Innovation and Business Commercialization

This assignment delves into the crucial aspects of innovation within a business context. It requires an analysis of how companies can effectively cultivate an innovative environment and outlines successful strategies for commercializing innovative ideas. The provided resources encompass academic articles exploring various facets of innovation, from open innovation models to the role of engineering leadership in fostering innovation.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining importance of Innovation in an organisation along with comparison with
invention.................................................................................................................................1
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................4
P3 Explaining 4P's of innovation and use of innovative funnel.............................................4
P4 Concept of frugal innovation and its use in organisational context..................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD..............................................6
P6 Business innovation case...................................................................................................7
TASK 4............................................................................................................................................8
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property...................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
The innovation components and commercialisation can take the enterprise to the success
heights. The innovation concept revolves around the creation and development of products make
it more altered and modified from the existing one (What is innovation and how can businesses
foster it?, 2017). On the other side, commercialisation refer to the market and disseminate the
services and products in the global or local trade. The service will be initially formed in the trade
which will be adopted and modified as per the requirements later. This report will analyse the
Softwire, small consultancy service provider along with rendering software services. In context
of this small business organisation, this report will analyse various aspects of invention and
innovation along with analysing the major types and mix of innovation. This will analyse
numerous innovation aspects carrying out the concept of frugal innovation and commercial or
innovation funnel.
TASK 1
P1 Explaining importance of Innovation in an organisation along with comparison with invention
The company, Softwire is a small business enterprise operate their various operations in
the software engineering domain as well as digital design and consultancy services in UK
market. The company was established in 2000 and possess nearby 130 and more worker who are
aiming on delivering their services to the clients (Sheep, Fairhurst and Khazanchi, 2017). The
company is owned and operated by Pete Kenny, Phil Marsden and Dan Shavick who together
run their functions.
The term innovation can be referred as the introduction and implementation of new
values, idea, concept, method and procedure which can be built behalf of the company. This
often defined as the formation of new product, system, procedure that can assist a business
organisation to replace the existing and traditional approaches in order to form new and more
modified one within the firm. Invention, on the other hand, refer to the discovery and
introduction of new method, service, products and activities for the first time. There are several
sources from which innovation forms like the strategies of competitor, market and team working
that can direct whole entity toward the success. Here are mentioned some of the advantages of
innovation mentioned as below:
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 The foremost vale that has been carried out through innovation is that this assist in
uplifting the business stature to enhance the operations efficiency and prolong the
definitely their operation,
 This concept aid in rendering Softwire competitive edge to their company over their
competitors (Shakeel, Takala and Zhu, 2017). This is very fundamental for company to
possess their mew strategies and ideas so that it can be more effectively commercialised
and the financial targets can be achieved.
 The innovation concept assist in setting best activity for the business resources
administration. This can help in making certain whether the current resources of business
is able to identify the development opportunities in order to make the utilisation of them
in operation in more effective manner. This can be adopted as it is a flexible approach i.e. able to enhance through assistance of
proper innovation in dealing with the unfavourable trade impact in the best way.
Difference between Innovation & Invention
Basis Invention Innovation
Meaning Invention can be referred as the
product discovery and creation
procedure which has introduced for
the first time in the entire market.
This can be defined as alternation
and modification in the existing
commodity.
Concerned
department
This is basically associated with the
R&D division through using
different ideas of marketing team.
This concept is often implied for
entire enterprise.
Skills required This is fundamental for possesses
concerned with systematic and
scientific skills for producing
service.
There are less determined skills set
needed for innovation.
