Innovation and Commercialisation - Unicorn Grocery Assignment

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its significance as compared to invention . ..................................................1
P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of innovation funnel. ....................................................4
P4 The Development in frugal innovation and its uses. .............................................................6
TASK 3............................................................................................................................................7
P5 Significance of commercial funnel & application of new product development. ................7
P6 Building an Innovative Business Case. .................................................................................8
TASK 4 ...........................................................................................................................................9
P7 Tools used by firm to retain, secure and protect intellectual property. .................................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is considered as the process of translating an idea, thought or invention into a
final good or services which create value for firm as well as organisation and for which
customers are ready to pay. Innovation can also be referred as a combination of various activities
in which identification, prototyping, marketing, production and sales operations are involved.
Invention, different from innovation, consist a discovery of new and innovative ides, things and
thoughts which are effective in developing better future (Baraldi and Waluszewski, 2011). In the
modern era, the major focus area of each business enterprise is to satisfy the need and want of
people through producing more innovative and effective products. Unicorn Grocery is the
selected organisation for this particular report, it is a co-operative grocery store which operates
its business activities in Manchester, England. The essential purpose of an organisation is to
fulfil the basic desires of people through applying innovative tools and technologies within the
work place. The major aim of this report is to figure out how innovation and commercialisation
help the firm in attaining business goals and objectives in appropriate way. It also include
various application in regard of new product development, commercial funnel, sources of
funding, innovation mix and different tools for retaining and protecting intellectual property
rights.
TASK 1
P1 Innovation and its significance as compared to invention.
Innovation is described as a process of conversion a new idea or thought into final
product or services for which buyers are ready to pay. A new idea play vast role in implementing
innovation within the work place (Bianchi and et. al., 2010). An individual and entrepreneurs
need to develop new ideas and creative ways as to conducting business operations in unique
manner. Innovation is effective for an organisation to attain competitive edge within the market
place.
The concept of invention is different from innovation, as it refer to the process adopting
changes which are effective for the future growth of firm and also helps in satisfying the needs
and wants of people. Cultures plays significant role within the work place, it is essential for an
organisation to develop innovative culture within the work place. It is effective in making
employees more creative in nature and also create value in developing the ability to resolve
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organisational issues in effective manner. The sustainability and growth of a firm relay on
innovation, so it is required for each small as well as large business enterprises to make
innovation in their operations as to reaching at higher competitive edge at market place. Unicorn
Grocery is a privately owned company which deals grocery products and services. In the modern
business environment, competition is so high at market place and it is essential for Unicorn
Grocery to adopt innovative ideas and thoughts as to make their product and services more
effective. The company or its management has decide to launch a new mobile application to
reduce extra efforts and time of employees as well as buyers (Bradley, Hayter and Link, 2013).
There are various importance of innovation for organisational employee in which some are
described as below:
 The adoption of innovative tools and technologies are beneficial for reducing the physical
efforts of employees.
 Innovation is effective in increasing motivation, employees retention and flexible
recruitment.
 Innovation is the best way to attain higher competitive edge through implementing
appropriate changes in the resources. Through innovation, the working of employees are developed as people work with more
passion and collaboration.
Comparison between Invention and Innovation:
Basis for
comparison
Innovation Invention
Meaning Execution of ideas for any product or
process for the very first time is
called as innovation.
The element of invention consist as the
occurrence of an idea for the product or
process which has never been created
before.
Relation Innovation is related with adding
vales and creating some changes in
the existing products of firm.
On the other side, invention is related
with creation of new products for the
very first time.
Concept In innovation, ideas are implemented
into practical action.
In invention an original idea is
implemented in the form of theory.
