Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in organizations and how it shapes the success of companies. It explores different sources of innovation and how to foster an environment of innovation. It also explains the 4 Ps of innovation and the use of the innovation funnel. Additionally, it evaluates the role of frugal innovation and provides examples of tools that organizations can use to develop, retain, and protect knowledge and intellectual property.

Innovation
and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organizations in comparison with
invention......................................................................................................................................3
P2 Explain how organizational vision, leadership, culture and teamwork can shape innovation
and commercialization.................................................................................................................4
M1 & D1. Analyse different sources of innovation, and how organisations can foster and
develop an environment and culture of innovation......................................................................5
TASK 2............................................................................................................................................6
P3 Explain the 4 Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................6
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organizational context..................................................................................................................7
M2. Analyse and apply the innovation funnel in an organisational context................................8
M3. Evaluate the role of frugal innovation in an organizational context....................................8
TASK 3............................................................................................................................................8
Covered in PPT............................................................................................................................8
TASK 4............................................................................................................................................8
P7 Evaluate the different tools that organizations can use to develop, retain and protect
knowledge and intellectual property............................................................................................8
M5. Present supported evidence-based evaluation of these different tools in the context of the
wider business environment.........................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is described as an evolving method that a firm takes to build further new
products and services. In addition, marketing is described as a method that helps enterprises to
build further new products and services within a specific market. The chosen organisation for
project is Samsung. It is one of the multinational company founded by Lee Byung Chul in year
1938 (Henttonen and Lehtimäki, 2017). The head office is located in Seoul, South Korea where
they offer variety of products within the market. In context of the file, there will be various
topics which will be discussed in it such as knowledge related to innovation, differentiate
between invention and innovation, types of innovation. It’ll also provide detail knowledge about
the approach used with its pros and cons to protect the ideas.
TASK 1
P1 Explain innovation and determine its importance to organizations in comparison with
invention.
Innovation-It is described as a method which lets a company introduce new and unique
goods and services that lead to product succession in the market. A business should follow
different forces of change to enable them incorporate processes of innovation such as
intellectualization, planning, risk-taking bravery, etc.
Invention- It is described as a method that allows a company to bring new and unique
ideas or processes into practice, as well as being seen as a primary stage of the process of
creating new goods or services. In embracing this, a company is capable of bringing innovation
that contributes to marketplace in shaping and strategic achievement (Hossain and Kauranen,
2016).
Differentiate between Innovation and invention
Basis Innovation Invention
Requirement of skills Many skills such as
advertising, operational and
practical skills are needed for
the adoption of innovation
individual.
It is necessary that person
should have scientific skills for
doing any of the invention.

When it take place This will decide when a
business requires a product
and services development
specification.
It generally occurs whenever
any of the new idea is
developed within the mind of a
person.
Activities It will occur all across the
company(Kuratko and
Hoskinson, 2016).
It is only concerned with the
department of research &
development of a company.
Concerned long with It is concern with the
combination of variety of
goods and services.
It is concern with a single
products and services at a
specific time.
Importance of innovation in comparison to invention at Samsung
Innovation is explained as capacity to create new ideas or procedure for the development
of new products and services. Invention is known to the method leading to the fulfillment in to
the initiative of the whole concept of innovation. Samsung is the multinational organization that
offers a wide range of products, including electronics, telecommunications equipment, home
appliances and many more. Number of innovations and inventions are organized by Samsung in
current situation. For eg.: Samsung's development is Samsung Galaxy Series introduced in 2010
with AMOLED screen, Samsung Knox introduced in 2013 tends to lead malware detection and
many more (10 for 10: Highlights from a Decade of Galaxy Innovation, 2019).
P2 Explain how organizational vision, leadership, culture and teamwork can shape innovation
and commercialization.
In modern era, it is very important to conduct different types of innovative activity as it keep
competition alive else it is very difficult for companies to survive in current scenario. For
conducting this types of activity it is necessary that leadership and teamwork should be there so
that plans can be executed in a systematic manner. In addition, whole of this process need to be
conducted by taking the help of commercialisation process which helps to enhance the sale of a
product. Some of the factors which directly have the impact on the process of innovations and
commercialization within the organisation like Samsung is explained below:
 Organization Vision: It is described as a goal that a firm aims to accomplish. It will help
to create regional opportunities, influence and development in each and every city and

