Innovation and Commercialisation - Team Work

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Defining innovation ad its importance to employees of the organisation in comparison with
invention .....................................................................................................................................1
P2 explain to employees that organisation vision, leadership culture and teamwork can shape
innovation and commercialisation..............................................................................................2
TASK 2 ..........................................................................................................................................3
P3 4 p's of innovation and use of the innovation funnel to examine and shape innovative ideas
to employee'................................................................................................................................3
P4 explaining how the organisation can develop frugal innovation .........................................5
TASK 3............................................................................................................................................5
P5 importance of the commercial funnel and application of new product development
processing for commercialisation to employees.........................................................................5
P6 Building an Innovation Business Case for an organisation, including ways to access
funding........................................................................................................................................6
TASK 4............................................................................................................................................7
P7 different tools that are chosen by organisation can use to develop , retain and protect
knowledge and intellectual property ..........................................................................................7
CONCLUSION .............................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation has important role in business . By improving existing product firm can make
it more interesting and earn profit through it. Four p of innovation are used in organisation so
that it will attract people more. Innovation funnel model is used in this because they want that
overall cost can be controlled. By developing frugal innovation in organisation various benefits
are gained . The leadership , cultural and team work can help the entity.
TASK 1
P1. Defining innovation and its importance to employees of the organisation in comparison with
invention
It is making a new idea. It can be used in products, process, services, and technologies.
This is done to impress the consumers because is on who needs some change from regular
product. It also refers to originality of product. It is applying practical implementation of
invention. It shows creativity of employees. Invention means first time creating of product with
all new features and innovation define as making improvement in existing product. Innovation
for employees in qubic hotel is very important. It is necessary to both; employee as well as
employee. Employees are main part of business and without them, nothing can be done. Doing
regular work again is so boring. For taking advantage from your competitor innovation is must.
It is just making changes in product. Business working can b same but what makes it different
from other is their human resource. Person have diverse mind and from that they can do
anything. Innovation is needed by employee and employer. Some of them points are given below
 Working equipment and technology – most of the times company is doing business with
the outdated or old technology and employees need advanced machines to work with.
For fulfilling the targets, employees need to make sure that they are working with the
current equipment(Hausman and Johnston, 2014). By making changes in this also,
employees feel that they are doing something new. If any idea to make changes in the
product comes to the mind of workers and technology is not appropriate then they will
feel demotivated.
 Company workspace – working areas can be made more interesting by applying more
picture or positive thoughts which will feel them more motivated as well encouraged. It
could be rearranged again or their setting can be changed after regular intervals. By this
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employee's environment are changed and then in that case their mind will work more.
The generation of new ideas will increasing day by day.
 Work procedure – Change in the process of working can make employees work harder.
By changing the environment, ideas can come to their mind and help in business.
Changes can be made in product's packaging, labelling, additional features are added.
This also shows the innovation. Employees need peaceful environment otherwise tthis,
they are bored by doing regular work and want some change in the working.
 Business communication – There must be 2 way communication. Proper communication
prevents from misunderstanding. If proper information flow is there then reduction in
conflict and workers can work in the peaceful environment. All conditions are good then
chances of new ideas generation are more(Meng and et.al, 2016). The Qubic hotel of UK
is following all the above factors that help in making innovation.
P2. The way organisational vision, leadership culture and teamwork can shape innovation and
commercialisation
The Qbic hotel vision is to mark its performance in eyes of world and profit can be more
than previous year. The company has decided future goals and make it true the employees are
need to work hard. Through this both entity and employees goals are fulfilled. There personal
and firms objectives are met at one point. It will help the workers to enhance their skills and
learn new things. Understanding the workers that if company will grow, then only they can grow.
Company is earning profit because of them and after that profit are distributed to them. All the
facilities are provided to employees and any problem comes than discuss to the immediate
senior. Different culture persons work in company and have their own beliefs. By respecting and
valuing they can feel them more privileged.
Employees are treated equally. No one is better than other. After giving training to them
their performance is decided and no one will judge on the any other basis. Diverse personality
has different ideas in their mind and that can help the organisation to earn more. Number of
employees give different ideas, the more ideas are there can give you the chances of innovation.
By making the changes in product the consumers are impressed. Team work can help the
workers a lot. If employees need any support or guidance from fellow employees then it can be
more helpful. It devised work in fragments and from this decrease in work load can make work
easier. Smaller the work, from perfection it is done(Brown, Gregson and Mason, 2016). Quality
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and quantity of work is needed in company. For doing same type of work separate department is
there, so that workers are more relaxed and small queries are solved by them in their team only.
Once the team is supportive to each other than the chances of improvisation is increased.
Good leader enhance the working of employees by guiding the employees. The superior
staff will assign the work to him and he will distribute it others. Leader is the person who will
always guide and motivate employees. Workers can share any queries and problem with him.
