(Solved) Innovation and Commercialization in Business

Innovation And
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
LO. 1................................................................................................................................................1
P.1. Context For Innovation Along With Difference Between Innovation And Invention....1
P.2. Explanation on how organizational vision, leadership, culture and teamwork can shape
innovation and commercialization.........................................................................................3
LO. 2................................................................................................................................................4
P.3. 4 P's of Innovation And Use Of Innovation Funnel........................................................4
P.4. Developments in Frugal Innovations..............................................................................5
LO. 3................................................................................................................................................6
P.5. Importance Of Commercial Funnel.................................................................................6
P.6. Innovation Business Case................................................................................................7
LO. 4................................................................................................................................................7
P.7. Different Tools To Retain And Protect Intellectual Property.........................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation refers to thinking or performing of any task in a very innovative and creative
way. It refers to doing of any assigned task or work by thinking out of the box. The report
completely focusses on the innovative thinking and the process of converting the ideas and
action into the desired outcome (Ke and et.al., 2016). The assignment further focuses on the
innovation and its importance in the respect of organisation as compared to the invention.
Further the project lays emphasis on the vision; leadership; culture and the teamwork that helps
in the achievement of organisational goal if clubbed together, with the innovation and
commercialisation. Here, the organisation is Tesla (Liao and et.al., 2016).
LO. 1
P.1. Context For Innovation Along With Difference Between Innovation And Invention
Innovation is a process that involves application of information in a deliberate manner.
With the use of self imagination and taking an initiative to derive a greater value from the
available resources and it includes all the process by which new ideas are generated and are
being converted in some useful products (Yu and et.al., 2016).
Invention can be defined as the process of inventing any newer product for the benefit of
mankind and for the organisations. In other words it refers to the generation of ideas and the
means of its embodiment and accomplishment. It can also be defined as an act of creating;
designing or discovering any process; device or a method that has not existed ever before in the
organisation or in the market (Yu and et.al., 2016). It is such an idea that can be patented, by the
score of it provides security to the inventor for the purpose of intellectual rights. There are
different rules in different nations for obtaining the patent and copyright and this process is also
very costly.
Difference Between the Innovation And Invention are as follows:-
Basis Of Difference Invention Innovation
1.)Meaning It's an occurrence of idea, for
any product of service that has
never been made before.
It can be define d as the
implementation of idea for any
type of product for the very
first time.
2.) What is it? It's completely a creation of a It is an innovation to an
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new product. already existing product.
3.) Concept Here, the idea is completely
original and its working in a
theory.
Implementation of a new idea
in practical aspect.
4.) Skills Required Scientific skills are required. Set of marketing skills are
required along with the
technical and strategic skills.
5.)Occurrence New ideas strike in the
mindset of a scientist.
In this case, the need is felt for
the product that is already
existing by doing some
improvement.
6.) Relation It is related with a single
product only.
Here, a combination of various
products and services are
involved.
7.) Activities It is only related with the
Research And Development
Department.
It spreads all around the
organisation.
Importance Of Innovation:- It's quite clear that the process of innovation is related with
the taking of new ideas and converting them into some useful products and services or the
methods of operations. Now, useful idea are just a result of creativity which is a pre-requisite for
the innovation (Ge and et.al., 2017). Creativity is nothing but just an ability to combine the ideas
in a unique way and to make them presentable and useful in the association among the ideas. For
any organisation whether, its an established reputed firm or a new organisation, it's very crucial
for them to adopt a dynamic and challenging environment (Ge and et.al., 2017). If a company or
a firm fails to make innovation in its already existing products than, there are chances that a
company might have to quit. So, the ability to manage changes are very essential part of any
organisation.
