Innovation Strategies for Successful Commercialisation in Public Universities

Abdul Razak, A. and Murray, P. A., 2017. Innovation strategies for successful
commercialisation in public universities. International Journal of Innovation
Science, 9(3), pp.296-314.
Innovation-
Innovation does not only mean developing new methods or introducing new ideas. Innovation
refers to a process of generating new ways of performing things. Innovative ideas involve use of
creativity in creating a new product or to provide new service to customers. Innovation can be
use at various levels of an organization of different size Innovation of a new product should be
on the basis of trends prevailing in the market. Innovation provides an opportunity for
development of economy and for growth and success of the organization. It helps in finding new
solutions for complex problems. There are various theories that promote and support innovation.
Amponsah, C. T. and Adams, S., 2017. Open Innovation: Systematisation Of Knowledge
Exploration And Exploitation For Commercialisation. International Journal of
Innovation Management.21(03).p.1750027
Innovation funnel refers to the composition of various steps that are required to perform for
developing a particular product or a process. Innovation is related with implementation of a new
idea and thinking
Paradigm- It is a process that describes the changes in the way of performing job roles, changes
faced by the organization due to implementation of innovative process. It involves adopting a
new business model or new tools for improving the effectiveness of the process of innovation.
Dincer, I., 2017. Importance of research, innovation and commercialisation for
technological success. International Journal of Research, Innovation and
Commercialisation.1(1). pp.8-22.
Importance of innovation as compared with invention in “Essence Drink”-
Innovation refers to the process of practically implementing a new idea into action. Whereas, the
term invention refers to generation of new ideas. “Essence Drinks” has invented healthy mango
lassi at the time of establishing the company in U.K. During the first year of launching the
product sales was very high. Later on, in the third year of operations of Essence Drinks the sale
of mango lassi start declining. the innovation will be of brand strategy in which new strategy is
used to promote products.
Kergroach, S., Meissner, D. and Vonortas, N. S., 2018. Technology transfer and
commercialisation by universities and PRIs: benchmarking OECD country policy
approaches. Economics of Innovation and New Technology.27(5-6).pp.510-530.