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation
This can be claimed that commercialisation and innovation within a working organisation
are more impacted by various ways. For instance, mission and vision of a company assist
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identified by the higher management aid in determined the extent practice of innovation applied
by a company. There are various leadership impact as per the subordinate perform. Softwire's
founder emphasise over the approaches of innovation within the company in regard of operating
the activities that can be sustained in the trade. Hence, there are several influence upon the
innovation in regard of organisation which are discussed as below: Vision: Vision of an organisation determined what this intents to meet with their
operation as well as practices (Shi and et. al., 2017). The Softwire's vision is “to
manufacture innovative software and accomplish the demands of customer in an
unmatchable way.” This organisation vision of Softwire has direct influence on
innovation practices implemented within the organisation. Associated to the this
company, vision encourage their innovative approaches and practices use in order to
achieve and fulfil the consumer demand in unprecedented way. Leadership: The term can be identified as the one of the fundamental measure that lead
the entire innovative approaches and incorporate the practices adopted within the
organisation. For e.g. Steve Job who has created revolutionary inventions and innovation
within Apple's products and services, has persuade people for working within their
enterprise and establish revolutionary smart and digitalised products. Hence, it can affirm
that leadership can end up the code of conduct and policies formulation that stimulate
activities of innovation within company meeting the different outcomes. The
reinforcement tool when undertaken into the consideration assist in emphasising the
practices of innovation in regard of company. Teamwork: Teamwork can be defined as association of certain number of individuals
who work in a form in regard of accomplishing specific targets and goals. A team include
people related from distinct expertise work together so that their business aims can be
accomplished. This is fundamental for them to render with appropriate terms and
guidelines for enabling more ideas generations to make certain that their products are
offered to customer in better way (Schmitz and et. al., 2017).
 Culture: Culture refer to the vital part of a firm as this is accountable for encouraging and
supporting innovation. The administration have to ascertain that business culture depends
on the discovery and experimentation so that practices of innovation could be enhanced.
The innovation is influenced by the culture as this helps in believing people that largest
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modifications can be adopted and inflow in the operations and processes of organisation
and it's outcome can be achieved. This view point of different individuals are well
planned so that alternation can be met.
TASK 2
P3 Explaining 4P's of innovation and use of innovative funnel
The 4P's innovation is the tool that can assist in evaluating the innovation succession in
the firm. This approaches or techniques by Joe Tidd and John Bessant that can aid in the
innovation classification on to several basis. The categories is wider that are undertaken in the
innovation classification which are mentioned as below: Process Innovation: This aims on the style in which products are rendered to the
consumer or end user (Mamo and et. al., 2017). Process is one of the fundamental
segments that redetermined the manner through which consumer are served the services.
This is comparatively additive alternation as there will less influence on the output of
service. Softwire has been emphasising the the approaches of automation so that worker
are delivered creative and more positive working environment. Position Innovation: This form of innovation focus over the perception of re-position of
firm in the minds of consumer. Perception is associated with the services and products
that are rendered by organisation are modified in order to deliver effective financial
outcome. For example, Softwire provide the software issues related solution which were
confined to the more bigger scale vendors but now the company have initiated offering
start-up ventures these services to re-define their organisation perception. Paradigm Innovation: This p is associated with the mental model that relate to business.
The revolution of technologies have redefined models of mental of individual associated
to the optimisation of internet portal and websites. This is defined to attain the technology
shift (Lim and et. al., 2017). The business enterprise irrespective of their size which does
no depend on the traditional measures for carrying out the business operations as well as
have lean to the digital measure that have rendered benefits to the entire organisation's
operation grounds. Product Innovation: This can be defined as the preferred approach in regard of
innovation that define the launching a new service or alerting the existing one. This can
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be defined as the radical techniques that focus over the disruption of market's ideal
functioning. Softwire can be considered as the major provider of service in regard of the
digital marketing and software. Therefore, execution of creative and new productive
ideas will lead to the provision of outcomes of the entire services or procedure. This can
help in creativity incorporation assisting in render ideal solution of software to consumer.
Innovation funnel concept undertakes various phases that are considered in improving a
product and process. The offering innovation that are processed that are undertaken for
commercialisation which this implemented through the masses. This is a refinery framework in
which opinion by most suitable and funnel one are executed at the last. The main phases that are
needed to undertaken in process of commercial funnel which are mentioned as below:
 In initial phase, the funnel agrees over the point of accepting as much ideas as it can take.
This phases undertaken the accumulation of mass information from various sources such
as research, competitors, market etc.
 In next phase, funnel gets narrow (Perry and et. al., 2017). In this, rectification of ideas,
screening of strategies are done in regard of eliminate most creative and useful one.
 The the last stage, enterprise focus over the potential ideas and ideal plan over which the
objectives are performed. This ideas are often viable and feasible while implemented
over company.
P4 Concept of frugal innovation and its use in organisational context
The concept of frugal innovation is contemporary that responds to the resources scarcity
in the material, human resources and finance terms. The service and products that are formed on
this basis consumes less resources as well as are often successful in attaining the consumer
obligation. This methods has proven effective as innovation otherwise this is buying the
consumer's buying power (Dutta and Hora, 2017). These initiative are undertaken to accomplish
the obligations of society in regard of consumer in regard of better and efficient production.
