Understanding Innovation and Commercialization

This assignment delves into the crucial concepts of innovation and commercialization within a business context. It examines the distinctions between invention and innovation, explores various innovation types and strategies, and analyzes the role of business models in driving successful technology commercialization. The assignment encourages critical thinking by analyzing case studies and evaluating the effectiveness of different approaches.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation to determine its importance in an organisation in comparison with invention1
P2 Vision, leadership, teamwork and culture of a company for shaping innovation.............3
TASK 2............................................................................................................................................4
P3 4Ps of innovation with the help of innovation funnel in order to shape innovative ideas 4
P4 Development of frugal innovation and its uses in a company..........................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of new product development for
innovation...............................................................................................................................6
P6 Innovation business case for Talent Plus..........................................................................8
TASK 4............................................................................................................................................9
P7 Various tools used by organisation so as to develop and protect intellectual property....9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a concept that is used for making a new product so that company can
sustain a better position in market area. For this, organisation use various tools and technologies
for getting better results. Therefore, innovation is utilised by most of the organisation for making
their product different and innovative. Talent Plus is a small consultancy firm that provides
solutions to other organisation so that they can run their business in an effective manner. Thus,
main focus of this company is to get maximum profits by providing excellent services and
facilities. In this report, innovation along with its importance is mentioned and how
organisational vision, leadership, culture and teamwork can help the organisation in shaping
innovation and commercialisation (Aarikka-Stenroos and Sandberg, 2012). Other than this, 4Ps
of innovation are explained with the innovation funnel in order to know shape the new ideas.
Along with this, development of frugal innovation with examples is mentioned in this report.
Importance of New Development in the processing of commercialisation is included in this
assignment.
TASK 1
P1 Innovation to determine its importance in an organisation in comparison with invention
Innovation can be state as a fresh idea which is used in making changes so that company
can work as per the current market situations. This assist the company in delivering products
which can satisfy the needs and wants of consumers. Thus, it is considered as a systematic in
which every step is determined and Talent Plus, is dealing with its clients in an effective manner
as they are trying to give suggestions by best possible manner. Following points are mentioned
below in order to understand it in a proper manner and these are as follows:
Increase the productivity of a company: Making changes always provides benefits if it is
done for a gaining better outcomes (Bagchi-Sen, 2010). Through innovation talent Plus is
achieving benefits and other than this, they are planning to introduce an application for the
convenience of its customers so that they can get help by sitting at home or office.
Effective communication process: For having better communication Talent Plus is
launching this application to make their services innovative. At their workplace company is
using effective communication module for interacting with employees so that they can convey
the message properly.
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Maximum use of resources: For providing better facilities Talent Plus is utilising best
possible resource that are available to them. This is aiding them in making their application more
innovative. Apart from this, company is taking help from experts who are experienced in giving
solutions. For this, organisation are making strategies and proper plan of action.
Gives competitive advancement: By providing excellent quality services Talent Plus is
gaining a better position and it is enabling them in achieving competitive advancement. This is
happening because company is providing better services and facilities to customers. Thus,
organisation is able to sustain the superior position for long time (Bogers and West, 2010).
Therefore, innovation will have a great impact on the performance of employees as with
the improvement in profit, company can increase the salaries and bonus or can give appraisal in
order to motivate them. This will create a belongingness amongst employees towards the
organisation.
Difference between innovation and invention
Basis Innovation Invention
Meaning This is a concept that is used
for making changes or
manufacturing new products
that has not come yet in the
market area.
Invention happens all of a
sudden and is developed for
the first time. Thus, it is
created for a purpose or a
result.
Concept Innovation is done in order to
add value in the product and it
is used for new or existing
commodities.
It is done for a noble cause so
that people can be benefited.
Required Skills For doing innovation
appropriate knowledge about
the field is essential, based on
that an individual can make
changes and modification for
providing better results.
For inventing new products
invention requires more skilled
personality like they must be
capable of handling problems
related to scientific,
management etc., this will
assist them in doing the task in
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a better way.
Activities For performing the task
persons who are capable in
doing so are included so that a
better results can be gained.
Thus, the activities are divide
into different sectors according
to the capabilities.
Activities are more rigid and
only people who are related to
the research are included
because privacy is their biggest
concern.
