Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation, differences between innovation and invention, and how leadership, vision, culture, and teamwork shape innovation and commercialisation. It also explains the 4Ps of innovation and the innovation funnel. The subject is Innovation and Commercialisation, and the document type is Study Material.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Innovation and its importance and differences between innovation and invention....................1
How organisational leadership, vision, culture and teamwork can shape innovation and
commercialisation.......................................................................................................................1
Explanation of 4Ps of innovation and the innovation funnel......................................................1
Explain the development of Frugal innovation...........................................................................3
How innovation is developed, embedded and measured within the company...........................5
PART B............................................................................................................................................5
Overview of the industry and the competition............................................................................5
Importance of commercial funnel and application of new product development process..........5
Evaluation of the different tool that company use to develop, retain and protect knowledge
and intellectual property..............................................................................................................9
Evaluation of the nature of innovation and how the company can overcome the challenges to
develop successful innovations...................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation and commercialisation indicates to initiating and communicating a wholly
new and innovative business concern thoughts and utilising this thought in business of the
organisation for development so that profitability can be increased of the company. Innovation is
the process of using new thoughts and ideas in the products and services of the company to make
improvement within them and ad value so that consumer attract regarding them (Chun and et. al.,
2015). It is the first phase which is simply a thought that needs commercialism so that better
quality products and services can be produced that assists in gaining more profits in the business
of the company. With the help of commercialisation procedure new and innovative goods and
services are manufactured by the company and introduced to the marketplace.
The organisation make innovation in their business because it help in maximising the
customer base, business expansion, gaining competitive advantages and others. This assignment
is based on Game group Plc which is a UK based video game retailer and was established in
1992 by Terry Norris and Bev Ripley. This firm was headquartered in Basigngtoke, UK and
operated its business UK, Spain and Sweden with the help of its number of stores. The firm want
to make innovation in its business with the aim of maximisation in the gross sales of the
establishment. To interpret the conception of creation and development, in this project
innovation is explained and how it is different from creativeness is determined. Several kind of
creations are defined with activity needed to commercialise creation in the project. Apart form it
different methods for protecting thoughts and their benefits and drawbacks will be explained in
this written document.
PART A
Innovation and its importance and differences between innovation and invention
The aspect of innovation is refer to an activity or procedure of an organisation to introduce new
or novel product and service within an existing commodity or marketplace. The adoption of this
concept plays a vital role in an establishment as it lead them to gain competitive advantage in an
innovative and creative style. Along with this, it generate increased level of values and empower
company to enhance its revenue (Oskam, 2016). The core feature of innovation is to identify the
customer trend or demand and based on that taking corrective course of action help firm to
acquire high level of satisfaction in a better manner. Furthermore, it also benefit establishment to
1

determine the changing facts of business environment and also empower them to deliver best
quality products within the marketplace. In regard of Game Group PLC, it is a well established
organisation in UK industry. Hence, in order to enlarge its market share or size, it's manager take
an initiative in introducing the new game application as the demand of game has been arising
among the population of UK. The primal function of this game is that it more effective and
interesting that help firm to capture the attention of large number of population towards the
brand and also can improve the customer base in an trenchant mode.
On the other hand, the term invention introducing something new which is not available
in the market (Paradkar, Knight and Hansen, 2015). Foe attaining the same, company develops
fully novel ideas or views which cannot be modified or altered and it sustain within the market
for longer time duration. Whereas, an organisation can implement innovation according to
market trend or demand for obtaining profit maximisation in an expeditious mode.
Importance of Innovation over Invention is defined as follows
Continuous Improvement: One of the foremost function that an organisation obtain due
to adoption of innovation is that it help them to apply relevant improvement on continuous basis.
In regard of Game Group PLC, the aspect of innovation enable them to attain improved level of
sustainability that assist them to repacking, re branding the existing game application. On the
contrary, invention only provide one time success and if an establishment desire to keeps the at
success for longer time then they have to process invention on continuous basis.
Strengthen brand name: The another rationale that drive Game Group Plc to implement
innovation within its functional unit is that it lead them to accomplish impressive level of growth
and also help them to enrich its brand name among competitors. While, through innovation
Game Group Plc can acquire continuous improvement as per industry competition and that is not
possible with invention.
React to competition and trends: With the application of innovation in Game Group
Plc, it aid them to make best strategies to cope up with current or emerging trend that lead them
to enrich is competent potentiality (Rasmussen and Eliason, 2017).
Difference between Invention and Innovation
Basis Invention Innovation
Meaning It is concern with those aspect Innovation defined as
2

