Innovation and Commercialization: A Critical Analysis

The provided document is an assignment that delves into the complexities of innovation and commercialization. It examines the impact of firm size and industry type on R&D efficiency, highlighting the significance of research and innovation for technological success. The assignment also discusses innovation timelines from invention to maturity, addressing barriers to eco-innovation through institutional innovation intermediaries. Furthermore, it explores knowledge transfer in university quadruple helix ecosystems, providing insights into absorptive capacity perspectives. The document concludes with a discussion on balancing acts between innovation stages and commercialization processes.

INNOVATION AND
COMMERCIALISATION

Table of Content
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Explain innovation and its importance within the firm as compared to invention.....................1
How organisational vision, culture, leadership and teamwork help in placing the innovation
within the organisation................................................................................................................3
Explain the importance of 4 P's of innovation for the Virgin Group..........................................4
Explain the concept of Frugal innovation...................................................................................7
Explain the concept of commercial funnel and application of new product development
process within Virgin Group.......................................................................................................8
Develop an innovation business case with ways to access funding..........................................10
Intellectual property and tools and techniques to protect it......................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process of developing a new products and services that assist a firm to
have an effective growth in the following of effective bsuienss operations which will support
proper management of functions and activities (Bondy and Hamdullahpur, 2017). It is a process
that involves the proper placing of the existing concept and theories to develop a better product
or services for the people. On the other hand, commercialization is an activity which is followed
within a business enterprise to sell and get proper revenue from the products and services that are
offered by the firm. In combine, they are required to have the growth and effective planning of
the business operations of the firm. For the report, Virgin Mobile is been chosen as organization
of context. It is a UK based multinational corporation.
The report will cover the details of the innovation process with the aspects of its
commercialization in compare to invention process. Besides this, the impact of vision,
leadership, leadership and other concepts on the development of the innovation and
commercialization process within the firm is been evaluated. The 4 P's of innovation and its
significance on an organization is been evaluated. Besides this, the concept of frugal innovation
and its importance for a firm will be analyzed. Also, the concept of innovation and commercial
funnel is been evaluated. The new product development process(NPD) for an organization is
been identified. Other than this, the details of intellectual property and measures to safeguard it is
been focused upon in the report.
MAIN BODY
LO 1
P1
Innovation is a process which develop and effective and significant solution for a
problem that is been faced by customers or common people. It involves the proper application of
existing concepts and theories which supports the firm to improve quality of goods that will help
the firm to improve effectiveness and usability of an existing product. It helps to improve the
spectrum of business activities and thus lead the organization to have a good placing of various
scientific concepts and ideas. The firm like Virgin Group will see through the handling of
business functions which will help the organization to improve firm to handle the development
process. Virgin group will see through the innovation process that will help the firm to enhance
the suitable handling of business activities in much effective manner. Other than this, the
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innovation process helps firm to gain a technical advancement which improves overall
operations and core compatibility of business organization.
Commercialization is the process to sell and earn the effective amount of products and
services including the innovative products that will help the firm to improve its profitability and
have a market level sustainability. The generation of the high level of business operations and
thus will help the firm to enhance the overall growth and development of the organization. This
will help the selected organization to gain the proper funds and other resources to carry out the
innovation process. The proper commercialization process that is been taken by the organization
will help the fir to enhance the financial stability and growth rate of the firm. This will also help
the firm to meet the operational capabilities and requirements within the fir to carry out the
innovation process and activities in much effective and significant manner.
Innovations and invention are the two different concepts which are however deeply
linked to each other (Kedron and Bagchi-Sen, 2017). The invention process involves the
effective development of something new and unique in nature and functionality, which can be
further innovated to have a commercial usage by a business organization like Virgin Group. The
innovation and invention process are been varied in various ways. The major difference between
innovation and invention is as follows:
Invention Innovation
It is the idea or the operations that is been
wholly developed new and is unique in nature.
It includes the process of creating something
new.
It involves the implementation of the effective
placing of the various concepts and ideas on an
existing product or services.
It includes the original idea and application of
knowledge and skills.
It is the practical implementation of a theory or
concept.
It occurs when a new idea strikes the inventor
or scientist.
It occurs when the effective placing of the
requirement takes place for the solution of a
problem.
It leads to the development of a single product
or process at the organisation.
