Analysis of Innovation and Commercialization

This assignment requires students to analyze and understand the concept of innovation and its role in business success. They need to explore different articles on innovation and entrepreneurship, including references to academic journals and books. The goal is to comprehend how businesses can foster innovation and commercialize their ideas effectively.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation along with its importance to organisation as compared with invention..............1
P2 Organisational vision, leadership, culture and teamwork for shaping innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explaining 4P's of innovation and use of innovative funnel..................................................4
P4 Concept of frugal innovation and its use in organisational context.......................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of New product development.................6
P6 Business case.........................................................................................................................7
TASK 4............................................................................................................................................8
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property.......................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is a chance that is used to make improvements in the existing or making a
entirely fresh products that can add value to commodities (What is innovation and how can
businesses foster it, 2017). Most of the companies adopt innovation for having successful growth
in business operations. Company that is taking in this assignment is THIRDWAY which is a
interior designing company in United kingdom. In this report, the topics on which it will majorly
focus are innovation and its importance to organisations in comparison with invention. Other
than this, company's vision, leadership, culture and team work for shaping innovation and
commercialisation is mentioned in this assignment (Aarikka-Stenroos and Sandberg, 2012).
Along with this, 4Ps of innovation are explained with the use of innovation funnel in order to
shape innovative ideas is included in this report. Lastly, different tools and its usage for retaining
and protecting knowledge and intellectual property is mentioned.
TASK 1
P1 Innovation along with its importance to organisation as compared with invention
Innovation is a procedure that is used by most of the companies in increasing their market
shares and value through any kind of products. For this, they uses different type of tools and
technologies. If an organisation wants to increase and improve their market shares than they
adopt the concept of innovation as it enhances their brand image. Innovation is done in existing
or any new products in such a manner that it can attract more and more customers towards their
organisation as a result it will improve their sales and profitability. In context with THIRDWAY,
they are using innovative techniques for providing best services in terms of interior designing to
its clients. For this, they are hiring technicians who can perform their activities in a better way.
Other than this, company is using innovating technologies for promoting their activities
by launching an application, they are also using these technologies for designing and decorate
interiors of its clients. This is assisting them in generating a large number of funds for their
business operations (Bogers and West, 2012).
Inventions is not a new concept anything that happens all of a sudden or something which
takes a long time to be discovered. For creating new things a person must be very good and
should have scientific and technical background. For example: Thomas Elva Edison who
invented light bulb. Further difference between innovation and invention are stated below:
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Innovation Invention
Meaning Innovation is considered as a
process in which a thought is
transformed into procedure so as
to make a final products.
The ideas of creating a products
comes for the first time and than it
articulated for converting that into
reality. Further a detailed steps are
made so that all the task are done in
a systematic manner.
Ability Needed For making innovation an
individual must have skills that
are related to management as it
will assist them in controlling the
entire procedure of product
development.
The person who are involved in
invention must have scientific skills
so that all the technical activities can
be handled in a better manner.
Effect on company If the firm is not growing in
relation to business operations
that they can adopt innovation
through which enterprise can
make certain changes in their
products as it will assist them in
improving its sales and
profitability and help them in
sustaining a better position at
market area.
For making invention is not easy as
it is costly as compared to
innovation. If proper process is done
than it will help them in improving
brand image in front of its
customers.
Activities For getting effective results and
that to be right on time company
distribute the entire task to
different departments according
to their capabilities and caliber.
As compared to innovation,
activities are performed by skilled
and experience person who have
excellent knowledge about scientific
and technical skills. As a result the
products that are manufactured are
best in quality without any flaws
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(Chun and et. al., 2015).
Importance of Innovation for the workers, in context with THIRDWAY:
For employees who are working in the company are provided with training so that they
can be perfect in the same, for this, firm are using innovative technologies. By implementing
innovation THIRWAY is assisting employees in upgrading creative minds which is very helpful
for the organisation as their entire task of interior designing is based on creativity. Along with
this, it is improving knowledge of workers and its is enabling them using two different thoughts
in collaboration for making a perfect plan (Cui and Wu, 2016).
Importance of Innovation in Business organisation:
In order to increase their sale and profitability it is essential that company do innovation
in a better manner so that they can attain the goals and objectives in an appropriate manner. If
innovation is applied effectively than it will assist companies in improving their brand image.
Therefore, company must do innovation in order to fulfil the demands and wants of consumers as
it will help firm in achieving maximum benefits.
Henceforth, in context with THIRDWAY, they are using effective process of innovation
and invention so as to operation their business in a better manner. It is enabling them in
providing desired design to its end customers.
P2 Organisational vision, leadership, culture and teamwork for shaping innovation and
commercialisation
There are numerous ways through company can implement innovation and
commercialisation in an organisation. Thus, with the help of senior management THIRDWAY is
identifying their vision and mission and based on this they are performing their innovation
practice (Cunningham and Porter, 2011). Therefore, superiors are incorporating and focussing
on innovative approaches ion order to sustain in the market for a longer period of time. Different
factors that are influencing innovation are explained below so as to understand the motive of
business operations performed by THIRDWAY.
