Innovation Funnel and its Applications

This assignment examines the Innovation Funnel, a framework used to visualize and manage the process of bringing new products or ideas to market. It explores the stages of the funnel, from ideation to launch, and analyzes case studies demonstrating its practical application. Students are encouraged to research different types of innovations and identify successful examples of companies utilizing the Innovation Funnel.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to employees with a difference with invention................1
P2 Organisation vision, leadership, teamwork in shaping innovation and commercialisation3
M1...........................................................................................................................................4
D1...........................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation..................................................4
P4 Development of Frugal innovation...................................................................................6
M2...........................................................................................................................................7
M3...........................................................................................................................................7
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and application of NPD..............................................7
P6 Building of innovation business case including ways to access funding..........................8
M4...........................................................................................................................................9
D2...........................................................................................................................................9
TASK 4............................................................................................................................................9
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property...................................................................................................................................9
M5.........................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation and invention both terms are entirely different from each other. Innovation is
using by company; therefore, they will modify their goods and services as per the needs of
people (Ke and et. al., 2016). Manager of firm will provide training to staff members; thus, they
will apply new ideas into working process effectually. Present assignment is based on 4Com
which is operating their business in telecommunication. They are going to provide wireless
services to customers. This assignment is going to highlight difference amongst innovation and
invention. To develop new product, it is must for superior to follow some steps. Frugal
innovation will assist firm in utilization of goods and services effectually. If association wants to
provide products at international market then, they will take help of commercialisation. Finally,
this project is going to highlight many tools which aid firm to secure intellectual property.
TASK 1
P1 Innovation and its importance to employees with a difference with invention
To improve effectiveness and appropriateness of goods and services, it is required for
company to modify it timely. Therefore, they will achieve coveted goals and objectives within
certain time duration and survive at marketplace for longer period. To accomplish needs and
requirements of customers according to their demands, manager has to conduct research. This
will assist them to alter products as per their prerequisites. It will be considered as an innovation;
it is a process which means add extra qualities into goods (Chun and et. al., 2015).
If superior of firm wants to capture attention of numerous individuals then, it is needed
for them to apply new ideas into this. As a result, they will compete rivals at marketplace and
enhance their market share as well as revenues. 4Com is going to provide wireless
administrations to clients which will assist them to increase their reputation. Henceforth, there
are certain importance of innovation to employee which are mentioned as below:
Development of skills: It is fundamental to enhance skills and abilities of staff members;
therefore, they will accomplish their task with maximum effectiveness as well as
appropriateness.
Efficiency: By implementing new and unique ideas or thoughts into products and
services, employer will improve efficiency of it. As a result, they will be able to gain competitive
advantage from their rivals (Yu and et. al., 2016).
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Performance productivity: It is necessary for workers to fulfil work effectually; thus,
they will improve their working execution. This will aid to increase productivity and profitability
of association.
Creative mindset: Manager of company needs to apply new and innovative ideas into
their goods and services; therefore, they will pull attention of people towards it. As a result,
market share of firm get enhanced.
Flexibility: There will be many staff members in enterprise who never want to accept
changes. Therefore, it is necessary for superior to make them understand about modification that
how much it is helpful into their development. Apart from this, it is needed for manager to
formulate strategies and policies in flexible way; thus, they will alter it as per requirements (Xiao
and et. al., 2016).
Innovation as well as invention, both are entirely different from each other. Following are
certain distinction amongst them:
Innovation Invention
It occurs when an enterprise wants to add some
extra feature into existing products to increase
its effectiveness and efficiency.
It happens when company wants to
manufacture or develop new item for
individuals.
With assistance of this, organisation will
acquire competitive advantages.
It works as a strengths for company.
iPod is created by Apple which is much similar to MP3 player, in which people will add
more than 900 songs. It is necessary for superior of company to analyse their competitors at
marketplace; therefore, they will add some addition features into this. Steve Jobs want to develop
periphery, for this it is needed for them to utilize entire data as well as information; hence,
individuals will experience better things.
Virgin Group is most popular in the world which is began by Richard Branson in almost
1970. Employer is using new and unique ideas and implement it. In recent era, this enterprise is
working into many sectors. It is considered as an innovation because it is helping them to
improve revenues (Paudel, Xiao and Yan, 2015).
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P2 Organisation vision, leadership, teamwork in shaping innovation and commercialisation
Every sort of enterprise needs to follow their vision, mission and culture because it assists
them in accomplishment of their operational activities. This works as a guidelines for employees
because it aids them to fulfil work effectually. It is fundamental for association to shape
commercialisation and innovation. As indicated by innovation, employer needs to alter products
and services according to requirements of clients. This enables 4Com in improvisation of
production and sales. Rather than this, commercialisation is a process which help organisation to
deal at global level (Koirala and et. al., 2016).
