Innovation and Commercialization in UK Assignment

INNOVATION

Table of Contents
TASK 1 ...........................................................................................................................................1
P.1 Innovation and difference between innovation and invention .............................................1
P.2 Leadership, team, culture and vision can create innovation and commercialization ..........2
TASK 2 ...........................................................................................................................................3
P.3 4P'S of innovation and use of innovation funnel to create innovative ideas .......................3
P.4 Explanation of development in frugal innovation ...............................................................4
TASK 3............................................................................................................................................5
P.5 Importance of commercial funnel and use of new product development ............................5
P.6 Innovative business case for placement resources ...............................................................6
TASK 4............................................................................................................................................7
P.7 Tools that regain and protect intellectual property and knowledge ....................................7
CONCLUSION................................................................................................................................8
REFERENCES ...............................................................................................................................9

INTRODUCTION
Innovation is creating new and different things in an innovative manner. Through this
firm can create new and different ideas and thus can provide different ideas to the company
(Bason, 2018). Through this firm can create new and distinct products in an innovative way and
methods. Thus all customers can easily get satisfied and hence firm can earn more revenues and
they can easily enhance the market share. Hence it can easily enhance the reputation among all
parts of world. Assignment describes about the Professional Placement resources which
provides travel and housing service to people. It was found in U.K. Report discusses about the
context for innovation and difference between innovation and invention. Various types of
innovation. It further explains about the process required to commercialize the innovation. It also
explains about the range of various methods for protecting different ideas and their advantages
and disadvantages.
TASK 1
P.1 Innovation and difference between innovation and invention
Innovation is modifying old things and ideas into new and creative ideas and products.
Thus firm can easily enhance profits. Various sources of innovation are used:
Unexpected: Company has to accomplish the objectives so thus firm has to perform
activities in such as way so that it can give unexpected results. Through this manager and
company can easily accomplish the objectives. This leads to growth and development of the
firm.
Process lead: Organization has yo modify their process of recruitment so that it can
select qualified and educated employees. This helps the firm in delivering the good quality of
travel services. Thus it can easily increase the sales and profits.
Change in perception: All people change their attitude and they new look things in a
different manner. Thus as a result they can easily increase their revenues.
New knowledge: Organization researches and get new and distinct ideas related to the
recruitment and selection of all staff members. Thus it creates new application and thus it can
create new with distinctive ideas and hence it can satisfy all users in minimum time (Breznitz
and Murphree, 2011).
Professional placement resources can create a rewarding and motivating environment
and thus it can create provide good travel services to all people by selecting competent
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employees in minimum time. They can perform this by providing different benefits and by
giving different benefits to all employees (Brown and Osborne, 2012). Thus as a result they can
all staff members are motivated and thus they can give superior results. They have to create new
applications in the internet so that they can select many people and thus they can deliver good
quality of services to all people. For this they can also organize many innovative training
sessions and thus they can easily provide them so that all staff members are trained and can
deliver good services to them.
People have no knowledge about the innovation and invention. Thus there is lot of
difference between innovation and invention. Invention is creating new ideas and new products
in market while innovation is modifying the old things and ideas into a new and innovative
thoughts (Difference Between Invention and Innovation, 2016).
Innovation Invention
It is a process in which new product is not
launched but old products are modified.
It is method in which new ides and new
products are launched in market.
It is create and performed by all members of
group.
It is performed by a single person and not by
all members of group.
In this use of technical knowledge and skills
are very useful so that there can be increase in
the performance.
It helps in giving the solution to difficult
problems.
P.2 Leadership, team, culture and vision can create innovation and commercialization
Organization can easily enhance the performance and services through a good team and a
specific mission. Thus professional placement resources tries number of strategies and methods
so that it can create innovation in the company (Chesbrough, Vanhaverbeke and West, 2014). It
can also perform commercialization through many creating and innovative ideas and thoughts.
The leadership and vision of professional placement resources are:
Vision: Company main vision is to increase the satisfaction of all people. Thus it can
motivate all employees so that they can give good outcomes. It has to accomplish the vision.
This vision can only be accomplished through creating and developing a new application.