Vision: Company's main vision is to design and function effortlessly by using latest
technologies so that they can make empty space more effective. They are working for changing
things for better future. Therefore, it is having a direct impact on business operations so, vision
should be achievable so that they can encourage and motivates employees.
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Leadership: Leadership is a important factor that must be incorporated by an individual
as it helps a person in using innovative approaches for getting effective results and outcomes
(Dahlander and Gann, 2010). They lead their team in such a manner that its team member can
work effectively in order to attain their set targets and goals in speculated time frame. In context
with THIRDWAY, leaders of this company is providing proper training that are related to
learning modern technologies for using them in getting better results.
Teamwork: It is a prime source through which company can attain their set targets and
objectives right on time. In a team it includes people who are of same mentality and shares same
perspective regarding any things. This help them in giving appropriate guidelines in order to
accomplish the goals and objectives. Great team will generate more and more innovative ideas
which they can implement in their business operations.
Culture: This is a crucial factor that plays an important role in supporting and
encouraging innovation. Therefore, whatever work a company does are emphasized on the
practice and experiment firm do. If enterprise manages to maintain a cultural environment at
workplace than it will help employees in sharing equal mutual understanding between workers
thus, inflow of idea will be there (Dutta and Hora, 2017).
TASK 2
P3 Explaining 4P's of innovation and use of innovative funnel
4Ps of innovation is a tool that is used by most of the companies in order to analyse
success of innovation in a better manner. This model was first propounded by John Bessant and
Joe Tidd and this has enabled them in classified innovation in different categories. Further 4Ps
are explained in for having a better understanding.
Product innovation: This concept is majorly focus on different kind of approaches and
revolve around introducing new and innovative products or discovery alternatives for their
existing commodities. THIRDWAY, is implementing new ideas for creating a new tool which
will enable them in making and improvising changes for interior designing. Along with this, they
are incorporating various software for performing the entire procedure in a better manner
(Edquist, 2010).
Process Innovation: In this steps are included through which commodities are
manufactures so that it can be delivered to its end customers right on time. There is a possibility
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that company need to change the process of innovation if it is not providing them appropriate
results. Therefore, in terms of THIRDWAY they are using automation approach for giving its
workers a healthy environment where they can use creative minds.
Position innovation: This kind of innovation is used so as re-position any product that is
not adding value to its company in terms of sale and profitability. In this company make some
modification in their products by looking at the drawback so that it can be made better form the
preceding one. THIRDWAY, is helping its clients by providing them great interior designs for
décor in their offices and home as well (Eesley, Hsu and Roberts, 2014).
Paradigm innovation: It is not mandatory that every model that are made will give them
effective results. So, it is important that they make strategies and plan of action flexible so that it
can be changed according to the current market situation and circumstances. In this technology
has played a crucial role because with the change in course of time and with the changing trends
it has made it quite difficult for companies to go along with current situations.
Concept of innovation funnel:
Innovation funnel is determined by an organisation when they want to develop any
product and procedure. It is a kind of refinery system through which an idea travels and most
effective thought is chosen so that it can give effective results. Further steps it is classified into
three steps that are explained below:
 Step one: It is the beginning of the funnel in which possible ideas or thoughts are
undertaken so that it can further moved towards the second step. Thus, it is basic step in
under which all the related information are gathered so that company can make
appropriate strategies in return (Gaddy and et. al., 2017).
 Second step: In this funnel gets more narrowed as compare to previous steps. Further
screening is done and it helps firm in eliminating unnecessary steps or ideas which cannot
provide maximum benefits.
 Third Step: It is the last segment of funnel in which company gets the ideal and potential
ideas which can be used for attaining desired goals and objectives. Under this, best
feasible thought is being chosen that can give better outcomes and results.
P4 Concept of frugal innovation and its use in organisational context
Frugal innovation is a concept that is used if any company have limited amount of
resources as this will enable them in using available resources in an effective manner (Goble,
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Bercovitz and Feldman, 2017). Innovation is formulated in order to fulfil the demands and desire
of customers as it incorporates the most efficient and medium of production. Thus, it assist
companies in manufacturing goods in limited cost price because of which it can be sold to its
customers at reasonable rates. Through this model company produce commodities even more
faster as a result it is assisting them in gaining better position at market area.
In context with humans, frugal innovation has helped company in manufacturing goods
in a better manner as firms are using new technologies for the same. Therefore, in terms of
THIRDWAY, they are using frugal innovation with the motive of lowering down price and so
that every individual can avail their services and facilities. Through frugal innovation company
has enabled themselves in carrying out their functions by using basic features through which they
can fulfil desired goals and objectives. Frugal innovation helps them in eliminating those
activities which is not required in context with business operations. At the end it can be
evaluated that frugal innovation assist firm in using various resources for their different task so
that they can achieve business objectives in speculated time frame (Henttonen and et. al., 2017) .
