Innovation And Commercialisation (PDF)

INNOVATION AND
COMMERCIALISATI
ON

Table of ContentsIntroduction:....................................................................................................................................2
LO1: P-1: Explanation of innovation and determine its importance to the organisation in
comparison with the invention:.......................................................................................................3
P-2: Explanation of organizational vision, leadership, culture and teamwork effect on shaping the
organisation’s innovation and commercialization:..........................................................................3
M-1: Analyzing different sources of innovation. And how organisations can foster and
develop an environment and culture of innovation:....................................................................4
LO2: P-3: Explanation of the 4Ps of the innovation and the use of the innovation funnel to
examine and shape innovative ideas:...............................................................................................5
P-4: Explanation of the developments in frugal innovation and examples of how it is used in
Shazam:............................................................................................................................................7
M-2: Analysing the application of the innovation funnel in Shazam:.........................................7
M-3: The role of frugal innovation in Shazam:...........................................................................7
LO3: P-5: Explanation of the importance of the commercial funnel and the application of new
product development (NPD) processing for commercialization of innovation:..............................8
P-6: Build an innovation business case for an organisation including a way to access funding:....9
M-4: A detail innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test. Iterate and improve:.....................9
LO4: P-7: Evaluation of the different tools that an organisation can use to develop, retain and
protect knowledge and intellectual property....................................................................................9
M-5: Evidence-based evaluation of these different tools in the context of the wider business
environment:..............................................................................................................................10
Conclusion:....................................................................................................................................11
Reference:......................................................................................................................................12

Introduction:
Innovation is a solution for creating a new idea or product to meeting the new requirement of the
customer. Innovation is a way to create new demand market. In the business, world innovation is
a must for an organisation to create new field and market place for them. Customers demand is a
never-ending process and for fulfilling the need of the customer is a must for business
organisation. innovation is a long process of formulating idea giving value to an invention and
commercialization. For an organisation’s innovation that organisation’s environment, vision,
culture, leadership and teamwork plays a big role (D Bogers and West, 2012) In this discussion I
will elaborate an organisation’s innovation process, different tools and process that needed for
innovation and how an organisation develop its whole innovation and how they commercialize
that in the context of ‘Shazam Entertainment Ltd.’.
Organisation overview:
Shazam Entertainment Ltd. is an application development company that works with their most
famous application Shazam. Shazam software is available for Android, macOS, iOS, watchOS,
tvOS, and Windows for entertainment purpose. Shazam was an independent organisation and
work with different entertainment company as a partner. Later on 2018 Shazam was bought by
Apple and now they do their app development work under Apple Inc. Currently, Shazam’s user
is 400 million around the world. Their turnover in 2017 was $53.7 million and their growth rate
in 2016 was 14.5%. Shazam is now working for software with an identification process which
will be a new feature of iOS 13, 2019 (Barnes and others, 2011).

LO1: P-1: Explanation of innovation and determine its importance to the
organisation in comparison with the invention:
Innovation refers to generating a new idea or process and gives value to customers. When a
company find out a new product or process they call it new invention but until some value is
given to that invention to make it available and useful for people it cannot be called as an
innovation it will just be an idea which is not that much use for anyone. Some business leaders
refer that innovation means be relevant and process to cop up with the current situation where for
gaining competitive advantages company develop a new product or improvise an existing one
and put a value to it for creating a new position in the market.
There is a significant difference between invention and innovation. Sometimes the idea between
invention and innovation is confusing. The invention is the processing of new idea which is not
available in the market where innovation is the improvisation of an idea of a product which may
exist in the market and give that idea a value in order to commercialize it. For example, creating
a Shazam app is an invention but make it available for the users and adding a different feature to
it is innovation for them (Bessant and Tidd, 2015).
Importance of the innovation to the organisation:
Innovation has great importance in an organisation. For competing in the market and for holding
their customer's interest in their product organisation need to improvise their product and
systems. These are all part of innovation. If we think about Shazam situation before launching
smartphone they gave their service with a pin number “2580”. People would dial the number and
listen to their favourite songs. But with the launching of Android and iPhone Shazam also launch
their software which is compatible with both of the phone even with the Microsoft they are also
now creating a new feature for gaining the competitive advantages and providing new services to
their customers. So for gaining competitive advantages, proving new product or idea in the
marker. For holding their customer demand and create a sustainable and productive market field
organisation need to research and innovate new idea and product (Burns and Sinfield, 2016).
P-2: Explanation of organizational vision, leadership, culture and teamwork effect
on shaping the organisation’s innovation and commercialization:
Organisation’s environment plays a big role in the innovation process of an organisation.
organisation’s culture, their vision and mission, employees working process, leading method
shape their environment and these elements also affect the innovation and commercialization
process of an organisation.
The organisation has a predetermined long term goal. Organisation’s strategic planners and top-
level managers determine the goal and process the vision and mission f that organisation where
their employees work for achieving that goal. If we think about Shazam creating the
entertainment field virtual was the vision of them and their mission was to increase their users
day by day. For achieving that they research the market create new demand for a new feature of
that Shazam application. Introduce a new way to make that app popular (Trott, 2012).