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P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation
Organisational vision, leadership, culture and teamwork plays effective role in
implementing all business operations in systematic manner as to build commercialisation and
innovation within the company (Caniëls and van den Bosch, 2011). A vision statement is needed
to be clear and concise for the management of firm as to providing appropriate guidance to their
employees to moving forward towards right direction. Unicorn Grocery is a small UK Based co-
operative grocery store, which is significantly handled by the management of firm. The company
is mainly deal with fresh, dried and processed food or beverage items that are made up of organic
ingredients. The firm also deal in offering body care products, grocery items or household
products. The major focused area of firm is to satisfy the needs and wants of people through
producing more innovative products and services at market place. High consumer satisfaction
helps the firm in attaining higher competitive edge. The development of new application is
beneficial for growth of Unicorn Grocery, as in this modern era, people are mainly relay on
online services and the implementation of mobile applications which are effective for fulfilling
the descries of people in easy manner.
Commercialisation: The major responsibility of an organisation or its management is to
analyse the major issues related with production, sales, operations of firm, these elements having
a direct influence on the operations of Unicorn Grocery and it is essential for firm to resolve
them as to maintain the appropriate flow of operations. After analysing the issues, it is essential
for Unicorn Grocery to determine different sources that help in creating best solution for the
issue. After collecting data and information through different sources, the process of product
designing and development is done (Cooper, Seiford and Zhu, 2011). Next stage is to deals with
testing and sampling of innovation which is effective in providing specific information in regards
to the cost of product. After receiving positive response from the prototype, organisation finally
develop new product within market place. In respect to carry out all the processes in effective
manner organisation needs to consider various aspects which are descried as below:
Vision: This include to be a predetermined statement which plays effective role in
providing proper guidance to the management of firm. The vision statement of Unicorn Grocery
is to attain competitive position within the marketplace through offering variety of innovative
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products and services as per the need of buyers. Vision statement states the clear path for carry
out business functions accordingly.
Culture and teamwork: As a small business enterprise, it is essential for Unicorn
Grocery to create positive environment as to providing a friendly working environment to the
employees. An effective culture plays significant role in managing or handling all business
operations in appropriate manner (Crossan and Apaydin, 2010). As a small scale firm, the
company believe in attaining organisational goals and objectives through team efforts rather than
performing the task solely.
Leadership: As s small co-operative firm, Unicorn Grocery is significantly follow
participative leadership style. This style of leadership is effective in providing equal
opportunities to the organisational employee as to providing equal chance in the process of
decision making. This develop higher sense of recognition and satisfaction among employee
which is beneficial for retaining employees for long run of business operations. Furthermore, the
organisation give freedom to their employees which inspire them to build more innovative and
unique ideas for firm.
The above mentioned elements plays effective role in integrating all business operations
in systematic manner. It is easy for an organisation to implement innovative ideas and operations
within the firm through the flexible culture of the firm. With the help of effective leadership
organisation or its employees are able to conduct all operations in well planned manner.
TASK 2
P3 Explain 4P's of innovation and use of innovation funnel.
Innovation is consist to be an important term which is effective for business enterprises to
face continuous changing needs and desires of people at market place (Dries, Pascucci, Török
and Tóth, 2014). The concept of innovation involves product, process, position and paradigm,
these all elements are effective in improvising the quality of products as to reaching at desired
objectives through providing satisfaction to their significant customers. The proper description
about the elements of 4 P's of innovation are described as under:
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(Source: 4 P's of Innovation Mix, 2010)
Product: Products and considered as the representative of firm, as these are effective in
developing the brand image of firm within the market. As a small business, it is essential for
Unicorn Grocery to produce more innovative and unique products as to gaining attention of
customers towards the firm. Each small as well as large business enterprises it is required to
implement innovation at constant basis in respect to maintaining the strong position within the
market. As to attaining higher growth and success, Unicorn Grocery start to produce organic
food products and also selling organic vegetables and fruits (Edquist, 2010).
Process: It is an another element of innovation mix, it consist with the change arises in
production and operations of the firm. Organisation as well as customers are benefited with the
change arises in the process of production and products delivery. The company Unicorn Grocery
has decided to provide products and services through introducing the facility of mobile
application.