P2 Vision, leadership, teamwork and culture of a company for shaping innovation
Making changes for innovating a new product is not an easy task as it requires skilled and
capable people who can do the job more appropriately. So, companies set up some vision, and
work on leadership and teamwork for making any plan of action. Some of the factors are given
below which can help Talent Plus in performing their work accordingly:
Leadership and innovation: Leaders for a company is very important as they show a
better path achieving the set targets and goals. They assist their teammates for attaining the
objectives so as to fulfil the demands and needs of customers. Talent Plus is making changes in
the procedures of interacting with their clients and it is appreciated by most of its customers.
Therefore, innovation undertakes if employees are given freedom in performing the task
according to them this will gradually increase the productivity and profitability on the same time.
Organisation culture and innovation: Environment that is provided to employees for
working is considered the most. Thus, Talent Plus is providing suitable place for working and as
a result they are doing their job in a best manner. Effective environment is encouraging them in
giving their efforts in order to face different challenges (Bogers and West, 2012). Providing a
better place for working where all the employees are treated equally will boost the morale of
employees and as a result they can use their brains in making innovative ideas.
Innovation and teamwork: To make an effective innovation it is important to build a
strong team who can help them in achieving the goals and targets in given time period. Thus,
Talent Plus is using appropriate tools for interacting with the employees this will help them in
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maintaining a transparency in an organisation. Other than this, it is helping workers in knowing
the whole concept and reason behind doing innovation.
Vision and innovation: Setting a vision is very essential because it will assist them in
knowing the targets for future proceedings. It will provide them an overview about the
procedures that company has to follow in order to attain superior positions.
Therefore, Talent Plus, is using all the factors that are mentioned above so that company
can get better in business operations. This is helping them in increasing their brand image and
assisting them in using appropriate approaches for making alterations and changes in order to get
maximum benefits.
TASK 2
P3 4Ps of innovation with the help of innovation funnel in order to shape innovative ideas
Talent Plus is a small consultancy firm that gives solutions to other companies so that
they can use their solutions for resolving their problems. Organisation is using appropriate tools
and techniques for providing excellent results. As a result the firm is gaining better position and
due to which demand and its revenues are increasing. Apart from this, Talent Plus is using the
concept of 4Ps of innovation for making their service unique. Some of the points are given
below:
Product: Products are mainly divide into two categories i.e. tangible and intangible.
Organisation uses these resources for manufacturing goods as per the needs and wants of
customers. Talent Plus is using different software for making their application which is secured
and more easy to operate (Ettlie and Rosenthal, 2012). Company is conducting surveys to know
the behaviour and nature of customers so that organisation can introduce the products for
satisfying the requirements.
Process: To make a new product it has to go through various processes thus, for building
an application it is going through various procedures like software development department,
assembly line etc., this is helping them in converting the raw material into final goods which can
be delivered to its customers. Therefore, it is helping them in getting superior position in market
area.
Position: As the company is providing better services to its clients, this is helping them in
getting superior position. For this, Talent Plus is hiring individuals who are skilled and have
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proper knowledge of laws and business. Other than this, they are providing training programmes
for the same. For example: Earlier the company had developed the applications only for Human
resource department but now they are expanding and making software which can be used by new
job seekers.
Paradigms: This is considered by most of the organisation so that they can use resources
in a properly. Thus with the help of this they are attracting more and more people towards their
organisation (Gambardella and McGahan, 2010). This is considered as a tough job as sometimes
firm may not get recognition and can drop the idea of innovation and as result they can
implement a new idea for having a better results.
Maximum utilisation of innovative funnel in order to shape innovative ideas
Innovation funnel is a process that is determined by most of the organisation so as to
make their products more innovative and different from others. Under this, company make
changes or tries to make fresh products in order to enhance their market shares and value at the
same time. Apart for this it helps an organisation in optimising the resources in a better way so
that they can provides excellent services and facilities to its customers. Innovation funnel
constitute three steps First one is for getting appropriate knowledge and information so as to
make their base strong. In the second step screening is done in order to determine whether the
task is achievable or not. Lastly, the third one is make sure that idea that is generated will be able
to deliver best services and facilities.
P4 Development of frugal innovation and its uses in a company
Frugal innovation is a process that is used to make a product cost efficient so that
company can reduce the factors that are not adding any value in the market share. It is used by
most of the organisation for making designing and enhancing the durability of a commodity.
