Innovation and Commercialization Product/Service Idea Presentation

This presentation explores the multifaceted aspects of innovation and commercialization, providing a comprehensive overview of the processes required to bring new ideas and products to market. It delves into the core concepts, including the definition of innovation, the crucial steps for commercialization, and the application of New Product Development (NPD). The presentation examines the commercial funnel, business cases for innovation, and various funding options. It also covers the importance of market research, the evaluation of tools for intellectual property protection, and strategies for organizations to overcome challenges in developing successful innovations. The presentation also discusses the critical role of innovation in driving economic growth, ensuring critical survival, and achieving organizational success, with a focus on developing real concepts to optimize operations. The presentation concludes with a summary of the key takeaways and a list of references for further exploration.

Product / Service idea Presentation
Innovation and Commercialization

Table of Contents
 Introduction
 Processes Required to commercialize Innovation
 Commercial Funnel
 Application of New Product Development (NPD) for Innovation
 Innovation Business Case
 Access Funding
 Need, Investment and Research for Innovation
 Evaluation of Different Tools for Protection of Intellectual Property
 How Organisations Can Overcome Challenges to Develop Successful
Innovations
 Conclusion
 References

Introduction
 The term Innovation refers to the introduction and implementation of
new methods and ideas. This can be defined as the process which
includes different activities to find out new ideas to do a particular
thing.
 The term innovation is not similar to creation as innovation is an art for
thinking of ideas for invention and a thought to produce certain things.
However, the innovation of new things can also be termed as creativity.

The processes required to commercialize
Innovation
 The following are processes required to commercialize Innovation:
 Research
 Assessment and disclosure
 Licensing
 Legal protection
 Commercialization
 Turnover/ Revenue

Commercial Funnel
 The term commercial funnel is also known as sales or revenue funnel.
It basically refers to the purchase process that organizations leads for
the customers with the help of buying the products.
 In this process the customers will be able to demonstrate the interest
required for conducting research for a particular product. The
following are some the important facts about commercial funnel;
 Increase productivity
 Increase customers
 Buying capacity
 Efficient and cost effective

Application of New Product Development
(NPD) for Innovation
 Innovation is considered as a machine for growth and success of an
organization. In today’s competitive world innovation is an essential
element for a successful business. For creation of a innovation there is
need of new product development.
 This development will automatically crate innovation and the same will
be applicable in the organization as a result of innovation. This new
product may be developed by employees, investors or customers that
does not matter. A new product is developer with sufficient spending
on the Research & Design (R&D)

Innovation Business Case
 Executive Summary:
 For a successful business innovation is required. Today in this
competitive business world innovation plays a dominant role to keep
pace with the changing requirement of the customers and compete with
other organization.
 Solution:
 The term Innovation refers to introduction of a thing in a business. This
introduction includes the following;
 Improvement of business processes for enhancement of efficiency

Need, Investment and Research for
Innovation
 Need:
 Development of a new or improved service or product so that it can
meet the rapidly changing demands and preferences of the customers
 For addition of value to the existing product so that it can be different
from the products of the competitors
 Innovation:
 The investment in the innovation depends on the nature of innovation
as ideas develops rapidly whereas the others take time to develop. It
can be said that innovation cannot be forced as it is generally a slow
process.
 Market Research:
 Market research is required to know the needs and preferences of the
customers and to find out the latest trends that are being followed.

Access Funding
 There are several ways for the funding of a business. These funding
helps for the growth of the business. The following are some of the
ways for funding;
 Use of own funds
 Loans
 Equity Finance
 Gold Loan
 Mortgage
 Sale of Assets
 However, the above mentioned funding ideas depending on the
borrowing requirement and financial capacity of a person as the
aforesaid funds are generally financed by banks.

Evaluation of Tools for protection of
Intellectual Property
 The for the protection of intellectual property there are three tools that
can be used by any organization which are mentioned below;
 Patents: this is used for the protection design, plant or utility. This
helps to protect the improvement and inventions of already existed
inventions.
 Trademarks: trademarks are names, words, symbols , devices, images
etc that are being used for a particular product or service by an
organization to separate the products from any other business.
 Copyrights: this is used for the protection of the ideas in relation to
artistic, musical and literary works.

How Organizations can develop successful
Innovation
 Today, the use of innovation for the growth and success of a business is
crucial. For a successful business new ideas has to be developed in
regular intervals. The following are the ways for successful
development of innovation;
 Exploitation of new ideas
 Improvement in processes
 Bring out new and improved products and services
 Improvement in efficiency
 Improvement in profitability