Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1. Explanation of innovation and determination of is importance with comparison with
invention.................................................................................................................................1
P2. Explanation of how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................3
LO 2.................................................................................................................................................4
P3. Explanation of 4Ps of innovation and use of innovation funnel......................................4
P4. Explanation of developments in frugal innovation..........................................................6
LO 3.................................................................................................................................................7
P5. Explanation of importance of commercial funnel and New Product Development (NPD). 7
P6. Building up of innovation business case..........................................................................9
LO 4...............................................................................................................................................11
P7. Evaluation of different tools to develop, retain and protect intellectual property..........11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation refers to adding specific and value added features to an offering of individuals
which are required to appropriately enhance the importance and value of the offerings. In
addition to this, innovation is an essential practice which ensures a culture of increased
creativity, sustainability and competitiveness in the marketplace (Eslamloo, 2017). In such
context, the report below is based on Bentley Motors Limited, which is a world renowned
automotive organisation. Despite its exclusive offerings, the company is willing to introduce a
new innovation, which would help the firm in enhancing its competitive image in the
marketplace. To attain this purpose, the report would be addressing explanation in relation to
innovation and its difference with invention. In addition to this, it effectively includes different
types of innovation that is required to be understood and implemented within the company.
Moreover, the report discusses the process required by the firm to commercialise its innovation.
Along with this, evaluation of range of methods for protecting ideas and understanding their
advantages and disadvantages.
LO 1
P1. Explanation of innovation and determination of is importance with comparison with
invention
Innovation is an essential process to appropriately and effectively add better and more
useful features within one's offerings with an intention of making it more useful and appropriate
as per the changing marketing conditions. In relation with Bentley, it is one of the biggest
organisations in terms of perfection in their designs, creativity and innovation within their
vehicles (Huzair and Sturdy, 2017).
Moreover, there are several aspects which reflect the importance of innovation within the
company. Some of these factors are discussed below: Enhancing Productivity: One of the prime importance of innovation within the
organisation is that it enhances productivity within the company. This is because new
processes and techniques are used to bring innovation in the products, along with
developing creativity within human resources, which contributes to productivity. Competitive Edge: Another importance of innovation as reflected by the fact that this
could help Bentley in getting a competitive edge in the marketplace. In addition to this,
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innovation is very complex to be tracked by the competitive organisations, which
provides immense benefits to the company in terms of enhancing its sustainability in the
market. Market Preferences: This importance is associated with the enhanced preferences of
customers due to better and more useful features within the company offerings.
Innovation helps in analysing the market gap and improvise products in ways which
closes the gap and increase inclination of customers (Lawton Smith, Bagchi-Sen and
Edmunds, 2018). Problem Solving: This importance, in comparison with invention is related to the fact
that it helps in solving effective problems within the organisation. This is because value
added features within offerings of the company are very much effective in solving the
evident problems of the firm;
 Continuous Improvement: While invention is a one-time improvement, innovation
appropriately helps in ensuring consistency in improvement in processes as well as
products of the company.
However, these factors of importance of innovation could be better understood against
invention, which refers to creation of a completely new product that hasn't been created before.
The difference between both these factors is highlighted below:
BASIS INVENTION INNOVATION
Purpose
Purpose of invention is related
to creation of a novel and
unique product.
Innovation is channelised
towards improvisation in
existing products and services.
Scope
The scope of invention is quite
narrow, stating the fact that it
is subjected towards one
particular offering.
A wider scope is shared by
innovation, as it could be
implemented on every product,
department and procedures.
Orientation
Invention is more product
oriented, i.e., it is subjected
towards a new creation.
Innovation is profit-oriented,
as it is directed towards
ensuring more usefulness and
effectiveness.
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