Position: This element is mainly consist with the positioning of firm within the targeted
segment. The major focused area of firm is to satisfying the needs and wants of people at market
place as to enhancing the brand image of firm. It is required for Unicorn Grocery to develop new
and innovative products and position them in different segments as to capturing a wide area of
market.
Paradigm: Different people have different perception, some opinion and ideas are beneficial for
companies growth and some time it is essential for an organisation to ignore the views of people
or society as to producing goods and services as per the reliability of organisational operations.
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Illustration 1: 4 P's of Innovation Mix

This element of innovation is connected with mental model. As a small business firm Unicorn
Grocery has integrated innovation in terms of developing own mobile application as to keeping
in view the ideas and thoughts of people (Gray, 2011).
Innovation Funnel: The concept of innovation funnel is applied to analyse the stages which take
place in developing a process or product. The major purpose of innovation is to develop and
effective products and processes which are helpful in meeting the market needs in economic or
manufacturable forms. It involves various elements which are associated as under:
The wide mouth of the Funnel: This is the initial stage of innovation funnel, it plays effective
role in increasing the information or knowledge base of an organisation. Unicorn Grocery is
concern on gathering information from the regular customers as to developing more appropiate
facilities for the buyers.
Selection of Idea: This consist with the selection of best ideas that helps the firm to improve the
quality of their product and reduces the extra cost of operations.
Implementation of ideal: This is the final stage of innovation funnel, in this the selected idea is
being implemented as to generating the opportunities for firm to gaining higher competitive
edge.
P4 The Development in frugal innovation and its uses.
Frugal innovation is consist to be an essential process of reducing the issues and
complexities and the extra cost of goods or its production. This can be attained through removing
non essential component from the production with are not that important for the success and
growth of firm. Frugal innovation is consist with the process through which an organisation is
focused on minimizing the issues and conflicts from the operations of firm. This concept mainly
plays effective role in developing a better and appropriate solution for buyers as to offering the
high quality products and services in minimum cost (Guan and Chen, 2010). In the modern
business environment, large as well as small business organisations are concern on transforming
their business models and mental models as to implementing innovation within the firm. The
stages of frugal innovation are associated as below:
Finding opportunity in adversity: This consist to be the fundamental stage of frugal innovation.
In this stage existing or present issues are reframed by the employees as to analysing them with
the past issues. In the Unicorn Grocery issues are concerted into an opportunity through handling
organisational operations in attaining higher place within the market.
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Do more with less: All the existing or presently available resources are determined through
workforce at this stage and then try to utilized them in appropriate manner.
Think & act flexibly: In this stage it is essential for an organisation to create flexible ideas in
which changes can be implemented in effective manner.
Keep it simple: Organisations needs to resolve the issues and conflicts in appropriate manner in
order to smooth functioning of the business operations (Huang and et. al., 2012).
Include the margin: The major requirement of each small as well as large business enterprises is
to analysing the needs and wants of customers in respect to producing more effective products
and services. For this Unicorn Grocery is taking feedbacks from the customers, as their
suggestions are effective for implementing appropriate changes in the operations of firm.
TASK 3
P5 Significance of commercial funnel & application of new product development.
Commercial Funnel is consist as an important process by which an organisation can
easily analyse the appropriate sources that helps the firm in providing innovative goods and
services to their significant buyers. In an organisation manager and higher authority of firm plays
vast role in setting up an appropriate distribution channel which is effective in enhancing the
sales and revenue of firm (Joshi and et. al., 2010). As a small business firm Unicorn Grocery has
decided to develop their own mobile application as to providing online marketing facilities to the
customer. This invention plays effective role in meeting the desired goals and objectives of firm
at market place. Different steps are involved in the process of new product development and
these are described as below:
Idea generation: This consist to be the primary stage of new product development , in this stage
Unicorn Grocery is concern on generating new ideas as to creating benefits for firm.
Idea screening: In this stage the ideas has been screened through checking the feasibility and
affordability of the idea. In this stage best idea has been selected among the available ideas.
