Analyzing Research Papers on Innovation and Technology

This assignment involves analyzing a collection of research papers on innovation and technology. The papers cover topics such as university technology transfer, venture performance, service innovation in manufacturing, entrepreneurial firms, and open innovation. The assignment requires careful examination of the papers to identify key findings, methodologies, and implications for practice. By studying these papers, students can gain insights into the latest trends and best practices in innovation and technology management.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1 ...........................................................................................................................................4
P1. Innovation and determine its significance to organization in comparison with invention...4
P2 Different factor helpful in shaping innovation and in its commercialization .......................6
TASK 2 ...........................................................................................................................................7
P3 4P's of innovation & use of innovation funnel to scan & shape innovative ideas.................7
P4 Development of frugal innovation and its usage ..................................................................9
TASK 3..........................................................................................................................................11
P5 Commercial funnel and application of New Product Development ..................................11
P6 Innovative business case .....................................................................................................12
TASK 4..........................................................................................................................................13
P7 Tools for developing and protecting rights of customers ...................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation refers to a multi-faceted and complex process that comprehend a wide range
of activities. It initiates with conceiving a distinctive idea, nurturing it into concept and then
implementing it for creating a new product, process, technique or service with added value to be
offered in market for commercializing and earning profits. It is of vital importance for a
company to continuously innovate its product and services in this dynamic business environment
to ensure to have an competitive approach over market competitors (Aarikka-Stenroos, and
Sandberg, 2012).
Ensoft ltd is a fast emerging software company having expertise in networking software.
Established in 1997 with its base in Harpenden, firm strives to work with mission to tackle
increasing complexity in system software. It has a team of around 70 proficient engineers who
are expert in developing all sorts of networking software and providing IT solutions.
The project covers the importance of innovation for a firm in changing business
environment along with explaining a difference between innovation and invention. Moreover it
will give synopsis of different types of innovation and its 4P's. Role of Firm's vision, mission and
culture in shaping innovation and commercialization are also discussed and a brief about
innovation funnel and frugal innovation are also given.

TASK 1
P1. Innovation and determine its significance to organization in comparison with invention
Innovations is a critical factor for both established and developing firms as it proves to be
an asset for maintaining an edge by providing something better for customers as well as for
society and environment too (Bogers and West, 2012).
Ensoft ltd with its team of specialized engineers specializes in developing highly complex
software that are utilized by some of the most popular communication devices. It uses a blend of
innovation, creativity, exceptional engineering and EnQuality software to develop networking
and other computer codes that are reliable and resilient.
Innovation, as discussed,symbolize a new idea, device, method or technologies with
updated application and value addition for which customers are ready to pay something extra.
However, it can also be seen as a process of uncovering a new path or way to do things or
introducing alteration in business model to adapt changes to make existing products and services
better and advanced. Invention on the other side described as process of contriving and
developing a distinctive idea through study and experimentation that doesn't exists before or
utilized by any one.
Significance of innovation can be understand from the mentioned below points:-
Make it easy for business to adapt changes- With the fast changing business
environment, innovation provides an ability to a firm to come up with new ideas, original
operations and fresh technologies for their customers. Thus, it enables a employer to be ready to
meet frequently changing preferences of people in accordance with market trends, competitors
policies, fashion and so on (Bradley, Hayter and Link, 2013).
Maintaining an edge over competitors- : In today's advanced international knowledge
economy, it is vital that a firm should have best ideas and capabilities in order to establish a true
commercial edge. Innovation assists firm in differentiating its products and service from that of
others available in market by improving functionality of existing products either by adding some
features or introducing new ways to use it.

Establish most appropriate methods for organizations: Innovation includes gaining a
detailed knowledge about firm's currently available resources, market opportunities, possible
future trends and hypothesis about consumers buying behavior. Thus by analyzing this valuable
information, a company designs and develops most effective, innovative and suitable methods
related to production, marketing strategies, policies and procedures that can give maximum
output.
Helpful in creating brand image:- A company offering latest and most competitive
products that are in accordance with changing market trends naturally captures consumers
attention who are always in search of something new and innovative. Thus, timely adopting
innovation strategy helps in creating and maintaining brand image of company (Eesley, Hsu. and
Roberts, 2014).
Difference between innovation and invention is mentioned below:-
Innovation Invention
 Innovation is creative ideas that are
framed into profitable actions. It is
related to doing modification in the
present products to improve it
functionality and make it competitive.
 Innovation results in value addition for
commercial success of that process,
product or service.
 Innovation is an amalgamation of
varied process and product without
been specific to just one department .
 Invention is the process of discovering
and creating a brand new product,
device or method and introducing it for
first time.
 Invention is launching an entirely new
and unique product for meeting up
customers needs and aspirations. .
 Invention is not necessarily for
commercialization.
 It make use of only single product or
process and limited to Research and
development department only.