Hence, this originated with healthcare and transportation which deploy to the domain of
technologies.
This is an useful approaches that helps an organisation in developing more efficient and
cost effective products and services with the help of high technologies in best way. This
emphasise over the manufacturing procedure supporting the enterprise through trimming the
expenditure and spending costs. Through undertaking the approach of frugal innovation, small
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business, new start-ups can achieve best procedure of manufacture, lower their production cost
and make more amendments in products through innovate their core services accordingly. As the
small business organisation contain less resources whether it is financial or raw material along
with technological, this approach can assist the enterprise in cutting their production cost. This
eliminate the unnecessary activities from the entire procedure The goodwill and brand reach will
be emphasised through adopting the service value prospects (Khan and et. al., 2017). Through
the help of frugal innovation, enterprise can achieve their best and crucial outcomes competing
the large organisation within the marketplace. Softwire can develop more productive software
and digital design through the assistance of optimisation of frugal innovation as the major
approach of evolution of services.
TASK 3
P5 Importance of commercial funnel and application of NPD
The commercial funnel is optimised by organisation in regard of selling their services and
products to consumer. This procedure aims on launching creative products as well as masses
offerings. In this procedure, the method of marketing, sales and productivity is being undertaken
in regard of reaching crucial decision of organisation. Softwire opt this procedure for advertising
and promotion of their core services along with launching new products within the marketplace
(Clayton, Feldman and Lowe, 2017). The sales funnel of enterprise aims over product
information dissemination along with aware people abut new offers and exotics plans provided
by organisation. Through the assistance of this, company can easily reach their determined sales
targets and form their recognition within the working organisation.
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Though, commercial funnel is fundamental, Softwire can optimise the new produced
development procedure which plays vital role in the sustaining of organisation within the
competitive marketplace. Here is mentioned some basic steps of NPD briefed under: Idea generation: In this step, organisation will introduce new consultancy services plan
for providing consumer better services. Screening of Concept: In this phase, company will focus over profitable and more
sustainable business plan through screening entire ideas to the team and higher
authorities. Testing of Concept: This is fundamental to experiment the concept with the existing
organisation clients to understand chance of success. Business Analysis: Market and environmental analysis is undertaken. Commercialise: In this procedure, marketing and promotion process is undertaken for
advertise the products.
 Development of Product: As per the response of people, clients and consumer, the
product is being launched in the market for customer use.
P6 Business innovation case
This is very fundamental for business organisation to keep developing their software of
business and provide more creative and better digital design in regard of achieving the market
requirement (Henttonen and et. al., 2017). This software can undertake through organisation
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Illustration 1: Sales and Commercial Funnel
Source 1: Sales and Commercial Funnel, 2017

enhancing on the collaboration forms amongst setal group to attain better collective outcomes.
Here are mentioned business case for Softwire for meeting the required outcome discussed under
in the table:
Executive Summary The company, Softwire is small digital engineering and software
provider organisation which carry out their operation in UK. The
organisation is also popular for creating a business environment that is
successfully achieving their consumer's requirements.
Need In the software sector, innovation plays very vital role which assist the
organisation in fulfilling their demands and consumer requirements in
effective manner. This terms is required for Softwire to undertake as the
company need to modify their basic products for sustaining in the
competitive marketplace.
Solution The evolution of innovation software can assist in organising the
various required assessment as well as consumer's expectation along
with fulfilling further requirements through modifying the existing
commodities.
Consumer Analysis This can be affirm that clients of the organisation;s business which were
satisfied with the undertaken business innovation. This modified
evolution in regard of software can aid in preserving most effective
methods of business as well as executing the same on enterprise in
regard of achieving better outcome.
Creation and
Improvement
The concept that has been undertaken through the organisation by the
help of communication in regard of creating a more effective and
creative software in most unstructured and structured way. A business
organisation will be able to optimise from several available options as
per the reach for managing the identified innovation for developing the
products.
Acquisition of funds Being a small business organisation, this is required for business to
undertake the emerging funds in several sources in regard of selecting
right approach. The initial source which is undertaken are aimed over
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the Banks that are able to fulfilling the requirements of finance of
business organisation. Also, Softwire can seek more more investors and
sponsors for investing in their business ideas in regard of managing
funds.
Benefits availed In this phase, the availed benefits from consumer is identified in regard
of understanding the actual and standard benefits attained by enterprise.
