Commercialization of University Innovation: A Review

The provided document is a compilation of research papers and studies on the commercialization of university innovation. It covers topics such as open innovation, technology transfer, and product development strategies. The studies reviewed were published in various journals and books between 2010 and 2017. The document provides an overview of the key concepts and findings related to commercializing university innovation.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ..........................................................................................................................................1
P1. Explain innovation and determine it importance to organisations in comparison with...1
invention ................................................................................................................................1
P2 How your organisational vision, leadership, culture and teamwork can shape innovation . .3
TASK 2............................................................................................................................................4
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel...................4
P4. Explain developments in frugal innovation and provide examples ................................6
TASK 3............................................................................................................................................6
P5. Explain the importance of the commercial funnel and the application of New Product
Development...........................................................................................................................6
P6. Innovation Business Case for the chosen organisation, including ways to access funding.8
TASK 4............................................................................................................................................9
P7. The different tools organisation can use to develop ,retain and protect knowledge and
intellectual property................................................................................................................9
CONCLUSION ..........................................................................................................................10
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation refers to creating new idea, thoughts, process and methods by which problem
can be solve in more effective manner. In today's scenario every business is coming up with new
innovations. So that they can make their products and services in more effective way. While
commercialization refers to a process by which enterprise produce new ways and methods in
commerce(Anokhin, Wincent and Frishammar, 2011). Innovation and commercialisation go
hand in hands. To satisfy customer and to retain this both are very important. Because if firm
didn't change their product according to customers needs and wants consumers stop using that
product and shift to another brand.
The company which is taken into consideration in this report is virgin group and apple.
These both companies are into different sectors. Apple introducing gadgets like iPhones, iPad,
iPod and other devices. While virgin group is into entrainment, finance and live style. Both of
the companies having its big name and having good brand reputation in market. The market
share of both the enterprises are very high.
In this report importance of innovation has been describe. Impact of vision, mission,
culture, leadership on successful innovation. The 4Ps of innovations has been mention in this
particular assignment. Concept of funnel has been their in this project. Different tools to
protecting intellectual property are discuss.
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TASK 1
P1. Explain innovation and determine it importance to organisations in comparison with
invention
Innovation refers to creating something new which is not their in market. The meaning of
innovation is usually depend upon their usage. It has different meaning for different people. It is
very important in today's scenario as very organisation is going for this concept. Without this no
company can sustain in market for longer run. Their many profits which company is having
when the are regularly innovate their products (Bagchi-Sen, 2010). This can help them to
generate more revenues, expand market shares and others. Innovation tends to improve the
efficiency of product and services. By this enterprise can have competitive advantage over other
firms. Following are the importance of innovation.
 Create competitive advantage: Innovation help enterprise to get competitive advantage.
As company is producing unique products and provide such function which other
brands do not have. By this more customer buy the product because they are getting
new solution which are easy to access (Davila, Epstein and Shelton, 2012). Their
different view of people for innovation like some people perceive innovation as value
for money, for some of them it is different in functions. Company can bring new trends
in market to gain competitive advantage.
 Innovation establish the best method for the business: Innovation brings best way to
solve business problems (Godin, 2012). As by innovation the firm can solve their
problems in quick and easy manner. It is very important to allocate resources properly
and innovation them to do it.
Difference between innovation and invention
Basis Invention Innovation
Meaning Invention is idea or process which is
comes first time it is not there earlier.
Innovation refers to
implementing new ideas for
first time.
Concept The original idea in theoretical concept The concept of innovation is
implementing idea in
practical scenario.
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Skills required Scientific skills are required in
invention.
Managerial, marketing skills
are required in innovation
Occurs Occurs when new idea comes into mind
of scientist.
It occurs when company
need to make changes in
existing products.
Concerned with Individual product and services Various products and
services are combine in
innovation.
Activities Research and development department Various activities took place
across the organisation.
In context to case study apple come up with new idea as they invent the products by
which customer can listen music on small devices having good storage power. And now they
innovating their products by adding new features into it like size, colour, storage and others.
