Innovation and Commercialisation Challenges

This assignment delves into the challenges faced in bringing innovations to market. It examines various theoretical perspectives on innovation and commercialization, including open innovation and knowledge management, while analyzing real-world examples and case studies from different industries like biopharmaceuticals and technology transfer. The focus is on understanding how factors such as clusters, innovation networks, patent assertion entities, government programs, and market dynamics impact the successful commercialisation of technological advancements.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1Innovation and its importance to employees in comparison to invention..............................1
M1 revision of different innovative sources and development of environmental and cultural
innovation ...................................................................................................................................2
D1 Critical evaluation of development and measuring innovation ............................................3
P2 Role of organisation culture, vision and leadership to shape commercialisation and
innovation....................................................................................................................................3
Task 2...............................................................................................................................................4
P3 4Ps of innovation and the use of the innovation funnel for shaping idea's in employee's.....4
P4: Explaining the process of developing frugal innovation .....................................................5
Task 3...............................................................................................................................................7
P5 Importance of the commercial funnel and the application of New Product Development....7
P6 Innovation building case including way of access fund........................................................7
TASK 4............................................................................................................................................9
P7 Different tools for developing, retaining and protecting intellectual property......................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Today, every organisation is aiming to integrate innovation as a core practice within their
system as to enhance their own ability to serve market. It will allow individuals in improving
their creativity and skills which will lead to better translation of idea's into practical process. The
consumers will be attracted towards company products when they will find better value for the
price they will be paying. Innovation is stated to be an idea which assist in making existing
process or product more efficient, and also ensure that the cost of good is minimised (Adam,
2014). This report is based on Jernick recruitment group which came into existence in 1967. it is
a subsidiary and is owned by Simon holding. It has a well established presence in UK and is able
to attract pool of talent effectively. This project will state about how innovation assist
organisation in enhancing its efficiency levels and achieve desired targets. Different concepts
related to innovation will be highlighted and also a case will be build to aid organisation in
attracting more investment.
Task 1
P1Innovation and its importance to employees in comparison to invention
There are many differences that exist in between innovation and invention. This has to be
understood by managers as to ensure that they are able to derive new methods and improve
prevailing ones. Basically, innovation is stated to be a way to enhance existing process, product
or method and make it more effective (Bastalich, 2010). While on the other hand, invention takes
place when a person develops something new and useful. There are different types of activities
which needs to be conducted as to ensure that better innovation activities are taking place within
organisation.
The prime aim behind integrating innovation within business process is to develop a
workforce that is able to deliver higher value services and products at a minimum resource
consumption. As stated in the case study of Apple, Steve jobs believed that it is important to
innovate and conduct each activity in best manner. This led to creation of I-pod which changed
the way Walkmans use to look like. More than 1.4 million units were sold in whole world which
is a lot higher for product at that point of time. Apple was able to convey the message to
individuals very effectively regarding the innovation and its integration in business process. The
difference between invention and innovation is stated below in the table:
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Basis Innovation Invention
Definition It is known to be new changes that are
introduced in a existing process, plans
and product.
This is a activity conducted to
develop new product, process or
method.
What it is Considered to be an activity where
company or individual upgrades a
feature in product.
This is activity where product is
developed for the very first time.
Required skills Knowledge, skills and abilities Scientific knowledge and skills.
This is what Apple did, it was able to successfully ensure that their employees knew the
difference between invention and innovation (Chun, Chung and Bang, 2015). They were able to
successfully introduce changes in existing products and gain customer loyalty. There are certain
advantages of this to organisation and employees:
Workers Organisation
Improved level of critical thinking and address
issues more effectively.
Boost for individual knowledge, abilities and
attitude.
Career growth is improved.
Increases margin of profits.
Assist in improving satisfaction of customers.
Aids in boosting image of organisation.
M1 revision of different innovative sources and development of environmental and cultural
innovation
Different factors exist in an organisation when it comes to innovation:
 Unusual attitude and behaviour of consumers: When customers of company start to leave
and show bad feedback then the organisation need to innovate.
 Shift in market trends: There are changes in market dynamics that has to be managed by
using innovative approach.
 Process requirements: Sometimes the existing process of organisation needs changes as it
looses its effectiveness and efficiency.
There are different factors that can be stated to be sources of innovation and they are as
follows:
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 Perception of consumer: This happens when the consumer is influenced by external and
internal forces.
 Demographical shift: There is change in the social structure due to migration and increase
movement of people leading to changes in demography.