As enterprise is going to provide goods and services at international market; thus, they
need to formulate mission and vision accordingly. It is must for them to provide qualitative items
to people as this will assist them to build reputation. Fundamental purpose of firm is to render
wireless services to clients which help them to gain competitive benefits from rivals.
Vision: This is considered as a statement which portrays which targets company needs to
achieve within certain time duration. 4Com is accomplishing their task in an accurate manner
and along with, they are going to improve communication services at market of SME. Therefore,
it has been evaluated that, they are much clear about vision.
Leadership: It is essential for manager to have some leadership quality; thus, they will
provide proper guidance to staff members which aid them into accomplishment of entire work.
Superior will take assistance of subordinates into decision making process. They will give some
suggestions to employer for betterment of firm and in addition will get rewarded as per working
performance (Ghimire and et. al., 2015).
Culture: According to this, superior of company needs to improve abilities and
knowledge of employees. This will assist them to increase working execution of people; as a
result, they will accomplish targets within certain period of time and get positive results.
Henceforth, Enterprise needs to follow mission and vision to do overall work effectually.
They will take assistance of inventive ideas to increase effectiveness of products and services. As
a result, they will easily take benefits from competitors at marketplace. Apart from this, it is must
for them to maintain coordination amongst each and every department to done work effectively.
Additionally, superior needs to increase open communication at premises; so that, people will
share their thoughts and opinions with each other. It is must for employer to provide adequate
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data as well as information to staff members which is necessary for them to accomplish their task
in an effective way (Datta, Mukherjee and Jessup, 2015).
M1
By using creative thoughts and idea superior of firm will develop new goods for clients
and in addition modify current items. For instance: manager will conduct research because it aids
them to know about demands of requirements of clients. For this, they will use primary or
secondary method. As a result, they will fulfil their needs within certain time and take benefits
from rivals. Apart from this, of products are designed creatively then, it will capture attention of
numerous individuals towards them. Employer of 4Com apply innovative thoughts into goods as
this assists them to improve customer base. They will also utilize promotional tools to pull
attention of numerous individuals (Pan and et. al., 2016).
D1
As indicated by Ke and et. al. (2015) for evaluation of innovative ideas superior will use
some techniques or methods effectually. It assists to determine benefits of current products. In
4Com, there are various talented as well as skilled individuals who are working in firm from
long time in an effective and efficient way.
TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Innovation means modify recent goods and services; therefore, its effectiveness get
improved. Rather than this, it is considered as a skill which aid to alter items; so that, this will
improve its value. It is necessary for an association to create their products creatively as it aids to
provide high satisfaction to clients. Following is a description of 4P's of innovation:
Product: 4Com is operating their business in sector of telecommunication. They are
providing best goods and services to individuals. Along with this, products of firm are highly
innovation as manager modify them as per time. It will help them to capture attention of
numerous people and keep up client base (Vishnevskiy, Karasev and Meissner, 2015). Now,
there fundamental purpose is to transform their fixed services into wireless. As a result. They
will enhance their goodwill and market share effectually.
Paradigm: As indicated by this, it is needed for firm to add extra feature into goods and
services. Company do not want to produce or launch new items for people. Rather than this, they
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are going to modify their pattern of working; thus, they will increase working effectiveness.
Recently, they are going to provide wireless services to users.
Process: It is required for superior to make their working procedure more effective and
accurate. This will assist them to accomplish targets with maximum appropriateness. Along with,
they will implement new and unique tools and methodologies into process as it helps them to
develop goods appropriately (Khan and et. al., 2015).
Position: Earlier, organisation was providing services to peoples with assistance of wire
phones. Now, they are going to modify it and make it wireless which will aid them to compete
competitors at competitive world.
According to funnel innovation, enterprise will get opportunities from market because it
helps into growth and development of items. Priorly, it is must for them to collect information
and furthermore it goes to refinery system. By use this, management with sort out problems
easily which is associated with goods as well as services (Paradkar, Knight and Hansen, 2015).
Instead of this, organisation has to evaluate business thoughts and examine it to know
that they are fit into management ability. Moreover, resolve entire difficulties which are
hampering their work; so that, they will fulfil work within certain time span. As a result, decision
will be taken adequately which will cater into their long term advancement.
