Innovation and Commercialisation Management: Doc

INNOVATION AND
COMMERCIALISATION MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Overview of organization's current situation and activities ..................................................3
Innovation, its importance and different sources of inventions ............................................4
Vision, leadership, culture shape innovation and commercialisation ...................................5
Utilize invention funnel and 4 P's of inventions ....................................................................7
Frugal innovation and its use in organization ........................................................................8
Value of commercial funnel as well as usage of new product development processing.......9
Build innovation Business Case ..........................................................................................11
Different tools to develop, retain protect knowledge and intellectual property...................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Invention mention to new thoughts, instrument or methods. It is frequently as request of
better solution that meet new necessitate and existing marketing want. On the different manner,
commercialisation is procedures of presenting new good into transaction making it available on
the marketplace(Prajogo, 2016). This report is based on Sheffield Skincare. Company
introducing organic health care product (liquid Shop) in new market. Firm make natural skincare
products in small batches. This assignment will explain overview of organization's current
situations and its key activities. It will evaluate importance of innovation of employee as well as
firm. It will also analysis different sources of innovation and measuring of invention in
organization. Furthermore, report will explain vision, leadership, culture and team work shape of
innovation and commercialisation in organization.
MAIN BODY
Overview of organization's current situation and activities
Sheffield Skincare make 100% natural handmade skin care products. Company have
broad scope of body and facial commodities are gettable. All formulation are unambiguously
created in house and are wholly hand-crafted. Organization's operators dose not use of parabens,
arranged colour as well as preservation to supply fair skin without harmful accumulative. Each
the commodity are suited for vegetarian as well as 80% of products are vegan. Organization's
products packaging is in cobolt blue glass, blue PET plastic with aluminium lids, tins and bottles
for men's range. Boxes are made from recycled card, all are 100% recyclable and eco
friendly(Khajeheian, 2016).
Company is sold different natural and organic products such hair care, skin car etc. in
wide range. Last two year have been incredibly engaged, releasing new products and making
custom orders for various individual and other companies. Firm plan for introducing natural
shower gels and facial oils. Sheffield Skincare Co. have started partnership with Tattoo Studio
which namely Good Vibration Tattoo Studio in Crookes. They have to produce range of tattoo
and laser products that are all natural and vegan friendly. They are looking forwards to
showcasing products and working together to change thoughts of people and put on their
skin(Laužikas and Dailydaitė, 2015).
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Innovation, its importance and different sources of inventions
Innovation:
Invention is frequently viewed as applications of improved result that meet fresh needs,
unjointed needs, or existing market wants. Creation takes places by condition of more effectual
goods and procedures, works, applications or business models that are made available to
markets, government as well as social club(Visnjic, Wiengarten and Neely, 2016).
Importance of innovation:
Innovation is very important to employees as well as organization for introducing new
products and services, its development in new markets. In this context, it is beneficial for
employees such as:
Employees:
Getting new ideas: With the help of innovation, employees are getting new ideas for
engaging in new product and development in new or existing markets. Through this, workers are
improving their performance in organization(Souto, 2015).
Encouraging employees: With the help of innovation, employees are getting new ideas
and more encouraging of workers in involving different activities of organization.
Organization:
Sharing goals: Through innovation, employees are achieving goals and objectives of
organization. Sharing goals is the single most important thing that get employees working for
company's benefits(Laužikas and Dailydaitė, 2015).
Helps in grow: Innovation helps in growing of people as well as organization. With the
help of getting new ideas and thoughts, employees are more involving in various activities of
organization. This also assists in improvement of new goods and facilities and growth of
enterprise(Gundry, Ofstein and Kickul, 2014).
Sources of innovation:
Innovation is being talked of business to other areas. With the help of innovation,
increasing growth and development of businesses. The variation among betterment as well as
invention is same as that among development and alteration. Innovation is much larger word that
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covers various more points. It includes differentiation. There are many sources of innovation
such as follows:
Unexpected: It takes places unexpectedly. There are long lists of unexpected innovation
in human history. A gripping situation to point is that many essential inventions in past times
have occurred accidentally(Rangus and Slavec, 2017).