It is the combination of various products and
services that will help the firm to gain a good
market share.
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It involves the processes that are been taken in
consideration by the R&D department of the
firm.
This is spread all over the organisation,
including the every department operational
within the firm.
P2 How organisational vision, culture, leadership and teamwork help in placing the innovation
within the organisation
The effective placing of the business operations and other activities will improve the
quality of operations which are chosen by the selected business entity. The organisational vision,
culture, leadership, and teamwork will help the business enterprise to implement the effective
placing of the innovation and commercialisation process within the Virgin Group. This assists
the firm to imperove effectiveness of measures that are been taken in consideration by the chosen
MNC that will lay a very deep and significant impact on the overall operations and activities by
the business organisation and thus will lead the firm to improve the quality of services
(Amponsah and Adams, 2017). The implication of these factors on the business operations and
activities is as follows:
Vision: The vision of the selected business enterprise is to provide the wide range of product and
services that are been offered to the customers by the firm. The improvement in the product
range and placing of a wide range of innovation activities will help the firm to adopt and
implement a wide range of functions related to innovated products and services and sell them or
commercialised them to generate a decent amount of revenue. This will also assist a firm to
improve the effectiveness of products and services which are chosen by the business entity.
Culture: it involves both, organisational and market place culture. These factors are meant to be
followed by the firm in order to gain the suitable outputs related to innovation process within the
firm (Bondy and Hamdullahpur, 2017). The organisational culture motivates the firm to enhance
the quality of organisation that will help the selected enterprise to carry out the business
operations and activities in much suitable and significant manner. The market place culture or
the cultural background of people will motivate the fir to improve the overall operations and thus
will carry out the innovation and commercialisation process and other innovative products and
services to be implemented within the firm.
Leadership: the leadership processes will help the firm to enhance the innovation process within
the organisation that will help the selected business enterprise to have the innovation processes
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and other activities that will help the firm to enhance the quality of business activities and
operations within the firm. The proper and significant leadership will guide the firm to adopt and
implement an effective innovation and commercialisation process that will help the firm to
improve quality of services that are been provided to the firm. The management of the operations
will help firm to enhance effective placing of innovation and commercialisation processes.
Teamwork: The effective placing of the team works and employee engagement will help the
firm to enhance the overall innovation process and effective placing of the business activities and
thus will help the firm to handle the innovation process and thus will help a business organisation
to have the effective placing of the innovation process that will help the firm to improve business
operations and activities in suitable manner (Amponsah and Adams, 2017). An effective team or
staff within a business organisation will look after the proper implementation of the development
of an innovative products and services that will help the firm to have the effective
commercialisation process to be followed within the organisation.
LO2
P3 Explain the importance of 4 P's of innovation for the Virgin Group
The effective placing of the various operations are required to be taken in the
consideration by virgin group that will help the organisation to have suitable and significant
adaption of innovation processes (Kedron and Bagchi-Sen, 2017). The innovation process is
significant manner. This will help the selected business enterprise to carry out the innovation
process and activities in much effective and significant manner. The 4 P's of innovation consist
of following factors or operations that are been followed by the organisation such as:
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Product: this is the major factor that is required to be taken in consideration by the selected
business enterprise. A good quality, innovative product or business idea will help the firm to
improve their business operations. A good and innovative product or business solution will help
the selected business organisation to cater a wide range of customer needs and demands. This
will also help the firm to increase the level of business operations and other innovative measures
that are been taken in consideration by the firm (Maritz and Donovan, 2015). A unique, easy to
use and affordable innovative product will help the firm to grow and develop the business
operations and thus will help the firm improve quality of services effective manner.
Process: the innovation process is also an important factor that is required to handle the business
operations and other activities leading to the implementation of innovation within the firm. The
innovation processes that are been taken within the firm will include the proper management of
the innovation idea to the execution and proper commercialisation, in order to have a suitable
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Illustration 1: 4 P's of innovation
Source: What is Innovation Space 4Ps?, 2018

rise in the business operations and activities. Various innovative products and services are been
taken within the organisation that supports the proper management of a wide range of business
operations and activities within selected MNC firm (Polzin, von Flotow and Klerkx, 2016).
Position: the effective and proper positioning of the innovation process and the product or
services will help the firm to increase the effectiveness of the firm to carry out the business
operations and thus, will help the firm to improve the overall actions and other operations. To get
the better position in market, the firm will look after the proper management of the innovation
processes and placing of other effective measures, leading to the proper growth and rise of an
organisation in a very effective manner.
