Innovation and Commercialisation

This report discusses the importance of innovation and commercialisation in organizations, focusing on Colt Technology Services. It explains the concept of innovation and its importance, compares it with invention, and discusses how organizational leadership, vision, culture, and teamwork can shape innovation and commercialisation. It also explores the 4P's of innovation and how they can be used to evaluate and shape innovative ideas. The report concludes with a discussion on different tools that organizations can use to protect intellectual property and knowledge.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Explain innovation and identify its importance to organisation and comparison with
invention.................................................................................................................................4
P2. How organisational leadership, vision, culture and team work can shape innovation and
commercialisation...................................................................................................................6
TASK 2............................................................................................................................................7
P3. 4P'S of innovation by using innovation funnel to evaluate and shape innovative ideas..7
P4. Developments in frugal innovation by giving examples in organisational context.........9
TASK 3..........................................................................................................................................10
P5. Importance of the commercial funnel and application of new product development for
commercialisation of innovation..........................................................................................10
P6. Innovation business case for an organisation by including ways to funding access......11
TASK 4..........................................................................................................................................13
P7. Different tools that organisation can use to formulates, retain and intellectual property and
protect knowledge................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation refers to the process as well as outcomes in order to develop something new
which is valuable. It mainly involves entire process from developing new ideas, production sales
and marketing, opportunities identification in order to make something better for the better future
of an entrepreneur. Whereas, commercialisation refers to the appropriate process in order to
introduce new method of production or product within the marketplace. On the other side
commercialisation helps to promote goods and services to make effective availability at
marketplace (Vaccaro and et. al., 2012). This report is based on Colt Technology Services which
is one of the best multinational telecommunication organisation. It was formed in the year of
1992 and headquartered in London, UK. Herein, the chairman of this organisation is Michael
Wilens and CEO is Grivner. Further discussion will be based on explanation of innovation and
its importance by showing comparison with invention. After this different types of innovation
and process needed to commercialise innovation will explain . At last methods for protecting
ideas and understand their advantages and disadvantages will get covered.
TASK 1
P1. Explain innovation and identify its importance to organisation and comparison with
invention.
Within the current period of time innovation plays very important role in each and every
business. With the help of innovative ideas they can implements on new and unique ideas in
order to fulfil customers needs and demand at marketplace. In context with Colt technology
services, they always used better techniques and methods in order to gain huge benefits within
the competitive market (Kutvonen, Savitskaya and Salmi, 2014). On the basis of this they can get
predetermined goals and objectives without any issue. Brief explanation about innovation and
invention, along with their differences and importance are given below:
Innovation: It refers to the process of formulating unique ideas, thoughts, method and
tools in order to create effective product which accomplish overall demand of people at
marketplace (Ahn, Minshall and Mortara, 2015). So that, this can be said that it is only the way
for firms to reach customers needs and gain huge profit by bringing lots of innovative changes in
their goods and services into the market. Therefore, innovation always concerned as the unique
and attractive approach to fulfil firms needs as well as marketing demands to gain profits. In

reference with Colt Technology Services innovation is very important thing to bring various
changes according to the customers needs and accomplished them on time. With the help of
innovative ideas they can make their future better and able gain huge success at marketplace. On
the basis of using different types of tools and techniques respective firm is able to gain better
success by gaining competitive advantages in a proper way. By applying different types of
innovative ideas they can prove them better and high performance technique sin order to become
more better in future.
For example: X firm is establishing a water bottle which can be folded in any type of
shape for different purposes. At the time travelling it is more beneficial and not take much space
so that people can carry it and keep everywhere (Ke and et. al., 2015). This innovation of water
bottle is very much beneficial for firm to gain huge profits as it attracts large number of
customers. This bottle is beneficial to the organisation and customers also because it is easy to
carry and when it was damage it can be recycle by the firm and make it usable again.
Invention: It is the method of formulating innovative and attractive product at
marketplace. It take few changes within the firm by which firms can make them attractive at
every level of market. It is the best way to gain competitive scenario and increase customers
confidence towards firm's product. It also give contribution in a large way to change the overall
world by providing new and several directions for various firms. In relation with Colt
Technology Services, they are focusing to make innovative ideas and thoughts so that they can
achieve their goals and objectives to develop something special for its customers at marketplace.
By bringing inventions on their project they can get better success in competitive business
scenario (Greenaway and Rudd, 2014). According to this, respective firm can bring few changes
in their overall manufacturing process of goods and services. But sometimes it is not necessary
firm to make all the time unique things so that they can face some type of issues within the
company and not able to gain proper outcomes.
For example: Y firm inventing such type of water bottle which can easily purify water
and remove bacteria. This sort of invention contributes in order to increase organisational growth
at worldwide. Along with this, it also helps society to keep their water clean.
Difference between innovation and invention
Differences Invention Innovation
Meaning It is the process of thinking It is applicable for

