Importance of Innovation and Intellectual Property Rights

The assignment highlights the significance of innovation in businesses, explaining that to stay competitive in the market, companies must continuously update their products or develop new ones according to customer needs. The innovation funnel is presented as a tool for organizations to determine potential customers' needs effectively. Additionally, intellectual property rights, including trademarks, copyrights, patents, and trade secrets, are discussed, emphasizing their importance in protecting original work and preventing duplication without consent.

INNOVATION AND
COMMERCIALISATION

Contents
Contents.......................................................................................................................................................2
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1............................................................................................................................................................3
P2............................................................................................................................................................4
TASK 2.......................................................................................................................................................4
P3............................................................................................................................................................4
P4............................................................................................................................................................5
TASK 3.......................................................................................................................................................6
P5............................................................................................................................................................6
P6............................................................................................................................................................7
TASK 4.......................................................................................................................................................8
P7............................................................................................................................................................8
CONCLUSION..........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
Innovation can be described as a process in which an idea is translate into reality by
researchers and these ideas are mainly concerned with preference and choices of customer. In
context of business, it means bringing change in product, workflow, processes or services. It act
as a catalyst for organizational growth and success (Aarikka-Stenroos and Sandberg, 2012). With
the help of innovation, company can gain high competitive advantage in the market over its
rivals. The selected organization for this report is Wiser which is a UK based creative and
recruitment company. The main aim of this report is to signify the difference between innovation
and invention, application of new product development, building business case, framework of
innovation and different intellectual property tools used for protecting and retaining intellectual
rights.
TASK 1
P1
It can be described as an activity that is normally performed by people who have great
creative knowledge about subjects in which they want to bring something new. It can be applied
either on old or existing product or services are creating the new one in the market that gives
high competitive edge. Thus, for successfully embedding innovation it is important that
employees must be intelligent and creative. It has been believed that if employees are creative
then only they will take active participation in sharing their innovative ideas with the company.
Moreover, if the idea is been like by the company then it will ultimately increase the morale of
worker. Management of Wiser have decided to bring innovation in there organizational policy
which enables them to interact effectively with target customer. If they will innovate their
business activity, chance of attracting more potential buyer increases and it would enhance
company's profitability as well.
Invention:
It can be termed as an activity in which something exceptionally new has been created for the
first time. It is mainly related with technical and scientific skills that makes it more attractive
(Bogers and West, 2012). It is normally undertake by company losing their market base and to
get back in market, firms usually invent new product or services that provide them high
competitive edge over their rivals.
Difference between Innovation and Invention

INNOVATION INVENTION
Idea is generated in the mind of people and
then they translate into final goods or
services.
In invention, idea is originated for the first
time in the mind of inventor and then after
long research it is finally taken into
consideration.
Essential skills needed for innovation include
management, marketing and research and
development skill.
Scientific and technical skills are required for
invention
With the help of innovation, changes are
brought in company.
Sometimes invention bring change and
sometimes it may not.
It is a combination of various products or
processes.
It takes only a single product or process into
consideration.
Importance of innovation for Wiser employees:
1. Through innovation, the company is able to acquire new skill and knowledge that help their
employees in both personal and professional growth and development.
2. Innovation leads to develop a sense of creativity in the mind of workers which further assist
them in producing effective and unique ideas (Chesbrough, 2010).
3. It also help in making market and customer base stronger.
4. It leads to improve the overall productivity and efficiency of employees.
Importance of innovation in business organization:
1. With the help of innovation, business activities can be carried out in a thorough and structured
manner.
2. It help in improving the brand image and goodwill of the company.
3. Goods that are made after innovation is according to the needs and wants, thus satisfying
customer requirement in an appropriate manner.
Thus, Wiser can use this process for enhancing their business activities and yielding
higher profitability ratio in the market.

P2
 Vision: - It is generally made for long purpose which sets a base for the establishment of
company's policies and objectives. With its help, new ideas can be developed in their
working culture which leads to development and growth. Wiser Ltd. must include
creative ideas when it sets up a vision for their organization. For example, Apple having
the vision on investing its resources to motivate all employees which help at times when
business practices need to be modified.
 Mission: - It is formulated for short term purposes after taking the vision of organization
into consideration. It also helps in accomplishment of organizational goals. Thus, if long
term goals are to be achieved, it will provide focus.
 Culture: - The need of adopting a good corporate culture arises when ethical practices in
the organization are needed to be maintained. There is need of a morals, beliefs and good
ethical practices as Wiser Ltd. engaged in recruiting individuals to ensure smooth
accomplishment of daily targets. For instance, companies like Virgin group and Apple
Inc., to achieve their long term objectives, are maintaining good organizational culture
by ensuring effective communication among their staff members.(Chun and et. al., 2015).
 Leadership: - The way by which behvaiour of an individual is influenced by some other
person's act can be termed as Leadership. An effective leader ensures punctuality from
his team members who assist in achievements of the daily targets of an organization on
time. Both Virgin Ltd. and Apple must train their employees using creative and
innovative methods.
TASK 2
P3
Joe Tidd and John Bessant gave the 4P's of innovation to the world. This instrument is
regularly utilized by association with a specific end goal to examine development in process,
item, position and paradigm. Following is the brief description of all 4 P's:
 Product: Focus, in such development, is on acquiring effective changes in the current
administrations and products and offering the same to the end customers in new frame.
When an organization sense a loss in the appeal of its current product in the market, they
proceed towards the completion of these developments. Wiser being the best enrolling