Paradigm: it is the appropriate categorisation of the various form innovation processes twhixch
is chosen by the firm. This will help the firm to have effective development measures and come
up with better innovative products and services related to innovation process within the
organisation (Hanna and et.al., 2015). Besides this, it is the only factor that changes with the time
and thus help in the suitable rise in customer satisfaction level. Besides this, it will lead to the
adoption of new and more innovative processes and work activities to develop a new quality
product and services for their customers.
The innovation funnel is the concept that is been taken in the consideration by the firm
that will help the firm to enhance the quality of business operations and activities to enhance the
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Illustration 2: Funnel innovation
Source: Innovation Funnel, 2018

quality of business operations that will help the firm to improve the core compatibility of the
firm and thus, create a platform for placing the innovation processes and activities in and
effective way. It involves various measures like investigation, development of the product and
shipping the goods which can be further elaborated further as:
Investigation: this is the process that involve the effective placing of the business operations that
are been carried out within an organisation to have a good growth and development. Virgin
Group will work upon the effective placing of the innovation and effective placing of the
research process that will help selected organisation to have a good growth and development in a
very effective way (Adelowo, Akinwale and Olaopa, 2017).
Development of products: once the research process is been conducted, the data collected will
be analysed and thus based on the outcomes, proper innovative measures are been undertaken to
develop products and services. The improvement in the manufacturing process and developing of
the high quality products and services will help the firm to enhance the quality of operations
which is in the consideration by the firm.
Shipping of goods: once the product is manufactured, it is been distributed and effective placing
of business activities and action plans that will help the selected firm to provide the innovative
products and services to their clients or customers. It will help the customer satisfaction of Virgin
Group.
P4 Explain the concept of Frugal innovation
The concept of frugal innovation and development of the products related to it is to cater
the customer need and requirements in much suitable and effective manner, without any
additional cost (Do and et.al., 2015). The major aim of frugal innovation process is to get the
cheaper variant of an innovative product or solution to a problem, causing the firm to enhance
the quality of products and services. Some major examples of frugal innovation is Tata nano, the
cheapest and compact family car, Mitticool fridge, running without electricity. These are some of
the best examples of frugal innovation process that will help the firm to meet their customers
requirements and operations in much significant manner.
Besides this, the frugal innovation is a cost saving application, leading to the placing of a
wide range of activities to be followed (Greenaway, and Rudd, 2014). The frugal innovation
requires low investment, involves basic implementation of basic concepts of problem solving.
This will help the firm to improve the quality of product and make suitable changes as per the
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need and requirements of the organisation. This will help the firm to enhance the quality
measures and placing of other operations within virgin group. The selected MNC will look after
the proper management of business operations and thus will lead the firm to enhance the quality
of products offered by the firm.
The frugality and simple nature of usage make it the best product or success and assist the
firm to opt for a good profitability (Dutta and Folta, 2016). The suitable positioning of the frugal
innovation within the firm will help the selected business enterprise to carry out their trade
activities in much suitable manner. Other than this, Virgin group can opt and see through the
proper management of developing a wide range of products and services based on the innovation
and this impacting the effectiveness of the business organisation. They launching of wide range
of products and services based on frugal innovation will help the firm to gain a better
improvement in productivity and revenue generation, leading to growth of the firm in much
suitable manner. The identification of a problem and application y practical knowledge and skills
will help the firm to develop a frugal innovative solution, that will support a proper rise in
carrying out of their wider range of business operations.
The suitable adoption of frugal innovation will help virgin group to have a better placing
of the firm in market, enabling the firm to cater the customer requirements and other operations
in a very significant manner (Nogrady, 2016). As the people are opting the cheaper variant of a
problem solving product or service, the demand of frugal innovation has increased, creating a
new market segment and thus, improving overall sales of virgin group. Besides this, it will
facilitate a good development of bonding between the customers and the selected business firm.
The assessment of their needs and placing of a wide range of operations leading to frugal
innovation has improved core competency and overall performance of the selected business
enterprise.
