Innovation and Commercialization Processes

This assignment delves into the crucial process of innovation and its journey towards commercialization. It examines various stages involved, such as ideation, prototyping, testing, and finally, bringing a product or service to market. The focus is on understanding the critical strategies and factors that contribute to successful technology transfer and adoption in the marketplace.

INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explanation of innovation and its importance for organisation.............................................1
P2 Organisational leadership, vision, teamwork and culture......................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of innovation funnel ....................................................................4
P4 Explanation of development in frugal innovation ................................................................5
TASK 3............................................................................................................................................5
P5 Significant of commercial funnel and the application of innovative product development . 5
P6 Innovation business case of 4com company..........................................................................7
TASK 4............................................................................................................................................8
P7 Tools that enterprises can use to develop, retain and protect knowledge and property.........8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is the procedure of converting an invention and thought into a facility and
goods are generate worth or for them buyers will give. It involves deliberate information
application, initiative and imagination in delivering different and greater values from resources
as well as includes all processes by which innovative plans are converted and generated into
useful products (Thore, 2012). Commercialisation and innovation are 2 important ways of in this
file. that determined as the activity in which modification are existence and assemble by the
business in order to develop items utility for their buyers and support of improving innovative
ideas.
This file is determined on 4com company, It is little in sized firm in the United Kingdom.
The essential purpose of this institution is to give new facility to its buyers. This assignment
support in knowing the creation and its value, innovation of 4P's, various tools and frugal
invention it is used by an enterprises to retain as well as protect rational belongings.
TASK 1
P1.Innovation and importance for organisation comparison to invention
Creation can be determined the activity in which modifications are assemble by an
enterprise in a specific goods to built it helpful for the buyers. 4com business, creation is the
best form in firm to create changes in various products as well as to meet the objectives of
enterprises in an aggressive surrounding. Under this, company sustains its culture with regard to
new so as to make increased technical devices by making innovative plan for implementing it on
the services and products of organisation. Innovation importance for an enterprise which can be
identified as blows:
1. Enhances fecundity: If different new plans which formulated in its services and goods
activity of production,so this will support in maximising employee’s fecundity so in this
way would be applying innovative tools. (Snow and et. al., 2011). support in resource exercise: creation could be supportive in decreasing losses about
enterprise's poverty for examples finance, application & human, etc. It would be supports
in the appointment of workers & utilisation of correct resources. developing communication with the help of support : Innovation supports to built
information stream in an enterprise that assists in launching various approaches in a
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proper way. It also supports in the correct coordination, develops team work and
maximises employee's morale. Correct connection in cited company will assist in
determining the needs or desires of business.
 Maximise health & safety: Invention in the services or goods that support to decrease
accident possibility. this will helps mentioned business to assemble robots utilization in
returning large things so, it give safety to workers from danger situation
(Wonglimpiyarat, 2010). Innovative plan also assists in giving correct employing
postilion to the workers in this way safety as well as health issues will be decreased.
According to the assignment of Apple and Virgin group, conception supports business to
increase when they launch iPod which is similarly from 4com will and also attain success and
growth of business. As per the cased study of Virgin group that also introduce their innovative
products in marketplace. So in this 4Com is also capable to define their new IPod in marketplace
and customer mind. They will make new business mobile with the help of different functions.
Innovation and invention both are different from each other and these differences can be
determined as follows:
Basis for comparison Invention Innovation
Meaning Invention refers to the
occurrence of a plan for a
process or product that has
never been made earlier.
Innovation implies the idea
implementation for process or
product for very fast.
Concept An original plan and its
working in concept
New idea implementation in a
practical manner.
Skill needed Scientific skills Set of technical, strategic and
marketing skills.
Activities Limited to research and
development department
Spread across the enterprise.
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P2. Organisational leadership, vision, teamwork and culture
Commercialisation and innovation both are not insertable within having help of business
vision, culture, leadership and group work (Difference between Invention and Innovation, 2016).
Vision in commercialisation & innovation:
4com’s vision is to develop the communication services in United Kingdom. Company’s
vision supports with in formulating commercialisation & innovation in services or products as
they need to develop the connection facilities. So, they create different innovation for examples:
they give various telephone set with the help by mentioned business in united kingdom, it is
supported on assist and installation. Support to boost the business phones demands between
firm customers & various clients.