Incongruities: With the help of innovation, need is incongruent with supply. It is
important sources of invention. It is essentially manlike quality to try to enough incongruent
looks about them.
Marketplace construction: An existing marketplace artefact also provides increase
opportunities for invention. This point is related to unexpected innovation. Business's from
within or even from without market could change market(Zhang, Zhao and Xu, 2016).
Demographics: People's lifestyle is also sources of innovation. Every person have
lifestyle needs. It is essentially the change in population. For example, people need to care of
improving skin, so that Sheffield Skincare introduce new skin care products and services in new
markets.
Ever-changing needs: Ever-changing needs regarding belongings likewise provide start
to invention(Laužikas and Dailydaitė, 2015). Societal representation of bouncing has undergone
big alteration in health. Person feel need to remain leaner and healthier.
New knowledge: With the help of innovation, developing new knowledge in
organization. There are various new areas such as nano technology, artificial intelligence in any
areas are sources of innovation. It can be given birth out feeling or project of interest(Laužikas
and Dailydaitė, 2015).
Vision, leadership, culture shape innovation and commercialisation
Firm imagination, leaders and civilization form invention and exploitation in workplace
by employees. With the help of innovation, employees are getting new ideas and for achieving
vision, improving culture and effective leadership in Sheffield Skincare. Co. The vision of
Sheffield Skincare provide 100% natural and organic skin care product to people and expanding
the business in international level.
Leadership shape innovation:
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 Leaders are shaping innovation for building trust in their employees. Workers who
belongings leaders are more likely to believe of secondary modes to doings their
Sheffield Skincare Co.
 With the help of innovation, leaders are challenging Status Quo. It is trusting not on risk-
free as well as easy way but on their future day imagination to make judgement(Trad,
2015).
 Through shaping invention, leadership features skilfulness in field some informing
information of company situation and displaying professional curiosity.
 Innovative leaders are moved quickly by shaping of inventions in the organization. It is
research a clear correlation between speed of execution and degree of innovation.
Team work shape innovation:
Team work is also shaping innovation in the organization. With the help of innovation,
members are creating, advancing, refining, executing invention in their projects of organization.
This helps in attaining and improving result in task (Khajeheian, 2016).
 Effective collaboration and coordination between team members by innovation for
impressive team work.
 With the help innovation, members are working effectively and efficiently and achieving
objective of organization.
 Members are getting ideas and thoughts by adopting different innovation in their work.
Organizational culture shape innovation:
With the help of innovation, improving culture of organization. It creates fresh
understanding, approaches, execution, inflection. Innovation helps to evolve fresh goods,
providing fresh marketplace, competitive more efficaciously as well as increase new revenues.
 Innovative culture assists in increasing adaptability in terms of risk taking, private
maiden, accelerated judgement creating as well as performance, power to place specific
possibilities(Laužikas and Dailydaitė, 2015).
 With the help of innovation, improving organizational culture, increasing productivity of
business.
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 Innovative organizational culture helps in increasing competitive advantages in industry.
Utilize invention funnel and 4 P's of inventions
There are four P's of innovation that are build on hypothesis successful innovation is
essentially about positive changes. Such as follows:
Products: Most normally appreciated variety of invention is which presents or improves
good and services modification in offering to last users. Sheffield Skincare Co. introduce
organic gel and oil product in new market. It is example of product innovation. This types of
innovation helps in achieving humanitarian goals.
Process: Inventions are focusing on procedures by which goods are made or suppliers.
Because, various of goods utilized in comforts setting are at the start formed for non-comfort
matter(Innovation Space 4 P's' 2015). Example of process innovation that have positive effects
on humanitarian sectors are increasing stockpiling of goods.
Positions: It affects re-positioning the percepts of an accepted good or activity in
particular matter. Position-based invention mention to modification in particular products or
procedure is detected and their utilization.
Paradigm: It defines ascendant inflection of company or entire aspect. This associate to
rational models which form is about business or company. It is the most radical innovation is the
idea of disaster risk reduction approaches that if successful can negate need for any kind of
response.
