Analysis of Innovation and Commercialization

The provided assignment is a compilation of research papers and articles on the topic of innovation and commercialization. It includes studies on market orientation, patent-based investment funds, microfluidic point-of-care diagnostic devices, open innovation, and regional innovation policy failure. The documents also touch upon topics such as ambidexterity, absorptive capacity, new product development capabilities, and scale-up nation. The analysis aims to provide insights into the factors that contribute to business success through innovation and commercialization.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Significance of innovation within an Organisation and its comparison with invention.......1
P2: Role of organisations culture, mission, vision and team in innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3: 4P's of innovation and contribution of innovation funnel in generation of innovative ideas
.....................................................................................................................................................4
P4: Developments within Frugal Innovation..............................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and role of New Product Development in innovation
and commercialisation................................................................................................................6
P6 Innovative business case for an organisation with options for funding................................7
TASK 4............................................................................................................................................8
P7 Different tools which used to develop, retain and protect intellectual property rights..........8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is necessary in current scenario for the purpose of retaining a market position
and competitiveness within the market place. It is therefore very crucial that right kind of
strategies are being followed by companies in order to maximse the level of innovation within
the organisation and at the same time increasing the level of profotability as well as sales of
company going forward. It is thus very crucial that various techniques of innovation are followed
by the company and its management to overcome the issues lack of innovation within company's
products as well as services (Serna, Guzman and Castro, 2013). OAK Cash and Carry, little
estimated organization of United Kingdom which bargains in offering wide assortment of basic
need items is decided to prepare this task report. Significance of advancement and its correlation
with creation are examined under this report. The venture likewise incorporates the part of
mission, vision and group in usage of advancement alongside the 4P's of development. Every
single outstanding perspective are additionally abridged under this report with the setting of
OAK Cash and Carry. Hence, The current report will have a detailed discussion on the various
tools and technologies that are being used for the purpose of mainitaing innovative environment
within the company.
TASK 1
P1: Significance of innovation within an Organisation and its comparison with invention
Innovation: It is such a training which is performed to increase the value of the
something existing in an association with a goal of satisfying the necessities and prerequisites of
focused clients. It requires to get assistance from the specialists and experienced experts keeping
in mind the end goal to get advantageous changes the business structure in order to accomplish
efficiency and gainfulness. Along these lines, same can be trailed by OAK Cash and Carry with a
specific end goal to grow its business activities to a substantial scale which brings about
expanding incomes and benefits (Hutchins and Muller, 2012). In this manner, it is basically
required to propel workers to get new and imaginative thoughts execution of business tasks in
more compelling and productive way. For instance, selection of imaginative advances in
assembling process help in limiting the wastage of assets and deliver ideal quality items.
Moreover with this, there are loads of advantages which can be gotten by OAK Cash and Carry
through embracing development some of which are as per the following:
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Competitive advantage: Every association independent of the size whether little, medium or
huge needs to extend its business crosswise over around the world. Along these lines, it can be
conceivable through rolling out improvements in pre-arranged changes and choices. It is more
imperative to little measured business, for example, OAK Cash and Carry which are worked at
little scale because of which now and then because of high rivalries their reality may comes in
peril along these lines getting development existing items for instance including requested
highlights in existing items will help particle separating items than their opponents and
accomplishing upper hand also (Gredel, Kramer and Bend, 2012).
Applications of best possible methods: Reception of development in business structure isn't
simple errand because of which gifted and knowledgable workers are required for effectively
execution. In this way, if an association has officially accomplished productive representatives
who are more proficient to actualize thoughts into activities will expands the odds of getting
gainful results to organization in not so distant future (Carayannis and Campbell, 2012).
Difference between Invention as well as innovation
Development and innovation are two distinct angles which are required to be considered
by each association if need to accomplish upper hand to manage in advertise for longer
timeframe. Development implies change of existing into a successful one in order to fulfill the
premium and purchasing conduct of clients while innovation implies bringing something new
into showcase which are not prior presented. Such both idea conveys positive results to
organization. Yet, there are a few contrasts among two which are given as underneath:
Innovation Invention
It is a procedure of improving the benefit of
existing items into viable and imaginative with
the reason for holding steadfast clients.
It implies presenting or propelling something
new which can't be propelled before. Such
development ought to be taken to meet current
patterns.
Its primary point is to hold faithful clients
when contrasted with previously.
Its principle objective is to draw in new clients
to make them faithful.
For a delineation, refresh advancements
utilized as a part of assembling procedure of
basic need things (Chin, Linder and Sia, 2012).
