Innovation Management and Commercialization

This assignment delves into the crucial aspects of innovation management and commercialization of research outcomes stemming from Higher Education Institutions (HEIs). It examines various challenges faced by HEIs in translating their research findings into tangible products or services. The discussion also encompasses potential solutions and strategies to overcome these hurdles, ultimately fostering a more effective environment for knowledge transfer and economic impact.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P 1. Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................1
P 2. Explain how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................2
M 1. Analyse different sources of innovation, and how organisation can foster an environment
and culture of innovation. ......................................................................................................3
D 1. Critically analyse how innovation is developed, embedded and measured in an
organisational context.............................................................................................................3
LO2...............................................................................................................................4
P 3. Explain the 4 p's of innovation and explain the use of the innovation and funnel to
examine and shape innovation ideas......................................................................................4
P 4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................5
M 2. Analyse and apply the innovation funnel in an organisational context.........................6
M 3. Evaluate the role of frugal innovation in an organisational context..............................6
LO3..................................................................................................................................................6
P 5 The importance of the commercial funnel and the application of New Product
Development processing for commercialisation of innovation..............................................6
P 6 Build an innovation business case for an organisation, including ways to access funding. 7
M 4 Build a detailed business innovation case which includes how to measure overall
effectiveness of using techniques available to test, iterate and improve................................8
LO4..................................................................................................................................................9
P 7 Evaluate the different tools that organisation can use to develop, retain and protect
knowledge and intellectual property. ....................................................................................9
M 5 Present supported evidence based evaluation of these different tools in the context of
business environment.............................................................................................................9
CONCLUSION..............................................................................................................................10

REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is simply defined as a new idea or method of doing things. Implementing
innovation in business can help organisations to save time and money, and give the competitive
advantage to grow & adapt business in the market place. Commercialisation is determined as the
process of introducing a new product or service to the general market. It involves production,
distribution, marketing, sales and consumer support all required to achieve the commercial
success (Yu, Wang and Yan, 2016).
The following report will cover, importance of innovation in comparison with invention
and different sources of innovation can foster an environment and culture of innovation. Apart
from this it will cover 4 p's of innovation developments in frugal innovation. Further it will
describe importance of the commercial funnel and the application of New Product Development.
Additionally, it will evaluate the different tools that organisation can use to develop, retain and
protect knowledge and intellectual property.
LO1
P 1. Explain innovation and determine its importance to organisations in comparison with
invention.
The term innovation generally refers to changing process, or generating more effective
products and ideas. For business it could mean it means implementation of new ideas, designing
dynamic products or doing improvements in existing services. It has been determined that, being
innovative does not mean inventing. Innovation refers to changing business model & adaptation
of changes in environment (Du, Meng and Mitzi, 2017). Likelihood of business succeeding can
be increase by innovation. Business that innovate create more efficient work & have better
productivity & performance. Whereas, invention refers to a creation of new product or a brand.
Comparison chart between invention and innovation :-
Basis Invention Innovation
Meaning It means occurrence of an idea
for a process or product that
has never been created before.
In refers to implementation of
a new idea for product or
process for the very first time.
Concept Creation of a new product Adding value to existing
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product
Skills required Scientific skills Marketing, technical and
strategical skills.
Occurs when Scientist strikes with a new
idea.
A need is felt for improving a
product
Concerned with Single product or process (Yin,
Shi and Yan, 2014).
Combination of various
products & process.
Key differences by determining importance of innovation for Data wind.
 Meaning :- The main difference between them is that, invention is creating something
new whereas, innovation needs marketing skills to modify existing product. For example,
if Data wind fails to innovate & modify as needed, its customers, and workers can suffer.
 Origin :- Invention is born from an inventor's idea on the other hand innovation is born
from the consistent need to make things in order to acquire market share for an existing
product. For example, it is critical for Data wind's competitive advantage because today's
consumer often demand products that are yet to be designed.