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P.2. Explanation on how organizational vision, leadership, culture and teamwork can shape
innovation and commercialization
Multifariousness can be beneficial for the innovation by bringing in together different
viewpoints of different people and widening the pool of ideas (Du and et.al., 2017). However,
the more will be the diversity, the less would be its importance and benefits, if it would not be
coupled with an open culture, that allows different viewpoints to be expressed. Through an
effective teamwork, the ideas can be converted into the products and services and with this a
clear vision helps in the separation of new ideas from the least important ideas (Du and et.al.,
2017). So, innovation and leadership depends on the mind of leaders at the top. If the leader
sitting with the top management is focusing more and more on the growth of business at a large
scale then in such a case the possible opportunities and alternative resources will not be existing
that are searched by the mindset of top level managers (Song and et.al., 2016).
The reason behind all this is that, the leaders will be engaged in listening to the problems
that will be coming to his subordinates and team members and will focus on motivating his team
to resolve the problems that are open and search for the ideas that are customer focused and
based on their experience only (Yang and et.al., 2017). The organisation here is, Tesla Inc.
In this organisation, the Vision is To stay focused on the innovation and believing in
providing simple things and products to its customers instead of that of complex (Ghimire and
et.al., 2015). The enterprise believes in the controlling of primary technologies behind the
product that it makes and to participate in markets where it can mark a significant benchmark.
Leadership pattern that is followed by the company is democratic leadership. The
organisation is focusing on helping its subordinates to be a better human being (Ghimire and
et.al., 2015). Tesla is giving its employees a chance of taking part in the decision making of the
organisation.
The organisational culture followed in Tesla is in respect of promotion the creative
innovation among all the employees working over there (Kingston, 2015). The main features of
the culture that is being practised in the organisation are:- Top - Notch Excellence; Creativity;
Innovation; Secrecy and Moderate Combativeness.
Teamwork helps in achieving the desired goals and targets in a very effective and
efficient manner. By promoting the practice of team work, Tesla is giving the right to its
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employees to take decisions on their own; Trust is build up and most important thing is only one
person is the in-charge of entire team (Huckaba and et.al., 2016).
LO. 2
P.3. 4 P's of Innovation And Use Of Innovation Funnel
Tesla is following the different types of innovation. Reason being the organisation wants
to increase the sale of its products and that too along with the quality (Denzin and Giardina,
2018). It's the duty of every organisation to follow a different form of innovation with the motive
of increasing sales.
Now, the 4 P's of innovation are as follows and these are also considered as the
techniques of innovation that plays an effective role in increasing the sales and the profit of
organisation (Denzin and Giardina, 2018). Tesla is following these only.
 Process Innovation:- It is a very innovative and effective technique of doing the things in
an organisation with the help of which the production increases on one side and the cost
starts decreasing constantly (Ghimire and et.al., 2015). It's a new way of dealing with the
things of business.
 Paradigm Innovation:- It's the second most important innovation technique which is
related to the mental models and gives shape to an organisation. It redefines the complete
paradigms of an organisation completely (Yang and et.al., 2018).
 Product Innovation:- It refers to the introduction of a product in a completely new manner
(Luo and et,al., 2016). It includes launching of that existing product/service by doing
change in its shape, size and packaging and launching it as a completely improved
version of the previous product/service.
 Position Innovation:- It refers to the repositioning of already existing product/service in a
more specific context. Placing/positioning of existing product or service in the market in
such a way to grab the attention of customers in a better way. Positioning is such an
effective technique, that helps in promoting the product of company in an improved
manner (Song and et.al., 2016).
Innovation Funnel:- It can be defined as such a process, that takes place in development
of any product. It's such a model which is used by many organisations for the evaluation of ideas
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and in conceptualizing the products. It is a funnel, that enables the ideas that are to be evaluated
for the viability through the process of filters gates and rules. The key objective here is to
generate numerous ideas, that are relevant to the current business situation to enable new growth.
Tesla, expands the inbound idea flow, in the funnel (Ge, J., and et.al.., 2017).
Following are the benefits of innovation Funnel.:-
 Improves Patent Quality:- The patent quality is improved with the help of innovation.
Tesla is such an organisation which is manufacturing gadgets for the public of nation. If
the product and idea of making that product is really innovative then, the organisation can
apply for the patent (Liao and et.al., 2016).