For instance, presenting new basic need thing
in market to Compete with rivals.
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P2: Role of organisations culture, mission, vision and team in innovation and commercialisation
The idea of advancement is wide in this manner can be influenced by different elements
existing inside and outside of an association. Such factors incorporates administration, vision,
collaboration and culture which gives enormous commitment in selection of advancement. It can
be additionally talked about under the accompanying:
Initiative and Innovation: Leaders are the person who has a capacity to complete work from
others through giving inspiration and legitimate direction. It energizes representatives of OAK
Cash and Carry to bring some new and imaginative thoughts so as to execute business works in
more viable and effective way. It should be possible through receiving different methodologies
and styles of administration in an association.
Association culture and Innovation: Every association has receive distinctive culture keeping in
mind the end goal to keep up solid condition at work environment which brings inspiration
among representatives of OAK Cash and Carry to think uninhibitedly and grow new thoughts
and ideas. It will assist workers with facing issues and difficulties which comes during the time
spent finishing business exercises because of which they have to discover ideal answer for
resolve such issues in a powerful and productive way.
Innovation and cooperation: Here, pioneers of OAK Cash and Carry assume an essential part in
propelling representatives to work in a group in order to get most extreme conceivable outcome.
It can be conceivable when the administrators can keep up sound connection with their
representatives and bolster them in each progression of executing business exercises. Offering
opportunity to colleagues to take choice exclusively extend the reasoning level because of which
new and inventive thoughts can be effortlessly created (Rubera, Chandrasekaran and Ordanini,
2016).
Vision and Innovation: The statement of purpose demonstrated that where an association sees
itself in future. Every one of the endeavors made by administration and representatives are given
to accomplish organization's vision inside restricted timeframe. In this manner, the
administration anticipated from their representatives to bring out new thoughts and techniques
keeping in mind the end goal to get productivity their work. They can accomplish its central goal
just with the assistance of getting development their business structure.
These all are such factors which have an effect on the advancement consequently should
be considered by the administration before taking choice of executing development in business
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structure. Alongside this, there are different components too which influence the idea of
development, for example, alteration done in the element of items, changing in existing
advancements and so on. In this manner, OAK Cash and Carry can make development and
progress in focused market just when they have a compelling administration which are more fit
to effectively embrace such advancement (Datta, 2012).
TASK 2
P3: 4P's of innovation and contribution of innovation funnel in generation of innovative ideas
4P's of innovation:
Process development: It is connected with advancement which happens during the time spent
execution of business exercises with the reason for augmenting the nature of work. As OAK
Cash and Carry is retail association along these lines handling of giving items to the clients
should required to be enhanced. Product Innovation: Such development is connected with item which are offered by
OAK Cash and Carry with the reason for expanding estimation of the items through
enhancing the current basic supply things. This will help organization in expanding deals
and also income because of which the odds of extension of business are more. Position Innovation: Such advancement is connected with the brand position which are
at present accomplished in advertise condition because of which the clients can without
much of a stretch pulls in towards the organization's items and administrations. OAK
Cash and Carry may required to give endeavors in building solid position in showcase.
This can be conceivable when the organization arranged some slogan and logo keeping in
mind the end goal to distinguished by their clients in showcase (Brown, Gregson and
Mason, 2016). Paradigm Innovation: It incorporates the way toward setting up business structure of
association with a target of giving full opportunity to their workers to think unreservedly
and convey out new plans to make organization more steady in aggressive condition. In
this manner, solid workplace should required to be kept up at working environment.
The Innovation Funnel
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It alludes to the channel which guides administration to improve the incentive to items
through including some important highlights existing items as per the requirements and
inclinations of clients.
It incorporates the three noteworthy advances which are as per the following:
Wide of mouth: This means incorporates the thought which are produced by the administration
through utilizing data gathered from examine. Such data incorporates contenders, systems,
purchasing conduct and impression of clients, working conduct of representatives and so on
which are required to be considered while creating thoughts (Parida, Westerberg and
Frishammar, 2012).
Choice of thought: In this progression, the productive thought will be chosen among vast
number of thoughts because of which the odds of choosing wagers thought will be more. It
should be possible in the wake of dissecting the viability of chose thoughts while executed in not
so distant future.
Execution of thought: In this last advance, chose thought are actualized in the wake of review
every above advance and assessment of market circumstances.