P2 Different factor helpful in shaping innovation and in its commercialization
It is evident that market leaders are the firms who have been proactive and figureheads in
introducing latest and most innovative products with changing market scenarios. A firms is count
to be an efficient one which posses capability of identify opportunities at right time period so as
to be innovators in industry and can earn highest profits. As innovation is evident to be important
for every firm, it is necessary to track down various sources that can provide a lead for
cultivating new ideas into products, in context to a company its employees becomes the source
generators (Ettlie and Rosenthal, 2012) To trigger and stimulate its workforce, it is essential to
provide them with working atmosphere which is comfortable enough for them to share their
ideas, suggestions and thoughts without being scared about its effect on their image or
employment. Apart from employees vision, team work, culture and leadership are other
important attributes that play a very significant role in sculpturing innovation and in its
commercialization as well.
Commercialization is a broader prospect related to innovation which deals with
converting innovation into gaining wealth for business. It is a process that leads an organization
to deal globally. This refers to an activity through which an enterprise offer its goods and
services for sale. Values, mission and vision of each company has its own and these are the
important components that assists in administering guidance to vision and team of an
organization to commercialization. If culture of an business enterprise is strong then it increase
participation of workforce which results in high profits & sales as well as more growth and
success of company (Godin, 2012). Commercialization assists in enhancing culture of firm.
Selection of right employee with appropriate skills is beneficial for company as they are able to
adapt themselves with team and work properly. It is crucial for sustainability and success of firm.
It is required by firm to create such kind of environment which inspires innovation. This can be
done by hiring employees from diverse backgrounds, provide each one a voice and allow them
time as well as energy to experiment. It is also important for an organization to increase morale
of their human resource so that they stay motivated and performing their duties well. It assists in
successful attainment of goals and objectives of company. Innovation is derived by team work
and if it combines with strategic efforts, it will lead the company towards commercialization of
an innovative product. It administers competitive edge to firm over its competitors in market.

Thus, clear vision, leadership and clear vision of an organization influence its employees in
positive way and encourage them to work collectively in team. Innovation & commercialization
are shaped by innovative ideas and these ideas are the creation of team work. The company,
Ensoft ltd. should have strong culture, values, vision, mission and leadership that assists the
company to compete in market place and increase its sales in order to attain high profitability.
TASK 2
P3 4P's of innovation & use of innovation funnel to scan & shape innovative ideas
In order to make improvements in existing product of company, innovation is used. In
this, a new feature is added to product so that it can be differentiate with the goods of
competitors. The main purpose of innovation is to develop products or processes that meets the
needs of market in economic and manufacturable forms. In the starting stages of product
development, large number of ideas are collected and from all those ideas, one best idea is
selected. Innovation includes deliberate application of imagination, information & initiative in
deriving different or greater values from resources. It also includes all those processes through
which ideas are generated and transformed into useful products. Ensoft limited requires to use
innovation for making improvements in current products or develop a completely new product
in order to compete in market and maintain its position by increasing their sales (Hausman and
Johnston, 2014).
Innovative firms are those businesses who have the ability to adapt with changes that
happens in market and administer high quality goods to customers. The 4 P's of innovation are
defined below:
Product: Ensoft ltd. is a software company which offer software solutions to customers
for telecommunications and high end computer networking system. It is a product of firm that
needs to enhance on continuous basis with regular intervals of time in order to compete in market
place. Innovation is very essential to enhance the existing good or develop new one so that sales
and profits of firm can be increase.
Paradigm: It is somewhat particular innovation class. It concerns change in in the manner
something is done in firm. It includes adding of new characteristic in existing goods and
services. It is not required by Ensoft ltd. to introduce something new within market place. But, it
require to make alterations in pattern and bring improvements in existing product.