different ideas for a specific
goods and services that has
never been made before
(George, McGahan and
Prabhu, 2012).
implementation on new ideas
and thoughts for entire goods
and services process for the
very first time.
Concept The overall concept of
invention is based on working
theories and ideas.
Herein, it is based on practical
implementation of different
ideas.
Required skills It always needs scientific
skills.
It requires different skills such
as strategic skills, marketing
skills and strategic skills as
well.
What is it It is the development of new
goods and services.
Whereas, innovation mainly
adds the value to something
which already exist.
Activities It has limited activities in
relation to research and
development.
Actives of innovation always
spread across the firms
(Manpour and Aravind, 2012).
From the above explanation of different forms it has been observed that, innovation is
very important term for each and every kind of business in order to get huge success and growth
within the marketplace. In context with Colt Technology Services, with the help of using
innovative ideas and tools they can make their services better in order to maintain economic
growth and prosperity. By using new thoughts and ideas they are able to make different services
in their industry and gain effective profits and productivity in an effective manner. On the basis
of thinking about new ways respective firm is able to add good value for their services to make
sustainable change in society (Mazzarol and et. al., 2014). Therefore, innovation is a very
essential part of this firm which helps them to gain continuous improvements and creative
development to fulfil current needs of market. So that it much beneficial and as profitable which
increase firms value and productivity at marketplace.

P2. How organisational leadership, vision, culture and team work can shape innovation and
commercialisation.
Innovation is an very important tool which is helpful for firm to increase their overall
growth and productivity globally. In reference with Colt Technology Services, in order to
manage their business activates and running their operations in a best way they always conduct
research on marketing basis. With the help of this they can get ideas of their market position and
bale to make strategies accordingly (Casadesus‐Masanell and Zhu, 2013). Furthermore, there are
different types of aspects like vision, culture, leadership and team work which can shape
innovation and commercialisation within the global market. All the explanation about those
aspects are mentioned below:
Leadership: It is the process, by which leaders can guide team members and large group
of people towards their work to accomplishment of targeted goals and objectives. In reference
with Colt Technology Services leadership plays very essential role to run their business smoothly
across the globe. According to the particular basis leaders always make unique strategies and
bring innovative ideas for gaining better results (Bianch and et. al., 2010). With the help of
effective leadership skills employees work accordingly by maximisation of firm productivity. It
also help in leading and directing employees because the leader set the vision and objectives
regarding work and the workforce work according to them and accomplish organisational goals
in set time period.
Culture: It refers to the different types knowledge, experience, values, beliefs, attitudes,
roles, concepts of the universe and so on. In order to gain better output in a proper way. On the
basis of respective organisation they always follow flexible working culture for their workers so
that they can make capable for facing any kind of situation in business. Therefore, culture is very
important which plays significant role within the company (Hemphill, 2014). Whereas diverse
culture always come up with innovative things like multiple task aspect by which employees can
make themselves productive for an organisation and achieve targeted goals.
Vision: With the help of this so many firms can make their appropriate goals and
objectives and achieve on time. As per the respective organisation vision is to bring innovative
services to provide unique services to customers globally. It is crucial help the organisation in
enhancing productivity and increasing profitability in different manners. For example, if the
respective company provide clear information about its vision and mission then the administrator

