Innovation and Commercialisation

Changing needed:
LO3: Image fot the Commercialisation Funnel
LO3: Innovative business case: You must show the sources of financing. Can you have a look on
UK
Goverment which finances the start up business firms. Show the cash flow analysis. Prepare the
business plan and budget too.
LO4: There are few more Trademarkds, designs, geographical indication are also to be
explained. Can you have a look at the UK Intellectual property Office web site.
Innovation
and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1............................................................................................................................................3
P2............................................................................................................................................5
M1...........................................................................................................................................6
TASK 2............................................................................................................................................6
P3............................................................................................................................................7
M2...........................................................................................................................................8
P4............................................................................................................................................9
M3.........................................................................................................................................10
TASK 3..........................................................................................................................................10
P5..........................................................................................................................................10
P6..........................................................................................................................................12
M4.........................................................................................................................................13
TASK 4..........................................................................................................................................14
P7..........................................................................................................................................14

M5.........................................................................................................................................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16
INTRODUCTION
Innovation is considered as the initial steps which is utilised through firm for introducing
new features in their products and satisfying its clients needs. Moreover, executing innovation
into firm permit business to gain competitive advantage within marketplace. This is defined as
the development of new ideas for firm where as commercialisation generally deals with
introducing new commodity into market area for the utilisation of consumer. Also, both plays
vital role for the survival of business corporations (Buenstorf and Geissler, 2013). This reports
covers innovation, its significance, organisational vision, culture, teamwork and leadership
shaping innovation and commercialisation, 4P's of innovation, usages of innovation funnel and
developments in frugal innovation. Moreover, importance of commercial funnel as well as
application of new products development are explained. Apart from this, several tools which
firm utilise to improve, retain and protect knowledge and intellectual property are also discussed
in this report.
TASK 1
As per this report the chosen company is Next Plc which is a UK based multinational
firm. It was founded in 1864 headquartered at Enderby, England, United Kingdom. This deals in
home products, clothing and food products. It was founded by Joseph Hepworth which has 700
stores where 500 are in Circa and 200 across Europe, Middle East and Europe. There are more
than 43,970 number of employees working in an organisation. It is regarded as largest clothing

retailer in terms of sales at United Kingdom that was overtaken by Marks and Spencer in 2012
and 2014. Next Plc is listed on London Stock Exchange and part of FTSE 100 index.
P1.
Innovation is defined as the procedures of brining new ideas and creativity into firm for
its goods or services for satisfying the changing requirements of consumers (Innovation. 2019).
This is considered as the driving force for firm. It drives individuals towards products or
services of business as they are more innovative in nature. So, the business of Next Plc have to
concentrate upon adaption of innovation as well as commercialisation so they coming up with
power clothing which assists elder people to stand, walk properly as well as stay active for long
duration. This innovative product will enhances its sales and income. Also, allows them to
sustain its businesses for longer time period.
Significance of innovation:
Innovation is so much significant at work area as this aids in facilitating boundary into
finding marketplace in faster as well as simple manner (Chesbrough and Bogers, 2014). With the
help of this they can provides higher quality products to consumers and also helpful in
maintaining effective relationship in order to develop market area which leads towards higher
growth. In respect of Next Plc, innovation is essential for enhancing business which is
fundamental source of improvement as well as organisational success. Moreover, this is crucial
for firm to perform innovation which aids in developing innovative products according to
targeted individuals. So, the significance of innovation in respect of Next Plc are discussed
below:
 Gaining competitive advantage: Innovation aids in obtaining competitive advantage
through facilitating products or services according to customer needs. Next plc can obtain
competitive advantage by product comparability from market area. As they come up with
power suit for elder for gaining competitive advantage into market area.
 Satisfying requirements of consumers: Now a days, most of the elder people are
suffering with muscle dystopia so they want something which will help in this. So, the
Next Plc concentrate upon accomplishing clients demands by innovation through
providing power suit. This aids them to enhance profit as well as sales (The Importance
of Innovation, 2019).

Invention: It is considered as the new things which have been developed through
someone or finding new manner for producing products or services. This is defined as the
particular procedures which provide new insight (Chun and et. al., 2015). Whenever firm
concentrate upon innovation they need certain place for performing invention.
Distinguish among innovation and invention:
Basis Innovation Invention
Meaning Innovation is considered as the
execution of new ideas into
existent products.
This is the process of
producing new products ideas
which have never developed
before.
Concept In this, there is functional
implementation of new
thoughts.
In this new ideas is developed
as per the theory.
Required skills It needs skills such as
technical, marketing and many
others.
It needs scientific skills
(Difference Between Invention
and Innovation, 2019).
P2.
There are several elements which aids in providing higher returns as well as attainment of
culture, vision, teamwork and leadership. These are need into organisation for attaining
objectives for their business success and growth. They are discussed below:
 Vision: It aids in finding future aims, objectives and target of firm (Datta, Mukherjee and
Jessup, 2015). In this vision as well as mission are developed and established with the
assistance of administrator manager. The Next Plc vision is to provides high quality for
satisfying customers.
 Leadership: This is considered as the process of directing as well as leading person,
group and firm for accomplishing the expected objectives. The leaders performing into
Next PLC utilises democratic leadership style for formulating decisions for its team to
develop innovative products. This leadership style aids respective organisation to produce
goods in innovative way. With the help of leadership, profit and sales can be enhanced
through leader for grabbing the attention of several clients.

Types of leaderships
 Culture: It is considered as beliefs, feeling as well as values of several customers
towards something. This is the characteristics and knowledge of specific group of person
which involves social habits, religion and many more. So, the Next plc, management
produce products as per the customers requirements for reducing cultural differences.
Thus, It has innovate products like power suit according the needs of clients.
Types of cultures
 Team work: It is considered as the action of individuals in group for performing task in
order to attain objectives through utilising its skills and knowledge. This is advantageous
for firm as this assists them to transfer products to targeted customers (Datta, Reed and
Jessup, 2013). For this, Next Plc staff have to work in team that aids in accomplishment
of desired objectives effectually.
Types of teamwork
Thus, innovation aids NEXT Plc to increase its consumer satisfaction, sales as well as
accomplishment of competitive advantage in market. Moreover, the facilitated elements assists
respective company to shape innovation and commercialisation.
M1.
There are several sources of innovation that are discussed below:
 Changing perception: The Next plc should undertake the changing perception of
consumers in order to introduce its innovative products that is power clothing this assists
elder people to walk, stand and others effectively and appropriately. As alteration into
consumer perception level will assists them to enhance its revenues as well as sales.
 New knowledge: It is considered as the sources of innovation. This includes
accumulating information regarding new market area so that Next Plc can sustain its
business by appropriate analysis of market.
The above mention innovation sources are essential for Next Plc as it will allows them to
deal with the changing perception as well as provide them with whole information that are
crucial for respective firm to effectively execute the innovation procedures into business for
attaining objectives.