 Invention is limited to research and development department of an organisation, whereas,
innovation is spread all over it (Yin, Wu and Yan, 2014). For example, Data wind must
know that innovations occur through research & development efforts which satisfy
demanding customers.
 Concept: Invention can be termed as a new process of creating something new or may be
improvement upon a new product. On the other hand innovation is development of
existing product, process, technology to meet market requirement. For example, Data
wind technology can influence its growth & managers have to integrate them into their
company's strategy.
P 2. Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
An organisational culture is like the personality of an employee. The main elements of
culture are; vision, mission and values practices. It is the behaviour or a way people of company
behave & make decisions. On an organisational level, it has been determined that innovation
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cannot be succeed without the presence of leadership. An organisations leaders set the way for
other workers, and it has been seen that if a leadership is not forward thinking then employees
will also not be the same (Thakur, Cabrera and Boni, 2018). All businesses want to be more
innovative, hence, its importance is increasing. It has been determined that if a leader is at the top
is visionary and is focused on growing the business in scale, then the mindset will search for
opportunities that do not exist. For instance, engaging for ideas, resolving issues creatively and
then motivating team, all these capabilities of a leader results in shaping innovation. The
commercialisation is an integrated step in innovation cycle in which customers are encouraged to
create a value point. For Data wind to be successful, the leaders must have clear vision of the
goals, mission and values of an organisation to be more innovative. Leaders build trust in their
employees, which will be reflected back on themselves. Therefore, those who trust leadership are
more likely to think innovatively for business. In addition, take organisational culture as an
operating system, if Data wind's operating system values over curiosity then the function of
innovation won't happen. Further, if culture values blame over accountability then Data wind
won't commercialise well.
Create a culture of innovation :- Employees perform best when they are encouraged and
motivate by their leaders. They need to be feel independent enough so that they can think
innovatively. It has been determined that organisational culture creates behaviours through
cultural norms that boost behaviours which are a result of formal norms of Data wind which
represent them. Hence, the company must focus on building strong organisational culture, further
it promotes every worker to innovate (Yang, Lei and Chen, 2017).
Build effective team :- good leadership qualities help in building an effective team which
leads to business growth. It includes dependability between team members, effective
organisational structure, and clear objectives. Further, this will foster innovation and
commercialisation. Hence, the role of leadership cannot be underestimated. It has been noticed
that, when team members don't feel their contribution and feel discourage, this results in creative
leadership strangle (Kingston, 2015).
M 1. Analyse different sources of innovation, and how organisation can foster an environment
and culture of innovation.
Sources of innovation are :
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 The unexpected :- it means that innovation occurs unexpectedly, they happen by chance.
The entire market can change unexpectedly by people.
 Incongruities :- it is determined as thinking differently. When need is in-congruent with
the supply, then innovation might occur (Rasli and Kowang, 2017).
 Market structure :- an existing market structure can give occurrence to innovation.
Organisation can foster an environment of innovation by :
 Creating an environment that enables people to think beyond their limit.
 Asking them ideas to support creativity and innovation.
 Appointing leaders who can encourage, support and provide advice to other team
members who pitch ideas (Kirkegaard Sløk-Madsen, Ritter and Sornn-Friese, 2017).
D 1. Critically analyse how innovation is developed, embedded and measured in an
organisational context.
Innovation is a process which help for increasing the business all over the world.
Data wind is the organization to use new technology for growth and development. Innovation is
useful for long term growth and implements new ideas in business operations and functions. This
process is identified the tagetes and goals of data wind company (Luo, He and Kim, 2016). There
are some important activities discuss in followings:
 Establish motivational inspiration in innovation process.
 Goals and target are completed in different stages.
LO2
P 3. Explain the 4 p's of innovation and explain the use of the innovation and funnel to examine
and shape innovation ideas.
