Innovation and Commercialization: A Literature Review

This assignment requires a literature review exploring the crucial link between innovation and successful commercialization. Students must analyze various scholarly articles to understand how organizational structure, technology transfer, knowledge management, and market forces influence the process of bringing innovations to market. The review should synthesize findings from influential studies by authors such as Cosh, Fiedler, Harman, Ingemansson, Kianto, Larkins, Perks, Rasmussen, Theyel, and Wonglimpiyarat.

Innovation
and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
Assignment 1...................................................................................................................................3
1.1. Innovation and invention and its importance to organisations.............................................3
1.2. Organisational vision, leadership, culture and teamwork ...................................................3
TASK 1............................................................................................................................................3
1.1 4Ps of innovation and use of the innovation funnel..............................................................3
1.2 Developments in frugal innovation ......................................................................................4
1.3 Analyse and apply the innovation funnel in an organisational context................................5
1.4 Role of frugal innovation......................................................................................................5
TASK 2............................................................................................................................................6
2.1 Importance of the commercial funnel and application of new product development...........6
2.2 innovation business case for an organisation........................................................................6
2.3 Innovation business case.......................................................................................................7
2.4 Evaluate the nature of innovation.........................................................................................7
TASK 3............................................................................................................................................8
3.1 Tools of organisations to develop, retain and protect knowledge and intellectual property
Innovation and Commercialisation.............................................................................................8
CONCLUSION................................................................................................................................8
REFERENCE.................................................................................................................................10

INTRODUCTION
According to time all company need to innovate new product or invent new product.
Company do many types of analysis regarding to innovate new product and invention of
product(Bastalich, 2010). Now Akshay kumar company deal with the essence drink product. It
company basically deal with the mango lassi product and want to improve their product and
innovate new product in lassi. Company can use market strategy and market strength to innovate
new product and meet that product to customer. When a company want to innovate new product
so company have to get information from market and analyse about the consumer taste, demand
and desire. Company have to follow the market rules and regulation and also identify about
purchasing power of consumer. Company manage their product price according to cost of
product and analysis of purchasing power of consumer(Cosh, and Hughes, 2010). Company can
innovate new product and invent new product but company should complete the process of
market and analysis about the consumer.
Assignment 1
1.1. Innovation and invention and its importance to organisations
Covered in PPT.
1.2. Organisational vision, leadership, culture and teamwork
Covered in PPT.
TASK 1
1.1 4Ps of innovation and use of the innovation funnel
When a company want to innovate new product so company have to follow the
innovation process. Company should try to get all the information from market and use that
information to innovate or invent new product(Cosh, Fu, and Hughes, 2012). Company should
follow the Innovation 4Ps to introduce new product in market.
 Product:- Product is the essential part of organisation. When a company want to
innovate new product so company have to find out market opportunity and use that
opportunity in business. As Akshay kumar company also want to innovate new product

but it want to deal only in lassi product. Company can change the flavour of lassi and
distribute that lassi to customers and get the feedback about product.
 Process:- Company always follow a process to innovate new product and introduce that
product with the customer. As Essence drink company have to follow the process of
innovation(Theyel, 2013). Company identify about the preference of customer, analyse of
competitors and current position of existing product in market.
 Position:- Company should analyse about the position of company in market. It show the
position of company in present market scenario. As Akshay kumar company face many
competitors in market so company should innovate new product to increase sale in third
year and achieve hike in market position.
 Paradigm:- It is the innovation category of product. It shows the changes take place in
organisation. As Akshay Kumar company can use that segment to innovate new product
and do any change in existing product. Akshay can change the taste of mango lassi
product and make different types of lassi product as banana flavour lassi, apple flavour
lassi etc.
1.2 Developments in frugal innovation
Frugal innovation is a process of reducing cost and complexity in any good production.
It removes unnecessary things from durable goods(Wonglimpiyarat, 2010). As Akshay kumar
can use frugal innovation to innovate new lassi product. As Essence drink company can make
banana lassi to reduce cost because banana is cheaper comparison of mango.
Development of Frugal innovation
 New opportunity of market:- Company do many analysis to grab the new market
opportunity. Superior level person give instruction to team leader to collect data from
market and after collection of data superior level management make strategy to innovate
new product. As Akshay kumar company can innovate new product after get knowledge
from market. As market provide option to aksahy deal with different type of fruit lassi.
 Resources:- All Company manage their resources. Company always find new resource
opportunity and use that resource to innovate new product. As Essence drink company
can use their mango lassi inform of resources and make different product of mango.
Innovation funnel:- Innovation funnel refers any changes take place in existing
product(Larkins, 2011). Company always have a option to update their product so company do

