Innovation Commercialization Strategies

This assignment focuses on the strategies employed by technology-intensive companies in the forestry industry to successfully commercialize their innovations. It requires students to analyze relevant research papers and explore various approaches to bringing new ideas to market within this specific sector. The analysis should delve into the challenges and opportunities faced by these companies in bridging the gap between research and practical application.

Innovation and
Commercialisation

INTRODUCTION
Innovation can be defined as a process in which something new is being created so as to
provide various kinds of benefits to the environment. These are the kind of changes which have
not been introduced earlier. The whole concept of innovation is revolved around creation and
development of goods and services which are either modified or altered from the basic one. On
the other side, commercialisation refer to the process which is taken place in the market and then
the goods and services are being circulated at the global level. In this, the changes are initially
decided but it is adopted as well as modified in later period of time (Perry and et. al., 2017. ).
The organisation which will be referred here is Softwire. It is a small consultancy service
provider and render software service as well. This report will discuss about various aspects of
invention as well as innovation and along with this, major type of innovation mix is also
mentioned. Also, a discussion will also be held on frugal innovation and commercial or
innovation funnel.
TASK 1
P1Describe innovation and determine its importance to organisations in comparison with
invention
Business innovation is an imperative role in the success and growth of each business
organisation. Innovation assist company in generating new ideas and thoughts for gaining huge
competitive advantages in better manner. It will play an essential role which directly impact in
modern business world. Softwire company is the small business enterprise which regulate and
operate different business operations in the software industry and they are designing and
consultancy services in the united kingdom (Dutta and Hora, 2017). The firm was established in
2000 and this is possess around 130 employees whose main motive is to gaining high amount of
profitability and productivity in better manner. An organisation is operated and owned by Pete
Kenny, Phil Marsden and Dan Shavick who are work together for smoothly running the business
in all over the market place.
The concept of innovation can be define as the execution and introduction of new ideas,
values, methods, concepts and process that can developing on the behalf of an enterprise. This
can be defined as the formation of new products, procedures, system which can help in business
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for taking appropriate place and traditional approaches are made new and other modified goods
within an organisation. There are various benefits of innovation that are described as under:
It is one of the first value which has been bring out with the help of innovation so this will assist
in uplifting the business structure for increasing their efficiency.
The concept of innovation assist in getting best function and activity for business resources
management. It can help in developing certain current things of business which are capable to
identify the development opportunities for making the utilisation of them which assist in
operating business in effective manner (Clayton, Feldman and Lowe, 2017).
This can be adopted because it is very flexible approach by this it will able for increasing the
appropriate innovation in dealing with unfavourable trading that directly affect in accurate
manner.
Difference between innovation and invention:
Basis Invention Innovation
Meaning Invention can be define as that
creation and discover of specific
products that has been introducing
for first time in the whole market
place.
It can be refer as modification and
alternation in the present goods and
services.
Concerned
department
It is generally connected with
research and development
department with the help of using
different ideas and thoughts of
marketing team.
This is that concept which implied
for whole organisation.
Skills required It is that fundamental for possess
that will concern with scientific and
systematic abilities for
manufacturing services and
facilities.
There are less considered with skills
and abilities set which required for
innovation.
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P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation
It can said that commercialisation are doing effective working organisation that are
directly impact on different manner. For example, vision and mission of an organisation that help
in recognising by top administration in ascertained the extend with practices which help in
implemented in innovation by the firm (Goble, Bercovitz and Feldman, 2017). Along with this,
there are different leadership affect according to the various subordinate performance in better
manner. There are various impact on the innovation which regards towards company that are
described as follows:
Vision – The vision of an enterprise determined the reaching with desired products and services
in better manner. Softwire vision is “to producing innovating software and achieving customers
needs and demand in unmatchable manner”. In this organisation, the vision has been motivating
and encouraging their creative approaches and exercises for satisfying all buyers needs and
wants in proper way.