Leadership in commercialisation & innovation
Leadership is a process and it influence by an individuals as well as professional
characteristic of a manager in an enterprise and it also supports them to motivate as well as
promote in order to attain objectives of business. 4com industry support the concept of
leadership in the commercialisation and innovation. T The firm motivate workers for making
better goods and services for large number of customers . For this company focus on increasing
the team work, effective communication system and on effective methods of solving problems.
(Thore, 2012). role of leadership is essential to make higher coordination among workers that
will lead to improvement of new thought to create impressive tasking.
Organisation in commercialisation & innovation
Appreciation of mentioned business is liable and for employing commercialisation &
innovation. Under this, business follow a culture to effectively run all the business operations
and to set competitive advantage. Main focus of this is to attain excellence in all commercial
activities. In this, various efforts are done by the to enhance the skills and abilities of workers.
Skilled employees help the firm in smoothly execute the concept of innovation.
Group work in commercialisation as well as innovation
Group working identified as the best method of corporation in attainment of objectives
and goals of company. 4com business has a optimistic group that supports in the execution of
commercialisation and invention at place in render impressive services as well as products with
several qualities which support to give gratification to the buyers (Walsh, 2012). apart form
exploitation, business supplies good services or products in increase revenues. Apple and Virgin
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is best industry in the sector of technology , and create new kind of sound players by giving
little sizing sound instruments to become pecuniary advantages, as well as this artefact has been
very prosperous only the assist of impressive group.
TASK 2
P3. Innovation 4Ps and their use of funnel
It is needed and important for an enterprise to have something new in its services and
products in order to fulfil the buyer’s needs in target markets. For the impressive innovation in
4P's product which is there , it is used by 4com business in order to built innovative goods. As
apple and virgin group, which is made market success in the support of 4P'S by giving advanced
good into the marketplace. Innovation is very important for the employees in regards to produce
innovative items to the clients. As per the Verging and apple group, both are launch new-product
to their potentials as well as target buyers. In they highly attract and buy various number of the
products which is essential for the business is to achieve higher growth and development.
Mentioned business will also be capable to attain success in market. There are 4P's and it can can
be determined as bellows:
Innovation funnel: It is identify as an effective funnel which assist in creating the production
process in the business organisation. It is apply in such place where different plans are get into
the company in an effective manner. It has very essential and vital duty in shaping and planing a
better plan in the firm. There are certain activity of innovation funnel which are determined as
below:
 In the primary process, entire plan which business entity is having into refinery system.
 If the organisation has more plan then modification of producing different kind of
products and services in a systematic manner. So in this business try to choose different
innovative ideas in order to attract large number of the clients towards modernisation.
 But only those goods and services which are highly fits in the business structure that will
be chosen.
 At last stage, final product and services which are chosen in this process in more effective
manner.
Innovation funnel:
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 Product: This will determined as the form of sensual commodity state content by an
enterprise to its different buyers to meet objectives & goals so it develop kinship with
buyers (Teece, 2010). There are several business phones that is demand in the
marketplace, so 4com supports in fulfilling that customers demand by giving innovative
goods. Process: It can be identified as product development cycle. . In context of cited business,
needed resources have been acquired by the firm like human resources, new technology
and funds, etc. Company was capable to produce business phones to clients with the
support of new tools and techniques and also, with the help of skilled employees who
assist in the process of production activities. Position: It is the best process which is similar with the publicity. As virgin group made
different use of correct techniques for the product and service production. 4Com also uses
such tools and techniques like digital and print media for the business phones and other
item’s advertisement.
 Paradigm: It is the unique and an important activity that supports in assembling various
useful goods for the buyers. Epitome assists in handling with the innovative plans as
well as belongings to develop the products or services that is given by the business.
Mentioned firm makes effective utilization to involve better qualities in company
telephones.
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Creation cone assists 4com to concentrate towards the needs and desires of buyers and
industry tendency along with considering the competitors (Schoonmaker and Carayannis, 2010).
4Com has the capability to complete buyer’s needs by giving new business phones which will
support them to reach at a better market position. As per the case study of Virgin and Apply
group, they introduce their innovative electronic products and services to their customers in an
effective manner. It is essential for an enterprise to check the tools and techniques that assist in
meeting the desires of buyers. Apart from this it also assist in giving the best goods at the low
price to the potential and large number of customers.