internal analysis about product and create new product according to the market need and
requirement.
As Essence drink company can use the mango lassi to mango shake and innovate the
mango shake(Harman, 2010). It is the innovation funnel. In that case company deal with main
product of lassi and company innovate new product of mango shake.
Steps of essence drink to create new product:-
 Find new idea of innovation or invention.
 Design the new idea.
 Test idea of new product.
 Business analysis in intrinsic term.
 Marketing analysis.
 Commercialisation.
 Feedback on product market performance.
1.3 Analyse and apply the innovation funnel in an organisational context
As essence drink company can use the innovation funnel to innovate new product.
Company use innovation funnel as strategy of innovation(Ingemansson,2010). Company always
try to keep safe of their existing product and try to implement existing product to new product.
When a company do changes in their existing product and make new effective product it called
innovation funnel. Every company have option to manipulate their product. Resources are
necessary to make new product and manage things in organisation. On the organisational context
Essence drink company deal with drink and healthy lassi product. After a time company sale go
downward due to new competitors are take place in market. So Akshay want to innovate new
product to increase the sale but he would like to deal only lassi product. There is a option to
change the essence of mango and use different kind of essence to innovate new product.
1.4 Role of frugal innovation
Frugal innovation play a important role in the organisation. Frugal innovation is necessary to
innovate new product with the help of resources(Kianto, 2011). All company follow rules and
regulation of frugal innovation. Frugal innovation show the changes in old product. It create by
the better and effective use of technology.
 Set audacious objectives :- Company should make the objectives related to innovate
new product and try to implement that product objectives. Company make the objectives

related to product and introduce that object to whole organisation(Cosh, Fu, and Hughes,
2012). As essence drink object is deal in lassi product but it can be in different flavour.
 Focus on consumer need:- A company make their product according to the need of
customer. As Akshay found that people like lassi but not in mango flavour. So akshay
have to change the flavour of lassi.
 Team up with innovate partners:- Company deal with team leader who are the market
representative of company. As Akshay can make a team with their innovate partners and
get the information related to product and take estimate about new product.
TASK 2
2.1 Importance of the commercial funnel and application of new product development
Company use the strategy and methodology to make new product and innovate new
product. Company should do many analysis on market to introduce new product in market. As
Aksahy kumar Essence drink company face the problem of competitor(Fiedler, and Welpe,
2011). There are many competitors in U.K market so akshay want to innovate new product to
increase the sale of firm. Akshay start their business with the mango lassi but in 3rd year of
business sales get downfall due to many competitors take place in market. Akshy would like to
innovate new product but he also want to deal with lassi only not any other product. Akshay have
option to change the product and increase the sales of organisation.
Scope of ideas for new product
Market:- Company can get the opportunity from market and implement that opportunity
to earn more and more profit.
Frugal innovation:- Company can get the opportunity from frugal innovation. It shows
new innovation in existing product.
Competitors:- Many times company get the innovation idea from their competitors.
Company always do competitors analyse to find out the substitute product.
2.2 innovation business case for an organisation
There is a company Essence drink which is want to deal with new product. Company
have option to deal with new product in market(Fiedler, and Welpe, 2011). At present time
company deal only one type of product which is mango lassi. If company want to deal with new
product so company have option of flavoured lassi. Company have better option of flavoured

lassi. Akshay can make different kind of product but he want to deal only lassi product(Harman,
2010). It is a opportunity of innovate new product from the existing product and use different
type of ingredients to make taste better of lassi.
Promotion tool of product:-
 Advertising:- Company should advertise about the product in market. It is necessary to
introduce new product in market and society also. Advertising is very easy and low of
cost.
 Sales promotion:- Company can increase the sales and earn mor and more profit from
the consumer.
 Events and experience:- Company can organise the events and distribute that product in
events. Consumer can identify about product and also check the product quality.
2.3 Innovation business case
Company always use new method and technology to innovate new product. As Akshay's
company deal with the mango lassi product but due to decreasing sale company want to innovate
new product. As company can innovate different type of flavoured lassi and use different colours
in lassi(Ingemansson, 2010). It is a innovation with old product. Company have option to use
different kind of ingredient to make product. Akshy can make different kind of drink product but
Akshay would like to deal only lassi product. So compnay have option to use lassi but different
kind of fruit. Innovation is necessary to increase the sales and earn more revenue from the
market. Company always need a opportunity to increase the sales.
 Company can get the feedback about new product from customer and check that product
innovation is successful or not.
 Company can do market analysis to check about product.
2.4 Evaluate the nature of innovation
Innovation nature as basic and simple. Innovation deal with the creative thinking and
innovate new product. Innovation make new product and introduce that product with market.
Market decide future position of business unit(Larkins, 2011). As Essence drink company make
their flavoured lassi product which is accept by the market and Company achieve the hike in
sales. Innovation is required to every organisation and every business unit(Rasmussen, 2010).
Nicholas G. Carr who is executive editor in Harvard business review. He said that every
organisation use own technology and it make differ one organisation to another organisation. So