Leadership – It can be termed as identified that it is one of the fundamental measures for whole
innovation concepts and incorporate the practices that has been adopting in an enterprise (Gaddy
and et. al., 2017). Therefore, it can be confirm that leadership can end the code of conduct and
policies developing all major activities and functions for meeting with various results in proper
manner.
Teamwork – This can be refer as corporation of various number of a person who work for
achieving desired goals and objectives. A team should include that people which are mainly
associated with different expertise work together so that business aim can be accomplished and
achieved.
Culture – Culture define that it is vast section of company so this is responsible for motivating
and encouraging innovation in proper manner. The management have to be determined that
business culture depend on discover and experience that will be increased. Along with this,
innovation can impact by the culture so this will assist in considering people which has huge
alterations and modifications that can be adopted of an enterprise.
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TASK 2
P3 Explaining 4P's of innovation and use of innovative funnel
The 4Ps of innovation is that method and techniques which can help in determining or
evaluating the innovation succession in the company. Along with this, there are various
approaches or methods by Joe Tidd and John Bessant which assist in classify the innovation on
different basis. There are different classification that are described as follows:
Process innovation – The main aim of style where effective goods which are determined to the
customers and final users (Henttonen and et. al., 2017). Process is one of the fundamental
segmentation which considering the manner with the help of customer's offer and serve to the
services. Softwire has been developing and maintaining the various approaches and concepts so
tat employees are delivery attractive and creative positive working environment.
Position innovation – It is that form of innovation which mainly concentrate on perception of
positioning of company that customers mind. Perception is connected with the effective services
or facilities by an enterprise for altering to delivering appropriate financial results in proper way.
Paradigm innovation – It is mainly associated with mental model which are related to business
operation and their functions in better manner (Khan and et. al., 2017). Along with this,
revolution of techniques and methods that have re-prepared models of mental individual
associated with using internet portal and sites.
Product innovation – This can be refer as the effective approaches and concepts in regarding
introducing new services and modifying the present one. It can be define as that radical methods
and techniques which mainly disruption of whole market ideal activities and functioning.
Softwire can be determined as the major providers of facilities and services in regard to digital
marketing and software.
Innovation funnel concept – It can undertaken with different phases for determining in
improving and developing effective products or procedures. They are offering innovating which
are undertaken for commercialisation that should be executing through large aggregate in better
manner. It is refinery framework where alternative and opinion for best suitable and funnel to
implementation at last. The major phases are required to undertaken in procedures of commercial
funnel described as under:
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The funnel are agree over the points which are accepting so that ideas and thoughts can be taken.
So this phase will undertaken the entire collection and gathering from different methods that
includes market, rivals, research, etc.
In next phase, funnel gets narrow. It will rectify the major ideas, screening the strategies and
policies which removing the creative and useful thing in effective manner (Perry and et. al.,
2017).
P4 Concept of frugal innovation and its use in organisational context
The concept of frugal innovation is contemporary which determine and response to the
resources scarcity in the material, finance and human resource terms in appropriate manner. The
products and services which can be formed and developed on the basis of customers with limited
resources and this will gain successful way. This is that method and techniques which has been
innovation where this will buying the customers purchasing power. They are initiate are
achieving society goals and objectives with regarding of better and efficient production. \
It is useful approaches and concept which assist company in developing and formulating
more efficient and cost effective goods and services through the assistance of high technology in
best manner. It will emphasised with production process which help the company with the help
of expenditure and spending costs. With the help of undertaking concepts and approaches of
frugal innovation, small business, new start up can accomplishing with manufacture procedures,
lower their production value and developing more amendments in goods with the help of
innovative services and facilities in better manner. According to the small business organisation
that can contain limited resources whether it is raw material or financial along with technology,
this concept help the company in cutting down the manufacturing value (Perry and et. al., 2017).