LO3
P5 Explain the concept of commercial funnel and application of new product development
process within Virgin Group
The effective placing of the commercial funnel will help the selected business enterprise
to convince and get the effective customer base of the organization to carry out the firm in an
effective and significant manner (Cockbill, 2017). The sales or commercial funnel that will be
followed by the Virgin Group is as follows:
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 Awareness: This is the step that includes the effective placing of the business operations
and activities that will help the firm to enhance the quality of business activities and
action plans in an effective way. In this stage, the problem faced by customer is been
identified and proper solution is offered to the firm. This help the sales executives to
develop the customer interest in the innovative products and services (Abdul Razak,
Murray and Roberts, 2014).
 Action: this includes the promotional activities and operations that will support the
proper management of the business operations in order to get the customer ready for
purchasing the good and services in much effective way.
 Decision: once the customer is convinced and is made well aware about the qualities and
features of the innovative product and services, he is persuaded to decide and purchase
the product or service. It also provides the effective placing of research process to carry
out the innovation process in much effective manner.
The proper following of the innovation funnel will help the firm to carry out the effective
New product development (NPD) process leading to the rise in the manufacturing of many better
products and services. It involves the better and effective stages that help to develop an
innovative product and services at Virgin Mobile:
 Idea generation: at this stage, an innovator will see through the effective placing of the
business operations and activities that will support the proper placing of the innovative
product and service within the use.
 Research and development: Once the idea is been decided, research and development
process is been carried out for getting the proper and innovative outputs from the
innovation process (Hill, 2014).
 Testing: the developed innovative product or service is then proceeded to have the
effective idea about the feasibility of the developed product and services in the real time
conditions.
 Analysis: On the basis of the output received from testing measures, the analysis process
is been taken in consideration that will help the fir to enhance the overall operations of
the firm.
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 Rolling out: once the analysis is been satisfactory, the product and services are further
distributed and placed within the market to be purchased by the customers.
P6 Develop an innovation business case with ways to access funding
The effective placing of the business case within an organization will help the firm to
enhance the effective placing of the business operations and thus will lead to the effective
placing of the business operations and other activities that will help the proper placing of the
business activities that will help the firm to improve the quality of business activities that are
been taken within the organization it involves the following factors:
 Product detail: for the effective placing of the business operations and activities which
are chosen by the Virgin Group, the selected firm will look after the proper development
of the smart devices and fitness trackers.
 Budgeting: the proper budgeting of £60 million can be invested within the firm that will
help the firm to carry out the marketing process of the organization in much suitable and
significant manner.
 Marketing processes: Virgin mobile will see through various marketing processes like
organizing the marathons, giving the users the fitness trackers and bands to monitor their
health and gain their feedback. Besides this, marketing campaign and effective launching
process can be carried out by the firm.
Various sources of funding will be taken in consideration by the firm such as investors,
loans from banks, utilization of personal assets etc in order to carry out the innovation and
commercialization process within the selected business enterprise.
 Idea and data to support the product
As with the passage of time, people are getting more aware about the fitness and health
measures, these products and services that are been taken in the consideration by the firm (Miller
and et.al., 2016). It can emerge as the major factor of growth and development for the firm.
For the current project, the Virgin group will have the following business plan
Proposed Products Smart devices and fitness tracker
Target Customers Young people, technology lovers and fitness
enthusiast
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Budgeting £60 million (estimated)
Marketing approaches involved  Social media marketing
 digital marketing involving radio
commercial and TV ads
 PR events and sponsoring product
related activities.
Target market UK, USA, India, China and Australia
Sources of Funding Working capital, assets purchasing such as
tools and product development and
manufacturing equipments, loans and
investors.
Besides this, the needs of CEO like management reports, growth measures and market
analysis report, the needs of a CFO of Virgin Group like financial statements of the firm, list or
expenses and sources of funding and COO's requirements liker project details, design and
feasibility of the proposed products will help in proper decision making and will ensure the
proper management of key decision makers of the firm.
Sources of income
Working capital Profit gained by firm
Asset purchasing In hand cash, investment, loans
Growth Cash for marketing campaign
Product development In hand cash, investment, loans
Start up In hand cash, investment, loans, angle investers
LO4
P7 Intellectual property and tools and techniques to protect it
Intellectual property can be termed as the intangible commodity and the creations based
on the intellect of the innovator. It consists of the valuable designs, formulas and ideas that
drives the innovation process within a firm (Dincer, 2017). Thus, the firm will look after the
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proper placing of the various operations and activities that will help the organization to enhance
their performance. Hence, in order to safeguard its intellectual property, various tools and
techniques are been taking consideration by the firm such as:
Intellectual property Advantages Disadvantages
Patents: It is the right over the
usage of one's own ideas and
concepts.
