Innovation and Commercialization in Rockpool Digital | Assignment

Innovation and Commercialization

Table of Contents
INTRODUCTION....................................................................................................3
TASK 1.................................................................................................................3
P1. Explaining the innovation and its significance for employees in
comparison with inventions.............................................................................3
P2. Explaining how vision, leadership, culture and teamwork shape
innovation & commercialisation.......................................................................5
TASK 2.................................................................................................................6
P3. Explaining 4Ps of innovation and the use of innovation funnel to shape
unique ideas....................................................................................................6
P4. Explaining how frugal innovations can be developed through supporting
evidences.........................................................................................................8
TASK 3.................................................................................................................9
P5. Importance of commercial funnel & its application for the new product
development process.......................................................................................9
P6. Building an innovation process, including ways to access fund...............10
TASK 4...............................................................................................................12
P7. Evaluating different tools to develop, retain & protect knowledge and
intellectual property.......................................................................................12
CONCLUSION.....................................................................................................13
REFERENCES......................................................................................................14

INTRODUCTION
In today’s competitive landscape and uncertain market conditions, it becomes a tough
challenge for companies to remain their competitiveness so as to run operations successfully in the
market. Finding complexities to survive in the market makes it essential for corporations to focus on
continual innovations of their goods, offerings and operational processes as well. Innovation
becomes a key priority of the establishments under their growth and success strategy. It is the
process of converting or transforming unique, new and creative ideas along with inventions into
reality to provide increased value to the consumers for deriving better success.
The central focus of present assignment is to develop the best innovation plan to gain better
outcome and business growth of Rockpool Digital. It is a SME (small and medium sized
enterprises) that has only 50 digital experts and provides personalized computer services to the
clients to combat acquisition and retention problems. To attain this, two leading innovative
organizations, that is, Apple Inc and Virgin Media have been taken into consideration for examining
the way in which they developed innovative practices in their business and attained global success.
Moreover, the report will also discover that how various innovations are affected by the culture,
teamwork and other factors. Lastly, frugal innovation and commercial funnel has been demonstrated
for developing the new product process.
TASK 1
P1. Explaining the innovation and its significance for employees in comparison with inventions
In the dynamic corporate age, establishments are continually focusing their efforts to
promote innovativeness in their business for gaining distinctive competitive strength and long-run
success. Innovation is a diverse concept that mainly depends on the transformation or successful
exploitation of creative business ideas and thoughts into reality. It is different from the invention
because it just requires bringing creative and new thoughts along with concepts and ideas. However,
its conversion into practical manner is called innovation (Arora and et.al., 2016). The main
objective behind innovative practices is to deliver great value to the consumers through offering
them innovative goods and services to strengthen the competitive position. Rockpool digital
targeted at connecting huge data and upgraded technology so as to offer personalized experience to
the clients. It requires innovative thoughts and ideas which are needed to be converted and
developed practically in the business for superb growth.
Boston Consulting Group (BCG) ranked Apple Inc as the world’s leading innovative
business that designed excellent innovation strategy for the development of terrific goods.
Moreover, it not only delivers fabulous hardware, software and multimedia devices i.e. iPod &

iPhone but also created innovative business models like iTune and Appstore which are the perfect
examples of it. CEO Steve Jobes focuses on cultural innovation instead of process driven. During
the beginning period, Apple’S CEO put more emphasizes on the innovation without any formal
hierarchical structure but following a disciplined system. Apple’s innovation practices have proven
to be of great importance for the employees because they are being promoted and encouraged for
presenting their creative ideas through following a friendly business culture. It strengthens the
innovative skills among workers and motivates personnel to actively participate in the innovative
business strategies (Bain and Kleinknecht, 2016). They can come up with their excellent ideas
which offer opportunity to them for better career growth and advancement. Apple has built an
excellent innovation strategy to stimulate unique ideas, streamline the processes, launching
profitable innovative goods and services successfully. Innovative workplace inspires workers to
share their ideas, thoughts and creative thinking with their colleague. They can also come up to the
management and participate actively results in exceeding staff productivity at a greater satisfaction
level.
Virgin Group operates in British telecommunication industry that has excellent portfolio
comprising Virgin Atlantic, Virgin Rail, Virgin Blue, Virgin Net, Virgin Bride, Virgin Mobile, Virgin
money and many others. As per the scenario, growth of business has been credited to the curiosity
of company to explore new horizon and entrepreneurial aggressiveness as well. The Group supports
their employees for their entrepreneurial efforts; as a result, every individual has become able to
present business ideas which practical application is based on its funding applicability. It also
provides flexibility to the workers to run their activities innovatively as per their wishes that require
less supervisions and control (Amara and et.al., 2016). As a result, it increased efficiency and
capability of workers to complete their job responsibilities within less time and at less cost. In the
current era, cultural diversity is also a challenge for Virgin Group and innovative workplace has
proven to be really an important thing that promotes workplace diversity. Employees are also
benefited in terms of monetary as well as non-monetary rewards for their unique ideas such as
praise, appraisal, higher position, more responsibilities, awards and others as well as increased their
motivational level.
After analysing these, it becomes clear Rockpool digital that can design innovative business
strategies for achieving superb growth in the market. Owing to this, workers will also be benefited
from creative work culture and active participation in the management along with high motivation,
better possibility of career growth and others.