Innovation and Commercialisation

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
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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
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