The innovation mix or the 4 p's is a model that was introduced by John Bessant and Joe
Tidd. This tool allows organisation to discover what the innovation process can improve and
bring into business. It consists of Paradigm, Product, Position and Process. The model helps to
know where the company currently stands and how can they innovate to improve their existing
product, process, position and paradigm (Denzin and Giardina, 2018). It provides direction to
where the company needs to go. The tool helps to explore possible improvement in each part of
business.
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 Paradigm :- it is concerned with the changes in something done in an organisation. It
says, use innovation to improve the way company does business. The change could be
new, but keep in mind that not all modifications are positive. This involves changes in
business model, for example, changing the published product from print to online.
 Product :- it refers to how firm will try their new established product, new ingredients,
shapes, colour ans so on. Is basically means everything that a product includes which
are offered by an organisation (Dutta and Folta, 2016). For example, Pocket Surfer
product of Data wind was the first mobile network access device of the company.
 Process :- it refers to a process of creating & delivering a product or service. Process
innovation is termed as anything that is used to improve process in a company, to make
them faster, and more effective. For example, Data wind's web delivery platform
reduces bandwidth consumption by creating a parallel processing environment, which
shifts the burden of processing power to back-end services.
 Position :- it refers to positioning the product at a place where it is easily available to
their customers. Position innovation are focused to communicate with products or
services (Nisar, Khan and Ali, 2016).
Building an innovation funnel starts with strategic thinking. With this, an organisation
can be sure that output of innovation are fully aligned with strategic objective. The innovational
funnel allows ideas to be evaluated for viability through a process of gates, filters and rules. Each
an every idea passes through the filters and gates. It is essential that a company's entire portfolio
aligns to its strategy and that strategic planning further assist channel products into the portfolio.
To be successful in this innovation process, an organisation must master the procedure of filling
and managing the innovation funnel (Jano, Janor and Shaaban, 2014).
P 4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context
Frugal innovation is an idea that encourage businesses to react to limitations in resources
whether financial, material or institutional and convert these confinements into innovative
thoughts, creations and practical solutions. Development of frugal innovation in organisation can
assist them in sustainable evolution which could support company in saving valuable resources.
In order to enhance frugal innovations' organisation can impart vulnerability to employees or
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mangers who can appreciate this approach. It can help individual to think outside of the box and
give their best to deliver the optimum result (Yang, Lei and Chen, 2017).
The frugal innovation can be used in various activities done by Data wind. For example
the change can be made by them in training and education imparted by them to their employees.
They can provide employees with new ways of doing work. Also, training methods which
company was previously using can be changed and more innovative and creative. Company can
also produce new design and development methods for introducing new software or product in
the market or environment. This innovation can also support company in leveraging modern
technologies in order to deliver low cost solution. Research shows that this practice has made
the efficiency of organisation more productive. It has been well developed in software industry.
This development of frugal innovation has also helped in improving environment
constraint. It has made organisation more effective and productive. It has helped them in growing
and making a good image in the market. Also, they can help to save resources which are been
used in developing software for the company. Effective utilisation of resources can also assist
them in growing. They also help in integrating with consumers. Also company would be able to
create the relationship of trust. It will also help in building consumer loyalty. It will also create
goodwill in the market which would support in increasing their profit, revenue as well as sales. It
can also lay impact on their identity. Company would be able to attract more consumer and
retain them. It is a favourable practice (Luo, He and Kim, 2016).
M 2. Analyse and apply the innovation funnel in an organisational context.
Innovation funnel is the simplest form of development that represent in graphical structure for
thinking about the alternative option of growth and development. This funnel will perform
different task or challenges increasing the business all over the world. Data wind organization is
applying innovation funnel in their business process to determine need and requirement in order
to increase number of product and services in marketplace.
It is an essential for implementing an effective idea in business development process.
Data wind company use different technology to manage the business activities.
M 3. Evaluate the role of frugal innovation in an organisational context.
Frugal innovation concept generate from frugal engineering and it is a process that help
for reducing the complexity and production cost.