formulate plan of actions according to them and employees perform their work and
responsibilities in this context.
Teamwork: It is the collaborative efforts which is generally made by large number of
people within group to fulfil organisational goals and objectives in a perfect way (Smith and et.
al., 2014). In relation with respective organisation they always bring innovative things in their
services to shape commercialisation and innovation for achieving goals and objectives.
From the above description about organisation activities which is performed by leaders of
respective organisation. In order to give better shape for innovation and commercialisation they
used various aspects by which they can make their services better and able to gain effective
brand image in a proper way (Pellikka and Malinen, 2014).
TASK 2
P3. 4P'S of innovation by using innovation funnel to evaluate and shape innovative ideas.
According to the present scenario, innovation is one of the best development
opportunities for firms in order to think about unique idea for their betterment of future. With the
help of this they can achieve their goals and able to sustain within the marketplace for long
period of time. Therefore, innovation is used by every organisation in order to bring innovative
things and give better shape to them in order to achieve huge success in an appropriate manner.
In today's world it is very common between lots of firms and market, this is because in present
scenario every organisation wants to gain better future with huge profits (Razak, Murray and
Roberts, 2014). With the help of applying innovation strategies firms can define them selves in
front of customers as well as marketplace. The main motive of innovation is to make unique
tools and strategies by thinking deeply about particular goods and services. On the other side
innovative thoughts always comes from the various tools and techniques in order to operate
overall organisational activities by satisfying customers needs and demand. In context with Colt
technology services, manager of this organisation always used better ideas with innovations in
order to attract large number of customers at marketplace. It also helps them to increase
productivity of firm and profits in a better way. There are 4P's of innovation which is generally
used by organisations for gaining success in future, those are listed below:
The 4P's of innovation given by the Tidd and Bessant which consist product, process,
position and paradigm in order to think innovative within the organisation. With the help of this

marketers can get different types of opportunities and able to face any challenges globally. With
the help of these sorts of elements which comes under to innovation Colt technology services
used those elements in order implements on new things for bringing good innovation at their
services (Smith and et. al., 2014). Those elements are defined below:
Product innovation: It refers to the subsequent and creation in order to introduce new
goods and services by improvising version of old product and services at marketplace.
Innovation generally comes under the inventions of overall new goods which is considered as the
innovative product. In reference with Colt technologies services this step is very essential of
4P's. The main motto of this step is to make each and every services attractive within the
industry by using new tools and techniques (Pellikka and Malinen, 2014). Along with this they
are not required to change any services, they can stay on their innovative services effectively.
Process innovation: It is the process of implementing on new delivering methods and
production process. On the other hand, it is the procedure to bring new changes within the
organisation by manufacturing unique goods and services to make every process better to make
huge potential customers at marketplace. Therefore, it is the very best way to deliver innovative
goods and services in market by using high level of techniques. According to Colt technologies
services, they use this technique to deliver services to customers by making important tools and
policies of business. For more betterment in their services they can bring few changes to satisfy
every customer's needs and demand (4 P's of Innovation Mix. 2015).
Positioning innovation: It defines in which place product stands within the market in
relation with delivering similar goods and services to customers at marketplace. In context with
Colt technologies services they are using this innovative type by which they can make lots of
protective strategies and tools so that they can bring huge innovations in their services without
facing any type of issues. This type of change makes them better and increase their productivity
effectively (Razak, Murray and Roberts, 2014).
Paradigm innovation: According to this, there are lots of changes within the several
models used by an organisation to make alternative options for achieving goals and objectives in
a future. In reference with Colt technologies services, in order to shape innovative ideas they
always being unique techniques to make their overall services better to gain competitive
advantages in the present scenario (Mazzarol and et.al., 2014).
Use of Innovation Funnel