Process: It is one of the major factor that assists in running operations of business
smoothly. By the use of processes, company deliver high quality goods to its end customers. So,
it is required by firm to use effective processes for the production of product. There are various
processes used by company which are connected with selling, supplying, accounting etc. Ensoft
ltd. needs to make improvements in all such processes so that high end solutions can be provided
to customers (Hora and Dutta, 2013).
Position: It is related with perception of customers. Ensoft ltd. deals in administering
software solutions for computer networking & telecommunication system to customers.
Company requires to emphasize on re-positioning of perceptions of customers for existing
products. There is a need for firm to change customer's perception towards their products.
Innovation funnel:
It is a concept where idea is assessed for maximizing the opportunities of success of
product. In the initial stage, ideas are gathered and a refinery system is used through which these
ideas get refine. It enables the management to effectively handle the issues regarding goods and
services of company. Ensoft ltd. Needs to assess their ideas and measure its feasibility and
viability. It is also required by company to emphasize on the problem that are associated with
their products. It is responsibility of manager to assess all the factors and make appropriate
decisions that are beneficial for firm in terms of increasing their profits and productivity.
Innovation funnel should be used by company in proper way so that high sales and profits
can be attained. All the ideas should get refined by firm and the best idea is selected among
them in order to add feature in existing product or develop a new product with innovative idea.
This will assist the company in attaining targets and objectives of firm in an effective and
efficient manner by the way of increasing profitability and productivity of company. Innovative
product also assist in attracting large number of customers towards it.
P4 Development of frugal innovation and its usage
Frugal engineering or frugal innovation is a process that is used to reduce cost of
products, complexity in process and wastages. In other scene it is used to reduce unwanted
methods or material that affect the durability if products. In the context of Ensoft Ltd. This helps
in reduction of processes and approach that affect the proceedings of organisational activity
(Inauen and Schenker-Wicki, 2012). Some of the common practices that can be smoothly
processed through Frugal innovation technique are being discussed below -

Iteration and Engagement – It is one of the slowest process that is used for designing
and creating merchandising. The research and development wing follows the top down approach
to analyse their business activities. It is a very costly process, complicated, time consuming
because it require to analyses all the quantitative approach that are performed by several
mathematical tools.
Asserts and Flex – It is about putting innovative ideas in business activities to
manufacture new goods and services. It adapt a systematic process that helps company to fulfil
demand of required product. This also helps in adopting better supply chain management that
helps in reduction of wastage in the business activities.
Creation of sustainable solution – By adopting a sustainable method an organisation
can be able to adopt different technical tools that will aid organisation to to adopt a potent way
to increase their profit by utilising minimising resources (Kilelu, Klerkx and Leeuwis, 2014).
Behaviour and attitude of customers – To maintain successful business in market an
organisation must ensure that they can be able to understand the nature of market and the way
people behave in it
Creation of values in their products – Apart from creating productivity an organisation
must plan to to input some values in their products. Putting ethical values in product will
enhance faith of customers towards their products so that they can be able to increase their brand
loyalty and goodwill in customer market.
Ensoft Ltd can utilise this in their business activities and utilise their resources properly,
by properly implementation of frugal innovative ideas in their business strategy can be able to
increase their business activities effectively. Frugal innovation can be very fruitful if the proper
process is followed. Steps of frugal innovation that Ensoft Ltd. Can apply in their business
activities
 Identification of ideas and process it theorem a suitable medium – The company is
used to provide software solution to different organisation so they have to generate ideas
according to activities performed by organisation
 Analysing an implementation of cost in business idea- For generation he type of cost
for developing the software it is essential for management to determine cost of product so
that they can determine the right value for their product (Marion and Friar, 2012)

