Innovation and Commercialisation

This document discusses the importance of innovation in comparison to invention and how organizational culture, vision, teamwork, and leadership shape innovation and commercialization. It also explores the 4P's of innovation and the usage of the innovation funnel. Additionally, it explains the concept of frugal innovation and provides examples of its usage in the context of Bigbelly Company.

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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Shi, 2018). Moreover, it is the
concept that turns existing ideas
into new values that provides
sustainable profits to
companies.
new solutions which meets
unarticulated needs and
current requirements of
market.
Importance With innovation, Bigbelly
company understands existing
opportunities and upcoming
trends, solve problems easily,
market the business, makes
continual improvements, beat
competitors and enhance
productivity.
Invention is significant for the
company as with this
something new is created that
increase customer base along
with shapes entire practices
(Ireland and Gorod, 2016).
Occurrence Innovation occurs when a need
is felt to improve existing
product that meets
unarticulated demands of
market.
Invention occurs when some
new ideas or concepts strike
among managers of company.
P2. Explaining about how organisational culture, vision, teamwork addition to leadership can
shape aspects of innovation and commercialisation.
In present era, it is essential for businesses to shape innovation and commercialisation
(Kedron and Bagchi-Sen, 2017). With these concepts, Bigbelly Company provides modified
recycling and wastage solutions to mass public spaces. Following is the explanation about
different ways wherein vision, culture, leadership and team work shapes both concepts:
Organisational vision: Vision of Bigbelly company is of transforming the limited
efficient together with resource intensive sectors into smarter and effective sectors. For this,
innovation department is innovating current recycling solutions into a smarter solution of Firf
that will transform food scraps towards green energy. Organisational administrators of Big Belly
Company communicates the vision will entire workforce in order to bring forth diverse ideas and
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viewpoints to initiate new solutions and apply them in delivery process to cater solutions. With
the generation of diverse ideas and implementation of it in the processes will results in shaping
innovation with commercialisation with it.
Leadership: Art of motivating and influencing people for executing performance
towards attaining common objectives is defined as leadership (Khan and et.al., 2014). In
Bigbelly company, leaders adopts transformational leadership style in which all the staff
members are encouraged and inspired for creating changes in various practices that further leads
to shaping innovation of company and commercialisation of solutions.
Culture: Attributes and knowledge related to specific group of people which involves
religion, social habits and beliefs is mentioned to culture. An entity must establish a culture
which encourage workforce in taking a step forward for innovating things addition to procedures
involves in launching products for targetted population. In case with Bigbelly Company,
management team follows dimensions as stated in Handy's Cultural Model so that effective and
influencing culture is established at premises. Moreover, through role culture all the roles and
responsibilities of employees are delegated as per knowledge, talent, educational qualifications
and competence. This helps managers to share valuables to shape innovations of business and
commercialising solutions.
Teamwork: The collaborative efforts that are made by group of people in team so that all
the work is completed in effective and efficient manner is said to teamwork (Lahi and Elenurm,
2014). In Bigbelly company, managers have devised various teams such as virtual teams, self
managed teams, problem solving teams and so on. All these teams works in coordination to
manage practices and discuss ideas for making effective solutions. Moreover, teamwork turns
normal thoughts into some unique and distinguish ideas which shape innovation of company and
commercialisation also.
Sources of innovation
Innovation team of Bigbelly company have wide sources through which they gain
insights to innovate existing commodities, procedures or other element. Certain innovation
sources are brainstorming sessions, consumer demand and perception, unarticulated needs along
with employee engagement. With these sources, unique ideas are shared and as well as managers
create knowledge for community demands for some modifications in existing offerings.
Furthermore, organisational administrators builds and fosters innovative cultural workplace
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through benchmarking against best, rewarding failures, developing effective teams and leading
from front (Lopes and et.al., 2018).
TASK 2
P3. Explanation of 4P's of innovation along with innovation funnel usage for examining as well
as shaping innovative ideas.