Concept testing & development: In this stage, selected idea is being tested as to analysing the
appropriateness of the idea (Ke, and et. al., 2015). In this stage idea is tested on the chosen group
of clients and data is gathered through those clients who are utilizing the products at regular
basis.
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Market development & strategy: After idea testing, if outcome are satisfactory than business
strategies are produced by administrator. Different variables are thought about in this stage, for
example, marking methodologies are created, gainfulness is foreseen and showcasing blend are
connected. Pricing strategies are additionally formulated by organization in this stage.
Business and financial analysis: In this actual sales of firm are analysed by managers as to
reaching at the organisational objectives in appropriate manner. In this stage the relevancy and
viability of products are analysed.
Commercialization: It is the final stage of new product development. In this organisation
launches new product at market place.
P6 Building an Innovative Business Case.
The application of business case is mainly done through analysing the essential aspects of
firm (Lin, 2010). In the current report Unicorn Grocery is the selected organisation, which has
decided to cop up with its own mobile application for creating higher revenue and profits. The
major steps of business case is determined as below:
Executive Summary: Unicorn Grocery is the Co-operative grocery firm, which deals in high
quality products and services at market place. The company is located in Chorlton-cum-Hardy,
Manchester, England. The company was founded in the year of 1996. the company has around
70 employees. The major purpose of Unicorn Grocery is to attaining higher competitive edge
through adopting new and innovative ideas within the work place.
The need: In this stage, the company Unicorn Grocery evaluate the current issue which is
prevailing within the working environment. Basically it evaluate that what is the accurate need of
implementing innovation within the firm. The continuous change in technology has direct
influence on the sales operation of firm.
Solution: It is essential for each business enterprises to create appropriate solutions in respect to
overcome with the issues and conflicts. In Unicorn Grocery solutions are created by the
management as to reaching at targeted goals and objectives (McCoy and et. al., 2010). As to
launching a new mobile application company needs to resolve the issues of customers base,
through offering them various online facilities and functions.
Why it is Innovative: The solutions framed by management. The idea is creative or innovative as
it turn into the principal of SME among other UK-based SME's as to have its own particular
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portable application through which they can offer their things in the market in more effective and
easy manner.
Customers Research: Before en-grafting innovation and advancement, it is mostly essential to
lead mini research for estimating what are the current needs and wants of customers, so that firm
can produce products accordingly (Micheli and et. al., 2012). It can happens through focused
group, interview, survey, questionnaire etc.
Investment Requirement: In this stage it is essential for Unicorn Grocery to make appropriate
arrangement of funds and capital in respect to proper implementation of innovation. The firm can
gather appropriate funds through internal as well as external sources. Internal sources are
effective in providing funds through the profit retained by firm or on the other side external
sources can be considered as the outside sources and organisations like as investors, banks,
creditors or individuals.
TASK 4
P7 Tools used by firm to retain, secure and protect intellectual property.
Intellectual properties are considered as a rights which is given to an individual or firm
for protecting their inventions. In this various elements are involved which are described as
below:
Patents: This consist to be the right which is given to an individual or an organisation for their
own invention. It provide allowance to the owner to restrict other from copying or selling their
products without permission.
Copy Right: This right is provided to the authority or owner for their original art, musical,
dramatic or literary activities (Plewa and et. al., 2012). It allows an individual to control on their
potential operations. With the assistance of this protection, exclusive right is getting through an
inventor in regards to copy, modify, perform, display or distribute their work.
Trademark: It is available in the form of word, design, image or symbol that makes product
unique from other rivals. The fundamental reason for utilizing this intellectual property is to
make its products different from their competitors.
CONCLUSION
According to the above mentioned report, it has been analysed that it is essential for each
small as well as large business enterprises to implement new and innovative technologies within
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the work place in respect to enhancing the operations of firm at market place. In the modern era
the major focused area of each business enterprises is to satisfying the needs and wants of people
through producing more innovative and effective products.
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Online
New Product Development Stages. 2017.[ONLINE]. Available through:
<http://productlifecyclestages.com/new-product-development-stages/>.
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