P4: Developments within Frugal Innovation
Frugal Innovation: It alludes to a routine with regards to dispensing with undesirable
highlights from the current items which are not for the most part favored by clients. According to
this idea, the administration need to first break down the element which confine the intrigue and
purchasing conduct of clients and as needs be immediate creation division to evacuate such
trivial highlights and including them requested highlights in substitution so as to draw in
substantial number of clients. This will build deals and income of organization because of which
the organization can ready to achieve solid brand picture in aggressive market. Because of this,
the odds of development of business will be more which is primary goal of an association.
Because of this, there are bunches of advantages the organization can accomplish upper hand
which are given as beneath:
Limiting the generation cost: As clearly expelling superfluous highlights from the current items
will help in diminishing expense of creation because of which the organization have a chance to
put sparing sum in including profitable highlights in existing items.
Improvement of new element: As end of undesirable highlights from existing items spares cost
because of which the administration should choose to actualize new component with a rationale
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of drawing in extensive number of clients of United Kingdom. This will help in expanding the
income of organization and ready to hold faithful clients for longer timeframe (Varga , 2013).
TASK 3
P5: Importance of commercial funnel and role of New Product Development in innovation and
commercialisation
Commercial Funnel: This would mean changing the overall process of changing ther
mindsets of individual customers towards the purchasing of certain products as well as services
of OAK cash and carry. Thusly, it is basic for administration to direct research through which the
necessities and inclinations of clients are effortlessly distinguished (Nahm and Steinfeld, 2014).
Because of this, the administration are in such a position where they recognize what changes
should be executed in existing items in order to impact the client's psyche and purchasing
conduct. It will help organization in achieving solid brand position in showcase which can
without much of a stretch pulls in vast number of customers.
Importance of Commercial Funnel:
The idea of business pipe guides the administration to build up their items as indicated by the
necessities and prerequisites of focused clients which bring about bringing following focal
points:
Enhancing quality: to control mind of clients, it is basic for OAK Cash and Carry to upgrade the
nature of items through increasing the value of the current items. This will help organization in
contending with their adversaries in a successful and effective way.
Diminishment of Losses: Increasing income from the created items help in recuperating
misfortunes that may looked by organization in a years ago. This will keep up stable money
related position of OAK Cash and Carry in focused market (Lowe and Marriott, 2012).
Change in Goodwill: Making new and creative changes in existing items and administrations
help an association in building picture and generosity in aggressive market because of which the
clients can without much of a stretch pulled in towards the organization's items.
The New product development Process:
For the purpose of effectively launching a new product within a comeercial market, a
product has to go through a particular process. OAK Cash and Carry follows this process for the
purpose of effective development of these products, the process of NPD is discussed as follows:
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Generation of New Idea: In this stage, new thoughts has been created with a specific end goal to
fabricate quality item in order to expand the fulfillment level of clients.
Idea Screening: In this, the administration pick the best thoughts based on their manageability
and overall revenue got by them in not so distant future (Tran, 2012).
Concept testing:In this, thoughts related data should required to be speak with representatives
keeping in mind the end goal to execute them in a fitting way.
Business analysis or feasibility:At this stage, the administration legitimately assess the adequacy
of new items that will come into advertise in not so distant future.
Product Development: Under this, execution of apparatuses and procedures utilized as a part of
creation process keeping in mind the end goal to deliver quality items.
Test Marketing: Under this, A test of the market is done by launching products, this is done so
that a proper analysis of the market can be done in an effective as well as efficient manner.
Commercialisation:Under this stage, data and advantages of new items are spread into advertise
to accomplish new customers.This is the last stage where the above advances ate deliberately
examined and checked on after which official choice ought to be taken.
P6 Innovative business case for an organisation with options for funding
It is extremely critical for each association to put forth their business defense in an
imaginative way since then just it will be useful for the organizations to lead their activities in
more fitting way. Through this case, the normal deals and benefits of the organization will
likewise be determined. OAK Cash and Carry can likewise make utilization of this method to
assemble more clients towards themselves and accomplish a gainful circumstance in the
commercial center too. The means which will be canvassed in the business case are as per the
following:-
Executive Summary: The association Oak money and convey is essentially giving money and
convey administrations and they are likewise offering extensive variety of administrations to the
retailers, cooks, workplaces and so forth. They are working in United Kingdom since quite a
while and are giving their administrations successfully also (Hung and Chou, 2013).
Objectives: Their principle objective is to develop their administrations in more compelling way
so the customers which are associated with them get happy with the items and administrations
being gotten from the organization. It is trusted that the organization is extremely keen in doing
their tasks and that is the reason they have come so far.
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Solutions: In this, the administration of Oak money and convey should attempt to decrease every
one of the issues which are coming in their direction when they will embrace ventures to build
up the items and administrations of the organization in a creative way.