which refer to an activity of
introducing new concept or
products that has been
developed any other company.
implication of a new idea in a
product the existing product
and service.
concept Invention is related with a
original idea and is a work of
detailed research.
Innovation there is addition of
value to existing product or
service offered by a
organisation.
Skills required There is requirement of
scientific skills and knowledge
in case of invention and is
usually a long procedure.
In innovation there is use of
technical, strategic and
marketing skills in order to
implement the new innovative
procedure by a organisation.
Product Invention is concern with a
singular product or service.
In innovation there is a
combination that consist of
different process or products.
How organisational leadership, vision, culture and teamwork can shape innovation and
commercialisation
In order to achieve long term success and development, an organisation requires effectual
vision, teamwork, leadership and culture that lead them to gain competitive advantage (Schmitz
and et. al., 2017). Hence, these factors has direct link with Game Group Plc innovation and
commercialisation which are explained below:
Vision: It is the statement that guide or direct an establishments to achieve its long term
pre determined goal within prescribed time limit. IN context of Game Group Plc, it develop a
productive vision statement that motive them to evaluate the industry trend and also encourage
company to bring innovation that improves its commercialisation procedure. Vision of this
organisation is based on achievement of their overall objectives in the provided time frame that
can be used for the purpose of implementation of new innovative procedures.
3

Vision is the statement that guide or direct an establishments to achieve its long term pre
determined goal within prescribed time limit. IN context of Game Group Plc, it develop a
productive vision statement that motive them to evaluate the industry trend and also encourage
company to bring innovation that improves its commercialisation procedure.
Leadership: Under this component, it assist Game Group Plc leader to inspire or
motivate its employees towards imposing a best effort. Hence, there are various types of
leadership style such as participative, democratic, autocratic. Therefore, adoption of suitable
leadership style help company to enhance the overall profitability ratio by implementing best
innovation and commercialisation.
Leadership is a component, it assist Game Group Plc leader to inspire or motivate its
employees towards imposing a best effort. Hence, there are various types of leadership style such
as participative, democratic, autocratic. Therefore, adoption of suitable leadership style help
company to enhance the overall profitability ratio by implementing best innovation and
commercialisation.
Culture: In this determinant, Game Group Plc manager create better working
environment that empower them to bring innovation into is functional unit and also help them to
enrich its commercialisation among competitors. by them regarding innovation, will help in
offering favourable outcomes in context of their business concern or not. It will lead the
administrators to form modifications in the business model so that new commodities can be
produced.
Culture is a determinant, Game Group Plc manager create better working environment
that empower them to bring innovation into is functional unit and also help them to enrich its
commercialisation among competitors.
Teamwork- When al the workers working in GAME at diverse extents execute their
portion and activity as a group then it direct to increase options of growth for new creation
(Shaw and Hess, 2018). Effective group will assist in informing creation in such mode that aims
for sustainability is accomplished. Team work is used for the purpose of dividing the whole work
in smaller sections that can further be used for completion of task in specified manner. In GAME
managers and leaders will be creating various groups for addressing of task that are related with
achievement of overall objective of innovation.
4

5

Explanation of 4Ps of innovation and the innovation funnel
4Ps of innovation
Innovation is the combination of four diverse factors which are known as 4Ps of
innovation like product, process, paradigm and position (Frésard, Hoberg and Phillips, 2015).
The model of 4Ps is framed by John Bessant and Joe Tidd in reference to assist organisations to
observe the growth options to launch creations in the marketplace and develop the business of
the firms. In GAMW, the management of the company is suffered with problem of lack of sales
so for maximising the sales of the establishment the administration of the organisation
determined to make innovation in its business through virtual reality so that people can take the
advantages of new technology in their new video games products (Greenstein, 2015). The 4Ps of
innovation are defined as beneath in context of GAME is as follows:
Paradigm- It is the first factor of innovation mix which assist to monitor the manner in
which creation are framed by the organisation to make development in the business of the
company as well as its growth. Paradigm is related with bringing changes in the exiting business
procedures of a business. It is related with how a business model has to be changed for
leveraging of overall profits. During the time of applying this factor, the administration of
GAME is needed to make sure that the determination which is devisedIn order to achieve long
term success and development, an organisation requires effectual vision, teamwork, leadership
and culture that lead them to gain competitive advantage. Hence, these factors has direct link
with Game Group Plc creation and development which are explained below:
Product- It is other factor of innovation mix which indicates to the services and products
which are manufacture by the company to fulfils their needs so that they can provide satisfaction
to their desires. In most of the cases innovation is being brought fir bringing positive changes in
a particular product or services. While using the ides of virtual reality in Video Game, it is
crucial for the organisation's administrators to assure that the concept which are going to use will
be effective and help the company in maximising the sale of the firm. The managers should also
make sure that will be able to maximise the customer base in term of attracting them regarding
this innovation.
Process- It refers to the activity which is utilised to produce goods is also needed to be
monitored during the time of planning for creation. With the assistance of it the administrators in
GAME are needed to assure that they precede effective procedure to launch and manufacture
6

