Innovation and Commercialization

Innovation and Commercialization

Table of Contents
1) INTRODUCTION...................................................................................................................................3
2) BACKGROUND OF THE ORGANISATION.......................................................................................3
3) DIFFERENCE BETWEEN INVENTION AND INNOVATION...........................................................4
4) TYPES OF INNOVATION....................................................................................................................9
5) PROCESS OF COMMERCIALISING INNOVATION.......................................................................14
6) HOW TO PROTECT INNOVATION..................................................................................................17
7) SUMMARY AND CONCLUSION......................................................................................................20
REFERENCES..........................................................................................................................................22

1) INTRODUCTION
Innovation refers to new idea, thoughts and imaginations in form of the method. This is
viewed as applications of the better solutions and meets new needs and existing market
requirements. This includes the deliberate application of the imagination, initiative and
information in order to deriving the various values from the resources and consists all the
processes through which the new ideas are to be generated and also converted in useful goods.
Innovation takes place by provision of the effective processes, technologies, products and
business models which made available to markets. Innovation is an important topic because it
attracts the people most and helpful in making the business successful (Ambec and et. al., 2013).
In this present era, customers want the unique and different products which help in satisfy their
needs and wants. It helps in develop the positive impact on mindset of the customers and they
can be loyal towards company for long period of time. Under mention report, there will be
discussion about the invention and innovation and also difference between both of them.
Organizational culture, values and teamwork impact on innovation and the commercialization
will be mention here.
2) BACKGROUND OF THE ORGANISATION
Samsung is South Korean multinational conglomerate company. It was founded in
year1938 by Lee Byung-chul. This is flagship firm of Samsung Chaebol that accounting for the
70% of revenue of group in year 2012. Samsung electronics has the assembly plants as well as
sales network in around 80 countries and this has more than 308,745 staff members. This is
largest manufacturer in world of semiconductors and consumer electronics in terms of revenue.
This company is main manufacturer of the electronic components like Chips, lithium-ion
batteries, image sensors, flash memory and camera modules for consumers like Sony, Nokia,
Apple and HTC. It is largest manufacturer of the smart phones, television and mobile phones.
The company sells home appliances, like TVs , computers, refrigerators , washing machines and
main electronic products such as smartphones and laptops. Samsung remains a trustworthy
supplier of key components such as DRAM and non-memory semiconductors (Battistella and
Nonino, 2012).

Samsung has pushed limits of the mobile technology and set standard for what smart
phone can be. Through advancing the mobile technology, developing groundbreaking form of
factors and also providing creative solutions, Galaxy series has helped the millions attain more.
Samsung is dedicated to developing and providing quality goods and services that will make its
consumers around world more comfortable and knowledgeable. By actively seeking ground-
breaking technological technologies and value development, Samsung is committed to
improving the world. Samsung vision is core to our dedication to leading technology, solutions
technologies that empower communities world-wide to unite with our ambition to make the
world better full of smart digital experiences (Burnett, 2017). It is also committed to bringing
new values to sector and to consumers while at the same time upholding shared values between
staff and partners, as it understand our role as a innovative leader in global society. Samsung
wish to build an exciting and prosperous future for all at Samsung Electronics.
3) DIFFERENCE BETWEEN INVENTION AND INNOVATION
Define innovation and invention. Also define commercialization
Innovation- It refers to a mechanism that creates new ideas and benefits and attracts a
large number of customers. The image of the company is positive. Innovations include deliberate
information, creativity and initiative application in derived value from the resources and involve
processes through which the new innovation occurs and turned into the useful goods and
services. In the market, innovation also occurs when the organization applies ideas to better meet
customers’ expectations. Depending on the requirement or desires of customers, companies
develop new products. In this current era, innovation increases the attraction of customers to
services or company products (Calabrese, 2016). It covers the creation process and introduces a
new system, feature or goods. The innovation concept is becoming essential for companies in
today's scenario, where the wants and needs of consumers are changing at fast speed. When
business provides its customers with something different and innovative, it only helps to attract
many customers but also offers competitive benefit. In order to introduce innovation successfully
and also to get all its advantages, a business company has an important part to play in.
Invention- This is novel or unique device, composition and method. Invention process is
process within overall engineering as well as process of product development. This may be

improvement upon new process or product for developing an object. A unique function as well
as resulting invention can represent radical breakthrough. These works are new and are not
evident to other qualified persons in similar area. An inventor will go a long way to achievement
or failure. There may be any patented inventions. A patent preserves the inventor's right to
intellectual property legally and acknowledges legally that an invention asserted is an invention.
The regulations and demands for patenting invention differ by country, and it is often costly to
obtain a patent (Castillod, 2016).
Commercialization- It refers to introducing new goods and method of production in to
the commerce. The process of commercialization is the marketing of innovative products and
services. More extensive marketing involves the production, marketing, sales, distribution,
customer support and other important functions to achieve a new product or service's commercial
success. Commercialization connotes entry into mass market but also involves move from
laboratory into the commerce. The ideation stage is seen by many as a funnel’s head. While
several ideas come into the top of the funnel, only fraction finally goes downwards. Ideation
aims to create new goods and services that match unresolved consumer demands, while offering
great benefits at low cost, and most functioning designs integrate with the business model of
company (Cooper, 2016).
Explanation for both concepts and differentiate between them
Innovation occurs when someone improves and also makes the necessary contribution in
existing process and services. It gives the inventor security and intellectual property rights, and it
is also a true invention. In addition, there are different rules for obtain of a patent in various
countries and the process is expensive. The invention should be new, important and unobvious in
order to be patented. On the other hand, invention is creation of process and a product for first
time. It is an act of creation, design or discovery of the unprecedented device, method and
process (De la Mothe and Paquet, 2012). In brief, this is new scientific idea conceived as a
tangible object through research and experimentation. This can be new method in which a
product is made, or a new product development can be achieved. The difference among
invention and innovation mention below:
Basis Innovation Invention

Meaning Innovation implies first time
that the idea has been
implemented for the product
or process.
The idea for process or
product that was never made
previously refers to the
occurrence of the invention.
Skills required This requires technical,
strategic and also marketing
skill.
Scientific skills
Activities The activities of innovation
spread across the company.
This is limited to the
department of Research and
Development.
Occurs when This occurs when a product
needs to be experienced or the
current product changed.
It occurs when any new idea
strikes.
Related with It is related with the
combination of different
processes or services.
Single process and product.
Table 1: The difference among invention and innovation
(Source: The Difference Between ‘Invention’ and ‘Innovation’)
Importance of both innovation and invention to organizations
Importance of Innovation
Provide competitive advantage to company- If a company produces and offers something
special to its consumers, it differs from several other players on the market. New product assists
to get more customers ' attention and increases sales of the product of the company. This gives
the business competitive advantage and long-term sustainability. In order to achieve competitive
advantage, the continuous implementation of the innovation concept by Samsung is very
important (Díaz-García, González-Moreno and Sáez-Martínez, 2015).
Increasing communication process efficiency- The concept of innovation is a specific
one as various tasks are performed by the organization. This is quite important that businesses
use efficient communication networks to benefit from all developments. It eliminates uncertainty