P2 How your organisational vision, leadership, culture and teamwork can shape innovation
It is very important to have clear vision, mission and objectives. Because these are vital
factors in innovation and commercialisation. Vision leads to statement in which company decide
where they want to reach in future and where they see themselves in future. As apple want to
become biggest company earning highest revenues (Guha and Yang, 2010). Mission refers to
statement in which they stated that how they are going to achieve their vision. As apple has
mission to provide most high technology products to their customers. Mission follow vision. The
another concept which comes into pictures is leadership. Leadership tends have certain qualities
which they encourage their team to complete work on time and in effective manner. Leadership
have different kind of qualities that make them success full. Culture determine the common
value, belief, norms that people are sharing in their common group in an organisation. The final
one is team work in which firm employees are working proper coordination to complete given
task.
These all factors took place in an organisation. While doing innovation and
commercialisation these factors are having negative and positive impact. As leader encourage
employees to work in effective manner and they trained them for such things so that creativity
and productivity can be enhanced. Leader encourage their team members to express their views
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and ideas to take better decision (Gulbranson and Audretsch, 2008). To generate
commercialisation it is important that workers need to work in proper coordination. If member of
firm have great understanding between them it can help them to learn from each other. This
results in sharing new knowledge, skills with each other. Leader need to play their roles and
responsibility properly to execute innovation.
In starting stage of product firm need to trained their employees so that they know about
products in better ways. In this employees has been trained how they need to communicate with
customer and start their process of selling items. Culture have great influence because if
employees are rigid in nature and they do not want change themselves in that case bring change
in enterprise and product can be difficult. So leader need to consider them motivate them and
make them understand about vision, mission and objectives of firm. Team coordination is
important to generate good results in less prices.
TASK 2
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel
As like marketing even innovation is having 4P's. These 4P's are product, process,
position and paradigm. These elements are have vital role in a organisation. While formulating
policies these element take into consideration. Following are the 4P's are given below.
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 Product: The first thing PC's is product. When firm wants to make any change the
product is first thing that comes into mind. In context to apple they regularly make
changes in their products (Hemmelskamp, Rennings and Leone, 2013). Their are many
different features which are included in particular product. Virgin also make changes in
their travel package, mobile phones. This changes take place because enterprise wants to
increase their sales and attract new customer so that they always be a major player of
market. The CEO of this company looks into delivery aspects and wants to provide
creativity in their products.
 Process: The second important element is process. Process refers to procedure which
coming is using to produce their goods and services. In this also innovation take place.
So that good quality of product can be manufacture which in quick time and lesser cost.
Firm can also make changes in distribution channels, recruiting and accounting. When
business unit is adopting new innovative process by this quality of can be improved and
goods are manufacture in very effective way.
 Position: Position is similar with promotion. But in innovation mix they are having
different implication. Positioning refers to place where brand is establish in consumers
mind. How customers are perceiving company product in comparison to competitor
products (Hoque, Chishty and Halloway, 2011). For example apple position its product
as be different as they are manufacturing most unique items among their customers.
Nike positioning their product as best sports brand. By this whenever consumer wants to
buy phone or music gadgets they first remember apple in their mind. Positioning is
depend of consumer perception. So business unit brings any innovation they also see the
positing of product. According to that on the commercialised it.
 Paradigm: Paradigm refer to changes which is made by the firm while serving their
customers. Such they can make changes in their delivery. They company may sell their
products online and by other sources to provide value of delivery. By this business unit
can get better business.
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Innovation funnel gives the steps to develop and producing the products and services. By
funnel the product and services can be design in a manner that can satisfy customers needs and
wants. In this concept the three steps included such as investigation, development, shipping the
products.
P4. Explain developments in frugal innovation and provide examples
Frugal innovation tends to reducing complexity in the company's products. In today's
scenario many companies are using this concept to reduce their cost. This this taken into
consideration when enterprise wants to reduce cost and increase sales. For example cocoa cola
conduct a campaign in which they ask customers to right name on can. In this company took the
celebrity face (Jagoda, and et. al, 2011). They told consumers that if they like Kate they can meet
Kate and other celebrities. This event do wonder and by this sales of soft drinks rises very fast.