Game product affiliate with virtual; reality. In this step overall procedure of preparation of
product is there. It includes overall procedure which Consist of functions such as hiring of
workforce, supplying of materials, providing training and making employees explain what work
has to be performed.
Position- It is the last component of innovation mix in which the domain that is
referenced to inform the creation is centred. Game is designing to manufacture its new game
product which are affiliate with virtual reality technology so it is crucial for the administration of
the firm to ensure that it convey about the game with its target audiences effectively (Hossain
and Kauranen, 2016). overall position is related with how everything is being communicated to
stakeholder who are getting affected by the innovation. Such as employees, customers etc. It will
assist to place new goods in minds of customers in successful manner.
Innovation funnel
It is an activity which is utilised by the company to germinate a new product at the
marketplace so that the firm can attain its desired growth in forthcoming. As a new game will be
actuation by GAME in the marketplace so it is animated for the administration of the
organisations to go through all the phases of this process so that they can have information that
the new thought and idea can accomplish success (Hossain, 2015). The three steps of innovation
funnel are described below in term of GAME:
Investigation- It is the first phase of this model in which the managers of the company
will monitor the market conditions in context of frame new thought in order to make innovation
in GAME's products. In this step, various opportunities are analysed by the management and
then one of is chosen to make creation by monitoring that it will help in increasing the sales.
Making development- It is the nest step of innovation funnel where the marketplace is
formed in which target market for the actuation of new goods is monitored. The administrators
in GAME will monitor the market and the chose one of area where new game related to virtual
reality will be launched for the very first time.
Delivering products- It is the last phase in which administrators of GAME will ship the
new game at the marketplace with the motive of maximising sales by getting attention of number
of customers. Before communicating the product publicly, it is important for the organisation to
assure that it will assist the business to accomplish success and growth & development in the
business.
7

Innovation funnel:
Innovation Funnel
It is a method which is utilised and applied by the companies to assess scrrened for
practicality. The innovation funnel is implemented in GAME firm by funnel management
procedure which assists company to make a creation and practical plan into action plan. As a
thought which is offered by innovation funnel will be measure on all points that will assist it to
become manageable in existent terms (Lemley and Feldman, 2016). Virtual reality affiliated
game is a idea and innovation funnel will assess whether it is potential to offer such kind of game
or not. It enable in reducing chances of failure for any new creation.
 Mouth of funnel: In this fist step there is a responsibility of organisation to gather
maximum number of ideas. In this stage organisation is willing to expand their source of
knowledge and information. In this step, GAME will be willing to analyse the sources
from which ideas can be gathered. After making analysis of the market it has been find
out that there is a requirement for launching of a new game.
 Narrowing of funnel: In this step of Innovation funnel, the ideas that has been
developed by organisation have to be screened. The process of screening of comparison
of ideas with overall gaols of the organisation to make sure that such step are adding
value to overall functions of the organisation. In this step concern management will be
screening if the new idea based on various external and internal factors that can poses
impact on the viability and feasibility for the organisation.
 Narrowed part of funnel: In this step organisation make sure that ideas are in tune with
the overall objective of company. For Game, after the ideas have been properly compared
then there will be a final check where it is made suer that ideas are with tune for the
organisation as a whole and does not contradict with laid organisational objectives.
8

