Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance in comparison to invention...................................................1
P2. Explaining about how organisational culture, vision, teamwork addition to leadership can
shape aspects of innovation and commercialisation....................................................................3
TASK 2............................................................................................................................................5
P3. Explanation of 4P's of innovation along with innovation funnel usage for examining as
well as shaping innovative ideas..................................................................................................5
P4. Explanation regarding development of frugal innovation and examples about its usage in
context to organisation.................................................................................................................6
PART 2............................................................................................................................................7
TASK 3............................................................................................................................................7
P5. Explanation about importance of commercial funnel together with application of NPD
processing to commercialise innovation......................................................................................7
P6. Building Innovation business case for the business..............................................................9
TASK 4..........................................................................................................................................10
P7. Evaluation of various tools which can be use by companies for purpose of developing,
retaining and protecting diverse knowledge with intellectual property. ...................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In dynamic era, innovation and commercial are important concepts that helps in
exploiting new ideas for improving existing products and bringing them in the market.
Innovation is mentioned as procedure which assists in improving existing products with new
ideas, technologies which improves productivity (Ajagbe and et.al., 2015). However,
commercialisation is about introducing total new commodity or method of production to make it
available in determined market. To gain information about innovation and commercialisation,
Bigbelly company is selected that provides smart wastage as well as recycling solutions. It was
founded in 2003 to provide public platform for delivering aspects to manage waste and host
infrastructure for communications.
In context to the present report, it is prepared in two parts. The first part demonstrates
about innovation along with difference among innovation and invention, different innovation
types, ways in which vision, leadership, teamwork can shape ideas of innovation and 4P's of
innovation. It also covers frugal innovation development and innovation funnel application in
organisation. The second part includes commercial funnel importance, NPD processing to
commercialise innovation, business case and wide types of tools used for developing, retaining
and protecting organisational knowledge with intellectual property.
PART 1
TASK 1
P1. Innovation and its importance in comparison to invention.
Concept of innovation is all about creating effective ideas, processes together with
commodities. In context to a business, it means creating dynamic products, implementing new
ideas and improving services. Moreover, innovation acts as catalysts which assist in growth and
adapting market place (Baraldi, Ingemansson and Launberg, 2014) . For instance, Bigbelly
Company provides smart waste along with recycling solutions in context to public spaces.
Presently, customers have demand for solution which have potentials to turn food wastage scrap
into renewable fuels and green energy. After analysing the demand, organisational innovation
department have planed to innovate current recycling solutions towards smart solution that is
Firf. The smart solution will turn entire food wastage scrap into effective and renewable fuel
that consumers can even use in natural gas appliances. Firf is the new innovation which will
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break all the food wastage substances for making methane gas that is generally used in hot water
heaters, furnaces and so on. Certain importance of innovation to the company are the followings:
 Innovation is important to Bigbelly company as it provides sustainability to company
and assist in making continual improvements that enhance creativity and productivity
through adopting new effective techniques. With this, managers gain insights for
unproductive things and eliminate them easily to achieve objectives (Do and et.al.,
2015).
 Innovation also assist in understanding what exists now and what will pop up in
upcoming duration. With this, organisations grabs opportunities to respond towards
trends addition to competition to stay ahead against rivals.
Invention is powerful tool which enables to deliver profound or new procedure, things,
solid system and composition that are not yet presented or used by others. It generally increases
business engagement, rapid growth together with competitiveness that assist to flourish in
existing disruption age (Evers, Cunningham and Hoholm, 2014). In case with Bigbelly
Company, it creates invention by making new solutions that manages wastage and recycle it for
the clients in first time. There are various methods through which organisational innovation
team creates inventions. Following are some of the importance of invention for the leading waste
management and recycling solution:
 Invention is also important to firms as it enhances customer base together with
organisational shares in the market by introducing new solution or developmental
procedure for making unique image within targetted customers in market.
 In Bigbelly Company, invention is important for shaping entire practices through
adopting ideas which are never utilised in previously and this helps in generating
satisfactory outcomes.
Comparison of innovation to that with invention
Basis of comparison Innovation Invention
Meaning Innovation refers to making
some changes in current
activities, procedures or
products by using diverse
activities (Huang, Farrukh and
Invention refers to new
imagination, creative thought
and idea that are yet not used
or produced by others. It is
seen as executing better and
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