Thus, it help the company is cutting down the price and still providing the excellent services and
facilities at reasonable rates which anybody can afford (Godin, 2012). Therefore, Talent Plus, is
utilising this process for gaining profits. Some of the points are mentioned below so as to give
better outcomes and they are as follows:
Find opportunity and adversity: Under this, companies go through the whole operational
process in order to know the problem that is creating problem in performing the task in a better
manner. It will help the organisation in gaining more and more profits and on the other hand, it
makes employees enable in converting the negative task into positive outcomes.
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Utilise more with limited resources: Resources are very limited thus, it is necessary that
company utilises the resources in a better manner. Talent Plus, is having a good relations with
their dealers and suppliers and as a result they are giving materials on time. Through this it
provides competitive advancement in providing better services and facilities to its clients.
Think and act flexible: In order to make more effective it is important that a person have
innovative thinking this will help them in performing in a better manner (Huizingh, 2011).
Therefore, Talent Plus is giving full freedom to employees so that they can share innovative
ideas and views for enhancing the business operations. Apart from this, it helps workers to
perform the task under pressure.
Keep it simple: More complex methods sometimes can be very complicated to
understand so it is necessary that company, uses simple procedures from which they can get
effective results. This is saving time and cost at the same time for the organisation.
Include the margin: Under this step, Talent Plus tries to solve issues which is hampering
the process of business operations. For this, company is using various tools and technologies like
advanced process for solving issues related to accounting and many more.
TASK 3
P5 Significance of commercial funnel and application of new product development for
innovation
Commercial process is used by most of the company for making their customers know
about the product or services which they have implemented. For this, various mediums are can
be used which are social media, internet, making their own websites and many more. This is
enabling Talent Plus is generating more and more funds which they can utilise in buying new
machineries and technologies. Other than this, they are making appropriate strategies that are
according to the current market situation (Kim and et. al., 2011). By following those, they can
achieve the set targets in given specific time period. Therefore, Funnel innovation is is assisting
the company to determining the whole which is important for getting suitable outcomes. Thus,
funnel innovation plays an important role for enhancing the sales and productivity on the same
time for a firm.
Funnel innovation is classified into certain steps which are explained for getting an
appropriate outcomes. First step is used for identifying issues with the help of tools which are
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available to them. New ideas and views assist them in completing the task in a proper manner,
therefore, organisation is taking feedbacks and reviews form customers and employees as well.
Thus, it is helping them in making appropriate decision which can provide better results. Apart
form this, they are providing information related to change of action plan so that employees can
make themselves aware (Lindič and et. al., 2011). Therefore, analysis of policies should be done
on a regular basis, in order to determine the market situations and work accordingly. Although
some of the innovative ideas can be complicated because of which there work can suffer.
Furthermore, there are some of the points that are constituted by commercial funnel are stated
below so as to understand it in a better way and these are as follows:
 This is used for making improvements so as to increase the quality of the existing
products or any new commodity.
 Plays a helping hand in the growth and success of an organisation. Appraise those who are creative and give innovative ideas in developing the company's
standards.
Development of new products
Developing a new product is not an easy task further it has to go through a long process,
therefore, the steps that are constituted are given below for understanding it in a better manner:
Idea Generation: This is the first step in which the idea is generated thus, under this,
company use basic internal and external that includes SWOT and PESTEL analysis. It helps
them in understanding the new market trends so that they can give tough fight to rival
organisation (Rafinejad, 2010). Other than this, market research is also included in this so as to
know the basic needs for fulfilling the requirements.
Idea Screening: They is a possibility that to work in a better manner many ideas can
come but what important is to identify the best among them so that the goal can be accomplished
in a proper manner. There are many factors that can play various part in this some of them are
company strengths and weaknesses, customer's needs and satisfaction, affordably and many
more.
Concept development: This is the third step in which developing and testing takes place.
Therefore based on that a blueprint is made which they can go through for having an effective
results. Thus, the idea which is generated are evaluated whether the concept is presentable or not.
Apart form this, company analyse whether the new concept can be brought into the market or
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not. Hence, the related information provides an overview if this will give them benefits and in
return market shares and values at the same time.
Development of strategies: After finalising the concept this step is being considered.
Under this, various marketing and business strategies are considered which can be implemented
for getting maximum results for example: marketing mix, branding strategies etc., other than
this, competition related to the product is also considered, cost that is involved are included in
this (Schoonmaker and Carayannis, 2010).
Examine business conditions: It is important to determine the conditions present in the
marketing environment so that sales and productivity can be gained. This assist them in
evaluating the nature where the organisation wants to launch their commodity.