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Innovation Funnel:
It is decision supporting tools which is purpose of any good or procedure improvement
projects is to return thought from conception to realness by joining to particular good that meet
market requirement in economic, manufacturable form. Whole improvement procedure
beginning with wide scope of input signal as well as step by step refines as well as choose from
among them. It is creating handful of formal development projects that can be pushed to rapid
completion and introduction(Rangus, and Slavec, 2017).
Innovation funnel is useful of getting ideas for product development in the organization.
Company is managing development funnel in which involves three different challenges like
mouth of funnel, narrow funnel neck and selected projects deliver on the objectives. The goal of
this is to create portfolio that meet enterprise purposes of the Sheffield Skincare Co. while
raising strategical power to carry out upcoming tasks.
Frugal innovation and its use in organization
Frugal innovation(FI):
Frugal invention is procedure of decreasing complexness as well as price of product and
its manufacture. This mention to remove non primary characteristic for long-lasting commodity
like car, phone. In order to sell it in developing countries. Through improving incomes, in
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Illustration 1: 4 P's' of Innovation
Source: (Innovation Space 4 P's' 2015)

underdeveloped nations also drive frugal invention. Today, frugal innovation is not solely
domain of large, multinational corporations, as small, local firms have themselves chalked up
number of home grown solution(.Gundry, Ofstein and Kickul, 2014).
Use of frugal innovation:
Frugal invention refers possibility in formulated economic system for various causes.
Sheffield Skincare Co. follow this in terms of sale goods as well as facilities at down cost. Frugal
innovation is very useful for organization. Such as:
 It is refers another kind of technologies goods supplying results for down medium
markets have been known as costs invention and good decent inventions.
 In relation to this objective, processing fresh ideas and modular is enhancing the spreads
of FI in developed nations.
 This show that organizations from formulated nations learn about invention from less
developed economies(Zhang, Zhao and Xu, 2016).
 FI are often implicated while any type of innovation can be at the origin of such reverse
transfers.
 It is building up circular value network in the organization who are operating linear value
chain in which goods are created, produced, sold-out, consumed and end up in landfill.
 FI helps in simplify structures and empower employees to prevention time, gain agility,
institutions must acquire to flexure their plus.
 Frugal companies do not seek to consumers with technological polished goods rather than
seek to develop better attribute result that deliver the greatest value to customers at lowest
cost.
 This types of innovation help in sustaining behaviour of frugal across the organization. It
is possibly done by creates specific key performance indicators(Khajeheian, 2016).
 For example of frugal innovation is Foldscope that is tough origami microscope
combination from sheet of paper and lens.
Value of commercial funnel as well as usage of new product development processing
Importance of commercial funnels:
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It is also called as sales funnels, purchased funnel shape. It is modality content of
customers travelling, portraying sales process from knowing to action. Commercial funnel is
mentions to as selling or income funnel instance thought that every sales begins with large
number of possible consumers and last with much smaller number of people who actually make
purchase.
 Commercial funnel is very important for organization in terms of building unhealthy
business relationship, engaging with people generates inquires, qualified leads,
opportunities and revenues(Trad, 2015).
 It is an essential to creates consistent, organizes process for evaluating, ranking, sorting
and prioritizing sales leads of SHEFFIELD SKINCARE.
 Commercial funnel is focusing on creates right sales leads and allows devoting time and
resources to work with right sales leads rather than spreading company too thin chasing
bad leads.
 It is focusing on qualified leads, opportunities, revenues etc. of SHEFFIELD
SKINCARE.
Application of New Product Development Processing:
There are many steps involving in new product development process utilizing through
Sheffield Skincare Co. in the business. Such as follows:
Idea generation: First stage of fresh good improvement that is thought generation. This
involves making big pool of thoughts from many points in which involves internal, SWOT
analysis, market research, customers, competitions. With the help of this stage, operator of
company identify their strengths, weakness, opportunities and threats for developing new
product in market(Rangus and Slavec, 2017).
Idea screening: In the second step involves finding goods and feasible ideas, discarding
other ideas. It includes many factors such as customers needs, strengths and weakness of
company, ongoing trends, expected return on investment, affordability etc. This helps of
company to identify customers wants and expectation.
