Innovation and Commercialisation

I need PASS GRADE\nPlease do not copy the P's and M's text from the grading criteria. Mark the answer to the P's and M's ONLY with P1 / P2 / M1 etc. as a title.\nLet me know if you need any materials like lecture's or if you have any other questions.

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.

TASK 2
P3.
For performing innovation, all the staff working into company have to do its operation as
well as activities effectively and efficiently. This is crucial for enterprise to examine several
factors for obtaining success as well as growth at market area effectually (Dries and et. al.,
2014). They are discussed below:
Innovation 4's
For appropriate development as well as attaining success, innovation is crucial aspects
that leads towards business growth and success. 4P's of innovation are mentioned below:
 Paradigm: Paradigm is about how the things that are done, presented. Paradigm is all
about how innovative the ideas are and how can they be used in different ways to
improve businesses. The changes may either be positive or negative. Changes could be
like making innovations in the business model etc. It will aids Next PLC to maintain
survival level by continuous changes in its products so that consumers requirements can
be satisfied.
 Product: Team meet ups should be arranged and questions can be put up regarding how
the products offered by the company can be made for innovative products that are

already available in the market. A new product can be launched or radical changes can
be made to the existing product. It will support Next plc to introduce power clothing
through ascertaining the changes within consumers perceptions before introducing new
products.
 Process: Process includes different steps like planning, supplying, hiring candidates,
training, workflow etc. Ideas on how to enhance different steps can be thought of which
will in turn lead to increase in the profits of the company. Latest trends can be applied to
these processes. This will help Next Plc business to get effective machinery and
manufacture standard quality products to clients with innovation.
 Position: Position refers to where the product or the service is targetted currently at the
market segment. Innovation in position can be done and a the product can be introduced
in a new market segment where that product wouldn't have been thought of before. So,
this will help Next plc to maximises profitability margin.
Innovation funnel
It is considered as the funnel management procedures which is a known approach fro
innovation that can be utilised through several firms for developing an innovative products. This
assists in describing stage which is useful in processing commodity and methods (Eesley, Hsu
and Roberts, 2014). Although for handling procedures of new product development, Next Plc is
using innovation funnel. So, the innovation funnel aspects are described below: Opportunity assessment: This is initial stage where Next plc can examine the data of
market, knowledge and another sources of information. So, in order to identify
opportunity which is available for new products line. Insight based ideation: Herein, it will find that which kinds of opportunity is suitable for
Next Plc strategy. The another stage is to imagine several kinds of goods that may take
advantage upon this opportunities. For this intent, market research will be performed
through surveys, crowdsourcing and others. Conceptualisation: Within this step, innovation consultant is hired through Next plc
which will developed exact concept from whole ideas that was formed at ideation step.
Respective organisation product innovation is to provide power suit to UK elder people.

 Evaluation and benchmarking: Now, it is the time to move back towards targeted clients
as well as test the concept of innovation. It includes testing the exact customers through
taking feedbacks after rendering them power clothing or suit. GO/ No Go: After doing the test as well as accumulating feedback from clients,
investigation shows that concept is effective for success. Herein, decision is taken
whether to go or no go. But decision have to prefer another points like costs, production
and another items. That are not associated to client preferences.
 Launch: Within this stage, the Next plc innovative product that is power clothing is
launched into UK marketplace.
Therefore, the above given innovation funnel assist Next Plc to produce new product into
marketplace. This is effective as by innovation funnel, product is initially tested into marketplace
as well as thereafter launch it.
M2.
Innovation funnel is considered as the procedures that aids into products development.
This includes some steps such as opportunity evaluation, insight based ideation,
conceptualisation, evaluation and benchmarking and many more. This is the one that provides
step by step ideas regarding product development (Miller and French, 2016). Initially identify the
opportunity of new product, do research on marketing thereafter evaluation as well as bench
marking is performed where innovated products are tested. Then feedback are gather for making
effective decision whether new product have to go or no go. At last, the new product that is
power clothing is launched. Therefore, the Next plc should utilise this funnel as it will assists
them to implement strategies that are advantageous for new product development.
P4.
Frugal innovation is defined as the one that reacts towards limitation within resources.
This intent at minimising the product or services cost during development. This innovation is
basically related with elimination of whole non- essential attributes that are represents within
durable products. It is also called reverse innovation as well as inclusive innovation. The several
steps which are involved into frugal innovation which are discussed below (The Importance of
Innovation, 2019). They are:
 New opportunity into market: Now a days, the market research as well as expansion
required to be performed effectively so that company can understand their competitive