nation. In consideration to Samsung, their long-term goal is to motivate every people
with their innovative products, services and models that improve individual styles which
lead to public excellence by designing a new era. By developing this types of vision firm
can easily be more successful and effective in carrying out innovation and marketing.
 Organization Culture: It describes principles, behaviors & expectations of workers that
are maintained and practiced by only a long-term company to help them to operate
smoothly. Samsung creates or forms its organizational culture by looking at the country
in which it works, so that workers and staff feels empowered and they can work in best
possible manner. In addition, it is necessary for every company to value their peoples,
improvements, trustworthiness, and innovation. so that they can feel motivated by this
culture to promote innovation and marketing (Paradkar, Knight and Hansen, 2015).
 Teamwork: It is described as system where all of a firm's team member give their all of
the effort to successfully perform respective activity. It can be one of the way through
which any of the project can be completed in efficient manner as each person uses their
talents, ability to work properly. With respect to Samsung, they value in collaboration
and therefore build teams to perform specific activity which contributes to successful
development and advertising being achieved.
Above mentioned are some of the points which have a direct impact in the work of
innovation and commercialization of Samsung. It is will be beneficial for them because it
will give them the idea that how easily they can attract to new customers and increase market
share for earning more profit.
M1 & D1. Analyse different sources of innovation, and how organisations can foster and develop
an environment and culture of innovation.
In any of the organisation, different sources of innovation helps business organisation to
develop and grow themselves within the market. It is one of the way which can help company to
take competitive advantage within the market and it can help to accomplish the goals easily in
best possible manner. Innovative idea gives strength to company that how they need to perform
and every necessary requirements can be easily met. For the process of developing an
environment and culture of innovation, company can easily take the help of seven sources of
innovation. Also, company can even use flat culture where communication process becomes
easier and faster.

TASK 2
P3 Explain the 4 Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
In any of the organisation, innovation plays the crucial role because it tells that how company
can perform better in future period of time (Xiao, Li and Liu, 2016). In innovation work it is
necessary for company to develop better idea and plans so that they can invent new products for
customers. Here, Samsung have the option to take the help of 4Ps of innovations which is
explained below:
 Paradigm: It is characterized as a project phase so at the process of introducing
innovation or progress at work where Samsung experience multiple modifications. For
instance- less time, budget, acceptability of employees, decline of plan or strategy and
many more.
 Product: It is understood that company needs to offer different product in order to attract
consumers towards them. Here, it is necessary for the manager of the company to take
better decision so that they can be able to introduce suitable product in the market by
taking the help of innovative technology.
 Process: In this particular stage, company like Samsung delivers multiple products to
their customers (Wang and et.al., 2017). By keeping this in mind, it becomes important
for company to prepare the plan that their delivery system is suitable through which any
person doesn’t faces any problem. It will directly enhance the sale of a product of a
company.
 Position: In this stage, it is essential for company to find that what are their targets and at
what position they want to reach. To accomplish this, it is the responsibility of the
manager of Samsung to form proper plans and policies related to innovation and
marketing.
In addition to all of this, Samsung should follow innovation funnel to successfully explore
and develop innovation concepts. Innovation Funnel is described as a process that can alter an
invariant flow of ideas or thoughts that can be tested for profitability. With regard to Samsung,
through the implementation of innovation funnel, they can pursue a much more efficient and
acceptable solution to help them achieve strategic growth on the market (Ke and et. al., 2016)

This strategy will help them that how they can perform better in the market as Samsung will be
capable of taking any of the business decision as per the requirement of situation.
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organizational context.
Frugal innovation is viewed as a system that allows an organization to reduce or decrease
the overall cost and time of manufacturing industries. Frugal innovation is viewed as a system
that allows an organization to reduce or decrease the overall cost and time of manufacturing
industries. To implement such frugal innovation for the release of Sterilizer, Samsung can follow
the method referred below: - Problem: Problem is recognized by this stage what organization may follow during the
production of sterilizer used to clean the bottle of the child.
 Related to product: At this point, the director discusses the promotional challenges they
encountered when selling the goods. It is because another competing business is also
manufacturing the similar goods, so it needs to be done more successfully by the specific
firm.
In addition, Samsung may take a few other steps to fix problems and contribute to frugal
innovation: - Generating idea of innovation: At this point, the manager of Samsung must create
innovative ideas that can be implemented to promote Sterilizer more successfully at a
wide range (Rasmussen and Eliason, 2017). Screening new idea: Suitable preparation will be carried out by the administrators of this
firm through which they can promote new products. Idea screening: Here, Samsung's managers will implement Sterilizer screening by
enabling quality and efficiency of materials. Testing: In order to determine or approximate the effect of sterilizer, testing will be
performed at this respective level. Internal analysis: Throughout this management, internal assets will be evaluated to
determine manpower and resources that will support them effectively create or
manufacture sterilizers.