 Evaluation of report and make genuine idea to reduce complexity in their product
– the company must ensure that the software they are manufacturing must make sure that
it is easier to use and can evaluate complex data with ease.
 Putting values to goods and services – It is all about enhancing capability of their
products. Putting extra values in their software will create trust among the people
towards organisation that will ultimately help organisation to perform better in business
market.
Thus it can be concluded that using frugal innovation company can be easily able to
increase their productivity in comparative market
TASK 3
P5 Commercial funnel and application of New Product Development
The other name of commercial funnel is sales funnel. It determine a process that help
purchase of commodity and products. It helps in determining the overall prices that is applied in
gaining fruitful results from business activities of organisation .Ensoft Ltd. Can use this business
process while planning to increase their sales volumes in different market. Some of the factors
that are used to to develop a new products are mentioned below -
Generation of idea – To have competitive advantage in business market it is important
to generate new ideas to increase their rand image in business market (Micheli, Schoeman,
Baxter and et.al., 2012).
Screening of ideas – it is about analysing resources available for performing their
business. In case of Ensoft the major resources they have are inventory and human resource so
that they can be able to increase their business activities in market place. Without having any
resource an organisation cannot get that much success in business environment.
Testing of ideas – Company can launch their sample produce t to check their affectivity
in business market. Ensoft is working in software solution so they can launch beta version of
their software to check their efficiency.
Development of product – In this step production of product starts and volume depends upon
type of demand of that product in market place. Ensoft is dealing with network products so their
volumes must depend upon increase of Internet service in a particular geographical region.

Commercialisation – It is about promotion of business activities. The customers in
market will only buy product if they are sure about it. Several promotional tool will help in
bringing out the facts that will aid in increasing sales volome in different business market.
Launching – This is the final step to launch their product in business market. Company
expect that their product is liked by people and do successful business.
Product development is all about transformation of ideas in their product and launch them
in market to increase their business. In recent times the organisation is working on modification
of Artificial intelligence and cloud computing so to implement more features in their business
activities.
Significance of commercial funnel
Increase quality – Ensoft Ltd. Is working continuously to increase their software
solution that will help in increasing quality of organisation.
Creativity- To make the software make effective business in market it must be creative
and efficient to sustain in business market (Walsh, 2012).
Growth and efficiency – It is about promoting business in market, company must
choose business market where the demand of software solution is more so that they can able to
increase their business and their brand image. Commercial funnel will efficiently help
organisation for generating innovative ideas that is expected to make good business in future
market.
P6 Innovative business case
Business case is a collection of data that is used to analyse several factors that emerges in
developing a new product and further helps in providing some guidance that help in
identification and rectification of problem. Business case provide a suitable method that aid in
providing solution for rectification of problem. Some important elements that Ensoft Ltd. Is
using in business case are mentioned below.
Creation of ideas – For generation of ideas a company must analyse the environment
where they are working and demand of products in business areas. For better analysis of market
company can use PESTLE and SWOT analyse that will help company to better analysis of
different factors that are needed in business structure (Yin, Shi and Yan, 2014)
 Screening of ideas – While creating ideas company must also make some alternative
business ideas of one ideas fails to fetch revenue from business market.

 Funding – For implementation of ideas and regulation of business activities company
should estimate budget required to implement that idea. Their are several areas from
where the organisation can generate funding e.g. Friends, sponsers, stick market,
stakeholders, banks etc.
 Development, Testing and simulating ideas – Before implementation of ideas in their
business, it is essential for organisation to understand to evaluate efficiency of their
product in market. Ensoft Ltd. Regularly test their software and upgrade them according
to want of their clients.
 Evaluation of product and its resonance with business activity- After the product is
delivered in market it is important for company to monitor activity and performance of
their product in market to increase it potential to do their business for longer term as
well as increase their reach to more geographical market
 Development- Making and selling only one product should not be only target of
organisation but instead of this they can plan to increase productivity by manufacturing
more variety of product. In current business activities Ensoft Ltd is providing software
related to network access only. They can increase their base to develop new software in
Architecture, CAD design, ARM to increase their reach among more number of clients in
business.
 Commercialisation – It is a defined process for management, process,selling of products
to gain profit from business market so that they can make more profit from business
activities. Ensoft Ltd can make marketing and promotional activities to promote their
product in different corporate market to increase their productivity.
 Launching – It is a final step for launching of product in market. The organisations
must ensure right time to introduce their product in market so that they can be to increase
their values and brand image in business environment.
Adopting this process will aid organisation to make planning according to geographical
market to fetch more customers and increase their brand value.