 Trade Secret Protection:- Without, the innovative idea of making any product, no
organisation can have patent for that particular product. Without the patent, there will be
a threat of protection in the business (Liao and et.al., 2016). So, with the help of funnel
gives a benefit of generating innovative ideas and implementing them and keep the trade
protected.,
P.4. Developments in Frugal Innovations
Its quite true that, the finance is the lifeline for every type of business and sales and the
revenue generated from sales acts like an oxygen of that company. So, following are the possible
ideas of innovation:-
 Getting Social:- Company should try to engage its audience with the help of social media
with the motive of promoting a compelling interaction between the business and public.
 By Sponsoring Community Events:- The organisation should achieve the marketing
opportunities with the motive of outgrowth of all the partners of company (Yu and et.al.,
2016). Should try to create a greater visibility of its products in the competitive market.
 Become A Resource:- Company should act like a resource for its valuable customers who
have a strong trust on the products and services of the organisation. Tesla can increase its
sell and for this, company should also deliver the guidance; information and support to its
customers (Yu and et.al., 2016).
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LO. 3
P.5. Importance Of Commercial Funnel
Commercial Funnel is also known as purchase funnel. Five steps of purchase funnel are :-
awareness; opinion; consideration; preference and finally purchase. This funnel has following
stages:-
 Pre-awareness:- At this stage the customer is not having any previous contact with the
brand of corporates.
 Awareness:- An individual can be made aware of brand and the products of the company
without any desire for purchase. It can be done by way of communication (Yu and et.al.,
2016).
 Research And Familiarity:- At this point, the customer decides that whether he wants or
need a product similar to that made by the company. This phase can be lengthy or short
but, it all depends upon the value of product.
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 Decision and Purchase:- It is a final decision on the brand and the value of the product.
Application For New Product Development:- Every company has to work on the strategy on
development of new product. It is very crucial that, organisation should make its products
according to the needs of customer (Yu and et.al., 2016). Tesla is working with the same
strategy. After doing a lot of research work and analysing the needs of customer and knowing the
scope of its product a company can launch its products in the market.
P.6. Innovation Business Case
Innovation is must in every business irrespective of the field in which its operating. Tesla
is practicing the same thing regarding what type of solution it should offer to its clients in respect
of the products and services being offered. A good business case shows the areas of clear
discussion in respect of the needs of the concept (Yu and et.al., 2016). It can be done not just by
brushing over the concept but also attempting to quantify and qualifying them up to the best. A
deep conviction is required to come through when there are no. of contingencies involved in the
identification and solving of issues and also evaluating the risks that is involved.
LO. 4.
P.7. Different Tools To Retain And Protect Intellectual Property
Tesla is using different types of three fundamental tools to develop and protect the
intellectual property.
 Patent:- Its is an intellectual property right which is given to an organisation or a firm in
case of creating or inventing something new for the public. The organisation, is given the
copyright or the patent for that particular, invention (Yu and et.al., 2016).
 Trademark:- It is also, something which is given to an organisation, in respect of doing
something new. It is like something which is a mark of business for doing business in any
particular field.
 Copyright:- It is a legal right which grants the manufacturer or creator of a particular
work to determine whether and under what conditions, the work done may be used by the
others and that too for a limited time period.
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CONCLUSION
The above report is based in respect of organisation Tesla - a UK based auto mobile
company which is doing the innovation in the respect of auto mobiles by identifying the needs of
the customers. The report is laying its focus on the importance of innovation and
commercialization. The project further lays focus on the significance of the Innovation Funnel
and commercial funnel.
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REFERENCES:-
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Song, Z., and et.al., 2016. Perovskite Solar Cell Stability in Humid Air: Partially Reversible
Phase Transitions in the PbI2‐CH3NH3I‐H2O System. Advanced Energy
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ONLINE:
4 P's of Innovation. 2015. [Online]. Available Through
<https://egyptinnovate.com/en/innovation-tool/4ps-exploring-innovation-space>
Difference Between Innovation And Invention. 2016. [Online]. Available Through
<https://keydifferences.com/difference-between-invention-and-innovation.html>
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