TASK 3
P5 Importance of commercial funnel and application of New product development
Commercial funnel is undertaken in order to know the purchasing process of customers
so that company can have an idea about products and services consumers wants to avail. In This
commercialisation largely focus on introducing new commodities to market area by making
implementing innovative ideas. It will enable company in providing services to large number of
people. Further the step of commercialisation can be segmented in different steps so that
products can be manufactured according to choices and preferences (Khan and et. al., 2017) .
This includes steps like production, marketing, supply and delivering of commodities and many
more. If a company wants to launch their product than it is important that they make suitable
marketing plan through which they can execute their activity in a better manner. Other than this,
department of sales plays an important role in providing customers with their commodities for
this company take feedbacks so as to aware what kind of commodities are required by customers.
To increase their sales it is crucial that firm incorporate effective tools for marketing purpose as
it will help them in reaching to maximum number of people. For developing a products it goes
through certain steps that are explained below:
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Idea generation: This is the basic step in which an individual take initiative and talks
with various consultancy firms in order to formulate a rough sketch of through that was
generated (Lim and et. al., 2017).
Idea screening: Under this, idea that was generated are evaluated so that it can be make
out whether it will give them profitability or not. This will assist them in running their business
in a better manner by making plans considering future aspects.
Concept testing: Further in this, concept is tested so as to make use of available resources
that are present in with the company.
Business analytical: This step mainly aims on conducting various assessment through
which superiors can have an idea whether the idea that was generated will give appropriate
results or not.
Commercialisation: This is the step in which company launched their products for public
in limited area. As a result it will give company with an idea whether commodity will sustain in
the market for a longer period of time (Mamo and et. al., 2017).
Product development: If preceding steps fails and firm doesn't get appropriate results
than they can make modifications in their products. As a result it will help them in adding value
to the product.
P6 Business case
It is important that company make changes according to the change in course of time and
must implemented different kind of tools in their business operations as it will help them in
sustaining a better position at market area. In context with THIRDWAY, they are using latest
technologies for making innovative designs through which they can influence their clients. For
this to be happened, firm is making a business case for the same (Schmitz and et. al., 2017).
Executive Summary THIRDWAY is a company that provides with the service of interior
designing to its clients in United Kingdom whether for office or home.
For their employees they are providing healthy environment who can
think of all the needs and wants to customers according to the current
trends.
Need Innovation plays a crucial role as it enable company in developing
designs that are unique in nature. For this THIRDWAY has developed
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as software, through which with the help of virtual reality they can
create a effective design in just quick time.
Solution Therefore, it is providing better results and helping enterprise in
fulfilling need and wants of customers in speculated time frame.
Consumer Analysis It has been evaluated that customers are happy with the services that are
provided by this company as they are working according to the current
trends that is going in the market area.
Creation and
Improvement
The idea of developing new tool needs communication process so that
they can concern various parties. It will assist them in executing the
plans in a better manner.
Acquisition of funds As company is a small business, it becomes quite difficult for them to
implementing new and latest technologies for better outcomes. They are
taking loans from primary sources in exchange of security.
Benefits availed Its customers can avail the services and facilities through online process
that company has created in order to increase their sales and
profitability (Shakeel, Takala and Zhu, 2017).
TASK 4
P7 Evaluation of different tools which are utilised by business in preserving intellectual property
Intellectual property are very crucial and it plays a crucial role in business operations as it
assist companies in establishing its firm apart from its rival firms. Further protection of these
intellectual property is must as it prevents others from capturing the same. Along with this, it
enable company in operating business effectively. Some of the major tools that are used for
presentation of intellectual property are mentioned below:
Trademark: It is considered as mark that is used in the form of brand or logo so that
customers can identify the respective products. For this most of the companies uses catchy tag
line which can attract customers in large number. Therefore, it is incorporated by firms for
protecting their brand from unauthorised personality or companies (Sheep, Fairhurst, and
Khazanchi, 2017).
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Copyright: It is mainly regulated by regulatory bodies of United Kingdom in order to
protect products from others. This is mainly used by authors who wants to publish their books or
journals in order to keep their stuff original. As a result it aims in protecting creativity, time and
efforts given by an individual.
Patent: It is a kind of right that offered to investor which they can use so as to sell their
creation to others. But this can be done for 5 to 10 years (Shi and et. al., 2017).
CONCLUSION
From the above report it has been evaluated that, innovation is very necessary for gaining
superior position at market area. This helps them in making their products unique from others
and for this they make use of various approaches that are present and according to the current
trends. Through innovation most of the companies carry out their procedure of creating a new
products and implementing different approaches and strategies.
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REFERENCES
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Mamo, T. and et. al., 2017. Analysis of wheat commercialization in Ethiopia: The case of
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Schmitz, A. and et. al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management Journal.
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Shakeel, S. R., Takala, J. and Zhu, L. D., 2017. Commercialization of renewable energy
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Sheep, M. L., Fairhurst, G. T. and Khazanchi, S., 2017. Knots in the discourse of innovation:
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Shi, T. and et. al., 2017. Effects of organic cations on the defect physics of tin halide perovskites.
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Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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