 Frugal innovation represent an opportunity to develop the economies.
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 This process is a type of technology which providing the solution for low and medium of
market of data wind (Yang, Lei and Chen, 2017).
 This innovation process help for reducing the cost of product and it also providing the
cheap tablets and electronic item in marketplace.
These are main role of Frugal innovation in data wind organization which help for
increasing their business all over the world.
LO3
P 5 The importance of the commercial funnel and the application of New Product Development
processing for commercialisation of innovation.
Commercial funnel plays a significant role in developing products and services. It helps
in providing creative ideas to business so that it can be implemented in developing product. This
is concept that is applied in new product development (NPD). It helps business to attract new
customers so that more profits can be earned. Along with this it becomes easy in developing
strong and distinct customer base by providing new products to people. There are several steps
in NPD that is as follows. Idea generation, Idea screening, Concept development and testing,
etc.
Commercialisation – In this a new product is launched for a particular market. It also contains
various tools and methods through which new product will be promoted or advertised in that
area.
Business analysis – In this the management analyse market condition as well as business
requirements. With the help of this they decide the cost of product, profits margin, etc. moreover,
employees are engaged in satisfying customer needs.
For a business there are NPD is very important. This is because of three reason that are
described below :-
New value for customers- Any new product that is developed contains some extra value from
previous one. This attracts customers to buy that. Customers are reason for which products are
developed. It helps in satisfying their needs and business get benefited by earning profit
(Kirkegaard Sløk-Madsen, Ritter and Sornn-Friese, 2017).
Improved society – generally, new product are developed so that employees needs are satisfied.
With this it also enhances the lifestyle of people as well as society. When their needs are fulfilled
they start demanding more. Due to this living standard of society is improved.
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Continued existence of company – Every business wants to sustain for long time in the market
for this they have to develop variety of products and services so that people are retained. In
addition to this, change in taste and preference of people also enforces business to develop
products. In this way Datawind can survive in market for long run (Luo, He and Kim, 2016).
P 6 Build an innovation business case for an organisation, including ways to access funding.
Data wind UK deals in computer and hardware operations so that they have to develop
effective functioning. In order to promote desired results, every business required fund to operate
their operations in positive context. In different aspects of operations such as working capital,
machinery, staff members, etc. required money. In start-up businesses, objectives need to be
implement to work together. It increases potential contribution to grow desired results.
Furthermore, in respect to develop growth and performances, new operations and functions can
be develop in positive context (Yu, Wang and Yan, 2016). Following are different ways to
access fund in the chosen enterprise:
 Personal savings: It is one of the best perspective in Data wind UK to access fund. In
this context, source of financing assists to control on business expenditure. Furthermore,
own cash assists to implement appropriate fund in the enterprise. However, business have
also cons that if they fail, saving will go to waste.
 Family and friends: Furthermore, Data wind UK can also request to their friends and
family to closely attached and helps to get fund in the enterprise. This type of fund
increase relationship rather than assessment to accomplish business plan in desired
manner. Main aim of this funding is to seek and get different types of funding (Yang, Lei
and Chen, 2017).
 Venture capital: Venture capitalists are known as investors who put their amount of
money in order to exchange equity in the enterprise. Therefore, they are able to gain
returns which is acquired by another enterprise (Kirkegaard Sløk-Madsen, Ritter and
Sornn-Friese, 2017). In this consideration, good return also develop successful on their
investment. Venture capital funding gives immediate credibility with wide network
which is more important for individual.
 Bank loan: Bank loan consider as popular source of funding for many start-up
businesses. It is more important to ensure that well educated regarding different options
has been prepared on the basis of interest rates. As a result, it comes with each option
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available with different funding in Data wind UK. Main advantage of this element is that
bank loan is popular source of fund which adopted by several numbers of people who
have need it. Funding process is relatively quick so that effectiveness develop in positive
context to gain significant advantages. However, there is disadvantage occur in which lot
of documentation needed and it is more time consuming to gather appropriate amount of
money (Luo, He and Kim, 2016).