organization will likewise need to change their strategies for offering direction to their
clients about their ability (Cui and Wu, 2016). Along these lines, they can attempt to
expedite their classes the advanced stage as this will be extremely viable advance for the
organization and also the clients.
 Process: It refers to the advancements made in the process of making a specific product
or administration. In the event, if the procedure is advanced, then the enterprises and the
products will be made in considerably less time and hence, will expand productivity in
the organization. Along these lines, more astute can make utilization of this procedure
while offering preparing to the representatives. On the off chance that the strategies for
preparing will be compelling then they will have the capacity to enhance the aptitudes of
the customers in more powerful way and hence enhancing their ability as well.
 Paradigm: Administrations and items in such development are modified according to the
request and necessities of the customers. The advertising group helps the organization in
ID of the necessities of the clients. If there should arise an occurrence of Wiser, the
administrator group will choose the best thought out of all which was endorsed
(Cunningham and Porter, 2011). At that point the chose thought will get actualized in the
organization and changes will be found out too. Subsequently, it is required for better
than apply new contemplations as this will help in expanding deals.
 Position: The market situation should be tremendous with the goal that enterprises and
merchandises can be sold in a viable way. To achieve this, administrators of the company
can make optimum utilization of limited time instruments and systems because those will
have the capacity to advance their item in the market. It would help them in assembling
consideration of numerous people who may or may not be their customers. On the off
chance that they will think of new and inventive thoughts then it will help them in
making great picture in the brains of the clients too.
Innovation Funnel: It is utilized to characterize the arrangement of steps that are considered
while building up another item or procedures. The primary reason for this development is to
address the issue of market and their individuals in a successful way.

Utilization of Innovation Funnel: It is basically utilized by business ventures to assess their
imaginative thoughts and items. Alongside this, it likewise help in successfully dealing with the
procedure of new item advancement. It has turned out to be significantly less demanding for the
organization to evaluate different promoting openings that are accessible in the market for future
item. In addition, it additionally help with leading exploration in order to recognize customer
needs and desire.
P4
The idea of Frugal Innovation manages the procedure through which association tries to
diminish or limit the complexities of production and costs of goods sold. Innovators considers
accessible assets as an open door not as a risk. It isn't connected with the idea of offering
advanced items, rather it bargains in making better quality answer for clients that conveys high
an incentive at negligible cost (Dahlander and Gann, 2010). There numerous association who
change their plan of action drastically yet in addition transforms it mental model too. The stages
of Frugal development are as follows:
1. Adversity opens the door for opportunities: At this stage, specialists reframe the present
or existing issue. Individuals from Wiser have successfully make an interpretation of the danger
into circumstance with a specific end goal to increase high aggressive edge.
2. Do more with less: At this workers will initially survey the accessible assets and tries to
utilize it in an ideal way.
3. Flexible thinking and acting: At this stage, it has been trusted that it is smarter to be able
to improvise as opposed to being unbending
4. Simplify: Any unpredictability may upset the whole working of organization which isn't
a decent sign. Subsequently, it has dependably been prescribed to have less options that are best
as opposed to having various options (Drucker, 2014).
5. Margin inclusion: It is critical for an association to be very much aware about the
requirements and desire for end-customer. They can take input and recommendation from client
at this stage.
TASK 3
P5
Commercial Funnel: The process of Commercial funnel is cost effective through which
alluded association tries to recognize precise sources that help them to offer their innovative

goods to end clients in an organized and thorough way. Individuals are in charge of picking
proper channel of conveyance which help in returning higher incomes and benefits. Thus, Wiser
organization can make utilization of this idea in particular and advance their administrations
which will help them in social affair an ever increasing number of clients. The means which are
led in New Product Development process are as per the following:-
•Idea Generation - Here, fundamentally a thought is first created in the psyches of a man who
introduce it before its management. This is an extremely inventive process which requires to be
directed in each organization to include the representatives in its basic leadership process.
•Idea Screening – In this progression, out of each one of those thoughts which were introduced
before the administration just those which are imaginative and appealing may be chosen by
them. Those thoughts must be coordinated with the objectives and goals of the organization and
on the off chance that it is coordinating and is gainful then it is picked.
•Concept development and Testing – Under this, screening of the thought picked up by the
administration takes place and dialog is made about changing over that thought into an item. To
achieve that, this the item proceeds for testing and customers' views are known (Edquist, 2010).
•Market strategy and development – Here, a system is made by the task chiefs in order to build
up the item in the objective market. Likewise, how to assemble an ever increasing number of
clients and portrayal of the ways in which the items and administrations will be situated takes
place.
•Business analysis – It is the progression in which the deals and volume identified with the item
will be resolved. In this total examination is done identified with the business, benefits and cost
will be assessed so they can fulfill the clients.
Test Marketing – In this, the item is tested in the market and is presented to the clients and their
responses are observed. This will likewise influence them to realize that the techniques which is
made about the item will be viable or not.