P4. Frugal innovation and expansion of enterprise
This concept supports in improving innovative enterprise models, innovate different
products and assemble chain of worth in order to produce buyers which face product
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(Source: 4P's of innovation, 2017 ---------)

reasonability problems in a scalable and sustainable manner. It makes participation of either
overcoming or tapping origins voids and constraints to comprehensive marketplace. It aids in
giving useful answers to different problems along with support of different resources. 4Com
business makes frugal innovation use which supports the firm in different ways. This can be
determined as given below: Assist in suggesting new features – This is much essential technique that is utilised by
the cited establishment, to improve and upgrade services and products in order to give
buyers contentment and also assist in increasing revenue as well as industry portion of the
company (Rafinejad, 2007). Innovation in goods of 4com will support in giving gadget’s
superior education to the buyers. For instance: company can give easy technology code of
conduct to its buyers which might be supportive for employees to sustain product’s place
in the marketplace. Reduced operating cost : This method of alteration supports to cut the production price
as it helps in the use of innovative techniques and instrument that assist in maximising
the sales measure which is collected by sold commodities.
 Grow goods line: Cites company has determined the current mobile phone application
with the complete aspect of a specific good to limit its buyers as well as focused share of
industry Frugal creation supports establishment in maximising its trade goods line which
assist business to increase in the marketplace.
As per the case study of Apply and Virgin group which is an electronic provide company
in worldwide. As smilier business is 4Com that also deals in electronic items such as Mobile
phone, Ipod and other products to customers. In this way, price of production can be decreased if
4com become capable to receive raw material at a low price.
TASK 3
P5. Importance of commercial funnel modern product development
Goods marketing is in link with mercantile cone. Mentioned business is handling with the
skilfulness appliance for examples: broadband, firm internet, business telephones system,
application or software, calls and business lines, etc. in this way many merchandise have been
create by a 4com to fulfil buyers requirements , which will determine merchandising function.
(Lindič and et. al., 2011). Innovation of commercial funnel can be identified as an activity in
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which 4com makes enquiry of the buyer’s requirements and needs. Starts the process of goods
evolution and make product shipping with them which is present for the buyers. Main aim and
objectives of goods improvement process is having a plan from several method to actuality and
to build product alteration that could be supportive in gathering requirements in workplace in an
economical or manufacturable form.
According to brief Apple and virgin group, which supports is playing the high position in
become which is clutch by the apple group in supply devising with the utilization of recent
application. For examples: I-Pod is the current design in comparison of other sound instruments.
Enterprise electronic equipment method is become improved by the industry, which show an
essential duty in recent as well as give different characteristic in extra with line of work (Kim
and et.al., 2011). The introduction of HiHi is become fulfil in it. It is the United Kingdoms
business phone system which assist to provide the video experience. Different stages of
commercial funnel like: leading sales, prospects generation and identification need etc. These are
supports the business to make much better products.
Commercialisation is a best way by which new product and service introduction is
become made in the marketplace. Application of innovative goods developments which is used
for processing innovation and commercialisation. New product development includes different
steps like:
With the help of new product development process company can introduce its new products to
the customers in an effective manner.
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 Idea generation: Innovative plan is created before the product development which
includes all research of market. In this phase company centred several activity that is
highly focuses on the buyers needs. like: under taking the research of market and
encouraging the partners suggestions.
 Idea screening: Plan which is become successful will be seized into screening procedure
it is called its market potential & affordability. It is an important stage to ensure the
several unsuitable plans for several reason. Testing and development: Plan which is become improved will be tasted that whether, so
it will capable to fulfil buyers requirement or not. Idea is a best concept because it
determine the buyers needs and wants related to market position.
 Analysis of business : Later on the tasting of goods, business proceeding is become
determined to recognize whether the innovative goods must be gainful for
telecommunication as not. Under this analysis includes identification and competition of
a break-even point.
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(Source: New product development process, 2017)

 Product improvement: Effective process of the goods that must be complete, that define
as business will be capable to study perfect description as well as planing the
manufacturing approaches. It is an essential to provides tangible for purchaser tasting.
 Commercialisation: Pricing and marketing plans so it is terminal in this phase of product
development and to make goods acquirable for the last level (Huizingh, 2011).Marketing
ideas required to be finalised the distribution and sales terms.
 Launch: After completing whole the stage of the product development, in this way goods
will be launched in the marketplace for the buyers, so that they can make use of it.