Illustration 1: Innovation funnel
(Source: Innovation funnel, 2013)
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Virgin group is utilizing Funnel innovation; therefore, they will easily deal with SME at
initial stage (Breznitz and Etzkowitz, 2017). Now, they are working at a large scale and in
addition much popular across the world. Staff members of firm are highly talented which aid
manager to sort out troubles timely; so that, targets and objectives will get fulfilled within certain
time duration. As a result, they will able to acquire long term success and growth at marketplace.
P4 Development of Frugal innovation
This will assist superior of 4Com to reduce unwanted or irrelevant things from goods and
services. As a result, they will diminish complexity as well as unnecessary cost from production
system. This will aid employer to accomplish task with maximum effectiveness and
appropriateness. Therefore, organisation will produce qualitative items for clients and compete
competitors at marketplace (Ke and et. al., 2015).
According to this approach, if firm is having limited resource then it is needed for them
to utilize it appropriately. It helps to define abilities of organisation and they will gain maximum
revenues with assistance of minimum assets. Along with, they will accomplish coveted targets
within limited time duration. To increase customer base, it is needed for 4Com to alter goods as
well as services as per demand of people. As a result, they will also gain attention of numerous
individuals towards them. Henceforth, it get concluded that to develop products with help of
sufficient resources, frugal innovation will be utilized by enterprise.
Therefore, this concept need to be use by company because this will help them in
utilization of resources in an efficient manner. For this, they need proper support from employees
and will able to gain their loyalty and along with trust. For above stated purpose, certain steps
need to be follow by firm which are described as below:
 Identify idea and use appropriate way for it (Kuratko and Hoskinson, 2016).
 Evaluate the cost which will occur in its implementation.
 Examine reports so that corrective action will be taken because this helps to reduce
complexity.
 Moreover, develop best and effective products for clients.
Therefore, frugal innovation is using by Apple corporation and Virgin group which aid
them into growth and success. Resources are utilizing by manager of Apple in an adequate
manner and it has been examined with aid of iPod they are able to improve their market share by
25% which help them to gain maximum revenues.
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Rather than this, Virgin group deals in public corporation, but Richard want to introduce
their organisation into wide manner. They are using new and creative ideas into their business
which aid them to improve their customer base. Along with, staff members are much talented
which are always ready to face new challenges as this helps them to improve their skills and
knowledge (Liao and et. al., 2016).
M2
To reduce irrelevant cost from process of working, company will use innovation funnel.
By using his, they will utilize available resources effectively as well as proficiently. Main
purpose of this, to evaluate each and every stage of production; thus, they will decrease wastage
or unnecessary cost (Sotarauta and Mustikkamäki, 2015).
M3
The main aim of 4Com is to fulfil needs and wants of clients within certain time duration.
It is necessary for them to use new and inventive methodologies into working procedures. As a
result, reputation as well as market share of firm will get enhance and they will able to take
benefits from rivals at marketplace (Ke and et. al., 2016).
TASK 3
P5 Importance of commercial funnel and application of NPD
To improve quality of products and services, manager of 4Com will utilize innovation
methods. As a result, they will accomplish needs and wants of people as per their requirements.
It assists to increase production as well as profits of enterprise. It is must for manager to solve
entire problems within limited time because this will hamper their operational activities in a
direct or indirect manner. To enhance revenues, it is needed for organisation to commercialise
their goods at global level.
With assistance of commercial funnel, employer of 4Com will easily launch items at
international marketplace. But it is needed for them to keep up quality of products; so that, they
will gain attention of numerous individuals. Along with this, it aids them to take benefits from
competitors at competitive place (Chun and et. al., 2015). Therefore, this will be understood that
that commercial funnel helps manager to provide their items at global market to people. They are
going to launch wireless services for users; as a result, market share and production of enterprise
will get improved.
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Moreover, enterprise will develop new product for individuals. For above stated aim, it is
required for them to create some appropriate strategies as well as policies. There are are certain
phases which will be followed by manager for NPD: Idea generation: Firstly, employer of firm needs to produce thought to start work. It
assists them to keep up competition at market. Idea screening: After that, superior needs to do evaluate deviation on which they want to
get over (Yu and et. al., 2016). Testing the concept: In this, administration division needs to test the idea; so that, they
will got to know that it is accurate for them or not. If item is pass this stage then, this will
go to another phase. Analyse product and services: As per this, it is needed for firm to evaluate success and
development of items. This enables to know about their long term advancement. Commercialisation: If merchandise is growing at market then, superior will introduce it
at global level. It assists them to improve their customer base and market share.