Explain the development of Frugal innovation
Frugal innovation
It is process which is concentrated by large and small business organisations with the
motive of making decrement in the reimbursements, manufacturing and complexities in business
activities. These are executed by determination of unnecessary characteristics from the products
which are sold to the target audiences (Hrdy, 2015). With the assistance of it, the cost of the
goods can be minimised and finance can be reclaimed for making other modifications in the
business of its procedures and maximising the progress and success through getting attention of
large number of customer and maximising the sales.
It is utilised by number of organisations with the object of increasing the sales and profit
margins ratio by forming modifications in their business activities and actions or determining
some of the non required features for the old products of the respective company. The
management of the company is deciding to launch a new game which is affiliated with virtual
reality at the marketplace (Kolychev, and Prokhorov, 2015). The company is planning to ship a
new game in the market and for the purpose of regarding it to maximise the sales of the
company. For instant, the management of the company developed this kind game so that the
customer can take benefits and fulfil their needs and by producing these kind of goods, the firm
can offer then new experience to the users. This new innovation or creation will be effective
because it will help the company in gaining large profits and increasing sales.
9

There are certain aspects that have to be considered by management of a organisation while
adopting frugal innovation as discussed below:
 Finding of opportunity: In this step, anything that is a threat to a organisation is
concentrated into a opportunity, basically there is a analysis of opportunities with a
organisation is analysed din detail and is further used for converting it into a innovation.
In Game there is a opportunity as a consumer demand is analysed by the organisation for
game that can be converted into business.
 Acting flexibility: In this step effort will be made by the organisation that all the
functions associated with the Prosser has to be kept simple so that overall procedure can
be undertaken with having cost effectiveness. In Game PLC this function will help in
adoption of effectiveness in overall functioning of the organisation.
Functions of frugal innovation
Frugal innovation assist in informing a process that remove and minimise the
complexities and expenditure of a product and its manufacturing. When GAME, introduced
virtual reality technology constructed games, the frugal innovation will be applied so that non
required characteristics for game can be remove with the motive of minimise the finance and
intensifying value for the products to potential clients. When complexness in the creation is
reduced then it developed chances by which a creative thought can be taken to real world
(Kuratko and Hoskinson, 2016). In addition to it, minimised cost will provide GAME Group Plc
more options to become successful.
How innovation is developed, embedded and measured within the company
Innovation in terms of company is formulated by raising finance in thought creation,
processing profound user apprehension. In addition to it, this appropriative civilization in
organisation and efficacious origins will be utilised to evaluate the thought entirely that needed
for its improvement. For example, creation is evaluate by key execution indicator to analyse the
execution of the company before and after communication about the new progressive thought.
Innovation is embedded in the firm framework by setting up a positive business framework fro
innovation.
10

PART B
Overview of the industry and the competition
GAME Group Plc operate its business in gaming sector which is the economic industry
consisted in the development, marketing and monetization of video games. It encompasses
dozens of employment disciplines and its component parts employ thousands of individual
across the world. The video game sector has mature from centred markets to thought. Game
industry is a industry which help in creating job options and help in entertainment of the people
by offering them various kind of games like PC gaming, Console gaming, mobile gaming and
video games etc. In Past decade, video game have had high demand so the competition is
increased in this sector (Oskam, 2016). There are number of organisation like Square Enix,
Konami, Ubisoft, Namco Bandai, Actuivision Bizzard, SEGA, Nintendo and Microsoft studios
etc. which create competition by offering new and innovative games in the market. 3D view
game
Importance of commercial funnel and application of new product development process
Commercial funnel
It refers to the action of buying goods and services which is substantiated by the
company. There is need of effective knowing of mode by which people are capable to
acknowledge and monitor the the manners by which satisfactory goods and services can be
shipped (Paradkar, Knight and Hansen, 2015). It is crucial for the administrators to interpret and
monitor the modifications which are fetching place in marketplace. When GAME is utilising
commercial funnel then there will easy to communicate individual about interpreting and
analysing changes in appropriate and adequate way.
When target audiences are aware about the characteristics of goods and services then they
get effective help by interpreting policies and monitoring modifications in better and efficient
way. In order to ascertain about the necessities and desires of the consumers, can analyse with
the help of their response regarding new video game. In current era, people are more smart and
particular in context of understanding the ways by which they can analyse that where their
finance provides effective return or not. For instant, if there is no effective return of the wealth
then the purchasing power and buying decision of the customers gets affected. Marketing of new
11

