. This method is very useful and
considered as an activity which is basically required for compiling of all information related to
various factors (Harman, 2010).
P4. Process of developing frugal innovation in 4Com.
Innovation is very crucial requirement for 4Com company to get success in its processing
but only if it is designed in a rightful manner for assisting this organisation to achieve it goals
efficiently and effectively. Frugal innovation is something which is responsible for assisting their
managers in reducing the cost of its production and also their complexities. Usually any non
essential feature can be reduced to save the cost any level. This would help in identifying
strategy which is best suited and also eliminates the existing gap between company and its
liabilities as addressed.
Complete innovation method dependent on what kind of capabilities and ability that
organisation has. Also the type of customer it has attracted and the quality of product it is serving
to people all these define their innovation strategies and its methodologies. Budget is also a solid
concept along which many factors are being discussed and depend upon. It decides the ability of
this company so that its real needs and requirements can be targeted and the their potential
should be worked upon and turned into the required potential according to the customer
(Hemphill, 2014). If all these methods are fulfilled according to needs of the clients then it will
basically boost a high level of efficiency and effectively working environment in this company.
Some points are there which this organisation needs to follow:
 Knowledge of any specific concern required by the customer so to address them
well and solve any kind of query that comes their way.
 There is special guidance to every employee for their proper functioning
according to the required plan as stated by the clients and customers.
 Managers are required to determine those people that basically have some ability
to prove themselves in the company and bring the organisation's quality of
working from the past performance to the present performance.
 This helps in obtaining result in appropriate manner as required by the customers
and also according to demands.
The case study as mentioned in this report of Apple Inc and also of the Virgin group, both
of them uses their resources in very optimised manner. These are essential for enhancing their
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capabilities basically for achieving their desired targets as well as goals in a proper manner that
is effectively. Fugal innovation is basically used by this 4Com company to identify various
activities which would ultimately help in adding cost to the company assets. Also this method is
used for assisting in minimising the time which is required for carrying out various activities of
the firm (Ingemansson, 2010).
TASK 3
P5. Requirement of commercial funnel and NPD for this company.
After carrying out so many research in different manner and ways then researcher would
define this commercial funnel. Basically its definition consist of pretty simple and easy concept.
This concept refers to process or method which leads to transformation and conversion of
potential consumers into real end users for the company's items and services.
When a new product is been developed in the organisation then that is considered to be a
process that will assist the managers and team leaders to form a new item which is actually
meeting the needs of the customer according to the market demands. That is why the designing
of product needs to be carried out in proper procedural way so that it can help in gaining some
kind of competitive advantage.
4Com company has basically planned to venture for various fields for diversifying its
concept and reduce its risks. For example, As Apple Inc. has changed its music industry.
Recently this company has been only providing services to business houses but in lastly it has
now thought of providing some kind of qualitative services to household and colleagues. These
strategies are also required to find some loopholes that are present which allows to make changes
accordingly to the customer (Kianto, 2011).
New product development is a method which is very carefully conducted as it consumes
large amount of investment and consumes a lot of attention and time. If this is not managed
properly in an innovative manner then it will cause to failure. This company has decided to enter
the latest market scene after understanding their own potential. This will provide some kind of
products and services that a very genuine rate and reasonable price which are actually affordable
even by middle class people. This way it benefits the society immensely. This company also uses
4P's techniques for bringing the company to a new heights and position.
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P6. 4Com's innovation building case and its way of accessing funds.
For efficient working of the 4Com organisation, managers need to build a case for
carrying out assistance of accomplishing objectives as well as purpose of the activities. These
actions include investing time and money of the company for the project which will provide
some returns in high level rather than putting the resources in to non essential activities (Perks
and Moxey, 2011). This basic concept which is required for developing any kind of new product
in the organisation. But here is requirement of following of certain procedures by this company.
Understanding objectives carefully: This company has to set some goals and objectives
and then those goals will ensure some kind of projects which are worthy for big investments.
Input gathering: Collection of information is also an important process which gathered
by managers for supporting the organisational action and planning strategies in an appropriate
manner, that is why it needs to be analysed.
Analysis: Information which has been collected needs to be understood and analysed
properly for carrying out any final conclusion.
Stating the outcome: This is the case where business should be developed and improved
by stating the top management and to the decision makers.
In this report, the Apple Inc. and Virgin group case study which is mentioned are used to
draw some kind of conclusion of various types of investors. This company has also used these
concepts as well. There can be basically two types of investors. These are useful in providing
company some kind of investment.