This is the legal registration
process that prevents the
copying and alteration of a
design or innovation ideas
within the firm.
It restricts the sharing of data
and prevent further upgrades
of design by someone else.
Trademarks: It provides a unique identity to
the firm or product.
It is susceptible to get copied
or morphed.
Copyrights: It prevents the copying of
design or idea.
It prohibits the growth
measures of organisation.
Patents: It is the right over the usage of one's own ideas and concepts. This is the legal
registration process that prevents the copying and alteration of a design or innovation ideas
within the firm.
Trademarks: It is the unique phrase, symbol or identity that is been placed by the organization
to provide a unique identification to its products and services. Virgin Group has its own
trademark which makes it easy for the customers to classify its products and services (Chun,
Chung and Bang, 2015).
Copyrights: it is mainly used fr a design or literary work that helps the firm to enhance the
effective placing of the functions in much suitable manner. The person who needs to use the
design or logo needs to pay effective changes under the copyright law.
Besides this, various measures like discussions, regular assessments and evaluation
processes can be taken in consideration by the firm to retain and develop the intellectual property
within Virgin Group.
CONCLUSION
Based on the evaluation performed in the report, this can be said that the proper
management of the innovation and commercialization process is must for the firm. The report
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has laid the focus upon the innovation and commercialization process with the difference to
invention process. The impact of vision, teamwork, culture and leadership is been evaluated that
will help the firm to improve their innovation and commercialization process. Besides this, the 4
P's of innovation with the innovation funnels and commercial funnel are been evaluated for
shaping the innovative ideas. The significance of frugal innovation and New Product
Development process is required to be taken in consideration by the firm. A business case and
various sources of funding is been evaluated with the measures of retaining and protecting the
intellectual property is been chosen by the firm.
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REFERENCES
Books and Journals
Abdul Razak, A., Murray, P.A. and Roberts, D., 2014. Open innovation in universities: The
relationship between innovation and commercialisation. Knowledge and Process
Management. 21(4). pp.260-269.
Adelowo, C.M., Akinwale, Y.O. and Olaopa, O.R., 2017. Innovation and knowledge transfer in
Nigeria. International Journal of Research, Innovation and Commercialisation. 1(1).
pp.57-73.
Amponsah, C.T. and Adams, S., 2017. Open Innovation: Systematisation Of Knowledge
Exploration And Exploitation For Commercialisation. International Journal of
Innovation Management. 21(03). pp.1750027.
Bondy, M. and Hamdullahpur, F., 2017. University research mobilisation and the fourth
industrial revolution. International Journal of Research, Innovation and
Commercialisation. 1(1). pp.2-7.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-909.
Cockbill, L., 2017. Turning point: An eye to success. Nature. 545(7653). pp.255-255.
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1).
pp.8-22.
Do, H. and et.al., 2015. SME owner-managers’ anticipated returns to commercialisation: the
influence of organisational factors.
Dutta, S. and Folta, T.B., 2016. Venture capital increases a startup’s chances of issuing stocks or
finding a buyer. LSE Business Review.
Greenaway, D. and Rudd, C.D. eds., 2014. The Business Growth Benefits of Higher Education.
Palgrave Macmillan.
Hanna, R. and et.al., 2015. Innovation timelines from invention to maturity. A rapid review of
the evidence on the time taken for new technologies to reach widespread
commercialisation. UKERC Technol Policy Assess.
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Hill, M., 2014. Awareness and Perception of Intellectual Property Rights and its processes in
New Zealand–The disconnect between innovation and commercialisation, a study based
on the Students at Victoria University’s School of Design.
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Miller, K. and et.al., 2016. Knowledge transfer in university quadruple helix ecosystems: an
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Nogrady, B., 2016. Balancing act.
Polzin, F., von Flotow, P. and Klerkx, L., 2016. Addressing barriers to eco-innovation: Exploring
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Online
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<https://www.ifm.eng.cam.ac.uk/research/dstools/innovation-funnel/>
What is Innovation Space 4 P's?, 2018. [Online]. Available through:
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