•Commercialization – This is the last stage in which the innovative product is finally launched in
the market to be sold. It executes an aggregate showcasing plan and confronting high costa for
assembling, publicizing and advancement (Eesley, Hsu and Roberts, 2014).
P6
Setting up a business case is an extremely powerful technique to become familiar with
respective product or services in a superior way and think about its future sales and benefits also.
It can be effectively used by Wiser that help them to attract large number of clients and earn
higher profits as well. Following are the steps that needs to be taken into account while preparing
business case:
Executive Summary: Wiser Ltd is an innovative and selecting organization framed in 2014 in
London. They act like a home to youngsters who have vast expectations and aspiring dreams
about their lives. They are giving different sorts of administrations like ability procurement, boss
marking and site building. They are having organization with such a large number of different
firms like Expedia, Worldpay, Sky Betting etc.
Objectives: The principle objective of Wiser Ltd. is to give creative administrations to their
customers and help them in making their vocation all the more splendid and successful. The
organization is based on certain ethics and values just like genuine, backing yourself, being
shrewd and so forth.
Solution: The aim of management of Wiser Ltd. is to to eliminate all problems or issues that are
blocking their direction while building up their items and services innovatively as well.
Research of clients - It is extremely basic process which help in giving similar items to their
buyers (Hoque, Chishty and Halloway, 2011).
Design and Development of plans-It is an exceptionally fundamental advance while doing
arranging since every one of the exercises which needs direction while building up the
innovative plans if considered. This will assist them in huge no. of purchasers at the commercial
center.

Need of capital requirement-In this the capital which will be required to direct every one of the
exercises is resolved. This will help them in dealing with every one of the tasks in a viable way.
Normally, companies, regardless of their nature, generate their funding through two sources:
External sources and Internal Sources. When funds are acquired from within the company only
such as profits that can be used for expanding business operation, long term assets that are
obsolete, retained earnings, etc. constitute Internal Sources. Whereas, when company arrange
sufficient amount of funding from company's outside sources such as bank, creditors, individual
donor, angel investors etc. all of these comes under external sources of funds.
Expected Benefit: It is essential for the organization to realize that whether the development
which is being done is successful or not (Huizingh, 2011).
TASK 4
P7
All those rights that are used as a part to retain and protect the inventive and original
work of the individuals of an organization are termed as Intellectual Property rights. It ensures
full security of an individual's work and prevents it from being duplicated without the consent or
approval of inventor. It helps the individuals of the organization to get acknowledgments for
their ingenious work as it is identified with law.(Kutvonen, 2011). Each organization must
embrace this exceptionally successful framework. Some of the common intellectual property
rights are listed below:
• Trademarks – The sign given to the product keeping in mind the end goal to separate them
from similar and alternate rival’s products which are accessible to the customers in the market.
For the most part a stamp is given as companies like Mercedes and Audi are having their
individual signs. It is unique for each firm and could be a symbol, or an image or a design. To
get the product trademarked, a time of approx. one and a half years is required to be taken by
companies considering their end goals. It will be re-established following 10 years.
• Copyrights – The work done in order to protect the inventive work done by creators. In this,
individuals who does artistic activities like painting, composing, dancing and so on then they can
get a copyright for their work so that no will be able to copy their work in the future. To promote

this, UK is putting forth enrolments to individuals on online bases. It took approx. 2 ½ to more
them 5 ½ month after filing all legal formalities and procedure.
• Patents - It alludes to the right which is given to the inventor at the time of development. It
gives legitimate right to owner which enable them to choose that who will utilize their work. On
the off chance that if any individual needs to utilize their work then they should take earlier
consent of inventor (Aarikka-Stenroos and Sandberg, 2012).
•Trade Secrets – These are those private information or data which organizations wants to keep
as a secret to get advantage over their competitors. These can be a recipe, or procedure, different
business subtle elements. It incorporates list of survey outcomes, calculations or clients.
CONCLUSION
Thus, it is concluded by the report it can be reasoned that, to stay for longer period in the
market, it is critical for each association to continue refreshing their current item or grow new
item according to the necessity of customer's. There are different devices and methods that guide
business element in development and commercialization. With the assistance of Innovation
Funnel, organization can without much of a stretch decide the necessities of potential purchasers
in a viable way.

REFERENCES
Books and Journals