video game affiliated with virtual reality technology gets easy with the utilisation of commercial
funnel.
New product development
New product developed is crucial factor to the company because there is need of effective
interpreting about modifications which are taking place at marketplace. There are several stages
which has to be executed by the administrators of GAME for effective launch of “3D
Gams”affiliated to virtual reality technology. Phase of launching this new product development
process is as follows:
Idea generation- it is the first phase of NPD activity in which administrators of GAME
will think about to come up with approach for making improvement in customers needs and
requirements and get favourable influence on the gross sales of the company. The administrators
of the respective company to come with several approaches fro offering better quality services
which provide satisfaction to the potential clients of the firm.
Screening- it is the next step in which ideas and thoughts are created so they are assessed
in order to win outside marketplace and determining the number of better plan of action
(Rasmussen and Eliason, 2017). It is way by which best alternative out of rest is chosen.
Development of concept- With the help of best option of launching 3D Game related
with virtual reality where will improvement and development of conception in positioned to it. In
this phase, the management of the monitor the concept of development regarding its new product
because it is the good way to organise operations in effective and appropriate way.
12

Source:New product development,(2019).
Marketing strategy- After development of the product, market effort are conceived and
executed. There are several marketing techniques in which better plan of action is selected
(Schmitz and et. al., 2017). It will help in offering data about the new good 3D game to the
people.
Business analysis- It is the next phase in which analysis and determination of the
marketplace is done in term of searching the customers regarding new products etc. It is the
manner by which extrinsic market is advised with interpreting and monitoring modifications.
Development- After doing the proper market analysis, development of product is
completed. It is the phase in which 3D game will be launch by the company at marketplace.
Test market- In this step, the testing of the product are done in term of identifying that it
is able to fulfil consumer needs and offer them required satisfaction (Shaw and Hess, 2018). In it,
3D game is shipped among some customers and gathered their response regarding it. If the
results are unfavourable then restorative actions has to be formed.
Commercialisation- In this phase, commercialisation of the goods is finished. It is the
actual launching of 3D game at marketplace.
Innovation business case
13
Illustration: New product development

With the help of it, it is easy to understand and monitor that what modifications are
needed in operations for successful launching (Westland, 2016). In case of GAME,
administrators are shipping a 3D game affiliated with virtual reality. So the business case in
context of it as follows:
STEPS DESCRIPTION
SUMMARY
This case defines shipping of 3D game which help GAME in launching
new product. As there are several companies which are coming with
new innovative ideas to make effective relation with the target
audiences.
OBJECTIVES To make development in the sales of the company up to 10% within 1
year with the help of its nee 3D game product.
MISSION To offer 3D game experience to customer at reasonable prices.
VISION To make imrpovement in brand images betwen the potential clients.
SOURCE OF
INNOVATION
The major source of innovation is modifications in the needs and
demands of customers and changes in the trends.
SOLUTION To accomplish this object, the firm must be formulate marketing plan
of action to create awareness about the innovative product.
TARGET MARKET Fro this new innovative product, the managemnt of the compan y can
taget children, youths, parents and videio game lover.
SOURCES OF
FUNDS
To make this creation in the business, the administration of the
organisation can raise fund from family, friends, banks, financial
institutes etc. Apart form it, in UK, there is appreciation from national
authorities to the companies to make innovation and the firms can pay
it with nil interest rate.
BENEFITS
With the help of this new innovative product, the firm can gain various
advantages like make improvement in the brand image and maximise
the sales by offering 3D game at affordable cost to its potential clients
(Yu and et. al., 2016).
MONITORING
AND
CONTROLLING
By organising actions and activities of innovation and launch new
product, there is need of several resources for additive and launching
product and service effectively. It is crucial that administrators of
14

GAME have to determine and analyse to get favourable result. In case
of any instability, restorative actions can be devised at that instant only.
Evaluation of the different tool that company use to develop, retain and protect knowledge and
intellectual property
The organisation which form innovations, it is crucial to provide protection to them by
utilising efficacious tools and methods. As GAME is going to launch new 3D game at
marketplace so it is essential for it to assure that should contain and defend its cognition and
intellectual property (Chun and et. al., 2015). For this, the management of GAME can use
different tools and techniques, thy are mentioned as beneath:
Patent- it can be explained as a right which is formulated by the national authorities for
particular functions or devices., substances, activities and systems etc. major advantage of it is
that with the assistance of it the person who have right the of patent can prevent the creation can
the creation which is the new innovation. By utilising it, GAME cab make a patent for the 3D
game related to virtual reality which will be shipped by it at marketplace for the motive of
maximising profitability in forthcoming.
Copyright- It is another type of intellectual property rights which is offered to the person
want to this right for the innovative work or innovative idea to reproduce it in forthcoming for
constricted time framework in forthcoming time. The main motive of it is to provide protection
to the original creation which is in the sort of creativeness. With the assistance of it, GAME can
copyright its new idea of 3D game so that other organisations will not utilise its creative thought
to make the similar products.
Trademark- It can be explain as a tool which could be utilised to save a specific good or
service with the assistance of a particular design, sigh and expression that assists to form a
commodity differ from others. The respective organisation can use because it help in providing
safety to the new innovative product and service and make differ from others.
From the above information, it can be summarised that patent is an effective tool and
technique which can be used by the administration of the company and effective to protect the
unique innovation of the firm from others (Frésard, Hoberg and Phillips, 2015).
15