market and their offerings. Also, this will assists Next plc to has approachable results
while exploring their new enterprise within competitive market. Therefore, this is crucial
to perform innovation so that they can able to acquire more market share.
 Resources: This is essential for firm to use its assets so that they may become successful
into competitive market. In this, Next Plc required to assure that they use optimum
resource in order to gain sustainability for long time duration. Also, they have to find
several resources like machinery, raw material and another resources which will assists in
develop innovative products with effective quality.
 Innovation funnel: This is associated with forming new product into competitive
market. In this, Next Plc are brining new product which is power clothing which will aids
elder people who are suffering from muscle dystrophia. It allows them to stand, walk as
well as stay active for long time.
Frugal innovation can comprise of two segments that are discussed below:
Problem: This is not simple to brining innovative pro0ducts within competitive market
area. There are several issues which are required to be deal with so that Next Plc can formulate
their products effectively.
Related to product: Within innovation, it is the issues which is linked with marketing
like marketer required for raising potential existence sources (Mount and Martinez, 2014). Next
PLC is developing innovative products so this is crucial that staff have to coordinate with all the
department for attaining objectives.
Apart from this few steps are associated in respect of frugal innovation are: Formulating ideas of innovation: For innovation intent, market required to be observed
keenly for attaining effective outcomes in expected way. In this, for this aim manager of
Next plc have to perform research so that they get knowledge regarding market
requirements.
 Screening new idea: At this steps, Next PLC has to formulate effective product planning
according to the requirements of possible clients.
 Testing: This is essential to test innovative products in order to obtain effective results
either product is appropriate or not.
 Review market place: It is the end stage where Next Plc will able to accomplish the
consumers requirements or not.

M3.
Frugal innovation plays essential role within company as this support the enterprise
through ascertaining the activities which incurs more cost and which one occur low cost
(Mueller, Rosenbusch and Bausch, 2013). This permit the company to considered overall aspects
of macro levels as well as execution of leveraging technologies that aids business to eliminate
the risk which is included innovating new product that is power clothing. The frugal innovation
role is also advantageous as it permit Next Plc business to formulate innovative products that
assists them in accomplishing the needs and wants of consumers.
TASK 3
P5.
Commercial funnel: This is defined as the funnel which is utilised through business fro
ascertaining the success level of every steps into innovation funnel. This concept is mostly used
through sales department in respect to examine business revenue as well as sales through
conversion of potential person within clients (Nathan and Lee, 2013). This aids enterprises to
advertise its products within marketplace. Next plc can enhances their sales as well as gain
profitability with the assistance of commercial funnel. It can be utilised through them customers
buying time period.
New product development process:
Illustration 1: COMMERCIAL FUNNEL
(SOURCE: COMMERCIAL FUNNEL. 2019)

New product development is the process which is utilised to brining new product within
market according to the consumers requirements as per alteration in its preferences, tastes and
status level. Next Plc have to adapt this as it plan to introducing power clothing into marketplace
that is very much helpful for elder one who is suffering from muscle dystrophia. The usages of
new product development procedures includes some stages that are discussed below: Idea generation: This is initial step for introducing new product that is power clothing. In
this, the ideas related to innovative products will be developed from the several
consumers through accumulating information from various sources. Idea evaluation: In this, whole ideas that has been produced are evaluated in effective
way as well as thereafter among whole and best one is chosen. Concept development: At this step, ideas are transferred into reality for gaining
competitive advantage at market area. Next plc have to examine all the concept in
detailed way fro facilitating meaningful information to clients. Analysis business situation: At this stage Next Plc analysis enterprise as well as
environment situation for operating business at market. It aids them to understand several
changing environmental factors that take place within firm. Product development: It includes determinate that product that have been developed
finally. Herein, Next Plc should formulate products of its customers along with
accumulating as well as observing resources that is needed for new product
development. Next plc will raw material from their suppliers for manufacturing power
clothing. Market testing: It includes formulation of sample products that is being developed for
testing wither product is working into market place or not as well as what are the
problems that raise (VanHemert, Nijkamp and Masurel, 2013). This stage involves taking
feedbacks from clients related to products so that firm may take effective actions for
eliminating errors.
 Commercialisation: It is the steps which includes decisions related to product launching
into market after products are tested. In case product demand is enhancing then Next plc
decides to launch innovative products that is power clothing into market area successfully
as well as effectually.

