Innovation and Commercialisation

INNOVATION AND COMMERCIALISATION
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Table of Contents
Introduction................................................................................................................................3
Task 1.........................................................................................................................................3
LO1 Describing the concept of innovation along with mentioning the difference between
invention and innovation............................................................................................................3
P1. Explaining the term innovation along with its significance to the employees of the
organisations. Also provide examples from the case studies in contrast to invention 386.......3
P2. Explaining how vision of the organisation, leadership, culture and working in a team can
configure innovation along with commercialisation..................................................................4
Task 2.........................................................................................................................................5
LO 2 Explaining the various types of innovation to the professionals of the organisation.......5
P3. Describing 4Ps of the innovation and with the help of innovation funnel scrutinize
innovative ideas for the employees of the firm..........................................................................5
P4. Explaining the process by which the organisation develops frugal innovation...................6
Task 3.........................................................................................................................................7
LO 3 Discussing the procedures that are required for commercialising innovation in the
organisation................................................................................................................................7
P5. Mentioning the benefits of commercial funnel and the implementation of the New
Product Development processing for commercialisation to the employees of the firm............7
P6. Building an Business case for Innovation for the organisation that includes numerous
ways for assessing funding.........................................................................................................8
Task 4.........................................................................................................................................9
LO 4 Evaluating the range of techniques in order to protect the ideologies along with proper
understanding about the advantages and disadvantages of those...............................................9
P7. Assessing the processes that help to develop the organisation to preserve knowledge and
also the intellectual property of the organisation.......................................................................9
Conclusion................................................................................................................................10
Bibliography.............................................................................................................................11
Appendices:..............................................................................................................................14
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Introduction
Innovation is the basic requirement of every organisation of the world in order to survive in
the present business conditions that are prevailing everywhere. Commercialisation can be
considered as the next process of innovation because it helps in running the business properly
in order to increase the profit of the organisations. Nowadays, in the fast growing world,
every person is behind using innovative products so that they can make their work easier.
Clarkwood Enterprise is taken as an example to elaborate the importance of the innovation
and commercialisation. Clarkwood Enterprise is a British small sized enterprise that is
contributing the local people of UK with mobile phones and computers since 2011. The
company is trying to make strong technology collaborating with the big enterprises of UK.
Clarkwood Enterprise provides good service to the local people and tries to enhance their
business across the borders. The organisation tries to train their staffs properly so that good
and innovative services can be provided to the people of UK.
Task 1
LO1 Describing the concept of innovation along with mentioning the
difference between invention and innovation
P1. Explaining the term innovation along with its significance to the
employees of the organisations. Also provide examples from the case
studies in contrast to invention 386
According to Ab Aziz et al. (2011, p.180), innovation can be stated as the procedures of
incorporating good ideas into the existing services or products of the organisations so that the
value is created in front of the customers all over the world. Innovation needs to be done in
such a way that the organisation is not bankrupted after incorporating those ideas into the
services of the organisation. Being the CEO of Clarkwood Enterprise, the learner needs to
make the employees understand that innovation has to be done at every level of the
organisation so that the firm can enhance their business like that of Apple or Virgin Media.
Innovation is of huge importance in the present technological world because innovative
products attract large numbers of buyers and thus, the business growth is seen in every
organisation (Abdul Razak et al. 2014, p.265). The employees of Clarkwood Enterprise have
to be hard working because the organisations’ objective is to satisfy the users along with
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spreading the business more. For example, Apple is one of the leading traders of the cell
phones and came up with new innovative technologies that gained the attention of a huge
number of people. Apple is the first organisation to launch iPod in the global market that
stored a large number of audio tracks in a small device. The innovative ways of thinking of
Apple are praise-worthy and Clarkwood Enterprise needs to undertake these innovative ways
of thinking about their business so that they can expand their business further.
Innovation is the creation of something new for the business organization in this context of
topic provided herewith. This is the new ideas that are for the surprisingly new
implementation to any matter or fact that were not present from early times. As per
Amponsah and Adams (2017, p.200), innovation is the implementation of the ideas into the
existing products or services to make that product more appealing to the world whereas
invention is the phenomenon of the new idea to launch completely new product or services to
the people of the world. Clarkwood can try to bring new ideas for their existing technology so
that they can gain good market share and start inventing new products as that of Apple. Apple
is seen to launch the new product that is iPod in 2001 because, before that, there were small
devices like CDs and DVDs that stored less number of tracks for the people. People that
helped the organisation to gain popularity all over the world immensely liked the new
invention of Apple and their creative way of thinking. Similarly, Clarkwood Enterprise can
try to make some changes in their technology in order to gain popularity among people in the
local market.
P2. Explaining how vision of the organisation, leadership, culture and
working in a team can configure innovation along with commercialisation
Bastalich (2010, p.845) commented that organisational vision and leadership helps greatly in
bringing innovation along with commercialisation in business because the leaders help in
motivating the employees to work hard for achieving the vision of the organisation in an
innovative way. When innovation is done, the business firms guarantee commercialisation.
Clarkwood Enterprise has the vision of serving a huge number of people equally and that is
why; the organisation is trying to improve their leadership styles so that the employees are
encouraged more for the betterment of the organisation. For example, Virgin Group has such
employees that are dedicated towards the working for the betterment of the organisation. The
employees of Virgin Group try to evaluate their huge business more so that innovation can be
done at every level of their business. The employees provide great effort in their working
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