company have to use better technology to implement new product and manage the work of
organisation.
Carr. Aslos said that company use the better IT information and technology to innovate
new product and increase the sales in market. It is helpful to come from the challenges of
innovation.
TASK 3
3.1 Tools of organisations to develop, retain and protect knowledge and intellectual property
Innovation and Commercialisation
Company use many tools and techniques to manage the work and save the information related to
the organisation(Theyel, 2013). Every organisation use their data to implement their product.
Company use intellectual property to save the data of organisation and information about
product. Intellectual property refers Copy right, patent, trademark.
Copy right:-Copyright protect the work of authorship. Copy right show the single
authorship on work.
Patent:- Government make patent to stop the fraud of copy products and give
punishment that person who copy that patent product.
Trademark:- It is show the symbols and sign of organisation. These symbol and sign
differ one company to another company and sale their product with special and different
trademark.
Essence drink can use any type of intellectual property to save their data an manage their
data from the other companies(Perks, and Moxey, 2011). As Akshy have option to use the
intellectual properties and save their data related top product and organisation.
CONCLUSION
It report refers that all the company and organisation have to do analysis about the
product and market which is helpful to innovate new product and invention of new product.
Company use 4Ps to innovate new product and these 4P helpful to innovate new product.
Company use frugal innovation to manage the resources of company. Company also follow the
new product development process. Company use intellectual property to save the data of
organisation. Organisation use policy of intellectual property to stop fraud in market. Company
always try to innovate new product to increase the sales and earn more revenue.

REFERENCE
Book and Journals
Bastalich, W., 2010. Knowledge economy and research innovation. Studies in Higher Education,
35(7), pp.845-857.
Cosh, A. and Hughes, A., 2010. Never mind the quality feel the width: University–industry links
and government financial support for innovation in small high-technology businesses in
the UK and the USA. The Journal of Technology Transfer, 35(1), pp.66-91.
Cosh, A., Fu, X. and Hughes, A., 2012. Organisation structure and innovation performance in
different environments. Small Business Economics, 39(2), pp.301-317.
Fiedler, M. and Welpe, I.M., 2011. Commercialisation of technology innovations: an empirical
study on the influence of clusters and innovation networks. International Journal of
Technology Management, 54(4), pp.410-437.
Fiedler, M. and Welpe, I.M., 2011. Commercialisation of technology innovations: an empirical
study on the influence of clusters and innovation networks. International Journal of
Technology Management, 54(4), pp.410-437.
Harman, G., 2010. Australian university research commercialisation: perceptions of technology
transfer specialists and science and technology academics. Journal of Higher Education
Policy and Management, 32(1), pp.69-83.
Ingemansson, M., 2010. Success as Science but Burden for Business?: On the difficult
relationship between scientific advancement and innovation (Doctoral dissertation,
Department of Business Studies).
Kianto, A., 2011. The influence of knowledge management on continuous innovation.
International Journal of Technology Management, 55(1/2), pp.110-121.
Larkins, F., 2011. Australian Higher Education Research Policies and Performance, 1987-2010.
Melbourne University Publishing.
Perks, H. and Moxey, S., 2011. Market-facing innovation networks: How lead firms partition
tasks, share resources and develop capabilities. Industrial Marketing Management,
40(8), pp.1224-1237.
Rasmussen, B., 2010. Innovation and commercialisation in the biopharmaceutical industry:
Creating and capturing value. Edward Elgar Publishing.
Theyel, N., 2013. Extending open innovation throughout the value chain by small and medium-
sized manufacturers. International Small Business Journal, 31(3), pp.256-274.
Wonglimpiyarat, J., 2010. Innovation index and the innovative capacity of nations. Futures,
42(3), pp.247-253.
Online
Innovation and Commercialisation. 2015. [Online]. Available Through:
<http://www.theaustralian.com.au/business/business-spectator/innovation-without-
commercialisation-means-nothing/news-story/ce365c98c21bab19330afd614ebd2aca>.
[Accesses On 13 May 2017].
Innovation and Commercialisation. 2017. [Online]. Available Through:
<https://www.newcastle.edu.au/course/GENG6005>. [Accesses On 13 May 2017].