TASK 4
P7 Tools for developing and protecting rights of customers
Every organisation is having different types of innovative ideas that they are
implementing in their product to fetch more revenue, but it is equally important to protect those
ideas so that other cannot gain competitive advantage by implementing them. There are several
factors that can help organisation to protect them are as follow-
 Copyright – It is defined as collection of legal rights and values that is being
implemented in collection of new work. It is used to protect the work of authors creators,
choreographic , architects that can be tangible and intangible in nature. It is used to
protect all those factors that includes books, architectural work, innovative works and
design. Copyrighting can last for lifetimes of authors or unto 70 years that cannot be
extended further. Ensoft has made copyrights for their organisation and their products to
legally perform business activities from them.
 Patents – Patents are basically used by inventors and designers. It is used to protect
original design, selling and marketing practices, logos, marketing rights etc. Patent can
give rights to people to design their work unto 14 years and that cannot be renewed in
further business market. Ensoft Ltd. Has done patent work to all the project they assign or
products they are developing tat will help them in smooth functioning of their
organisation.
 Trademark – These are used by product owners and business. It is used to protect
word, name, brand image, brand distinguished. ()It is used to give authority to person to
show legal evidences of their products, Company has all the rights to modify, upgrade
etc. their product according to their need in market. Advantage of implementing
trademark is that it is having validity for unlimited time, but it has to be renewed in evert
10 years. Company is having defined logo for identification of their products, any
misuse of their logo or copying their data will be a punishable offences according to
trading law those are formed by international trading organisation and local government
of that place.
These factors will surely help Ensoft Ltd to perform their business activities in market
place. Company is truly concentrating on software products they have to make patient for those

products because in digital market unethical practices are very common that may affect the
proceedings of organisation by straining innovate ideas and implement in their business policy.
CONCLUSION
From the above report it is estimated that innovation turns out to be an innovative factor
that helps in enhancing business activities of organization. This has given opportunity to many
small scale business to invest in new business market with innovative business ideas.
Commercial funnel and innovative funnel are some of the important factor that helps firm to
perform their business activities. Innovation provides a bigger that can be explored further in
future run.
REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Bradley, S.R., Hayter, C.S. and Link, A.N., 2013. Models and methods of university technology
transfer. Foundations and Trends® in Entrepreneurship. 9(6). pp.571-650.

Eesley, C.E., Hsu, D.H. and Roberts, E.B., 2014. The contingent effects of top management
teams on venture performance: Aligning founding team composition with innovation
strategy and commercialization environment. Strategic Management Journal. 35(12).
pp.1798-1817.
Ettlie, J.E. and Rosenthal, S.R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva. 50(4). pp.397-
421.
Hausman, A. and Johnston, W.J., 2014. The role of innovation in driving the economy: Lessons
from the global financial crisis. Journal of Business Research. 67(1). pp.2720-2726.
Hora, M. and Dutta, D.K., 2013. Entrepreneurial firms and downstream alliance partnerships:
Impact of portfolio depth and scope on technology innovation and commercialization
success. Production and Operations Management. 22(6), pp.1389-1400.
Inauen, M. and Schenker-Wicki, A., 2012. Fostering radical innovations with open innovation.
European Journal of Innovation Management. 15(2). pp.212-231.
Kilelu, C.W., Klerkx, L. and Leeuwis, C., 2014. How dynamics of learning are linked to
innovation support services: insights from a smallholder commercialization project in
Kenya. The Journal of Agricultural Education and Extension. 20(2). pp.213-232.
Marion, T.J. and Friar, J.H., 2012. Managing global outsourcing to enhance lean innovation.
Research-Technology Management. 55(5). pp.44-50.
Micheli, P., Schoeman, M., Baxter, D. and Goffin, K., 2012. New business models for public-
sector innovation: Successful technological innovation for government. Research-
Technology Management. 55(5). pp.51-57.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1),
pp.32-42.\
Xiao, Z., Meng, W., Wang, J. and Yan, Y., 2016. Thermodynamic Stability and Defect
Chemistry of Bismuth‐Based Lead‐Free Double Perovskites. ChemSusChem. 9(18),
pp.2628-2633.
Yin, W.J., Shi, T. and Yan, Y., 2014. Unique properties of halide perovskites as possible origins
of the superior solar cell performance. Advanced Materials. 26(27). pp.4653-4658.
Online
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