Conception improvement and experiment: it includes idea which is elaborate approach
or blueprint variation of the thought. All the thoughts that running displaying step are turned into
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conception being tested. With the help of this stage, business tries to know about customers
needs and concept towards their product and services(Khajeheian, 2016).
Business strategy analysis and development: In this stage includes analysis and
determine merchandising, disapproval and another enterprise approaches that use by company. It
also involves calculation product profitableness, marketing mix and another good strategies are
decided for commodity.
Good evolution : If all policies are authorized, so that good conception is transformed
into an actual tangible goods. This stage results in building up prototype of limited production
model(Zhang, Zhao and Xu, 2016).
Commercialization: If product is ready, so that company utilises marketing strategies for
product development in market. Markets are defined for good to establish in. This step includes
informing various divisions about roles as well as marks.
Sheffield Skincare introduce organic liquid shop in the market. This product suitable for
shower, face, and body as well as hand wash. This product made the highest quality organic base
oil to cleanse and refresh skin.
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Build innovation Business Case
Sheffield Skincare introduce organic liquid shop in the market. This product suitable for
shower, face, and body as well as hand wash. This product made the highest quality organic base
oil to cleanse and refresh skin.
Innovation business case:
Executive Summary
This report is submitted in support to mission statement of Sheffield Skincare. It has also covered
that problem statement than their solution statement by company. Furthermore, it has also
covered that time lines of project completion.
Mission Statement
The mission of Sheffield Skincare is to expand knowledge in natural skin care, make exceptional
goods, educate and provide back to the people in worldwide.
Problem Statement
Sheffield Skincare is interested in expanding its current revenue stream by solving the problem
and diseases relating to skin.
Solution Statement
The Sheffield Skincare launch 100% natural liquid shop to solve the different skin problems and
remove all diseases relating to it.
Time frame
Company will be launch innovative product within 1 year.
Week 1 2 3 4 5 6 7
Mission
Statement
Problem
Statement
Solution
Statement
Project
completion
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With the help of innovation, Sheffield Skincare Co. introduces oil and gel products in
new market. Therefore, they are finding ways to access funds for developing in products in new
market. There are many ways to access fund for product development. Such as follows:
Bootstrapping: As business grows, it throws off cash that changes further development.
Owner of Sheffield Skincare Co. had attacked for an angel finance. After looked up sales funnel,
business model, company is turned down. Rather than, owner bootstrap their business(Laužikas
and Dailydaitė, 2015).
Friends and family unit: Friends and family unit give either equity or debt funding to
owner of company for developing product in market. While, this may at the start appear like
good sources, be careful about selling part of their business to this group.
Angel capitalist: These persons are atypically rich single person preparing to spend in
companies. With the help of this, Sheffield Skincare Co. owner acquires funds for product
development. Online researching for local angels or talk to their chamber of commerce. This
assists in funding new ventures and ideas in owner's area(Khajeheian, 2016).
Venture capital: These organizations are provided primal step financing, but are
typically seeing to create comparatively big investment and take a significant share of company
that are frequently dominant curiosity.
Crowd funding: These are mainly entanglement supported tasks as well as prevent
single person with concern, thought or projects to scope out to cardinal of possible investors by
many levels. Investment can be debt, equity or rewards based. There are hundreds of crowd
funding platforms, so business needs to do homework before launching into this area.
Bank loan: It is also way of acquiring of funds for new product development in new
markets. Conventional banks create little concern debts. However, they typically require track
records and often want loans secured with assets(Visnjic, Wiengarten and Neely, 2016).
Different tools to develop, retain protect knowledge and intellectual property
Intellectual property(IP):
Invention is mostly appreciated procedures of delivering precious fresh goods as well as
facilities to market and has been represented one of important factor that defines upcoming
attainment of Sheffield Skincare Co. Intellectual property as well as its administrations end-to-
end fresh good improvement process is important element in with success mercantile goods and
facilities. The aim of this is to shortly bound kinds of IP security requires at every step of product
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improvement procedure. With the help of this, leads to overall improving revenues and
profitability. There are many examples of intellectual property such as patents, copy rights,
design rights and trade marks(Prajogo, 2016).