Product development: After all the considerations is done this step is initiated. Under
this, it is determined whether the resources which are to be used are tangible or intangible. Other
than this it helps in developing production model it helps in making the product more appropriate
and effective.
Test marketing: This is a different concept in which a prototype is developed which is
followed in order to make proper marketing plan. It is used for validating the whole concept for
making evaluating the environment properly. Other then this, the product goes through a test by
which they can eliminate the commodities which is not adding value in market shares.
Commercialisation: This is the last step for which company uses various mediums in
order to reach to maximum number of customers so company can have an increase in sales and
productivity. Pricing and marketing plans are considered so as to finalise the sales team
respectively (Snow and et. al., 2011).
Therefore, Talent Plus is utilising all the steps that are mentioned above in order to
develop a new application for its customers by this they be in touch with their regular customers
and with new as well.
P6 Innovation business case for Talent Plus
Talent Plus is a small enterprise that is providing facilities and solutions to many
companies by resolving their issues related to finance, marketings, strategies for launching a new
business, legal advisory and many more. Their main aim is to provide better services to its clients
so that they can gain the loyalty of customers and sustain them for longer period of time. For
this, company is taking feedbacks and reviews so as to fulfil the demands and needs of customers
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as per the satisfaction level. Innovation business case includes certain steps which are mentioned
below:
Executive Summary: Talent Plus, is making appropriate application which can be
accessed by any one for asking questions related to business operation if any the organisation is
facing problem for the same. Company is adding changes so as to sustain in the market for
longer time period. By providing excellent services the company is moving towards a forward
direction and most of the people of United Kingdom are coming there for resolving the problems
(Teece, 2010).
Target: Every organisation is works for gaining profit and also to provide good quality
services to customers. Thus, they are making this application according to different category
people so that it can be used by everyone.
Solution: As compared to earlier applications made by them, Talent Plus has made
certain changes as they have added many recent features like customers can have a online chat
with experts by sitting at home or office. Other than this, stock market features have been
included where clients can see the changes that is going in share market.
Why Product is innovative: It cannot be said that the application which company is
developing is innovative but it is making their life easier because for consulting they can easily
take suggestions through phones or laptop and no need of taking appointments.
Customer research: By adding new features they are trying to provide better services and
facilities to its consumers. This is assisting them in working according to the needs and wants of
clients (Thore, 2012).
Funding: Developing a new application is not so costly but for making it better it
requires experts who are master in this field, this can be expensive sometimes. For this they are
collaborating with various firms and stakeholders who can invest in this process.
Expected benefits: During the initial years company may not get much benefits but
gradually after using the application by its customers a growth can be seen. Thus, for getting
maximum profit organisation may analyse the past experiences.
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TASK 4
P7 Various tools used by organisation so as to develop and protect intellectual property
In this marketing environment there are various tools and technologies that organisation
can use for the betterment of the company. This method is helping them in designing the product
in a better manner so that they can make their commodity different from others. In this some of
the steps are included for protecting the intellectual property and they are mentioned below:
Professional help: Talent Plus is taking help form experts in order to develop their
application in a better way. As compared to earlier times now companies can store their data
more effectively and appropriately.
Trademark: It is used to make the product unique form others and for this they utilise
various symbols so as to enhance the brand image.
Patent: This make the product secure and so that no other firm can copy the concept and
apply in their business operations for getting benefits.
Right about intellectual property: Proper knowledge about the basic rights is very
important so that they can avail them in problem and difficulties. Intellectual property rights will
help them in establishing their business in a proper manner so that nobody can claim that
company belongs to them (Wonglimpiyarat, 2010).
CONCLUSION
From the above report it can be concluded that, innovation and commercialisation is a
process that provides assistance in operating the business in an effective manner. For this,
company is using appropriate tools and technologies that can give them benefits. Therefore,
organisation is developing programmes according to the needs and wants of customers so as to
sustain in the market for longer period of time. For enhancing the skills and knowledge company
is providing training programmes that is helping them in giving proper solutions in an effective
manner.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
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Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2010. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. And et.al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
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Walsh, P. R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
Online
Difference Between Invention and Innovation. 2016. [online]. Available
through:<http://keydifferences.com/difference-between-invention-and-
innovation.html>. [Accessed on 13th November 2017].
Innovation Funnel. 2016. [online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>. [Accessed on 13th
November 2017].
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