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Team work: To achieve their vision all team members have to give their innovative ideas
and thoughts so that they can easily give creating and innovative ideas (Chiaroni Chiesa, and
Frattini, 2011). Thus they give various ideas related to creating and developing of new
applications so that educated people can be selected in the company.
Leadership: It is also a crucial factor in bringing innovation in the firm. Thus leader in
the company can motive staff members and can give then extra incentives and bonus so that they
can give creating and developing to create a new application. Thus as a result they can easily
enhance their performance. It directly leads to innovation in the company.
Culture: It can also bring innovation in the company. Company has different employees
who belong to various states and countries. Thus they can give different and unique ideas to all
managers. Hence as a result they can easily improve performance of firm and can bring
innovation in the company.
All these factors directly can bring innovation in the company.
Process of commercialization: Commercialization is the process in which company can
increase their sales and profits. Thus as a result they can take various steps to commercialize
their ideas. They use various methods and techniques so that they can easily spread their ideas in
different parts of world. First is solving all the problems. For this the problems are to be
determined as then only company can determine the solution. Then Placement resources collect
resources so that they can solve the problem. Then the analysis step is done in which their ides
are being tested. Then a new application is to be created. Prototype is created and thus they can
give data are related to costs of all products. Thus in the last step innovation is being tested so
thus the applications is tested so that all people can easily determine the new ideas.
TASK 2
P.3 4P'S of innovation and use of innovation funnel to create innovative ideas
There is a process in which company can easily determine the and can improve
innovative ideas. They are most important for the company as well as for all staff members. Thus
company has to perform the research so that it can easily enhance the level of performance and
can improve themselves. 4P'S of innovation are:
Product innovation: In this company can modify and can add new features and
attributed in their products so that it can attract many users in minimum time (De Marchi, 2012).
Thus placement resources add new attributes and features in they new application and thus it can
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recruit qualified people in less time. Through this they can easily recruit and select many staff
members in less time (Dodgson, 2018).
Process innovation: In this they can create a new process so that the application can
work in a rapid manner. Thus they haver created a process in which new applications can work
in a rapid manner. Thus as a result they can easily enhance the services in a quick manner. Thus
they can recruit and select many staff members in minimum time.
Position innovation: In this step existing products are repositioned. This is crucial so that
there can be easily perform all activities in an innovative and good manner. Company can easily
reposition by creating a new application through which it can create new and innovative ideas in
the market. Through this the can easily capture many users in less time. Thus they can increase
the level of customer satisfaction .
Paradigm innovation: In this ideas from many employees can be taken and thus they
can easily enhance the performance. In this views and opinions of all staff members are ignored
and thus employees can easily give their suggestions their managers regarding the new
application and the other methods of creating it in an innovative manner.
Innovation funnel is the method and process through which it can satisfy all needs and
requirements of all people. Hence it consists of many steps. First is that ideas can be converted
into the reality and thus they can also fulfil all nerds and demand of all people. All people can
easily participate in all decisions. Feedback given by them can be matched with vision of the
company. Then that idea can be selected which takes less costs and can increase the profits. Thus
they can do the screening function and hence the idea can be easily be selected.
Last step is that they can easily convert into the reality and thus they can perform this in
an innovative manner. In this many staff members can easily give innovative ideas and thus they
can give innovative ideas.
P.4 Explanation of development in frugal innovation
In this type of innovation and this there can be any development. Frugal innovation is the
process in which there are no complexities in the company. Through decreasing of problems and
issues with the complexities then they can easily increase their efficiency level and thus they can
easily perform all activities and operations (Flanagan, Uyarra and Laranja, 2011). Through this
they can easily enhance the services in an innovative manner. In this company tries to reduce the
costs of all operation's and activities. It tries that it can reduce the costs of all activities and thus it
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can also reduce the other costs related to other additional features. By reducing the necessary
costs in the application that is produced online it can directly invests this money in the profitable
activities and operations (García-Morales, Jiménez-Barrionuevo and Gutiérrez-Gutiérrez, 2012).
Through the frugal innovation in placement resources it can easily capture many
customers in minimum time and thus they can easily improve the performance.
Frugal innovation helps in the development of all products and online application in an
better and effective manner. Through this they can easily develop the application at a low costs.