D1 Critical evaluation of development and measuring innovation
The employees needs to be communicated and informed regarding requirement of
innovation. They have to be involved into organisational decision making process as to enhance
their understanding regarding various innovative idea's (Clausen and Rasmussen, 2011). Every
barrier that can impact level of innovation within an organisation has to be identified and
removed. Balance scorecard system is prevalent in virgin group which assist in measuring
performance of individuals. The cited firm also has to introduce a system like that.
P2 Role of organisation culture, vision and leadership to shape commercialisation and innovation
Organisational vision
The prime goals of Virgin group is to enhance quality of service that will be delivered to
consumers as well as employees of company. Also, the workers need to be treated in a well
defined manner so that they can give higher level of performance and add more value to society
as well as to shareholders (Cosh and Hughes, 2010). The company also aims to distribute profits
to the stakeholders on equal basis. Attaining all sustainable targets is the main target of the
company.
Leadership
This is the ability of a individual which he uses to influence others and guide them in the
right direction. This will aid in introducing better ability to perform and complete task as per
requirements. It will also ensure better motivation level which is good for improving efficiency
of organisation.
Team work
In virgin, teamwork is very useful and assist in achieving all organisational goals and
objectives more efficiently. With the aid of teamwork, company can minimise resource
consumption, achieve goals in set time period and enhance decision making process (Edison, Bin
Ali and Torkar, 2013). This is a method which boost employee participation and includes
necessary elements in more effective manner. This will aid in attaining different task in a more
effective and innovative manner.
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Culture
This is a factor which can lead to better as well as worse performance. That is why it is
important for the organisation like Virgin group to to develop a favourable and positive
environment. It is very important for gaining commitment of employees and attain success in
future.
Innovation and Commercialisation
Today, it is very important for a organisation to ensure that all task are completed
effectively and new methods are commercialised with a proper plan (Fiedler and Welpe, 2011).
This is only possible when employees will be committed and teamwork will be a part of
company. It will facilitate management in allocating resources to different activities and attain a
higher level of efficiency.
Task 2
P3 4Ps of innovation and the use of the innovation funnel for shaping idea's in employee's
There are different objectives and goals that are set by organisation. They can only be
achieved when they introduce innovation into their system in a effective way. There are different
issues which are identified and they have to be addressed by specifying resources and efforts in
same direction. The innovation funnel is described as a process which can be used for enhancing
the level of creativity and innovativeness in an organisation. Different researchers have
conducted research regarding the funnel and they all concluded that this method has to be
adopted in order to integrate innovation within an organisation (Harman, 2010). Basically, it is a
technique which is used for changing an imaginative idea into a practical application. It also
assist company in setting a path that can be used for guiding individuals and increasing
innovation. There are 4 P's of innovation which assist in addressing issue related to
implementation. They are stated below:
 Products: They are the most essential factor that is important and is required to conduct
innovation process at the first place. The goods are the core offering that is made by
organisation to consumers. They prepare different types of good and services as per the
demand in market. The Jernick recruitment Ltd is a well known HR placement company
which offers different types of services to the candidates who are searching for job. They
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can adopt strategies like Apple and Virgin group who try to deliver higher quality
services to the consumers and ensure that they are satisfied.
 Process: There are different types of programs and activities that are taking place within
company. Integration of innovation as a tool in core business process will only assist in
enhancing quality as well as boost efficiency of organisation (Hemphill, 2014). The cost
of activities is reduced dramatically when employee innovates and completes task in less
resources. In Virgin group, managers tried to attain a higher level of efficiency level by
adopting strategies that will aid in integrating innovation as a basic tool.
 Positioning: The company needs to position itself in market in a appropriate manner so
that they can attract masses towards their services. The company has to understand how
companies like Apple and Virgin use innovation in marketing their goods and services.
This will aid them in developing right image in the mind of consumers and also establish
brand name.
 Paradigm: The managers in the cited recruitment firm has to ensure that they analyse
each and every plan before they are implemented (Ingemansson, 2010). This will assist
him in identifying variances that exist and integrate innovation in company business
process more effectively.
The Jernick Recruitment company has to use innovation funnel and base all activities on
the 4P's, so that they can achieve their set goals and objectives effectively.
P4: Explaining the process of developing frugal innovation
The company has to develop an innovation process that can support all the programs and
process that will aid in achievement of long term goals and objectives. All the programmes need
to be efficiently and effectively completed. Basically, frugal innovation refers to a process which
is used for reducing the cost as well as simplify the complex nature of programs (Kianto, 2011).
