Open Innovation and University Research

The assignment delves into the concept of open innovation within universities, focusing on its impact on research and commercialization. It analyzes various aspects of open innovation, including strategies for managing distributed innovation and the influence of firm size and industry type on R&D efficiency. The document also examines the role of policy, industry, and the creative sector in fostering hidden innovation. Furthermore, it explores success patterns of exploratory and exploitative innovation within universities, considering the influence of institutional factors.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Importance of innovation in comparison to invention...........................................................3
P2. Explanation about how Vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................5
TASK 2............................................................................................................................................7
P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas
.....................................................................................................................................................7
P4 Frugal innovation...................................................................................................................8
P5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation. ...........................................................8
P6Build an Innovation Business Case for an organisation, including ways to access funding.
...................................................................................................................................................10
TASK4...........................................................................................................................................11
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property..................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
.........................................................................................................................................................1

INTRODUCTION
Innovation is the process which involves the generation of novel ideas, process or
creation. It also refers to the act of people and administration to change themselves and the
environment. Moreover commercialization is the process of negotiating or running something
principally for the goal of financial gain. In other word it is the development of new product or
the production method in the market. Ensoft Ltd company has been taken into consideration in
this report. It is a software company which was established in 1997 and is establishing new
software for account department in order to make accounting procedure easy. This presented
report gives the brief about the importance of innovation in comparison with invention.
Moreover it explains about how organizational vision, leadership, culture and teamwork can
shape innovation and commercialization. Lastly, this file focuses on the tools that organization
can use to develop, retain and protect knowledge and intellectual property right.
MAIN BODY
TASK 1
P1 Importance of innovation in comparison to invention.
Innovation: It is both the process as well as an outcome. The term innovation itself denotes the
fact of recognition of new ideas, commodities, services and process. Moreover it can be said that
it is the process of translating the ideas or concept into new products or services so as to generate
more value in the form of revenue generation for the company.(Abdul Razak, 2014.) It will be
beneficial for Ensoft ltd as it will help in increasing the profit margin level, helpful in increasing
market share. In addition to this it will be helpful in securing market strategic position. Moreover
customers needs will be satisfied and will result in achieving the competitive advantage in the
market.
Invention: It is the process of developing something new which has never been made before. . In
addition to this it is also the important component of aesthetic and plan creativity. It often extend
the human knowledge, experience and ability. Invention is important for Ensoft ltd company as
it will help in building brand image in the market by increasing the market share and creating
competitive advantage in the market.
Comparison between innovation and invention
Innovation Invention

Innovation is the process of introducing the
products, service or process in the market place
by adding a new feature into it which will help
the ensoft company in achieving target goal.
Invention is the process of creation of new
products, process and service which is entirely
new to market. It helps Ensoft members to
develop inn votive skills.
The result of innovation is commercialization
which is done by the marketing manager of
ensoft company.
The result of invention may not be
commercialization.
Innovation is usually generated and it helps
increasing the efficiency and productivity level
of Ensoft company.
Invention can be both autonomous and
generated.
Innovation is usually for profitable motive for
the Ensoft company.
Invention can be for profitable or non
profitable motive.
Innovation require technical skills, knowledge
about market trend and financial support.
Every member of the ensoft company should
have such skills.
Invention require scientific skills, knowledge,
competence and financial aid.
Importance of innovation:
Innovative business create changing products, modify existing services and apply new
ideas. Ensoft ltd company is also an innovative business as they are specialises in developing all
aspects of networking software. (Bogers, M. and West, J., 2012)Like presently they are
developing new software for account department in order to make accounting easy and
simplified. They keep on trying something red-hot even if it is highly-risky. If the business
concern is not innovative they will have to face challenges. Lack of innovation in business
concern bring the indirect result for the company such as losing workforce and decreasing action.
Therefore innovation cannot be turnabout, but should consider it as an crucial element in the part
of plan of action. It should be socially outlook that effect on intelligence and improves problem
solving. Many successful companies attain success just because they are adopting innovative
practice during the plan of action and Ensoft Ltd is one of them. That said, inventing and