All the above steps are undertaken by Next Plc for producing a products that is provides
to consumers with few values. Within whole stages of new product development the cost as well
as time taken is more in comparison to existent products. Before launching new products, the
commodity have to go through whole steps of new product development.
P6..
Business Case
The well written document which is highly structured and is in the form of short verbal
presentation or agreement is referred to as business case. It is liable for capturing the reason
behind the initiation of the task or project. This also address the opportunities, problems along
with alterations which may occur while working on the specified project (Xiao, Meng and Yan,
2016). With respect to Next Plc, it will act like a tool which will assist them within formulation
decisions as well as the impacts of specified decision can be monitored and profit margins that
will be provided through this. The business case with respect to Next Plc has been provided
below:
Executive summary: The business case of Next Plc is to deliver the innovative idea
which is power clothing which will aid elder people to walk and stand in an appropriate manner
along with this through this they will be able to remain active for longer duration of time
duration.
Mission statement: Next Plc's mission is render elderly people with healthy life style
and live their life as they want to rather then depending on others for their small activities. Their
objective is to set a benchmark by formulation of marketing strategies.
Resources: For delivering the services within the market in an appropriate manner, it is
necessary for Next Plc to identify the resources which will be required. They should include each
and every aspect so that their services might not get affected in future. Resources required by
Next Plc have been mentioned below:
Market analysis: It is crucial for Next Plc to identify the market in which they will be
delivering their services as well as analyse it in an appropriate manner so that they can identify
their major competitors and their probable buyers.
Cost and benefit analysis: Cost of the power clothes can be evaluated by carrying out
analysis so that the preferences of their customers can be identified in terms of price which is
being affordable and reasonable (Yu and et. al ., 2016).

Financial projection: For having the innovative power clothes, it is essential to have
appropriate funds through which their services can be delivered in an appropriate manner. For
this, there is requirement of £40,000.
Sources of Financing:
In order bring new product into marketplace, Next Plc needs funds that can be produced
through various sources: From family and friends: Next plc may take funds from its family members of friends.
This main benefits is that they do not has to pay any kinds of interest amount only the
principle amount will be paid.
 Bank and financial institution: Next PLC may take loan from bank or another financial
institutions. This is the safe way of obtaining funds as they provides security to NEXT
plc in respect of taking loan. But the amount facilitated through financial institution or
bank will be charged interest.
Budget
INCOME Actual Budget Difference
Operating Income
Category 1 55,000 50,000 5,000
Total Operating Income 55,000 50,000 5,000
Non-Operating Income
Interest Income 10,000 11,000 (1,000)
Rental Income 5,500 6,000 (500)
Other 500 200 300
Total Non-Operating Income 16,000 17,200 (1,200)

Total INCOME 71,000 67,200 3,800
EXPENSES
Operating Expenses
Accounting and Legal 3,000 4,000 (1,000)
Advertising 5,000 3,000 2,000
Depreciation 6,000 2,000 4,000
Dues and Subscriptions 1,000 1,200 (200)
Insurance 700 750 (50)
Interest Expense 1,200 1,100 100
Maintenance and Repairs 750 650 100
Web Hosting and Domains 900 890 10
Other 1,000 500 500
Total Operating Expenses 19,550 14,090 5,460
Non-Recurring Expenses
Furniture, Equipment and Software 15,000 10,000 5,000
Gifts Given -
Other 9,000 8,000 1,000
Total Non-Recurring Expenses 24,000 18,000 6,000
Total EXPENSES 43,550 32,090 11,460
NET INCOME 27,450 35,110 (7,660)
Cash Flow

So, Next plc should take loan from bank and other financial institution for the developing
new product as this is effective sources of getting funds and also it is safe and secure for them.