 Review marketplace: By this level, executives of the Samsung company can perform
market analysis in order to decide feedback and suggestions about the sterilizer from
consumers (Hossain and Kauranen, 2016).
Through following and applying all the above stages of frugal technology of process
management, Sterilizer can be implemented successfully as it removes all the significant impact
of the operation.
M2. Analyse and apply the innovation funnel in an organisational context.
Funnel Innovation is one of the best way for business organisation like Samsung to
enhance their profitability ratio as it will give give them the idea that how any of the product is
required to be launched by including different innovative ideas. It is one of the which can helps
company to enhance their market position by giving competition to other similar form of
organisation.
M3. Evaluate the role of frugal innovation in an organizational context.
In company like Samsung, role of frugal innovation is huge as it gives them the idea that
company reduce the overall cost of any of the product while manufacturing it. It will also help in
the process of R&D as expenses will reduces significantly. Frugal innovation is one of the best
option in case of limitation of resources as it will give idea that how any of company utilise there
resources properly.
TASK 3
Covered in PPT
TASK 4
P7 Evaluate the different tools that organizations can use to develop, retain and protect
knowledge and intellectual property.
It is essential for an organization to prohibit its knowledge and intellectual property from
every unlawful practices such as no one should reissue the brand and start with similar name. To
this end, there are still a number of federal policies and legislation designed to prevent their
information. Through which some of them might be implemented by Samsung in order to avoid
their new product i.e. The following are sterilizers from illegal activities: -

 Copyrights – It relates to the legal concept that describes the project's authorization or
rights to preserve their actual product, like songs, novel, device, innovations, etc. As far
as Samsung is concerned, by implementing copyright, they could insure that their product
has been introduced, i.e. Sterilizer is the product which has been launched by them and
no one can manufacture similar types of product in future period of time (Kuratko and
Hoskinson, 2016). It will allow each business at a future market to achieve profitable
progression.
 Trade secrets – It is described as a process which is concerned with hidden market value
data. There are many things among this method that have not been known such as
contract law, labor law and so on. With regard to the organization Samsung and its
innovative operation, i.e. This device is not an active sterilizer as it will not eliminate
every sort of risk from process or system.
 Patent – This method safeguards data or system that provides the owners of an entity or
goods the opportunity to safeguard their company from any kind of misuse. If a
corporation or supplier wants to sell an item, they must issue a license to a specific
person to ensure it is not misused (Ke and et. al., 2016). If they are willing to sell their
product via another firm, then they would have to patent them.
By implementing all of these regulatory tools, Samsung can properly protect the
sterilizer-related data. By doing so, they will guarantee that their software and other product-
related data are secure.
M5. Present supported evidence-based evaluation of these different tools in the context of the
wider business environment.
There are different tools and all of them have different sort of role in context of business
organization. It will give the right to protect the product from being copy. Trademark will not
allow to any of the other organization to manufacture the product which has been already
manufactured by the Samsung. In short, this tools helps to recognize the company within the
market.

CONCLUSION
Through carrying out an evaluation of the above-mentioned issue, it can be decided or
summarized that in terms of developing new products, it is important to implement innovation
and advertising for each business and then market it effectively so that consumers are drawn to
it. With successful technology and advertising, a company will be able to achieve high
competitive progress in its future competition. In addition, there are many factors that help shape
creativity and advertising, such as vision of the company, management, community, and
coordination. Besides this, a business could use other methods to create, maintain and secure
intellectual property as well as information.

REFERENCES
Books & Journals
Henttonen, K. and Lehtimäki, H., 2017. Open innovation in SMEs: Collaboration modes and
strategies for commercialization in technology-intensive companies in forestry
industry. European Journal of Innovation Management. 20(2). pp.329-347.
Hossain, M. and Kauranen, I., 2016. Open innovation in SMEs: a systematic literature
review. Journal of Strategy and Management. 9(1). pp.58-73.
Kuratko, D. F. and Hoskinson, S., 2016. Technological innovation: Generating economic results.
Emerald Group Publishing.
Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or
ideas devoid of resources and capabilities?. Technovation. 41. pp.1-10.
Xiao, X., Li, Y. and Liu, Z., 2016. Graphene commercialization. Nature materials. 15(7).
p.697.
Wang, C. and et.al., 2017. Understanding and eliminating hysteresis for highly efficient planar
perovskite solar cells. Advanced Energy Materials. 7(17). p.1700414.
Ke, W. and et. al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost
the fill factor of planar perovskite solar cells. Advanced materials. 28(26). pp.5214-
5221.
Rasmussen, T. E. and Eliason, J. L., 2017. Military-civilian partnership in device innovation:
Development, commercialization and application of resuscitative endovascular balloon
occlusion of the aorta. Journal of Trauma and Acute Care Surgery. 83(4). pp.732-735.
Online
10 for 10: Highlights from a Decade of Galaxy Innovation. 2019. [Online]. Available
through:<https://news.samsung.com/global/10-for-10-highlights-from-a-decade-of-
galaxy-innovation>