By this new innovation many earn lot of revenues. Many enterprise like apple and other
companies go for different strategies so that the objectives of their firm can be established. Apple
also has different advertisement strategies by which consumer know about their goods features
and attract to them. Which innovation firm can also deliver additional services. Apple in many
countries offer consumer to exchange their old products and take new products according to their
choice. This may tends to increase product sales and more new customers can be attracted by this
strategy. Their are many competitor which are engaged in selling same type of products. So
business unit need to make their delivery very effective so they do not loose single customers. In
this competitive losing one customers is also a very big loss for firm. To retain them and
generate brand loyalty is very important. Both apple and virgin are performing good and they
have their premium customer those who are extremely loyal for them.
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TASK 3
P5. Explain the importance of the commercial funnel and the application of New Product
Development
Funnel concept is used to understand customers needs and wants. Company needs to
design their products according to customers expectations. Every firm need to generate their
leads to sell their products and services (Kutvonen, 2011). If any product which is can not meet
customers wants then it is not possible that firm get success into it. Funnel includes three steps
investigation, development, selling. Funnel concept is different from customers and selling point
of view. According to customers funnel include steps such as awareness, discovery and purchase.
In first step customer get ware about product through different sources. After that consumer
discovery the product and their related products and make comparison. In final the product they
like most and which fulfil their needs client go for final purchase (Snow and et. al, 2011). The
importance of commercial funnel are as follow.
 By this company can know what their competitor are offering
 Right sales leads can be generate by funnel
 Helpful to generate awareness
 By funnel firm can save their cost because they are manufacturing according to
customers needs.
 Rise in sales can be done
 Customer get satisfaction as they are getting products in their expected qulaity Build strong relation between firm and customers.
Application for new product development
For every enterprise increase in productivity is very important. When the demand of
product is decreasing firm need to take decision to gain the market share and their customers. In
this situation firm adopt strategy of new product development. In this business unit try to bring
changes in their goods by innovation (Lee and et. al, 2010). Team member coordination is very
important to implement plans in proper manner. Following are steps by which new product can
be develop.
 Generating idea: First step to generate the idea. For this market analysis need to be done.
So that business unit can know about their strength, weakness, opportunities and threats.
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 Screening idea: After generating idea company need to do screening in which they know
why it is necessary to make changes.
 Testing the concept: After screening the testing need to be done in which company see
whether the idea can work or not.
 Business analytics: In this firm develop different systems. In which they evaluate the
time take by each activities. In this different matrix can be develop to do business
analytics.
 Marketing test and commercialize: In this company test new products in the market by
asking customers whether they like product or not. By this firm can get relevant
information. After testing is there is any changes required company can make it. After
that firm need to dispatch goods for final sale (Thore, 2012).
 Post launching reviews: In this company monitor the reviews and feedback of customers
and compare actual performance to the standard ones.
Small companies can go for these steps and make changes in their products to attract new
customers.
P6. Innovation Business Case for the chosen organisation, including ways to access funding
It is most complex procedure in an enterprise. When the researcher is conduct research
they find many information. It is possible that the information that has been collected can have
errors. If the initial stage is unclear the whole process can go wrong. By the commercialisation
the new idea can be determine. To come from these issues firm need to adopt adequate methods
and approaches (van Hemert, Nijkamp and Masurel, 2013). For this business case need to
develop which make clear about the information collected from various areas. Business case can
be influence by emotions. If firm make good business case it help to make clear about various
areas which are discussed. This emotions need top be reduce so that firm take decision according
to real scenarios.
The first step to develop business case to adopt appropriate model. By this case get the
proper structure. All facts and figures need to discuss so that main challenges can be figure out.
Transparency need to maintain in very business case. By the following way business case can be
develop.
 The first step which company adopt they is to discuss about same topic. The problem
facts and figure are noted and discussion took place between members. As in this
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company need to innovate their products and increase their sales they took ideas from
different members to solve problem (Walsh, 2012).
 After discussion all the idea need to be noted. This can bring business case into real
picture. The company analyse the cost benefits, define the opportunities needs, determine
the uncertainty, find the stakeholder interest. By this they can determine whether the
business case is relevant or not.
 After analysing the above factors. The firm need to study about competitors and by
considering this they can prepare strategy to attract new customers. The competitor those
who are selling same kind of products. So for this they need to delivery services and
provide additional delivery to them so that new customers can be attracted. This delivery
includes after sales services, warranty, guarantee and other attractive offers which
competitors are not providing (Wong, 2011).