innovation are not identical. Invention mainly focus on creating of new ideas and process. It can
be said that invention is the result of innovation, not a requirement. Innovation is important for
the employees too as it help in building their effectiveness and efficiency . In addition to they
they also become more skilled and knowledgeable person who will have to capability to sort out
any kind of issues that might take place.
P2. Explanation about how Vision, leadership, culture and teamwork can shape innovation and
commercialisation
In order to achieve a successful growth in the market place Ensoft company should make a clear
vision of the company to all the workforce.(Chun, D. 2015) Moreover the company should also
have best leaders who can motivate their subordinate to work hard in accomplish and developing
innovative features among them. Brief explanation about how the vision, leadership, culture, and
team work helps in shaping innovation and commercialization in the market place are explained
d below:
Vision
It refers to an experience of beholding something that other individual cannot see. In
simple term, it can be said that it is the public declaration or a statement which is used to
describe high level goal for the future. Like the vision of Ensoft ltd company is to develop new
software in order to increase the market share.(Scholz, N., 2015Sonne, L., 2012) This vision can
be achieved only if the company shape their innovation and commercialization into their plan of
action. Its the prime responsibility of the manager of Ensoft lts to motivate their individuals and
workforce in order to build and develop their innovative ideas and knowledge. Thus, it will be
beneficial for the company in achieving the vision that is largest market share as compared to
their competitors.
Leadership
It refers to the ability of a leader to set challenging goal by taking decisive action in order
to accomplish aims and objectives of an organization. In addition to this it can be said that it is
the practical skill of particular individual to lead, guide and influence other individual in order to
get work done from them. It can be said that leader plays an important role in order to shape
innovation and commercialization within the organization.(Cunningham, S., 2013) So the HR of
E nsoft company should select the best leader for the organization who have the skills of
innovating new ides. Thus, shaping of innovation and commercialization will help the company

in achieving the next best level in the market place. Effective leadership of leader helps in
promoting innovation within organisation.
Culture
It refers to the social behaviour and norms which are found in human societies and
organization. In an organization culture, is defined as the system of shared values, assumptions
and beliefs which helps the workforce in knowing what is appropriate and inappropriate
behaviour in the organization. So in order to shape innovation and commercialization within the
Ensoft ltd company, manager should make changes in their culture , rules and regulation.
Manager should allow their subordinate to come up with new ideas and their ideas should be
taken into consideration while taking decision in order to motivate them to become an innovative
individuals. Thus, it will help in shaping innovation and commercialization within the
organization.
Team work
It is one of the crucial part of every business organization as it is often necessary for the
team members to perform well and to give their best in any circumstances. A team is formed
from a group of individuals who share their common goal in order to achieve target task most
effectively and efficiently. The manager of the Ensoft ltd company should form team in order to
perform each operational activities in an effective and efficient manner. Each team member
should come up with their innovative ideas, process and knowledge so as to accomplish the task
assigned in an effective way so that it result in increase in the productivity up-to certain level.
Thus, it can be said that effective teamwork can help in shaping innovation and
commercialization within the organization.
Overall it can be conclude that vision leadership, culture and team work plays a important role in
shaping innovation and commercialization within the organization. As well as helps in
increasing the efficiency and productivity up to certain level. Most important of all it helps in
attaining competitive advantage in the market place.

TASK 2
P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas
Innovation plays a important role in every organization in order to increase the
competitive advantage in the market.(Dincer, I., 2017) Ensoft company takes into consideration
4Ps of innovation in order accomplish organizational goal on specified time schedule. Moreover
this 4Ps helps to understand where the company is and how innovation can improve product,
process, position and paradigm.
4PS of innovation
Product innovation: One of the first Ps of innovation which the Ensoft company takes into
consideration is Product innovation. This innovation strategy explains about what the
organization offer in their products and services.
Process innovation: This is the second innovation which the Ensoft company takes into
consideration.(Mueller, V., Rosenbusch, N. and Bausch, A., 2013) It explains about the changes
in techniques and procedure that the company uses in order to create and deliver product and
services.
Position innovation: This type of innovation which the Ensoft ltd company takes into
consideration explains about the changes in the circumstance in which the product and services
are introduced.
Paradigm innovation: It specifies about the changes that the Ensoft ltd company makes in the
inheriting mental models which expose what the administration does.
Use of Innovation funnel
It is used to explain the different steps which are carried out during developing a process
or product. The major aim of all innovation is to make over processes or creation that meet
marketplace needs in manufacturable or profitable form(Ettlie, J. E. and Rosenthal, S. R., 2012)
During the new product development process an innovation funnel model is mainly used by
Ensoft ltd company so as to evaluate ideas and to conceptualize products. For example Ensoft
company is bringing into effect new software for the account department so before developing
software in the marketplace, the company uses innovation funnel model in order to examine and