Managers find different ways to reduce cost of activity which assist in enhancing efficiency
level. There are always variances that are left out and frugal innovation is a way which can be
used for rectifying the issues in a proper manner. There are 6 principles which assist an
organisation in attaining a level of higher efficiency. They can be used as a process to as they are
certain types of steps. All six of them are underlined below:
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(Source: Innovationworx, 2013)
 Engage and Iterate: This is a principle which is focused solely on engaging all the
resources and communicating to different departments in a effective manner. Every
activity needs to be planed properly so that productivity is not hampered.
 Flexing your assets: There are different tools which can be used by a recruitment firm,
such as online portals (Perks and Moxey, 2011). This allows them in tapping into a new
pool of talent in a very effective and agile manner.
 Creating sustainable solutions: There is requirement of developing solutions that will
enable individual in attaining all objectives in a sustainable manner. Basically they can
use technique like cradle to cradle where company recycles different products as to get
maximum in minimum resource investment.
 Shape customer behaviour: These days organisations need to influence consumers in a
very effective manner. This can be done by providing goods and services innovatively.
 Co-create value with consumers: Today, the terms customers is changing and with
technological advancement, they are the one who assist organisation in developing a
better product that is able top satisfy the demand of masses.
 Making innovative friends: Collaboration between two major companies is always useful
when it comes to efficiently developing new products. More minds and innovative people
can create something that can change whole market.
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Illustration 1: Innovation frugal.

Basically, frugal innovation follows some concepts like, reverse and sustainable. The
later one was explained above where company aims to reduce the use of environmental
resources. While reverse innovation is stated to be the one which is used to re-use and redevelop
something that has lost its meaning of existence (Rasmussen, 2010). These two concepts assists
in reducing the consumption of resources (cost and natural) and allows organisation in gaining
competitive edge over its market competitors.
Task 3
P5 Importance of the commercial funnel and the application of New Product Development
There are some researcher who support analysis the external and internal environment to
identify different issues or problems that directly impact on company in negative manner.
Concept of commercial funnel is used by firm to convert target customer into actual customers.
The process of new product development is helps in organizing new products that required by
the buyers. The complete process of managing and designing new gods need to meet the market
strategies which assist in accomplish competition advantage over competitors. As done by apple,
cited recruitment company is going to change its gods or services which will reduce the risk
level. It is required to function activities that are not catering needs to business operations, it
need to absorb educational and household improvement. This is the requirement which
determine variances so that modification can be adopted in an proper manner. The following
process will be followed as to develop accurate products for new field.
The process of new product development needs to properly channel so that finance that is
utilised in a proper manner. It should be approached in an innovative manner so that it can fulfil
all the requirements of customers (Sonne, 2012). The cited recruitment firm is going to venture
into rural and Scotland. It will need to offer packages and services as per the requirement of the
area. They will need to deliver higher quality goods and ensure that 4P's of innovation are
properly used effectively.
P6 Innovation building case including way of access fund
There are different types of business organisations that are operating in the market and all of
them need to get funding as to enhance their ability to perform. They have to build business case
in order to present them in front of investors and stakeholders so that they can be convinced and
asked for more funding. This method is a very effective way to tapping into the funds which
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could not be used before. Basically, building cases are one of the most effective way of getting
things done. It is a method that will allow company in ensuring that plans for expansion are
properly presented and reflected in front of people. There are certain principles and measures on
which business plan will be developed, they are stated below:
 Purpose: It needs to have a purpose behind its existence. It will be stated in the aims
and objectives.
 Cost benefits: All the benefits that can be taken out needs to be stated as to boost
effectiveness of individual.
 Effects: All the effects need to be broken down into hierarchal structure and stated on
a timeline.
 Choice of model: Strategy needs to be determined by individuals so that effectiveness
can be boosted.
There are certain steps which will assist organisation in identifying issues and address them
effectively:
 Review of mission of company: The mission of organisation is that they want to serve
society in effective manner and place people in their desired work filed (Theyel, 2013).
They want to become the best recruitment and placement company in UK.
 Identification of places to improvement: There are certain places where company can
improve, such as, they need to address issues persisting in their marketing department,
enhance their ability to serve rural market as well and expand into Scotland.
 Proposing changes: There are certain changes that are required after identifying variance:
◦ The first change is regarding more investment in the marketing department(Wang,
Vanhaverbeke and Roijakkers, 2012). Current investment is around 20000 pounds
while required assistance is of 28000 pounds which will be given to the department.
◦ New centre will be open in Scotland which will assist in capturing more market share.