 In last step the resources need to evaluate which can be used to implement the business
case. Their are different kind of resources like human, financial and other resources. This
resources need to be allocate in proper manner. Company need to find best financial
solution of the business case success. In this firm encourage their employees to
participate so that conflicts also be reduce in organisation.
TASK 4
P7. The different tools organisation can use to develop ,retain and protect knowledge and
intellectual property
It is very important to protect intellectual property so that no other person can use it. For
that there are different tools which company can design and develop to protect. There are many
valuable assets which company is having like their brand. So to protect this brand name they
need to adopt one or another method. Competitor can use this assets in negative manner this can
influence on company reputation and customer can get dissatisfied. Following are the tools
which can be use to protect the assets of the firm and firm need to make sure that they renew
them after their expiration period (Wonglimpiyarat, 2010).
 Patent: A government authority provide this safety for particular period of time. Patent
can be patent can be done on any design, utility, plant etc. it is done because no other
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company can copy the same design. To avoid duplication it can be use. It is done for
specific period of time after expiration it need to renew.
 Trademark: trade mark is another tools by which asset can be protected. Trade mark
can be done on logo, symbol, name, sign. By this company can protect and save their
protect identity. By the brand name customers can identify the products if this brand
name is copied by someone it lead to have bed name in market. Apple and virgin is
having their own brand logo which create its different identity.
 Copyright: Copyright can be done on articles, literacy, artistic and music lyrics. This
can be done on the process of production. So that no other firm can adopt the same
process.
CONCLUSION
Innovation and commercialisation is having very important place in today's scenario. In
this competitive world every enterprise wants to be on first position. Because of this they come
up with new ideas, design, functions and make changes in their products. To bring changes the
team work, mission, vision has playing it crucial part. By team work proper coordination take
place and company can achieve their task properly. The innovation 4Pcs need to considered
while meeting the expectation of customers. There are three stage by which innovation funnel
take place according to that product and produce. Their are different tools which help firm to
protect their assets. By using this tools company can prevent duplication and save their barnd
name and other important assets.
REFERENCES
Books and journal
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Anokhin, S., Wincent, J and Frishammar, J., 2011. A conceptual framework for misfit
technology commercialization. Technological Forecasting and Social Change. 78(6).
pp.1060-1071.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Davila, T., Epstein, M and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva. 50(4). pp.397-
421.
Guha, S and Yang, J., 2010. Thin film silicon photovoltaic technology–from innovation to
commercialization. In MRS Proceedings (Vol. 1245, pp. 1245-A01). Cambridge
University Press.
Gulbranson, C.A and Audretsch, D.B., 2008. Proof of concept centers: accelerating the
commercialization of university innovation. The Journal of technology transfer. 33(3).
pp.249-258.
Hemmelskamp, J., Rennings, K and Leone, F. eds., 2013. Innovation-oriented environmental
regulation: theoretical approaches and empirical analysis (Vol. 10). Springer Science &
Business Media.
Hoque, M., Chishty, M. and Halloway, R., 2011. Commercialization and changes in capital
structure in microfinance institutions: An innovation or wrong turn?. Managerial
finance. 37(5). pp.414-425.
Jagoda, K., and et. al., 2011. Development and commercialization of renewable energy
technologies in Canada: An innovation system perspective. Renewable Energy. 36(4).
pp.1266-1271.
Kutvonen, A., 2011. Strategic application of outbound open innovation.European Journal of
Innovation Management. 14(4). pp.460-474.
Lee, S., and et. al., 2010. Open innovation in SMEs—An intermediated network model. Research
policy. 39(2). pp.290-300.
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.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
van Hemert, P., Nijkamp, P. and Masurel, E., 2013. From innovation to commercialization
through networks and agglomerations: analysis of sources of innovation, innovation
capabilities and performance of Dutch SMEs. The Annals of Regional Science. 50(2).
pp.425-452.
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.
Wong, P.K. ed., 2011. Academic entrepreneurship in Asia: The role and impact of universities in
national innovation systems. Edward Elgar Publishing.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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