Business angels: These are that people which are very well known and can make big
investment in the market. If they find any kind of business attractiveness in any one;s business
then automatically they provide them funding.
Venture capital firm: These firms are taking shares in return of the investment they are
carrying out. They also provide huge investment but also require equal amount of share on their
behalf.
TASK 4
P7. Various tools for developing, retaining and protecting properties.
Intellectual property right is something which gives some exclusive right to their owners
to think of their own idea, plan as well as any kind of intangible assets (Rasmussen, 2010). No
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other person is allowed to use that information without the permission of their proprietor. There
is requirement of some unique ideas that an individual should create. It basically consists of
various intangible properties like trademark, patent, copyright, trade secrets and design rights.
This 4Com actually deals with telecommunication sector for which it is necessary to
maintain some kind of property rights in appropriate manner which would be secured. It should
be such that no one should be able to take advantage of this by using it. Since there can be so
many face people who are basically ready to carry out benefits of these policies and rights
without getting any permission from the owner (Sonne, 2012). These assets are so useful in
proving some types of financial advantages to the company such that it helps them to achieve
large amount of competitive advantages as compared to their rivals and also help them to stand
way ahead from their opponents. There can be so many legal laws which are established in the
company whose main motto is to protect properties of employee from any fake people present
outside.
CONCLUSION
From the above report, it has been analysed that innovation is very much required by this
4Com organisation to gain some competitive benefits. They are required for accomplishing goals
and objectives in given period of time. Managers have to guide their employees to complete their
task effectively and also these innovation strategies is used for enhancing their capabilities to
create a status and image in the market place. This attracts the customer and make them loyal
towards this company.
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REFERENCES
Book and Journals
Adam, F., 2014. Introduction. In Measuring National Innovation Performance (pp. 1-3). Springer
Berlin Heidelberg.
Bastalich, W., 2010. Knowledge economy and research innovation. Studies in Higher Education.
35(7). pp.845-857.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management, 27(8), pp.895-
909.
Clausen, T. and Rasmussen, E., 2011. Open innovation policy through intermediaries: the
industry incubator programme in Norway. Technology Analysis & Strategic
Management. 23(1). pp.75-85.
Cosh, A. and Hughes, A., 2010. Never mind the quality feel the width: University–industry links
and government financial support for innovation in small high-technology businesses in
the UK and the USA. The Journal of Technology Transfer. 35(1). pp.66-91.
Edison, H., Bin Ali, N. and Torkar, R., 2013. Towards innovation measurement in the software
industry. Journal of Systems and Software. 86(5). pp.1390-1407.
Fiedler, M. and Welpe, I.M., 2011. Commercialisation of technology innovations: an empirical
study on the influence of clusters and innovation networks. International Journal of
Technology Management. 54(4). pp.410-437.
Harman, G., 2010. Australian university research commercialisation: perceptions of technology
transfer specialists and science and technology academics. Journal of Higher Education
Policy and Management. 32(1). pp.69-83.
Hemphill, T.A., 2014. Patent assertion entities: do they impede innovation and technology
commercialisation?. Technology Analysis & Strategic Management. 26(7). pp.717-731.
Ingemansson, M., 2010. Success as Science but Burden for Business?: On the difficult
relationship between scientific advancement and innovation (Doctoral dissertation,
Department of Business Studies).
Kianto, A., 2011. The influence of knowledge management on continuous innovation.
International Journal of Technology Management. 55(1/2). pp.110-121.
Perks, H. and Moxey, S., 2011. Market-facing innovation networks: How lead firms partition
tasks, share resources and develop capabilities. Industrial Marketing Management.
40(8). pp.1224-1237.
Rasmussen, B., 2010. Innovation and commercialisation in the biopharmaceutical industry:
Creating and capturing value. Edward Elgar Publishing.
Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business
incubation and micro venture capital. Technological Forecasting and Social Change.
79(4). pp.638-647.
Theyel, N., 2013. Extending open innovation throughout the value chain by small and medium-
sized manufacturers. International Small Business Journal. 31(3). pp.256-274.
Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open innovation
on national systems of innovation—a theoretical analysis. Technological Forecasting
and Social Chang. 79(3). pp.419-428.
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Wonglimpiyarat, J., 2011. Government programmes in financing innovations: Comparative
innovation system cases of Malaysia and Thailand. Technology in Society. 33(1).
pp.156-164.
Online
Innovation. 2017. [Online]. Available Through:
<http://www.businessdictionary.com/definition/innovation.html> . [Accesses On 8th
August 2017].
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