4P's of innovation
Innovation space strategy is a model that assist companies to discover improvements and
bringing new innovations in business (Loya and Rawani, 2016). By using the innovation mix,
various strategies are created for modifying the product and its related variables that are process,
positions and many more. Following are explanation related to 4P's of innovation in case with
Bigbelly Company:
Product innovation: Modifications in designs of well popularise products or using new
components to produce established commodity is said as product innovation. It plays important
role in the company as implementing some modifications in existing product can help in
attaining huge success. In association to Bigbelly company, it can use this innovation to make
modification or use new variables in their established solutions related to recycling and
management of waste.
Process innovation: Significantly improving production together with delivery methods
is termed as process innovation. Moreover, introducing new sequences in current production
process which increases speed of production is called process innovation. For example, when the
company will implement some changes in the procedures related to manufacturing and
delivering solution, then it can successful achieve success outcomes. With this, production team
of the company can execute new ways in their existing process for delivering waste management
solutions for various public spaces.
Paradigm innovation: Changes within underlying models that frames aspects in working
of company and ways in which practices are framed is paradigm innovation (Lutton and et.al.,
2015). For example, Management team of Bigbelly Company can use this innovation mix for
improving ways to perform activities. Along with this, it can also frames the real working and
ways of workings.
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Positioning innovation: Changes in aspects through which organisational commodities
are introduced in market is termed as positioning innovation. Moreover, it involves making
certain modification within the story that is to be told to target market for the underlying
offering. For example, various modifications can be done in existing marketing activities that
will help to promote its offerings in dynamic market that will result in positioning innovation.
Marketing unit of Bigbelly company can use it for placing the solution in-front of customers with
the help of diverse stories that are understandable and effective.
From above mentioned innovation mix, process innovation can be adopted by innovation
department of Big- Belly company for making modifications in process to manufacture together
with delivering solution of Firf within diverse market and generating maximum profits.
Innovation funnel
The mechanisms which enables continuous idea streaming which are screened for
viability is defined to innovation funnel (McAdam, Miller and McAdam, 2018). It is majorly
used for creating realistic action plan, managing new solutions addition to developing ideas.
Core of the concept is to generate maximum ideas as possible and further are refined for concrete
development plans. In case to Bigbelly Company, managers uses innovation funnel to stream
thoughts and modifying existing approaches to implement new solutions that further shapes
innovative ideas. It involves various stages in which different workings are performed for
examining together with shaping ideas or solutions that are innovative. At stage of investigation,
organisational managers improves knowledge for ideas and access data to improve solutions
along with thoughts related to new process. Further, development stage occurs wherein all
investigated ideas or thoughts are managed properly to obtain wide opportunities by screening
ideas. At stage of shipping, all the ideas are used for delivering potential solutions to end users.
So, with the help of all these stages, innovation team of Bigbelly Company uses innovation
funnel so that new solutions are effectively managed with generating and developing wider
ideas.
P4. Explanation regarding development of frugal innovation and examples about its usage in
context to organisation.
Frugal innovation is also named as frugal engineering that is explained as a procedure to
reduce complexities and managing costs related to production of commodities. It is a concept
that removes non-essential characteristics from come durable commodity for selling it with more
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values. In a company, frugal innovation is developed for eliminating non-productive attributes or
elements from durable products (Nabulsi, 2017). At a Company, management team applied
frugal innovation concept that helps in decreasing unnecessary costs which are involved within
manufacturing systems, design cost. Moreover, with this concept, only required essentials are
added that are useful variables. Majorly, in the company it is developed for responding towards
uncertain conditions and optimising resources to create practical solution which will have
potentials to meet market necessities as well as driven innovations. Considering the all,
organisation emphasis on creating and developing quality of recycling and waste management
solutions which are affordable by market together with potential customers.
Example for using frugal innovation concept
Bigbelly Company provides waste management solutions to community and its members.
It uses the frugal innovation concept to reduce various variables which are unproductive in
nature and have linkage in manufacturing aspects. Managers uses the concept so to produce
innovations that are market driven and meets requirements. At same time, it emphasis towards
creating necessary driven innovations also which have capabilities for resolving imperative
problems. For instance, application of new idea that is Firf Solution in established solutions by
innovation team of Bigbelly Company will benefit to serve more than 60% market as well as
managing and recycling wastages related to food for generating green energy or renewable fuels
will save approx 60% costs for potential customers. This will help the entity to improve customer
base also. Similarly, various critical situations are faced because of intense competition in market
and failures in strategy. In these circumstances, usage of frugal innovation will assist in
managing situations and improving business performances. Other than this, various other
organisational examples includes TATA nano car that was made after reduction of unnecessary
costs and it was offered at affordable prices that helped the company to use the concept in its
organisation. While managers were planning to design the car they focused on various aspects
that are availability of cheap materials, organising resource systematically and monitoring entire
procedure that resulted in use of frugal innovation in the entity.
