Importance of Innovation and Commercialisation in Magmatic Trunki

INNOVATION
AND
COMMERCIALISA-
TION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Importance of innovation and compared it with invention as well as examine how it can be
integrated within leadership and culture at Magmatic...........................................................1
TASK 2............................................................................................................................................3
Explain the 4P's of innovation and use of innovation funnel.................................................3
Development in the frugal innovation and how it can be used by the organisation...............4
TASK 3............................................................................................................................................5
Importance of commercial funnel and application of new product development process for
commercialisation of innovation............................................................................................5
Innovation business case........................................................................................................6
TASK 4............................................................................................................................................8
Methods to protect ideas and intellectual property along with advantages and disadvantages.
................................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
To make a business growth market trends and analysis is very essential to takes place
changes in an effective and efficient manner. Innovation and commercialisation will facilitates
the growth and development of an organization as well as helps in taking competitive
advantages. This report is based on the Magmatic Trunki, it is a brand of carry-on hand luggage
for children which is designed by the Rob Law. Product of this company becomes well-known
after featuring on the UK television series Dragons Den in 2006. Now owner takes initiate to
launch the Jurni a ride-on suitcase for kids. Under this report discussion about the concepts of
innovation, invention, comparison between both, funnel innovation, frugal innovation, 4p's of
innovations, commercial funnel, new product development as well as methods to protect the
intellectual property.
TASK 1
Importance of innovation and compared it with invention as well as examine how it can be
integrated within leadership and culture at Magmatic.
Innovation refers to the alteration in their existing products and services and creates new
concepts and methods in an effective as well as efficient way. Trunki inventor rolls out new
design of suitcase which is Jurni, it is being released by Law's Bristol based company Magmatic
as a biggest innovation of original Trunki. Recently many changes takes place in the market a
company needs to introduce innovative concept to build long term relations (Aarikka-Stenroos
and Sandberg, 2012).
Importance of innovation
It is essential to make policies and strategies to accomplish the objectives and goals of a
company in an effective manner. Rob Law innovation helps in solving the copycat problem by
introducing Jurni a ride-on suitcase for kids. This will helps in increasing the profits as well as
productivity and a company able to compete with their competitors such as PMS' Hong Kong-
made kiddee case. Also, it enhance the employees knowledge and skills for taking competitive
advantages by using their capabilities and competencies.
Difference between innovation and invention:
Basis Innovation Invention
1

Definition It refers to the improvement in the
existing products and services to create
a new device or concept effectively.
It defines as a creation of new
products or process in the market for
the first time.
Concept Practical implementation of new idea is
done and it requires strategic, marketing
and technical skills.
Through the scientific skills idea is
originated and working in theoretical
application.
Importance of innovation in comparison to invention:
With the help of innovation the Magmatic Trunki can gain competitive advantage by
offering better products. Also they can quickly respond to the needs of the customers by
innovating their products. Whereas with invention the company can resolves various issues by
providing such a product that is prepared for the first time such as suitcases of Magmatic Trunki.
Role of vision, leadership culture and teamwork in innovation:
Innovation consists of different sources which help in implementing changes in an
effective and efficient manner. This will happen because of the customer’s demand, variations in
market conditions as well as rivals strategies (Bogers and West, 2012). Rob Law is responsible
for choosing the right kind of policies and makes effective plans after targeting the best source
options.
For effective innovation Trunki shapes its vision, culture, teamwork goals as well as
leadership skills within the environment of company. Vision: The Company have been creating children's luggage for nearly ten years and
become one of the best known family travel brands. This is a fundamental driving force
that can encourage innovation and commercialisation towards the commitments of
relatedness pursuance of sustainable growth and success. Leadership: It is essential for promoting the awareness of innovation within company.
Leadership helps in facilitating the opportunities to team members, helps in developing
supportive and constructive surroundings as well as motivate them by giving rewards. Culture: Favourable culture results in positive performance, it is related to the
willingness of an organization which is required to present the creative ideas and
thoughts of workforce and developing the innovative environment (Chun, 2015).
Magmatic Trunki provides several schemes for their employees to maintain effective
culture such as incentives, motivation, reward, training as well as resources.
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