Copy Right: It is form of intellectual property protection and lawful precise, existing in
various nations that aids Maker of a primary activity inside rights to find whether and under
situations. This is normally only for a controlled time period. The unshared precise are not
absolute but limited by boundary as well as exclusions to copy right legal document. A leading
advantages on copy rights on ideas is that copy right defends only primary expression of
thoughts and not underlying thoughts. It is applied by company owner to certain forms of
creative work.
These précises often involves recollection, power complete, derivatives work spacing,
public execution and moral rights such as attribution. The original objkective of copy right law is
to defend time, efforts as well as creativeness of work's Maker(Souto, 2015). It includes different
rights such as reproduce work, prepare derivative works, distribution copies of activities through
selling, rental, act work and show work publicly. Here are many limitations of copy rights such
as follows:
 This aggregation does not cover potential thoughts, conception, information and methods
restrained in copy rights work.
 Copy rights prohibits anyone else from creating similar work involving comic books.
Design Right: Design protects that visible occurrence of good and provide inside right
for occurrence to extent. Design right only follow to shape and conformation of objects. It
consists of invention of forms or mixture of patterns in the kind of containing artistic value.
Patent Right: It is form of intellectual property that gives rights to exclude other from
creating, utilizing, selling and importing an innovation for limited time period normally 20 years.
The patent rights are given in dealing for facultative public revealing.
CONCLUSION
This report has summarised that overview of Sheffield Skincare Co. current situation and
its activities. It can be concluded that unexpected, incongruities, market structure, demographics
etc. are sources of innovation that helps to employees as well as organization. It can be discussed
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that product, process, positions and paradigm are types of innovation that shaping of innovative
ideas. Furthermore, report has analysed that value of commercial funnel and fresh good
improvement procedures for exploitation of organization. It can be completed that utilizing copy
right as tool to protect knowledge in organization. It can be concluded that different ways if
funding such as crowdfunding, venture capital, Angel investors, Friends and family etc. for
development of product in new markets.
Company should utilized and adopting different innovation for introducing and
developing the new product and services to customer. They should use appropriate procedure of
new product development and sources of funding.
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REFERENCES
Books and Journals
Gundry, L. K., Ofstein, L. F. and Kickul, J. R., 2014. Seeing around corners: How creativity
skills in entrepreneurship education influence innovation in business. The International
Journal of Management Education. 12(3). pp.529-538.
Khajeheian, D., 2016. Audience commodification: A source of innovation in business
models. Technology Innovation Management Review. 6(8).
Laužikas, M. and Dailydaitė, S., 2015. Impacts of social capital on transformation from
efficiency to innovation-driven business. Journal of Business Economics and
Management. 16(1). pp.37-51.
Prajogo, D. I., 2016. The strategic fit between innovation strategies and business environment in
delivering business performance. International Journal of Production Economics. 171.
pp.241-249.
Rangus, K. and Slavec, A., 2017. The interplay of decentralization, employee involvement and
absorptive capacity on firms' innovation and business performance. Technological
Forecasting and Social Change, 120, pp.195-203.
Souto, J. E., 2015. Business model innovation and business concept innovation as the context of
incremental innovation and radical innovation. Tourism Management. 51. pp.142-155.
Trad, A., 2015. A Transformation Framework Proposal for Managers in Business Innovation and
Business Transformation Projects-Intelligent atomic building block
architecture. Procedia Computer Science. 64. pp.214-223.
Visnjic, I., Wiengarten, F. and Neely, A., 2016. Only the brave: Product innovation, service
business model innovation, and their impact on performance. Journal of Product
Innovation Management. 33(1). pp.36-52.
Zhang, Y., Zhao, S. and Xu, X., 2016. Business model innovation: an integrated approach based
on elements and functions. Information Technology and Management. 17(3). pp.303-310.
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Online
Innovation Space 4 P's' 2015. [ONLINE]. Available through. :
<https://innovationmanagementsite.wordpress.com/2015/09/07/innovation-space-4ps/>.
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