 Product launch: This is the final phase of NPD, as per this, item is ready to sell for
people at marketplace (Xiao and et. al., 2016).
P6 Building of innovation business case including ways to access funding
It is fundamental for association to implement inventive methods into goods and services
because this aid them to take competitive advantage from rivals at marketplace. This will help
them to improve market share and profits in an effective manner. Superior needs to determine
business aspects and then work on it effectually. Hence, it has been comprehended that
commercialisation and innovation is must for company (Paudel, Xiao and Yan, 2015).
If organisation is having sufficient fund then, they will easily provide goods and services
to people at international market. Therefore, it is must for management to provide requisite
amount to individuals so that manager will introduce it to global level. There are some steps in
this context which are stated as beneath:
 Identify goals for which they need money; thus, they will arrange it appropriately.
 Evaluate those areas in which superior needs to assign amount. Therefore, they will
provide goods and services at global level in an effective way.
 Money is considered as a fundamental source which must be use in an adequate manner.
This is needed for manager to eliminate wastage from their working procedures.
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4Com is going to launch wireless services for their customers (Koirala and et. al., 2016). For
accomplishment of this aim, they need sufficient amount of fund which need to be organised by
higher management. They will take help from stakeholders, banking institutions and may more.
It is must for manager of organisation to use new and inventive methodologies into items as this
will assist them to capture attention of various individuals towards them. Along with, they will
provide training sessions to staff members as this will assist them to increase their abilities and
skills. If associations wants to take loan then, it is essential for them to examine their financial
statements first (Ghimire and et. al., 2015).
M4
With assistance of innovation business case, company will develop goods as well as
services systematically. Along with, if they want to measure results then, this will be done by
them with aid of methods or techniques (Datta, Mukherjee and Jessup, 2015).
D2
It is necessary for an enterprise to bring creative ideas into firm as this will help them to
eliminate obstructions.
Modification: Company needs to modify their items as per time because this will assist to
improve its effectiveness. Along with, they will satisfy requirements of buyers within certain
time span.
Conduct improvement programs: It is required for superior of 4Com to run some
training session as this will assist subordinates to increase skills, knowledge and capabilities.
Change in existing policies: Employer needs to formulate strategies in a flexible way as
this will help them to modify it according to time and they will apply innovative thoughts into
items (Pan and et. al., 2016).
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Every company is having assets on which they preserved their right. Some acts as well as
laws are formulated by government in this context. If organisation wants to increase their market
then, it is must for them to examine risk. Management has an adequate rights to protect assets.
Each company has their own symbol, design, sign, logo and many more, which will secure by
them with aid of registration. If any other enterprise is using it without their permission then,
they will get admonished (Ke and et. al., 2015).
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Some factors which are identified to secure intellectual property, which are stated as
below: Copyright: It is related to books and articles which is prepared by a person. Government
needs to prepare laws or acts; therefore, they will secure rights of real proprietor. If they
are having copyright then, no other individual will use that without their concern. Trademark: Every organisation has their specific logo which make them different from
other affiliation. They will print it on their products; thus, clients will easily identify it.
But if any other firm is using same symbol then they have a right to sue them. This will
provide negative impact to their organisation which will affect growth (Vishnevskiy,
Karasev and Meissner, 2015).
 Design: Each company has appropriate design which aid them to pull attention of
numerous individuals towards them. Manager will secure it by registering; therefore, no
will make another copy of it.
Apple is producing iPhone and iPod for their users and they have right on their designs and
symbol which cannot be copy by anyone. This assists them to make different from others.
M5
Company will conduct research as this help them to increase their manufacturing and
revenues. With help of it, they will be able to satisfy requirements of customers within limited
period of time. As a result, they will take advantages from rivals at marketplace. Apart from this,
many sort of new techniques and tools will be used by firm as this assists them to pull attention
of numerous people and enhance client base (Khan and et. al., 2015).
CONCLUSION
From above assignment it has been comprehended that innovation is must for each and
every kind of organisation. This will assist them to improve effectiveness of current goods and
services. As a result, they will satisfy requirements of people within limited time span. Superior
needs to use resources appropriately; so that, they will reduce wastage. It helps them to increase
their market share and reputation. Apart from this, enterprise will use commercialisation to
introduce items and services at global level. In this report, there is description about some factors
which are associated with intellectual property rights.
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Xiao, Z. and et. al., 2016. Thermodynamic Stability and Defect Chemistry of Bismuth‐Based
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Online:
The Innovation Funnel. 2013. [Online]. Available through:
<http://productinnovationnow.com/tag/innovation-funnel/>.
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