Along with this, this will eliminating the unnecessary functions and activities from the whole
process. The reputation and goodwill achieving to be emphasised with adopting the services
value perceptions. With the help of frugal innovation, company can reaching with crucial and
best results completing with large number of firm in the large market place. Softwire can
formulating and developing more productive software and digital designing with the help in
utilising the frugal innovation for major concepts and approaches of services.
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TASK 3
P5 Importance of commercial funnel and application of NPD
Commercial funnel can be defined as a pattern which is being developed by the
companies through which they can attain growth and profitability from the innovation they have
introduced in the company. For doing this, they are taking help of new product development
process so as to make their products reach at the market place. Also, the managers of the
company are required to select the best channel of distribution so that they can give effective
services to their customers (Lim and et. al., 2017). After this, they will be able to notice that their
sales as it will be increased and same will happen with profitability as well. So, through the
commercial funnel concept , company will be able to reach through their customers which is
very much required.
Therefore, Softwire Company will make use of this concept to promote their consultancy
services as through this they will be able to gather more amount of customers and this is very
profitable for their business. The steps which are conducted in New Product Development
process are as follows :-
Idea Generation – Here, the idea is initially developed in the minds of the person who is
present in the company. It is considered as a very innovative process which is required to be
created in every company so that they can present effective goods and services to their
customers.
Idea Screening – Under this step, all these ideas are being presented in front of
management who knows that which idea is best for the company and can be easily applied as
well. It is also necessary that the idea must be relevant with the goals and objectives of the
company and if any idea is matching then it should be implemented.
Concept development and Testing- Once the idea is chosen by the management team then it is
very necessary that it should be screened as well. So, in this a test will be conducted in which
perception of the customers is known (Mamo and et. al., 2017).
Market strategy and development – Here, a strategy is being created by the project
managers through which the product will be established in the target market. In this, it will be
included that how customers will be gathered in the market and its positioning in the marketplace
as well.
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Business analysis- In this step, sales and volume of the products will be defined. In this, the
organisation is required to do complete analysis about the goods that are required to be
innovated. The analysis is done in relation to sales, profits and cost as these are the factors which
helps in satisfying the needs and wants of the customers (Schmitz and et. al., 2017. ).
Test Marketing – This is the stage in which the products are finally being introduced in
the marketplace and after this the company tries to know the reactions of the customers in
relation to the goods and services which is being. If the review is positive then the product is
finalised but if it is not then visa-versa.
Commercialisation -In this last stage, goods is finally introduced in market and being sold.
It utilises a total marketing plan and facing high cost for manufacturing, advertising and
promotion.
P6 Business innovation case
It is very necessary for the companies to prepare a business case through which
knowledge about the goods and services will be known in an effective manner. It is also helpful
for them to gain knowledge about the sales and profits as well. Softwire can also make use of
this process so as to gain more amounts of customers and increase the profitability as well. The
steps which will be covered in the business case are as follows:-
Executive summary- The organization, Softwire is little digital engineering and software
provider organisation which complete their activity in UK. The association is additionally well
known for making a business situation that is effectively accomplishing their purchaser's
requirements.
Objectives- In the product area, development assumes extremely crucial part which help
the association in satisfying their requests and shopper prerequisites in compelling way. This
terms is required for Softwire to attempt as the organization need to adjust their essential items
for supporting in the aggressive commercial centre.
Solution- The development of innovation software can help with sorting out the different
required evaluation and customer's desire alongside satisfying further prerequisites through
adjusting the current items (Shi and et. al., 2017).
Research of customers- This can be affirm that customers of the organisation’s business
which were happy with the embraced business development. This changed development in
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respect of programming can help in safeguarding best techniques for business and additionally
executing the same on big business in respect of accomplishing better result.
Development and design of plans- The idea that has been attempted through the association by
the assistance of correspondence in respect of making a more viable and innovative
programming in most unstructured and organized way. A business association will have the
capacity to streamline from a few accessible choices according to the compass for dealing with
the distinguished advancement for building up the items (Shakeel, Takala and Zhu, 2017).