Through this organisation can simultaneously developing experience of
consumer in effective manner.
TASK 4
P7 Evaluation of different tools which are utilised by business in preserving intellectual property
Intellectual dapperly can be defined as the most fundamental part of the business
organisation that can assist a business organisation apart form their rivals. The intellectual
properly rights protection can aid owner in preventing the inquired and unauthorised
optimization their licensed properties and invention (Gaddy and et. al., 2017). This can
emphasise the business capabilities to render something fresh to customer and can be optimised
further as the security or safeguard in terms of increasing the bank's finance. Here are mentioned
some of the major IP rights elements which can be utilised by an organisation mentioned as
below: Trademarks: it can be defined as the logo and brand symbol which can be utilised
through an organisation in their catch phrase, name and their tag-lines. Thus, this is
fundamental for enterprise to use registration of trademarks in order to promote their
services and products in more valuable manner. This can aid in increasing the protection
against the unauthorised utilisation of their logos and trademarks that are identical to their
organisation's products. Copyrights: This can be referred as the protection that have been rendered through the
UK state. This focus over the authorship preservation associated with the unpublished
and published form of general or original copy of work. This focus over copyright law
which helps in protecting the time, efforts and creativity of individual or creator. The
owner posses the authorise power to hinder other to use their copy.
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 Patent: This can be defined as the right that have been delivered to inventor associated to
optimise and merchandise their creation. There are three major components in this i.e.
utility, plan and design patent
Softwire can safeguard their copies, invention, design and provide software solution
service through the assistance of IP rights that can not only help in achieving their business
objectives but also can render more effective outcome and additional financial resources in case
of use of their innovation by other entity (Goble, Bercovitz and Feldman, 2017).
CONCLUSION
This can be affirm from the above report that the innovation concept revolves around the
creation and development of products make it more altered and modified from the existing one.
The term innovation can be referred as the introduction and implementation of new values, idea,
concept, method and procedure which can be built behalf of the company. This can be claimed
that commercialisation and innovation within a working organisation are more impacted by
various ways. The 4P's innovation is the tool that can assist in evaluating the innovation
succession in the firm. The service and products that are formed on this basis consumes less
resources as well as are often successful in attaining the consumer obligation. This is very
fundamental for business organisation to keep developing their software of business and provide
more creative and better digital design in regard of achieving the market requirement. Trough IP
rights an organisation can safeguard their inventions and innovation.
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REFERENCES
Books and Journal
Dutta, D. K. and Hora, M., 2017. From Invention Success to Commercialization Success:
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that facilitate science commercialization through entrepreneurship. The Academy of
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Goble, L., Bercovitz, J. and Feldman, M., 2017. Organizing for Innovation—Do TLO
Characteristics Correlate with Technology Transfer Outcomes?. In THE WORLD
SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 4: Process Approach
to Academic Entrepreneurship—Evidence from the Globe. pp. 105-135.
Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy
innovation. Energy Policy. 102. pp.385-395.
Henttonen, K. and et. al., 2017. Open innovation in SMEs: Collaboration modes and strategies
for commercialization in technology-intensive companies in forestry industry. European
Journal of Innovation Management. 20(2). pp.329-347.
Khan, S. and et. al., 2017. Ultrathin Colloidal PbS/CdS Core/Shell Nanosheets. MRS Advances.
pp.1-6.
Perry, S. J. and et. al., 2017. Developing Engineering Leaders: An Organized Innovation
Approach to Engineering Education. Engineering Management Journal. 29(2). pp.99-
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performance relationships: the moderating role of supply chain influence. Journal of
Business & Industrial Marketing. 32(7). pp.913-924.
Mamo, T. and et. al., 2017. Analysis of wheat commercialization in Ethiopia: The case of
SARD-SC wheat project innovation platform sites. African Journal of Agricultural
Research. 12(10). pp.841-849.
Schmitz, A. and et. al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management Journal.
13(2). pp.369-395.
Shi, T. and et. al., 2017. Effects of organic cations on the defect physics of tin halide perovskites.
Journal of Materials Chemistry A. 5(29). pp.15124-15129.
Shakeel, S. R., Takala, J. and Zhu, L. D., 2017. Commercialization of renewable energy
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Sheep, M. L., Fairhurst, G. T. and Khazanchi, S., 2017. Knots in the discourse of innovation:
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pp.463-488.
Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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