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PART 2
TASK 3
P5. Explanation about importance of commercial funnel together with application of NPD
processing to commercialise innovation.
Commercial funnel also known as sales funnel in which all the process and stages which
are related to buying and purchasing process are involved. It is important for firm to focus on this
commercial funnel. Change is needed in every organisation because market is becoming
dynamic in nature. So, it is important to accept the change in this fast rapid growing market. So,
commercialization is a term used when a entity or individual innovate or introduces something
new in market. A commercial funnel means a process through which leads become customer of
the product (Pellikka and Malinen, 2014). This is important to examine because this assist in
generating sales revenue of firm. Big Belly is always ahead of transformation of product as well
as technology. So, company has introduced a new innovate method of recycling waste
management; firf solution. It is the most effective innovative which is used by companies so that
environment does not get affected.
Importance of commercial funnel-
 Marketing strategy- Strategy is important in business to generate profit as well as sales.
Commercial funnel assist firm to analyse the market strategy to compete with riavls in
market.
 Business performance- Business and market both are broad term and time consuming
concept. So, adoption of commercial funnel helps to explore more opportunities and
ways to improve business performance.
This commercial funnel contains various stages such as awareness, interest, decision and action
section. All these are explained below:
 Awareness- Business in this section is physically present but customers does not have a
interest to give a eye on that business.
 Interest action- This states that customers are ready to get information about the product
as well as brand but are not sure about their decision to enjoy the offer or not.
 Decision section- In this , alternatives affects the customers behaviour. Due to numerous
availability of product switching behaviour of customers can shift.
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 Action section- Further comes the action section in which commercial funnel put final
activities of customers into sales.
It can be stated that it is crucial to analyse commercial funnel in firm to understand the
market activities. In relation with Big belly, there main focus is on awareness because brand is
uprising but still in a shallow mode. Company can take help digital media such as Facebook,
Instagram etc. to create a awareness about their brand. So, Big belly used commercial funnel to
enhance firm productivity and efficiency of input to generate reliable output. Thus, adoption of
this process leads to overall growth and development.
It can be stated that it is crucial to analyse commercial funnel in firm to understand the
market activities. In relation with Big belly, there main focus is on awareness because brand is
uprising but still in a shallow mode. Company can take help digital media such as Facebook,
Instagram etc. to create a awareness about their brand. So, Big belly used commercial funnel to
enhance firm productivity and efficiency of input to generate reliable output. Thus, adoption of
this process leads to overall growth and development.
New product development- It is a process in new and innovative product is introduced in
market and get affected by customers preferences, taste etc (Norrman, Oberg and Hult, 2015) .
So, there are various stages which are involved in this process which are discussed below-
 Idea generation- The first stage is generation of idea in which new thoughts and ideas
can generated through various sources such as swot analysis, internal sources etc. Big
belly uses swot analysis to gather the ideas and thoughts.
 Idea screening- In this certain ideas a are put into list out of which the best alternatives is
selected. In context to Big belly firf solution was choosen as best innovate product.
 Concept developing and testing- Most crucial stage of NPD in which launching of
product is decided. This stage assist firm in analysing the in and out of products and their
result is then tested to confirm the launch. So, Big belly has tested its firf solution system
with help of its R&D department and result is successful in this session.
 Marketing developing strategy- Further comes the marketing strategies of a product. In
this, target market is determined for the product which has to be introduced to the
customer. So, Big belly is using demographic variables which helps them in identifying
actual need of product.
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 Business analysis- In this section, strategies used above are tested in this phase.
Problems and solution regarding the product are being analysed. Big belly uses its R&D
department to tackle this situation.
 Product development- Further comes the development of product in which various
promotion and advertising tools are used to market the product. Big belly has used ads on
corporates websites and blogs as promotional tool to advertise their product.