Necessity of capital- Being a private venture association, this is required for business to
embrace the rising assets in a few sources in respect of choosing right approach. The underlying
source which is attempted are pointed over the Banks that can satisfying the necessities of back
of business association. Additionally, Softwire can look for all the more financial specialists and
backers for putting resources into their business thoughts in respect of overseeing stores.
Expectable benefit- In this stage, the profited profits by buyer is distinguished in respect
of comprehension the real and standard advantages achieved by big business. Through this
association can at the same time creating knowledge of purchaser in powerful way.
TASK 4
P7 Evaluation of different tools which are utilised by business in preserving intellectual property
Intellectual property rights are those rights which are being utilized as a part of request to
ensure the inventive work done by individuals of the organization. It ensures that the work isn't
duplicated. The work can be in any shape like development, workmanship, picture, name and so
on. It is essentially identified with law and help the individual in getting acknowledgment about
the unprecedented work done by them. It is an extremely compelling framework which is
required to be embraced by each organization. These rights are given as takes after :-
Trademarks – It is a sort of sign which is given to the item keeping in mind the end goal
to separate them from alternate items accessible in the market (Sheep, Fairhurst and Khazanchi,
2017). For the most part a check is given like Mercedes is having their sign, Audi is having their
own. It could likewise be as word, outline, image and so on. Keeping in mind the end goal to get
the item trademarked approx a half year is required to be taken. It will be restored following 10
years.
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Copyrights – It is a sort of work which is utilized to secure the first work of the creators.
In this, individuals who are doing any sort of creative work like painting, composing, moving
and so on then they can get their work copyright so that no can compose or paint anything like
them. For advancing these, UK is putting forth enrolments to individuals on online bases. It took
approx 2 ½ to more them 5 ½ month in the wake of recording structure and methodology.
Patents - It alludes to the rights which is given at the season of development. It gives
legitimate right to the proprietor to enable them to choose that who will utilize their work . In the
event that anybody needs to influence utilization of this then they to should take earlier
authorization to their proprietor.
Trade Secrets - Here, a private information or data which organization measurement not have
any desire to uncover to get advantage over their rivals. These can be a procedure, equation,
different business points of interest. It incorporates rundown of clients, calculation, or study
comes about (Perry and et. al., 2017).
CONCLUSION
From the above report, it can be concluded that innovation is a very important concept
which is required to be implemented in the companies as through this organisations are able to
perform their actions in more effective manner. Innovation can be done in any form like it can be
altered and modified from their existing form. In this , new ideas and concepts are being included
in the existing products and services. It is also said that innovation and commercialisation both
are required to be implementer then only it will be profitable for the companies. In this report,
discussion was also held on 4P's which is a very important tool which helps in evaluating the
innovation succession in the firm. It is very essential for company to develop the software of
their business as through this they will be able to conduct their activities in an effective manner.
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REFERENCES
Books and Journal
Dutta, D. K. and Hora, M., 2017. From Invention Success to Commercialization Success:
Technology Ventures and the Benefits of Upstream and Downstream Supply‐Chain
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Clayton, P., Feldman, M. and Lowe, N., 2017. Behind the Scenes: Intermediary organizations
that facilitate science commercialization through entrepreneurship. The Academy of
Management Perspectives. pp.amp-2016.
Goble, L., Bercovitz, J. and Feldman, M., 2017. Organizing for Innovation—Do TLO
Characteristics Correlate with Technology Transfer Outcomes?. In THE WORLD
SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 4: Process Approach
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Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy
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Henttonen, K. and et. al., 2017. Open innovation in SMEs: Collaboration modes and strategies
for commercialization in technology-intensive companies in forestry industry. European
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Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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Perry and et. al., 2017.
Lim and et. al., 2017
Mamo and et. al., 2017
Schmitz and et. al., 2017.
Shi and et. al., 2017
Shakeel, Takala and Zhu, 2017
Sheep, Fairhurst and Khazanchi, 2017.
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