manage the development process. This help in better development of the product so that it may
result in increase in the productivity for the organization.
P4 Frugal innovation
The term Frugal innovation also known as inclusive innovation,reverse innovation and
constraint innovation. As per this innovation technological products are tailored at low prices in
order to emerge in the market place. Ensoft ltd company uses this innovation strategy as it helps
in responding to the limitations in respect of resources whether it is financial, physical or
institutional and uses different scope of methods in order to turn these constraints into an plus
point for the company. By making minimum utilization of resources during the development ,
manufacturing and delivery process or by investing them in new ways, frugal innovation result in
dramatically lower cost good and services. Successful frugal innovation for Ensoft ltd company
not only low cost but also helps in outperforming the alternative and as a result helps in making
available products and services at the large scale.(Evers, N., Cunningham, J. and Hoholm, T.,
2014) Moreover it helps in removing non-essential features from the long-lasting products in
order to sell it in developing countries. Ensoft company has taken into consideration frugal
innovation strategy as it is the structured process which mainly focuses on delivering customized
value at planned price points. It also helps in enhancing market by rendering significant
opportunity which is only profitable purchased when value position and expenditure structure
match price expectation. Moreover The Ensoft company has taken this innovation into
consideration as doing more with less is more ecological viable and sustainable than producing
over-engineered products.
Overall it can be said that the manager of Ensoft company should take into consideration the
concept of frugal innovation as it help in increasing market share and to achieve competitive
advantage in the market place. This is mainly because frugal innovation strategy mainly focus on
producing customized products so that customers satisfaction level are meet.
P5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation.
Commercial funnel
The definition of commercial funnel refers to the purchasing process that organization
lead customers through buying of products. It is all bout introducing an ideas which will helps in
bringing concentration of large numbers of customers specially those are interested to purchase

goods and services. It takes into consideration different steps in order to increase high profit like
review and acquiring form, knowing customers needs and interest, assessment of purchasing
decision and many more aspects. Ensoft company has taken commercial funnel into
consideration in order to increase the promotion of the software for account department that they
are launching. Some of the importance of commercial funnel is explained below:
 In order to increase the level of customer satisfaction the manager of Ensoft ltd company
should measure all the data collected in an accurate mode so as to draw effective
conclusion. This can be done only if the company takes into consideration Coimmerial
funnel concept.
 Ensoft ltd company is able to create quality product because of which large number of
customers get attracted toward their product and result in increase in revenue generation
for the company. This, is done because the manager of Ensoft ltd company has adopted
the strategy of using commercial funnel concept.
New Product Development Process
It refers to the process of taking the goods and services from concept to the market. It
specifies the series of stages through which the product development process passes through.
(Khan, R. S., and et. al., 2014.) It start from idea generation concept and ends with
commercialization of product in the market. Stages of new product development process are
explained below:
New product strategy: The very first step which the manager of Ensoft company should follow
is to develop strategies and plan in order to develop product in the market.
Idea generation and screening:Second step which the manger of Ensoft company should
follow while developing new product in the market is to generate the ideas related to the product.
How the product can be introduce what types of materials are required to create product all these
needs to be taken into consideration. After idea generation manger should screen up all the ideas
in order to see which is the best.
Business analysis: At this stage manager of the company makes an investigation about the
business analysis growth in the future. Taking into consideration accessible chance of company
growth manager should make strategies.
Commercialisation: this is the last step in the product development process in which the
manager of the Ensoft company sell their final product and services to their customers. This is

the important step as without displaying the product in the market company cannot increase its
sales revenue.
P6Build an Innovation Business Case for an organisation, including ways to access funding.
Every organization must create a business case as it helps in determining aims and
objectives of the business concern. So Ensoft Ltd company makes innovation and definite
business case approach.which helps the company in accomplishing organizational predetermined
aims and objectives in an effective and efficient manner.
For example ensoft company is developing a software which is specifically known as one click
software and it is being developed for for account department of which the special feature is that
through one click manager can get to know what the financial conditions of the business is. This
will help the company to overcome from financial issues and to increase the profitability ratio of
the company. Business case of Ensoft Ltd company is explained below:
Organisation's vision: The very first business plan that the manager of Ensoft Ltd company
makes is the organization vision and its vision is to increase the market share by attracting large
number of customers. Manager of the company hold the proper and accurate plan of action
which helps in accomplishing organizational objectives.
Target: The second business plan of Ensoft ltd company is that the manger set the target for
each team so as to get work accomplished on time schedule. (Kingston, W. ed., 201 )Thus, it
lead in accomplishment of organizational goal in an effective and efficient manner. The other
target of the Ensoft company is to render such software to the company who are facilng financial
issues.It also helps in increasing the productivity level of the business concern and helps in
achieving the competitive edge in the marketplace.
Customer research: This is the most important step which need to be considered by the Ensoft
company while making business plan. The manger of the Ensoft company should allot the
research team in order to get to know about the changes in the needs and preferences of the
consumers, changes in their attitudes etc. It is done so that the company can produce product as
per the demand of customers this helps in generating revenue for the company.
Funding: Capital is the essential element which the manager of the Ensoft company should take
into consideration while making business plan. Without proper availability of funds company
cannot start its production process neither can advertise the product in the market. So company