Once the workers are comfortable with person then trust will develop that can be helpful to the
organisation. If guiding person is not guiding workers properly then it is of no use. Employees
will feel discouraged. Work is not guided in prescribed manner and no problem solution is there,
workers will feel demotivated. If all the things are in correct manner then they will feel happy
and always motivated to do work(Kättlitz, Aguilar and Jana, 2014). Happy workers can do work
more work with performing well. Qubic hotel is following these and making them understand
about the importance of leadership, team work, and culture and follow the vision of company.
TASK 2
P3. 4 p's of innovation and use of the innovation funnel to examine and shape innovative ideas to
employee'
There are 4 p's of innovation named as process, product, position, paradigm that are
given as below:
 Process - It all about making changes in process of working. firm is making the product
and some changes or improvements are made in the working. If company is applying any
idea for betterment of previous performance. By making regular changes or
improvement of the process can earn more to company as well. The basic motive of
company is to earn profit. Making innovation in product can earn profit in firm.
 Position – It refers to opinion about the product by employee as well as employer.
Different people have diverse psychology which has their own parameters to measure. In
today's world it depends on the position of people, firm in market, firm’s profit and many
more. The satisfied customers can perform well in organisation.
 Paradigm - It defines any change which is not regular in the organisation. It can be
anything like packaging, labelling, etc.; the illogical changes won't work in organisation.
Some logic must there. By making the changes in innovation can be there.
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 Product – Making some changes and improvement in product. It can be new ingredients,
new shapes, colour and many more. In innovation , firm can add new or existing one .it
can be like improving packaging, for keeping food fresh, delivery at home(Engel, 2015).
In Qbic hotel also, these 4 p's are followed. From this, motivation in doing work is
enhanced. More liked by customers and firm can earn more profit. The loyalty is be there
and established in mind of people.
 Innovation funnel is a model used by lot firms to generate new ideas. Some the parts of
this are described below
 Opportunity assessment - In launching brand new product the firm must go through
market research. The information about consumer’s knowledge, data of market and other
opportunity the company can grab.
 Ideation based on insights - After examining the opportunities next step is to launch that
product which can help firm to earn more money. For this employees has to more work
regarding making changes in the new product and it can be in packaging , labelling ,
branding, additional of some colour etc.
 Concept wise - In this advanced concepts are implemented for the top new ideas.
 Evaluation of bench marking – in this firm has to try various concepts on their target
consumers and see the effect of it. By considering the result entity get idea what model to
apply on which and whom to repeat.
 Implementation – after gathering the review entity can know that which concepts has to
follow.
Qbic hotel is implementing the innovation funnel model so that somethong new can be in
organisation(Marx and Hsu, 2015).
P4 explaining how the organisation can develop frugal innovation
Frugal innovation means business which have limited resources , it can be financial,
material and how to solve these limitations in making in innovative idea. The concept tells that
how firm is working in reducing cost. The applicability of work in cost effective way. For
creating the solutions in budget , firm is following these ways :
new methods of product design- in this method how firm is creating new ways to develop new
product in limited cost or making ways to restrict cost.
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Applying innovation business model – in this model which is related to business, can
give solutions to problems. The firm is doing because they want to make it cost effective way or
utilizing its money in other work (Shapira, Gök and Salehi, 2016.
System thinking at macro level – firm is thinking is at large level so that's why they want
to minimise its cost. Cost which is reduced are used in other work. They are not considering the
individual department whereas looking at overall.
Leveraging modern techniques – by using modern techniques work will be easier and
more economic. The modern techniques help to achieve target well . Finding new ways to
develop the work of firm in earliest as possible. Company can make ideas for social cause also.
Fulfilling the responsibilities towards society.
Resources are limited - with limited resources company can't work for longer time. So
by turning new solution of it is frugal innovation model.
Qbic hotel is following frugal innovation technique . From supply chain management
firm can do pre planning of raw material like how much is there and considering the future
demand (Qian and Haynes, 2014). Cost of transportation can be minimised. Planning of material
can reduce the wastage of raw material. Reduction in wastage can be good in quality services.
Services can also be changed. Earlier hotel has waiter system which is increasing cost
unnecessarily, but making buffet system customers will also enjoy eating food on their own.
TASK 3
P5 importance of the commercial funnel and application of new product development processing
for commercialisation to employees
Commercialisation funnel means how targeting the consumers. For targeting also firm
need to know who are interested in this hotel . Qbic hotel is following the funnel to particular
their customers. In hotels there can be families , professional persons, youngsters and many
more. For them also services can be changed like in menu of hotel. When the persons are coming
from professional background , food served is different , families are coming for holiday, their
food will be according to that. Person to person food will vary because choices are diverse and
serving same food to all is not good. After being particular , firm need to analyse what are the
needs of their customers and thereafter the solution is made in changing services or new product
is made to fulfil l the demand of client(Xiao and et.al, 2017). The cost can be minimised by
providing appropriate services. Once the consumer is satisfied than he will stick to company and
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become loyal all the time. It will increase the publicity in various ways like word of mouth.