Research of Customers: It is an exceptionally important process which help the organization in
giving comparative items to their buyers.
Development and design of plans: This is where the entire structure of arranging is composed
and it is vital in light of the fact that after this exclusive every one of the exercises will be led in
best way (Herstad and Brekke, 2012).
Requirement of Capital: This is additionally an extremely vital advance as through this
exclusive organization will have the capacity to comprehend the need of capital in the
organization and once it is resolved then the organization will have the capacity to make
utilization of it in directing every one of the tasks in a legitimate way.
Expected Benefit: It is essential for the association to realize that whether the advancement
which is being done is viable or not.
TASK 4
P7 Different tools which used to develop, retain and protect intellectual property rights
Licensed innovation rights can be characterized as those sort of rights which are being
utilized by the organization to spare the inventive and imaginative work done by the general
population or an affiliation. Through this, it is ensured that the work isn't duplicated by someone
else. The work can be in any shape, for example, picture, craftsmanship , name and so forth. This
is an exceptionally successful advance which is important to be trailed by each organization.
These rights are given as takes after :-
Trademarks: These are assigned to certain products and it gives a different identity to those
products from their competitors.
Copyrights: It is likewise another viable instrument in which consent has been by one
organization to another for utilizing its name to increase deals figure and solid brand name.
Patents: It is a successful apparatus which the organization can secure its development with the
goal that it can't be spilled to outside gatherings ( Shah and Tripsas, 2016).
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CONCLUSION
Thus from the above discussion it can be said that right kind of innovation techniques
shall be followed by the management of company in a way that will enable a company to
compete effectively and to grow and prosper in an effective as well as efficient way. Innovation
in goods and services is the need of the hour to maintain market share as well as profitability of
company over longer period of time.
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REFERENCES
Books and Journals
Serna, M.D.C.M., Guzman, G.M. and Castro, S.Y.P., 2013. The Relationship between Market
Orientation and Innovation in Mexican Manufacturing SME's. Advances in
Management and Applied Economics. 3(5). p.125.
Hutchins, N. and Muller, A., 2012. Beyond stage-gate: restoring learning and adaptability to
commercialization. Strategy & Leadership. 40(3). pp.30-35.
Gredel, D., Kramer, M. and Bend, B., 2012. Patent-based investment funds as innovation
intermediaries for SMEs: In-depth analysis of reciprocal interactions, motives and
fallacies. Technovation. 32(9-10). pp.536-549.
Carayannis, E.G. and Campbell, D.F., 2012. Mode 3 knowledge production in quadruple helix
innovation systems. In Mode 3 Knowledge Production in Quadruple Helix Innovation
Systems (pp. 1-63). Springer, New York, NY.
Chin, C.D., Linder, V. and Sia, S.K., 2012. Commercialization of microfluidic point-of-care
diagnostic devices. Lab on a Chip. 12(12). pp.2118-2134.
Rubera, G., Chandrasekaran, D. and Ordanini, A., 2016. Open innovation, product portfolio
innovativeness and firm performance: the dual role of new product development
capabilities. Journal of the Academy of Marketing Science. 44(2). pp.166-184.
Datta, A., 2012. Combining networks, ambidexterity and absorptive capacity to explain
commercialization of innovations: a theoretical model from review and extension.
Brown, R., Gregson, G. and Mason, C., 2016. A post-mortem of regional innovation policy
failure: Scotland's Intermediate Technology Initiative (ITI). Regional Studies. 50(7).
pp.1260-1272.
Parida, V., Westerberg, M. and Frishammar, J., 2012. Inbound open innovation activities in high‐
tech SMEs: the impact on innovation performance. Journal of small business
management. 50(2). pp.283-309.
Varga, A., 2013. Universities in Local Innovation. Regional Innovation And Global, p.139.
Tran, S., 2012. Expediting innovation. Harv. Envtl. L. Rev.. 36. p.123.
Lowe, R. and Marriott, S., 2012. Enterprise: Entrepreneurship and Innovation: Skills and
Resources for Entrepreneurship and Innovation. Routledge.
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Nahm, J. and Steinfeld, E.S., 2014. Scale-up nation: China’s specialization in innovative
manufacturing. World Development. 54. pp.288-300.
Herstad, S. and Brekke, T., 2012. Globalization, modes of innovation and regional knowledge
diffusion infrastructures. European Planning Studies. 20(10). pp.1603-1625.
Shah, S. and Tripsas, M., 2016. When do user innovators start firms? A theory of user
entrepreneurship. Revolutionizing innovation: Users, communities and open innovation,
pp.285-307.
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