 Test marketing- At this stage, sample products are distributed in market to see the
output of the introduced product. Commercialisation- Last stage is actual launching of product is done successfully. After
a brief phases of above NPD, commercialisation is also important in which product get it
verified launched by firm.
P6. Building Innovation business case for the business.
Business case for Bigbelly company is as follows:
Executive Summary Big belly main was established with motive of recycling waste
materials across the globe. Thus, they have been able to protect the
environment from the waste and in removing of bacteria produced by
that waste.
Requirement In order to survive in market company requires a new and innovative
approaches to adopt this fast changing market. So, organisation
introduces new product in market (Pustovrh and Jaklič, 2014).
Solution Waste has been spreading all over the world. Thus, Big belly act as a
solution to the waste management. They provide help to everyone
where waste has been affecting health.
Consumer analysis Target is market and customers are being focused by Big belly so they
provide effective as well as smart solutions to its customers. Consumer
analysis in relation with company is easy and effective because people
wants easy fast solution for their waste material.
Funding As the company is operating its activities in benefit of environment
there is a ease access of funding to firm by banks as well as financial
institutions. So, company is financially stable because of support by
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government and sources (Rijswijk and et.al., 2018) .
Benefits Due to its waste management idea and products, firm goodwill has
increased in market. Also, company gets contracts per month by
different cities and countries which assist them in developing their
brand across the globe.
TASK 4
P7. Evaluation of various tools which can be use by companies for purpose of developing,
retaining and protecting diverse knowledge with intellectual property.
Organisations adopts various tools that assist them to create, improve, retain and protect
aspects related to knowledge as well as intellectual property (Song, 2016). In case to Bigbelly,
evaluation of few tools are as described:
Patents: An exclusive right that is granted to allow companies to manufacture and sell
commodities for certain duration without being allowing to others to copy it is said to patent. It
majorly provides legal rights for excluding for purpose of making and selling products to others.
If Bigbelly form uses it then they can enjoy benefits of excluding rivals from using its solutions.
Its advantage are that it protects intellectual property from being used by others and it allows in
generation of wide ideas for increasing sales through making monopoly in market. Its
disadvantage is that it is ineffective as huge time is involved to get patent rights and is applied to
limited time and particular area only.
Trademarks: The words, symbols or slogans that represent organisation and the products
different from others is trademarks. Bigbelly Company can avail the option for developing and
developing knowledge through registering them as trademarks for the solutions that they are
planning to offer in market. Its advantage are it involves limited or no statutory constraints to
avail the tool for retaining and protecting waste management solution. Getting trademark register
is moderate economical along with simple procedure (Springer, Cham.Cantù and et.al., 2015). It
also have disadvantage that is it is costly tool which increases costs for availing trademarks.
Moreover, it also involves risks and uncertainty that reduces organisational profits.
Copyright: it is the another tool which provides exclusive and legal rights to the
company for its products. If Big Belly company will use the tool for protecting its solutions then
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it will enjoy various benefits. Its advantages includes that it provides sole right to producer as
well as restrict other companies to use it. At same time, its disadvantage is that it fails in
providing permits to others in order to distribute the workings and attaining a copyright is
generally a length and cumbersome procedure.
From above evaluated tools, Bigbelly Company can use patent tool to secure and protect
its intellectual property addition to knowledge in the competing world. With this tool, company
can gain right to official use its solutions and stops others to copy, produce, sell and adopt the
properties without permissions.
CONCLUSION
In accordance to above report, it is concluded that innovation and commercialisation are
key aspects that helps in improving brand image, making huge profits and gaining sustainability.
Innovation is important to solve market needs, grabbing opportunities and enjoying
sustainability. While invention plays significant role in improving all workings and strengthening
customer base. In busies concerns, proper teamwork, motivating culture, vision and suitable
leadership are important to shape innovation and elements of commercialisation. Innovation mix
product, process, paradigm and position that enables in modifying respective aspects and
bringing them in company. Frugal innovation is developed by reducing complexities, costs and
variables that are not required in production. With business case, organisational managers asses
sources through which they can attain funds and uses it as blueprints for various activities such
as marketing or others. Different tools are patents and trademarks that develops and protects
intellectual property together with knowledge of company.
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