M4.
Next Plc is providing an innovative product that is Power clothes. For this, it is necessary for
them to carry out the market research so that they can identify which market they will be
emphasising on. Along with this, it will lead them to identify the strong players or competitors
which are present within the market so that they can effectively formulate their strategies
accordingly (Dries and et. al., 2014). It will aid Next Plc to render their services within the
market by analysing it, addressing the needs of their probable customers as well as identify the
pricing strategies that are utilised by their competitors. This will aid them to build their own
strategies and policies accordingly.
TASK 4
P7.
Intellectual property rights are particular rights that facilitate aids owner to protect its
property or product. This is crucial for firm to safeguard its innovative products so that no one
can able to copy that (Weng and et. al., 2017). There are various legislations as well as
regulations developed through government which may be applied by Next Plc for safeguarding
its products from harmful impact. So, the organisation can utilise intellectual properties for
protection intent are discussed below:
 Patent: It is considered as an inner rights that are configured through person as well as
registered under national authority. It facilitate rights to person only for preventing other
from exploiting innovation included into patent. In case the owner of patent provides
rights to others in order to sell its innovation, making usage of this and importing. So,
Next Plc can take patent rights for its innovative products so that none other can sale it
without permission of its owner.
 Copyrights: This is considered as the protecting sources frameworks which develops a
unique products identity. Also, when firm has a copyright then they have appropriate
precise to has intrinsic rights to change as well as distribute, implement and represent its
products in fascination way (West and Bogers, 2014). It provides moderate intellectual
property protection with context to effectively safeguarding original task of person by
appropriate acquisition of rights to their protection. So, Next Plc can consider this

intellectual rights for their power clothing which is an innovative product for
marketplace.
 Trademark: This is considered as the kind of intellectual property including of
recognisable design, sign or expression that finds products or services of a specific source
. Also, shows certain goods as well as legally distinguish it from overall products of this.
It is exclusively finds a products as belonging to certain firm as well as recognise the
firm's ownership brand.
 Design: The design involves the appearances, decoration, physical shape, decoration and
many others. With the help of this respective company can bale to registers their design
by protecting the shape of its design, provides them rights to prevent other from utilising
this up to 25 years and thereafter renew their registered design in each 5 years. Also,
developing legal actions against copying as well as infringement in more direct manner
(UK Intellectual property Office web site. 2019).
M5.
There are various tools of intellectual property such as copyrights, patents and many
others. All are beneficial for company as this help them to protect their new products in effective
and efficient manner. So, the effectiveness of copyrights is to provides moderate intellectual
property protection with context to effectively safeguarding original task of person by
appropriate acquisition of rights to their protection. Moreover, patent facilitates more protection
to Next plc as through this can able to sue the another firm if they infringe the new product as the
patent period is active. Also, safeguards its staff original work.
CONCLUSION
As per the above report, it has been concluded that both innovation as well as
commercialisation plays crucial role within organisation as this enables their business to generate
new ideas that will leads towards growth and success. Moreover, this is also helpful to grab the
attention of various consumers towards its commodity. Likewise, the commercialisation includes
marketing procedures of products and services. The innovation factors aids business to gain
competitive advantage over its competitors. Also, this is essential for ascertaining that how
culture, vision, leadership and teamwork can shape innovation into firm. This is also crucial for

company to utilise innovation 4P's with using innovation funnel for embedding as well as
implementing innovation in its organisation.

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Online
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<https://keydifferences.com/difference-between-invention-and-innovation.html>.
Innovation. 2019. [Online]. Available through: <https://www.toolshero.com/innovation/>.
The Importance of Innovation. 2019. [Online]. Available Through:
<https://www.viima.com/blog/importance-of-innovation>.
COMMERCIAL FUNNEL. 2019. [Online]. Available through:
<https://www.mailmunch.com/blog/sales-funnel/