It refers to a execution which assists a constant flow of thoughts which can be current of
thought that can be surfaced for applicable. It also indicates to as funnel management action, it is
a popular conceptualization for thought process which is utilised by the company to form a
innovative and actual real action plan. The brief description of this concept is mentioned
beneath:
Wide mouth of funnel- It is the first phase of it, in the respective company, in this step,
the company can increase the knowledge and information base. The main objective of it is to
gather various ideas in an effective manner.
Source: Innovation funnel,(2019).
Narrow segmentation of the mouth- It is the second step, in which the management of
the organisation implement the thoughts which are assembled by it from different origins so that
it can assist in gaining competitive benefits from the marketplace.
Narrow segment of the funnel- It is the final stage, in it, the company ensure that the
data and ideas chose to utter on the company's function that were awaited when the firm was
established. In it, the administration of the company germinate new goods and services and
launch them in the market by making creation within them to fulfil consumers needs.
It is mainly used to explain different types of steps which take place in the organisation in
order to develop different types of business processes to make better image at marketplace. Main
motive of this funnel is to fulfil customers needs and demand by giving them innovative goods
and services (Casadesus‐Masanell and Zhu, 2013). In context with Colt technology services they
have different types of options by which they can make them attractive by following unique
policies and tools at marketplace. With the help of funnel they can compare lots of way in
business to make effective way for using different types of resources in a systematic manner.

Now it can be said the it is very essential technique for gaining better opportunities towards
business. That's why respective firm comes with their innovative product that named as In Flight
connectivity which will gives more profit to customers also gives them better experience at every
movement.
P4. Developments in frugal innovation by giving examples in organisational context.
Frugal innovation refers to the procedure of overcome difficulties and cost of product
from the manufacturing process. On the other side it helps firm to eliminate errors from the
business activities or operation to increase sales volume of innovative goods which is produced
by the firm. In reference with Colt technology services, they used this frugal innovation in order
implements on new techniques on their services in an effective manner. With the help of this
strategies, they can make their overall goods and services in a proper way and gives better
services to customers across the globe (New Product Development Stages, 2017). There are
some different steps in relation with frugal innovation, those are mentioned below:
Find opportunity in adverse condition: In order to gain huge success every business
needed to grow together with lots of opportunities for betterment of future. In reference with Colt
technologies service they always cope up with their team members in order to launch new
services for people (Ke, Fang and et. al., 2015). With the help of coordination they can beat their
competitors and reduce errors from the organisation and give better results.
Do more with less: It is very essential for firm to come up innovative ideas at
marketplace. By having innovative strategies they can get better success and able to gain high
sales and revenue. In relation with Colt technology services they are developing in flight
connectivity services to their customers in order to achieve desired goals in a proper manner.
With the help of this service they do not needed to spend lots of money on this service and it
gives better output to them (Bianchi and et. al., 2010).
Thinks and act flexible: In context with Colt technologies services they can frame and
provide better working environment to their employees in order to gain international marketing
scenario. By having flexible working culture they can make its business better and able to
achieve targeted goals (Kutvonen, Savitskaya and Salmi, 2014).
Follow your heart: In the competitive scenario most of the organisation are going to
increase their business operation every day to get huge profits (Hemphill, 2014). According to

the respective firm they always keep safe side so that they can face any kind of risk at
marketplace and able to gain better results in an appropriate manner.
TASK 3
P5. Importance of the commercial funnel and application of new product development for
commercialisation of innovation.
Commercial funnel refers to the sales funnel that mainly shows the effective process
which is mainly used by an organisation. With the help of this firm can increase their
profitability and productivity in order give huge contribution for the future growth of business.
Therefore, it consist various steps in order to develop new product, those are mentioned below:
Idea generation: In order to develop new product there is requirement of studying
overall internal and external situations of market (Greenaway and Rudd, 2014). In reference with
Colt Technology Services, they conduct marketing research first and analyse overall scenario of
market to gain better opportunities.
Idea screening: After making particular idea it is necessary to screened, in context with
respective firm they make required changes to achieve better outcomes.
Development of strategies: For implementing on new ideas within the working place at
Colt Technology Services company required to fix their goals and achieve properly (Manpour,
Fand and Aravind, 2012).
Examine business conditions: Before expending money in the another place than
respective firm is needed to examine overall condition of nation. By following this strategy they
can achieve its goals and objectives in an effective manner.
Product development: Through observing overall steps for developing new product
respective firm is needed to analyse customer's needs in order to achieve business goals (Ahn,
Minshall and Mortara, 2015).
Market test: According to this, feedback are always taken by respective firm in order to
test essential changes for gaining competitive advantages at marketplace.
Promotion: According to this last stage, respective firm always adopted unique tools and
techniques in order to promote their services at various level of market.