should purchase some equity shares as this is the most important source of finance in order to
start up b business.
Return on investment: It is defined as the performance measurement which is used to evaluate
the efficiency of an investment. In addition to this it is used to compare efficiency of different
investment. Moreover it directly measures the amount of return that will be receives on a
particular investment. So while innovating new software name one click software for the account
department the capital invested was 240£ and the expected sale will be 300£, So return on
investment is 60£. Thus, it can be identified the the new innovation made by Ensoft company
resulted to make profit for the organization.
TASK4
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property.
Innovation is the process of transforming fresh ideas, knowledge and thought in order to
develop new product in the market place.(Lember, V 2013) Ensoft ltd company has adopted the
strategies to develop innovative features in the workforce of an organization so that it help in
increasing the productivity level of the company. Moreover the manager of the company uses
some motivational techniques in order to retain and develop workforce like salary increment,
promotion, bonus and many more. In order to make their product unique in the market place
Ensoft company has adopted and used different tools and techniques in order to retain, develop,
protect knowledge and the intellectual property right.
Copyrights: It is a legal means of protecting source work. In addition to this it is the form of
protecting intellectual property right which is provided by the laws of united states.(Marion, T. J.
and Friar, J. H., 2012) Ensoft company has taken into consideration the concept of copyright so
as to keep protected the innovative ideas, products and services from being copied by other
firms.
Patents: It gives the right to the owner of the product and services to exclude others company
from making and developing innovating ides as and products that they are generating and
developing. So the manager of Ensoft company takes this also into consideration and get patent
of the products and services they are rendering so that other companies doesn't use it.

Trademark- It is termed as the recognizable sign, design brand mark which help in making the
product identified easily by the customers. Like the Escoft company its name itself is branded
which helps in recognizing the company uniquely.
Overall it can be concluded that the above tools are very much essentials in developing,
retaining, protecting knowledge and the intellectual property right. The manager of the Ensoft
company should take into consideration the above tools in order to keep product and service
unique in the market place.
CONCLUSION
From the above project it can be conclude that innovation and commercialization plays a
vital role in order to achieve successful growth in the market place. The manager of the
company should adopt the strategy of using and developing innovative features among the
workers. This help the company in achieving greater market share as well as increase in
productivity will Oslo takes place. Lastly, it can be concluded that the company should use the
4ps in order to innovate and develop new product in the market place.
REFERENCES
Books and Journals
Abdul Razak, A., Murray, P.A. and Roberts, D., 2014. Open innovation in universities: The
relationship between innovation and commercialisation. Knowledge and Process
Management. 21(4). pp.260-269.
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.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-
909.
Cunningham, S., 2013. Hidden innovation: Policy, industry and the creative sector. University of
Queensland Press (Australia).
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1).
pp.8-22.

Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Evers, N., Cunningham, J. and Hoholm, T., 2014. Technology entrepreneurship: bringing
innovation to the marketplace. Macmillan International Higher Education.
Khan, R. S., and et. al., 2014. Differentiating aspects of product innovation processes in the food
industry: An exploratory study on New Zealand. British Food Journal. 116(8). pp.1346-
1368.
Kingston, W. ed., 2013. Direct Protection of Innovation. Springer Science & Business Media.
Lember, V., Kattel, R. and Kalvet, T. eds., 2013. Public procurement, innovation and policy:
International perspectives. Springer Science & Business Media.
Marion, T. J. and Friar, J. H., 2012. Managing global outsourcing to enhance lean innovation.
Research-Technology Management. 55(5). pp.44-50.
Mueller, V., Rosenbusch, N. and Bausch, A., 2013. Success patterns of exploratory and
exploitative innovation: A meta-analysis of the influence of institutional factors.
Journal of Management. 39(6). pp.1606-1636.
Scholz, N., 2015. The relevance of Crowdfunding: The impact on the innovation process of
small entrepreneurial firms. Springer.
Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business
incubation and micro venture capital. Technological Forecasting and Social Change.
79(4). pp.638-647.

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