Evaluation of the nature of innovation and how the company can overcome the challenges to
develop successful innovations
Innovation directs to improvement and offers a products and services to community
which are effective in context of attribute and offers more fulfilment. Innovation is formed by
new thoughts and analysing present marketplace trends and upcoming time requirements of the
consumers (Greenstein, 2015)). In the procedure of creation, there are different objections are
suffered by GAME like assistance of same creation, lack of information, chances of adaption of
new product etc. To overcome these challenges, the management of the company can conduct
market and competitors analysis.
CONCLUSION
From the preceding defined data it can be concluded that innovation and
commercialisation is an effective aspect for the business of an organisation in term of devising
creation in the products which are offered by the firm to fulfil the needs and demands of its
potential clients. For the company, it is crucial because with the assistance of it the
administration of the firm can maximization in the sales of the company and getting attention of
number of target audiences of the organisation. There are numerous factors that can alleviate
activity of shaping creation and commercialization for business. During the time of shipping new
good for organisations it is important to concentrate on 4Ps of innovation. Frugal innovation and
innovation funnel are also crucial factor which should be considered by the company during the
time of innovation regarding new products. For this., it is essential that the management of the
company should follow the stages of new product improvement activity. Companies can utilise
intellectual property rights like copyright, patent and trade mark for the intention of holding and
protecting cognition.
16

REFERENCES
Books & Journals
Chun, D. and et. al., 2015. Labor union effects on innovation and commercialization
productivity: An integrated propensity score matching and two-stage data envelopment
analysis. Sustainability. 7(5). pp.5120-5138.
Frésard, L., Hoberg, G. and Phillips, G., 2015. Innovation activities and the incentives for
vertical acquisitions and integration. Social Science Research Network, working paper.
Greenstein, S., 2015. How the internet became commercial: Innovation, privatization, and the
birth of a new network. Princeton University Press.
Hossain, M. and Kauranen, I., 2016. Open innovation in SMEs: a systematic literature
review. Journal of Strategy and Management. 9(1). pp.58-73.
Hossain, M., 2015. A review of literature on open innovation in small and medium-sized
enterprises. Journal of Global Entrepreneurship Research. 5(1). p.6.
Hrdy, C.A., 2015. Commercialization Awards. Wis. L. Rev., p.13.
Kolychev, V. D. and Prokhorov, I. V., 2015. Conception, technology and methods of
development of university system of innovation projects commercialization based on
effectuation. Asian Social Science. 11(8). pp.44-51.
Kuratko, D. F. and Hoskinson, S., 2016. Technological innovation: Generating economic
results. Emerald Group Publishing.
Lemley, M. A. and Feldman, R., 2016. Patent licensing, technology transfer, and
innovation. American Economic Review, 106(5), pp.188-92.
Oskam, J., 2016. Airbnb or “networked hospitality businesses”: between innovation and
commercialization. A Research Agenda The proceedings of HONG KONG, 2016, p.2nd.
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.
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.
Schmitz, A. and et. al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management
Journal. 13(2). pp.369-395.
Shaw, E. and Hess, C., 2018. Closing the Gender Gap in Patenting, Innovation, and
Commercialization: Programs Promoting Equity and Inclusion.'
17

Westland, J.C., 2016. Global innovation management. Macmillan International Higher
Education.
Yu, Y. and et. al., 2016. Improving the performance of formamidinium and cesium lead triiodide
perovskite solar cells using lead thiocyanate additives. ChemSusChem. 9(23). pp.3288-
3297.\
Online
NEW PRODUCT DEVELOPMENT PROCESS. 2019. [Online]. Available Through:
<https://marketing-insider.eu/new-product-development-process/>.
Innovation Funnel. 2019. [Online]. Available Through:
<https://www.toolshero.com/innovation/innovation-funnel/>.
18