Process of new new development is very important to get business success and growth.
P6. Innovation business case of 4com
4Com business was formed in the year 1999 which has made a objective and aim to
develop in the United Kingdom's SME markets and give communication services. In this way,
case of business is become improved to maintain investing uncertainty in the creation, to
convert management to new plan that being improved as well as make certain firm thinks
illogically done anything. The 4com business consists of several tracks which are as follows: Administrative compact: Cited business wants and needs to give new telecom facility to
buyers in the United Kingdom and to force different buyers who will support to maximise
their goodwill (Innovation Funnel, 2016). The need: One of the main needs of mentioned company is to cater all corporate clients
and buyers who can make impressive use of the firm’s phone systems like internet,
business phones and broadband. Solution: Solution is necessary and realise that may be supportive in finding the
requirements or needs of buyers so, in this way they can have impressive utility of goods
which given the cited institution. Reason of Innovative products: The other form in innovation company activity and
which is know reason because of which institution product is initiate. Company was
giving the various system of telephones in use of new technology which is called HiHi.
It supports to built the video calls from that system of business phone. Buyers inquiry: This pace will support company to built correct inquiry of the potential
market, it consider different buyers and they are highly centring. Business is essentially
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centring on the consumers of corporate person make high exercise of the phone of
enterprise. Development plans: Apart form the all industry inquiry or plan, product improvement
and designing is become complete to make goods in a accessible class. Demand of investments: Funds and economics are the main as well as essential phase
that it is required by mentioned business to make product devolution (Godin, 2012).
Assets are also needed for collecting various footages.
 Expectable welfares: Different advantages in this form institution will acquire with the
new merchandises will be determined in this phase.
In this task different steps by which cited firm which is related with the
telecommunication and can accession financial support. Virgin and Apple group can utilized this
approach in which personal fiscal footage are utilized by the business for examples: Currency
from savings deposit. Cited firm can also exercise assets from their relatives, social unit, fiscal
organization and banks, etc.
TASK 4
P7. Different techniques that enterprises can use to develop and other aspects
Acquisition of management as well as knowledge is essential for an enterprise. The new
product development process includes like Apple Inc. form activity of the innovative profession
in devising iPod. Virgin group makes an effectual activity of different approach to support
rational belongings. Mentioned business has also exploited various techniques .Business must
examine many resources in in relate with business knowledge which assist in the increasing
the aggressive benefits. Buyer’s knowledge: Basic information about customer taste and their
expectation which will support in identifying the buyers requirements and needs. With this
knowledge about new product development will be collected by company (Gambardella and
McGahan, 2010). Employees and suppliers: By identifying the culture of an organisational and taking
comments. Information about the employees and suppliers will collected by the 4com so
as to maximise and control the performance.
 Knowledge about marketplace tendency: It is needed to realize the recent marketplace
tendency, as it will support the business to have necessary message about challengers.
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Market cognition assists in perceptive scheme about place, price, product and publicity
etc. Cognition of the big surroundings: This part are outside, which are highly impacts
the enterprise in a different manner. It exclude the PESTLE analysis. Trade professional
and institution organization: Cognition can also be collected by business with the support
of books and periodical, annual reports or magazine publisher, etc.
 Trade mark: Is a better methods of identifying the development of the business
organisation. With the support of appropriate R&D, institution will be capable to collect
important message which will assist in the innovative plan’s initiation (Ettlie and
Rosenthal, 2012). Research and development process has been used by Apple and Virgin
group which supports it to make new music player.
CONCLUSION
As per the mentioned report, it can be determined that commercialisation and innovation
is needed for a business as it supports to make innovative ideas that is made product
development process. Commercialisation and innovation will be supportive for 4com
telecommunication to gain large customer base in the present class. It is identified from the
document that innovation 4P's will be supportive in devising different innovative ideas in the
product improvement process. Innovation concern with plan that will assist in devising steps to
identifying new product improvement. This file will support in understanding various
commercialisation and innovation concepts is very important to develop business success and
growth.
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REFERENCES
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open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open and
user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J. E. and Rosenthal, S .R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A.M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva. 50(4). pp.397-421.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
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Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
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Rafinejad, D., 2007. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
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Snow, C. C. And et.al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning.
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Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
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Walsh, P. R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
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Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
[Accessed on 25th August 2017].
Innovation Funnel. 2016. [Online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>. [Accessed on 25th
August 2017].
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