It also shows the importance of all natural resources at a lower costs. Six principles are used by
placement resources. They are:
Engage and literate: Placement resources can repeat the old idea and thus they can
easily create the good application. They need not to create new products which can bring
innovation in the firm.
Flex your assets: In this process placement resources can bring and invest the retained
earnings in bring the innovation in the firm. Thus they can easily bring the innovation in the
company.
Sustainable innovation: In this process company majorly focuses on solving the
problem of all customers. Thus they can give such a innovative solution so that all problems can
get solved.
Shape behaviour of customers: Placement resources can easily identify the attitude and
behaviour of all users. Thus they can perform the innovation by performing this in an better
manner.
Creation of value with the users: Through proper communication with various users
there can be quick development of the process.
Innovative stakeholders: Innovative stakeholders such as owners, managers and
employees can bring innovation by giving the creating and innovative ideas to the firm.
TASK 3
P.5 Importance of commercial funnel and use of new product development
Commercial funnel is the process and technique through which they can easily selects the
best idea an company can easily generate more profits (Gennaioli, Shleifer and Vishny,2012).
Through this the companion can easily increase their sales and can generate more revenues.
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Initially company can think of different ideas to create application and next they can
easily screen the ideas and at last they can select that idea through which they can generate more
profits and hence they can also increase their reputation (Lee, Kao and Yang, 2014).
In this company can generate new applications which is the new product for placement
resources. Thus it has to create various plans and policies. Various steps of new product
development in Placement resources are:
Idea generation: Company can easily evaluate various ideas and then it has to select that
idea that can satisfy the wants of all users.
Idea screening: Placement resources have to perform screening process in which
company can easily perform and screens the idea so that best idea can be selected.
Testing and development: In this managers test that applications is working in a proper
manner so that they can perform in a better manner. Thus as a result they can easily perform all
functions in an effective way.
Product development: In this step a product is developed and thus there is development
of an application.
Commercialization: Placement resources have to use promotional tools so that it can
increase the awareness level among various people related to the applications. Then only it can
promote in better manner.
Launching: In this step an application is launched and this it can easily captures many
people in less time.
Importance of commercial funnel:
Enhances quality: In this company can easily improves quality of product. By using the
commercial funnel placement resources can easily develops and produce good quality of
applications.
Creativity: In this company can bring creativity by motivating the staff members.
Through this all workers can easily operate their applications and can recruit and select educated
people.
Growth and development: There is development of a new application and thus it can
easily enhance the quality and hence it can develop and produce distinct applications. This can
only be done through a commercial funnel (Schaltegger, Lüdeke-Freund and Hansen, 2012).
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Thus staff members can give superior results. Hence as a result they can easily perform all tasks
and activities in better manner (Vrgovic, and et. al., 2012).
P.6 Innovative business case for placement resources
Placement resources is a small firm which have very less employees who are working in
the company. Through this they can easily innovative new things and manner so that they can
develop things in a better manner. In this company creates a unique and distinct application so
that it can capture many people. Business case for placement resources are:
Executive summary: In this placement resources can easily targetted to young people
and thus they can easily offer something new and innovative products to all users. Through this
they can select many people in less time.
Target: In this young people are recruited and selected. Primary research is done to
recruit and select all people. Thus company can easily select qualified and competent people
from among all people.
Solution: Company can easily provide solution to problems related to development of the
application. Thus they can easily create various application and thus it can capture many people.
Hence they can select good people and company can improve their performance.
Why product is innovative: Company can easily bring innovation as it has create a new
application which can select qualified people in the company. Thus as a result they can easily
enhance their profits and can enhance market share.
Customer research: In this placement resources can easily evaluate the demand and
needs of all people. Thus they can attract many people. Due to changing technology they can
easily create various applications so that they can perform in an better and effective manner.
Through evaluating people demand they can easily enhance their quality of their applications.
Funding: Company can easily improve the quality of product. Thus they have to take
loans from various sources. Thus they can take loan from various sources. Hence as a result they
can take loan from the bank and thus they have to pay higher interest rate. They can also take
loans from angel investors and thus they have to provide shares to company. This is the
disadvantage. Thus as a result they can easily improve the quality of their application.