M 4 Build a detailed business innovation case which includes how to measure overall
effectiveness of using techniques available to test, iterate and improve.
In the innovation, it can be seen that overall effectiveness continuously measure to
promote more creative work performances at workplace. In this regard, personal savings, bank
loan, venture capital, etc. tools used that are carried to measure effectiveness in appropriate way.
Furthermore, in Data wind UK innovation can be implemented with personal saving which
would be beneficial to grow more important functioning at workplace. As a result, on the basis of
available test and improvement significant advantages accomplish at workplace (Yang, Lei and
Chen, 2017).
LO4
P 7 Evaluate the different tools that organisation can use to develop, retain and protect
knowledge and intellectual property.
In Data wind UK, intellectual property refers as creations of the minds with invention,
names, image, design, etc. In other words, it can be interpreted in term of intangible property that
is result of creativity, such as patents, copyrights, etc. There are several laws considered in which
patents, copyright and trademarks includes that enable to earn recognition with several benefits
(What is Intellectual Property?, 2018).
Patents- it refers to innovation that allows business to register their products and grants them
rights to exclude rivals from selling, producing, etc. the benefit of using this tool is it reduced
competition in the market. But on the other hand its process is very complex and takes a lot of
time to complete.
Trademarks – in this a particular thing that includes symbol, design, etc. is registered. Usually,
it is used by companies to register their logos, brand name, tag line, etc. its advantage is with
specific logo company can sell its product worldwide. The disadvantage is symbol or logo can be
modified and used by competitors to sell their products (Yu, Wang and Yan, 2016).
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Copyrights- here, work related to music, arts, paintings, etc. is protected by person or company.
It prevent other to copy, create similar work. In this the holder has right to allow his or her to
copy. Its benefit is it protects in creating a new work or duplication. Its disadvantage is it makes
it difficult for writer to identify what exactly has to be copy or done in copyright (Kirkegaard
Sløk-Madsen, Ritter and Sornn-Friese, 2017).
M 5 Present supported evidence based evaluation of these different tools in the context of
business environment.
In respect to determines different tools, it can be stated that intellectual property retain
successful operations at workplace. In this regard, effectiveness also continuously develop to
promote more desired results at business environment. On the basis of evaluation, it can be said
that in Data wind UK, copyright, patents, etc. tools must be implemented to increase knowledge
and understanding in business environment context. It assists to enable and earn more
effectiveness to increase positive results that based on complete evaluation (Kirkegaard Sløk-
Madsen, Ritter and Sornn-Friese, 2017). Furthermore, it considered appropriate understanding to
develop more appropriate working at workplace.
D 2 Critically evaluate the nature of innovation and the context in which it is developed, proving
evidence based judgements and how organisation can overcome challenges to develop successful
innovation.
In term of evidence based judgement, it can be said that Data wind UK face several
challenges to implement innovation. In this regard, they need to cope up several investors who
provide money to increase successful business operations. As a result, effectiveness of the
business increases and challenges that are face by enterprise reduces. Successful innovations
would be successful implemented at workplace in positive context. On the other hand, the chosen
company also face issue and problem to make desired work in term of development program.
Therefore, it is important to increase more profits and revenue with using judgement (Yu, Wang
and Yan, 2016).
CONCLUSION
From thsi report it is conlcude that innovation is necessary for business as it helps in
providng new products as well as services to peopel. Besdes this, it helsp in redcuing cost of
product so that more revenue can be generated. Innovation brings various changes in overall
business such as methods, culture, etc. With thsi organisation is able to grow and develop. The
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NPD plays a vital role in developing product. For this business have to differentr strategies on
how product will be promoted in varisou markets. The innovation mix consists of 4 P's that are
Paradigm, Product, Position and Process. NPD is a concept that provides a pltaform for business
to grow and develop and to earn large amount of profits.
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ip/en/>.
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