P6. Innovation business case for an organisation by including ways to funding access.
Business plan can be referred to as the written documentation of the activities for any
certain business project undertaken by company. This provides aid to an entity in gaining
knowledge of the systematic manner in which processes for a specific project are executed (Ahn,
Minshall and Mortara, 2015). In this regard, Colt Technology is coming up with a new service
into market by incorporating innovation in existing service. The business plan in this context is
stipulate as follows:-
Executive summary: Colt Technology is coming up with a new service named in flight
connectivity which would allow users to make use of internet in airplane without any glitch
(Greenaway and Rudd, 2014). To effectively launch this innovation into market place, the
organisation would be conducted macro as well as micro environmental analysis with the help of
Porter five force, PESTLE and SWOT analysis.
Mission statement: The mission of Colt Technology in relation to launch of this service
in market is “To ensure convenience of users at all times.” The main aim of entity hereby is to
ensure that customers do not face any hurdle or challenge while making use of internet in flight.
Resources: To develop this service, Colt Technology would require a number of
resources such as human resources, technological resources, financial resources (Hemphill,
2014).
Financial projection: To bring this innovative service within the confines of UK, the
company would need approximately £31,000.
Funding ways: Colt Technology needs to have appropriate funds by which they can
launch in flight connectivity service in UK. They can opt for various sources which are explained
below:-
Bank and Financial institutions: Colt Technology can take credit from bank or financial
institutions for raising their funds as they provide them with secured methods
(Kutvonen, Savitskaya and Salmi, 2014). In this case, the company will have to pay tax
as per loan but it will ensure security.
From Family and friends: Colt Technology can borrow money from their acquaintances,
friends and family members. This method is effective as hereby the company need not to
pay any kind of security and interest.

For the current project of launching new service into market, Colt Technology would
procure funding from bank as it is a secure source for acquiring funds (George, McGahan and
Prabhu, 2012).
Customer Feedback: It is essential for every enterprise to constantly analyse and
ascertain how customers feel about the product offered by company in market place. This is done
by the enterprise by gaining reviews from people (Mazzarol and et.al., 2014). Through this, an
entity analyses whether or not the people are content with the offerings of organisation and if
improvements can be accommodated within the product or service for betterment of its
performance at market.
TASK 4
P7. Different tools that organisation can use to formulates, retain and intellectual property and
protect knowledge.
Within the business world there are lots of tools and techniques which is mainly used by
different organisation for several purpose in order to protect, retain knowledge as well as
intellectual properties. All those are mentioned in beneath:
Patents: According to this, owner always gives legal right and license as well. With the
help of this they can use their own inventions and no one is allow to use that same without their
permission at marketplace (Pellikka and Malinen, 2014). This allotted to a person for the specific
time so whenever it expires then they are required to renewed it.
Trademark: With the help of this all over goods and services can be differentiated
through various types of signs, symbols, design, features as well as characteristics in order to
gain competitive advantages within the world. Therefore, in short is is mainly used to define own
goods and services in order to beat competitors (Vaccaro and et. al., 2012).
From the above aspects it can be said that patent right is the best one which is used by an
organisation in order to make them different and special at marketplace. By applying this type of
tools on their business they can get better success in future and not needed to face any type of
errors in business. With the help of this they can also protect themselves and able to define their
category of services at marketplace from other businesses (Razak, Murray and Roberts, 2014).
The integration of all of these would provide aid to the organisation in developing and launching

the new service in market place. Apart form this, they can take lots of safety and securities tools
so that no one can use their unique idea without their permission at marketing or business level.
CONCLUSION
According to the above report it has been identified that, innovation and
commercialisation is the best way to bring new techniques and strategies in order to make each
and every goods and services attractive at marketplace. It is also beneficial for firm to gain better
profit and productivity in competitive business environment. There are lots of innovative tools
and techniques by which manager of respective firm can easily apply various methods on their
product to make them innovative. It is helpful for them to make innovative ideas and plan to
make decisions better. Along with this frugal innovation plays very good role to make strategies
unique for giving better satisfaction to people. By having several changes respective firm can use
various policies and strategies to gain customers experience and able to get success globally.
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