Expected benefits: In this returns and profits are evaluated by the company. Thus
Placement resources can monitor the past data which helps them in increasing their profits
(Wallace, 2017).
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TASK 4
P.7 Tools that regain and protect intellectual property and knowledge
In this era company has to protect their ideas and intellectual property from other
competing companies. Thus firm has to protect their distinct and unique ideas from other people
and firms. So due to this firm can use various tools and methods to protect their ideas. Tools
used by Placement resources are:
Patent: Company can easily protect their ideas such as developing the application and
thus they can protect this idea from other competitors. Main advantage is that placement
resources can easily protect their ideas from other competing firms (West, and et. al., 2014) .
Thus they can easily protect their distinct ideas and can maintain good place in the market.
Disadvantage is that they can easily spend large amount of money in protecting their idea. Thus
they can easily protect their idea.
Trademark: In this company can easily protect their signs and symbols. Thus as a result
Placement resources can easily enhance their reputation. They can protect their unique and
distinct symbols and thus they can easily give competition to other companies. Disadvantage is
that they have to spend huge amount of money in taking this right. Hence there are advantages
and disadvantages of providing various plans in future.
Copyright: It is a right which can directly protect their right in a proper and effective
manner. Through this company can easily protect their artistic and symbolic work and thus they
can easily enhance their reputation. Through this they can easily launch their new and distinct
application. Hence as a result they can easily increase their profits. Disadvantage is that they
have to spend money to take this right.
Help from professionals: In this process company can take legal advices from various
professional and experts. Advantage is that they can get solution in less time. Hence they can
easily perform task in an effective and efficient manner. Disadvantage is that they have to pay
huge amount of money to take this right.
CONCLUSION
It can be concluded from above report that innovation is important in every company.
Various methods are used for innovation and differences are there between innovation and
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commercialization. Various types of innovation are used in the firm. Process is there so that
company can easily commercialize their idea and various tools are used to protect their idea and
their intellectual property.
REFERENCES
Books and Journals
Bason, C., 2018. Leading public sector innovation: Co-creating for a better society. Policy
Press.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
Brown, K. and Osborne, S. P., 2012. Managing change and innovation in public service
organizations. Routledge.
Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation.
Oup Oxford.
Chiaroni, D., Chiesa, V. and Frattini, F., 2011. The Open Innovation Journey: How firms
dynamically implement the emerging innovation management paradigm. Technovation.
31(1). pp.34-43.
De Marchi, V., 2012. Environmental innovation and R&D cooperation: Empirical evidence from
Spanish manufacturing firms. Research Policy. 41(3). pp.614-623.
Dodgson, M., 2018. Technological collaboration in industry: strategy, policy and
internationalization in innovation (Vol. 11). Routledge.
Flanagan, K., Uyarra, E. and Laranja, M., 2011. Reconceptualising the ‘policy mix’for
innovation. Research policy. 40(5). pp.702-713.
García-Morales, V. J., Jiménez-Barrionuevo, M. M. and Gutiérrez-Gutiérrez, L., 2012.
Transformational leadership influence on organizational performance through
organizational learning and innovation. Journal of business research. 65(7). pp.1040-
1050.
Gennaioli, N., Shleifer, A. and Vishny, R., 2012. Neglected risks, financial innovation, and
financial fragility. Journal of Financial Economics. 104(3). pp.452-468.
Lee, J., Kao, H. A. and Yang, S., 2014. Service innovation and smart analytics for industry 4.0
and big data environment. Procedia Cirp. 16. pp.3-8.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E. G., 2012. Business cases for sustainability:
the role of business model innovation for corporate sustainability.International Journal
of Innovation and Sustainable Development. 6(2). pp.95-119.
Vrgovic, P., and et. al., 2012. Open innovation for SMEs in developing countries–An
intermediated communication network model for collaboration beyond obstacles.
Innovation. 14(3). pp.290-302.
Wallace, D., 2017. Environmental policy and industrial innovation: Strategies in Europe, the
USA and Japan. Routledge.
West, J., and et. al., 2014. Open innovation: The next decade.
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Online
Difference Between Invention and Innovation. 2016. [online]. Available
through:<http://keydifferences.com/difference-between-invention-and-
innovation.html>. [Accessed on 16th May 2017].
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