 Presenting before team: It is important to inform team members as this will assist them in
directing all efforts in same direction.
 Setting up timelines: Every single task needs to be completed in a set period of time. The
table below will state about various activities and their time period.
Activities Responsible department Time
Marketing into rural area Marketing 6 months
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Opening new store Project department 3 months
 Innovation metrics: This is a metrics which will be used for analysing various aspects of
plans which are being prepared. It allows investors in understanding the impact of whole
case.
 Ways to iterate and test for improving performance: There are different strategies and
plans to test the performance of plans and company in future, such as performance
appraisal of employees and annual reports.
There are certain ways which can be used by company to build their case and present it as
to get funding from investees. There are two different types of inverters which they can tap onto:
 Business angels: These are the people who check various ideas as to see its
innovativeness and viability. They are rich and sound, which enables them in investing
into different new companies.
 Venture capital firms: They provide investment in return of a part or share in an
organisation. If company fails to deliver then they can sell its assets to get invested
amount.
TASK 4
P7 Different tools for developing, retaining and protecting intellectual property
There are different types of intellectual property rights that assist organisation in
protecting itself against any wrong use of idea or any new method. It also aids organisation in
ensuring that all techniques and things developed are secured. Apple Inc uses different IP rights
to protect its products and services from being used by anyone. It will also assure that company
uses these products in gaining more profitability (Wonglimpiyarat, 2011). For using its retina
display, LG paid more than 500 million pounds. There are different set of right which cited
recruitment company can use:
 Data protection Act: this is law which was enacted as to protect risers from any harmful
activity that can be caused by theft of data.
 Copyright: This is received for every recorded activity and item. Maker usually get it in 4
months and protects him and his finding from being used anywhere.
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 Trademark: This is related to design, symbol, word, slogan and name. They can be
attained as to different company from others.
There are different methods that can be used by company for retaining and protecting
itself against any wrong use of its products and services.
CONCLUSION
Innovation is very important for an organisation as to ensure that all task are completed in
a set period of time. It also assist in gaining competitive advantage over other organisations. In
this report, it is stated as how company can use different process as to secure their product and
new methods as well as enhance their efficiency level.
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REFERENCES
Book and Journals
Adam, F., 2014. Introduction. In Measuring National Innovation Performance (pp. 1-3). Springer
Berlin Heidelberg.
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Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management, 27(8), pp.895-
909.
Clausen, T. and Rasmussen, E., 2011. Open innovation policy through intermediaries: the
industry incubator programme in Norway. Technology Analysis & Strategic
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Cosh, A. and Hughes, A., 2010. Never mind the quality feel the width: University–industry links
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Edison, H., Bin Ali, N. and Torkar, R., 2013. Towards innovation measurement in the software
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Fiedler, M. and Welpe, I.M., 2011. Commercialisation of technology innovations: an empirical
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Technology Management. 54(4). pp.410-437.
Harman, G., 2010. Australian university research commercialisation: perceptions of technology
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Hemphill, T.A., 2014. Patent assertion entities: do they impede innovation and technology
commercialisation?. Technology Analysis & Strategic Management. 26(7). pp.717-731.
Ingemansson, M., 2010. Success as Science but Burden for Business?: On the difficult
relationship between scientific advancement and innovation (Doctoral dissertation,
Department of Business Studies).
Kianto, A., 2011. The influence of knowledge management on continuous innovation.
International Journal of Technology Management. 55(1/2). pp.110-121.
Perks, H. and Moxey, S., 2011. Market-facing innovation networks: How lead firms partition
tasks, share resources and develop capabilities. Industrial Marketing Management.
40(8). pp.1224-1237.
Rasmussen, B., 2010. Innovation and commercialisation in the biopharmaceutical industry:
Creating and capturing value. Edward Elgar Publishing.
Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business
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79(4). pp.638-647.
Theyel, N., 2013. Extending open innovation throughout the value chain by small and medium-
sized manufacturers. International Small Business Journal. 31(3). pp.256-274.
Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open innovation
on national systems of innovation—a theoretical analysis. Technological Forecasting
and Social Chang. 79(3). pp.419-428.
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Wonglimpiyarat, J., 2011. Government programmes in financing innovations: Comparative
innovation system cases of Malaysia and Thailand. Technology in Society. 33(1).
pp.156-164.
Online
Innovationworx. 2013. [Online]. Available
through:<http://www.innovationworx.com/2013/03/19/improve-innovation-play-
poker/>.[Accessed on 8th September 2017].
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