After analysing the needs for customer , firm has to make services or the product accordingly.
The firm has apply services in that way. Knowing their needs can reduce overall cost of firm.
They now concentrate on making that product only which are to be satisfied by consumers.
Their taste and preference is also known by staff well. Staff will better understand customers and
get to know habits of them(Polzin, 2017). The consumers are the one who can help to earn
profits. The better the services are provided to them the more they will satisfy. The happy clients
are doing publicity here and there.
P6 Building an Innovation Business Case for an organisation, including ways to access funding
Business plan is a type of document which is used to understand or evaluate a new
project, major product development or feature enhancement of the organization. An effective
business plan should contains all the required information necessary for the Qbic Hotels to make
a decision. A Business Case is the place where all the relevant facts are documented together
that helps the decision maker of the organization. It can also be done with a verbal agreement or
presentation (Finch, B. 2016.). A good and effective business case have several steps present in
it, such as,
 Executive summary : In this part, executive summary of the Hotel has to be analyzed
before implementing any strategies into the market. It will help the hotel management
team to analyze their current position in the market.
 Research : After studying the summary of the hotel and analyzing the current situation,
its very important to do proper research of the market which can help them to identify the
problematic areas and where they can implement new strategies.
 Analysis of the situation : After the whole research process has been, proper analysis of
the problematic situation is studied so that Qbic Hotels can prepare a strategic plan which
can help them to increase their services they are providing to their customers.
 Analyzing the Competitors : It's very crucial to have a good knowledge of their
competitors present in the target industry. This will help them to make plans according to
that situation which can compete with their strategies (McKeever, M. 2016).
 Options : In this section, the management team will produce different options which they
can implement to achieve their objective. It has to be done carefully as it will affect the
final outcome of the strategies.
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 Financial Management : To do any activity in the hotel it is very important to have
enough budget ti accomplish that task. Same applies for the business plan. To fulfill all
the requirements mentioned in the plan, they have to decide their budget for that plan.
 Possible Outcome : It is very important to calculate the possible outcome of the selected
strategies to that, they can plan some other strategy as well in case the first one fails to
bring a positive result.
These are some important factors which can help to build an effective business case for
Qbic Hotels. By implementing all these factors in to the business, it will help them to increase
their business in the market effectively and can earn a good revenue and profit (7 Steps to a
Perfectly Written Business Plan. 2016).
Qbic Hotels can take funds through various ways available in the market, for example,
they can take loan from the bank to but all the necessary materials or products required for the
innovation process. This will help them bring the best material from the market. Or there is
another option in which they can opt for an investor who is interested to invest in their business.
This can be an effective option to choose from.
TASK 4
P7 different tools that are chosen by organisation can use to develop , retain and protect
knowledge and intellectual property
Different tools which are used to develop , retain , protect knowledge and intellectual
property rights are :
 trade mark - it is something which differentiate our products from other products in
design , sign and marks . It is used by owners of business organisation . It can be on the
packaging , label , voucher. On buildings of multinational they are present . If others
want to use it is available by licences agreement. If it is copied by other organisation than
owner of that company can sue or take legal action against it. Number of countries like
united states , Canada identify the trademark rights . If any company has not registered
yet than action can be taken.
 Copyrights - it is the right given to original makers. The time is limited for it. Only
prevention of originality of ideas not the fake one . It is one of the Part of intellectual
property rights which is based on creative work(Etzkowitz, 2017) . Territorial rights
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which are not going beyond extend of territory. Qbic hotel is also choosing all the above
tools like copy rights ,trademarks to protect the rights of the organisation .
CONCLUSION
From the above study it can be concluded that topics are covered under this are as
follows : innovation and its importance to employees. By improving in existing product
company is earning profit. Defining the benefits to employees about the leadership, cultural
background and team work which can help in innovation of product. Use of innovation funnel
technique in business so that organisational can increase ways to cost effective methods.
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REFERENCES
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Filling and Yield of Near‐Net Shape TiAl Turbine Blades. Gamma Titanium Aluminide
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Polzin, F., 2017. Mobilizing private finance for low-carbon innovation–A systematic review of
barriers and solutions. Renewable and Sustainable Energy Reviews. 77. pp.525-535.
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program as entrepreneurship policy. The Journal of Technology Transfer. 39(4). pp.524-
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Shapira, P., Gök, A. and Salehi, F., 2016. Graphene enterprise: mapping innovation and business
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Wonglimpiyarat, J., 2016. The innovation incubator, university business incubator and
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Xiao, Z. and et.al., 2017. Chemical Origin of the Stability Difference between Cu (I)‐and Ag (I)‐
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Online
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