Innovation and Commercialization

This document discusses the importance of innovation in employees organization and its impact on business growth. It explores the 4ps of innovation and the funnel of product development. It also explains how organizations can develop frugal innovation and the application of new product development for commercialization.

Innovation and Commercialization

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO1 ............................................................................................................................................1
P1 innovation and its importance in employees organization:...................................................1
LO2 ............................................................................................................................................4
P3 4ps of innovation and funnel of product developments:.......................................................4
P4 An organization can develop frugal innovation:....................................................................6

INTRODUCTION
“Innovation and Commercialization” is the term define the new idea of how to
established business. The product how to competitive in a market. Innovation and
commercialization is important of any business, it is a concept that how to process and develop
the business, this concept remain the new idea of the businesses. Commercialization define how
to sale's products in a market, in other words how can marketing of the products (Kolychev., and
Prokhorov., 2015.). The products, or services given by organization is to fully satisfied to the
customers. The process of this concept less slower but results its very impressive. (Sharifian.,
2015.). The “softwire company” the name of the company “softwire” build from software (Ding,
M., et.al.,2016.). The company delivered bespoke software engineering, digital design. And
consultancy services. The company have many employees, the aim of “softwire” to provide best
environment to produce best software customers satisfaction. The company stared in since 2000,
that time company have only 50 employees, after that in 2018 the smaller company become top
most United kingdom's company. The “softwire” have 130 employees.
LO1
P1 innovation and its importance in employees organization:
Importance of Innovation in organization-
Innovation define simply new idea's new development and new technologies, innovation
concept define how to established new ideas in our business what requirements about the
business how can full-fill them. The “Innovation” term define something new,original and
effective into the market. That breaks market society (Bashmakov.,et.al.,2015). The innovation is
new think of our business, growth of any business. Some times employees defines the new idea's,
new strategies about the business that the glorious impact into the business. For example the
development company using the new idea's new software skills for company its called innovation
of the company. The concept of innovation become the smaller to largest because the company
accept innovation and remains the new idea's. In present the company become top most
international company. The innovation also refers to new ideas produce and implements into the
new manners to achieve some goals. For example – a fashion company have many fashion
accessories they change according to the fashion trends, new trends are wants new innovation
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the company add new fashion ideas and again presents the new fashion accessories in a market.
Its commonly trends of any company. (Westland., 2016.).
Difference
Invention Innovation
1 Invention is create a new products with new
idea's.
Innovation to resigned the products with new
idea's, new development techniques.
2 This concept define original idea's with
new theory.
Practical implementation of new idea's.
3 Single products or process. There is combination of various products or
process.
4 Invention concept define new scientific
skills.
Innovation means marketing,technical and
strategic skills.
5 Invention refers new idea's never made
before.
Innovation refers new ideas, implementation
of products process very first-time.
6 Invention is relates to research and
development department.
Innovation is related all kinds of departments.
Importance role of innovation for employees:
Innovation become important role in any employees because the employees is “chain” of
any business. Employees ideas plays role in any business. Employees can handled any business .
Like marketing, client satisfaction, handled customers, providing services to the customers. For
example “softwire” company's employees work for there customer's satisfaction, they remain that
what customer's want next, they develop that kind of software in market according to customer's
needs. in other hand innovation concept also refer that to develop the new product, software or
service according to customer's demand. Like iPhone 10 is a latest technologies phone's this
phone have fully functions what customers needed. new smart television, new smart refrigerator
many of like that, the company remains many products according to customer's demands.
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P2Leadership,culture and teamwork can shaping innovation and commercialization.
Leadership-The leadership is to manage all the functionality of company and take final
decisions. The leadership provide the direction for company. Employees needs the direction what
they headed and how to follow them. Leadership involve to showing the employees how they
performs their responsibilities(Schlenker., and Chantelot., 2016.). The leadership also have
positive impact to the employees. They being motivated to learn new things and applied in the
business.
Characteristics of leadership:
 Honesty- True leader was always honest to their employees. Leader's motivate to
employees to being honest for their work.
 Integrity- leader must have integrity to handles all the problem of the company,
examine them and new to implement on there business.
 Trustworthy- leader have quality to being trustworthy to any employees. For
example the some times clients cheating to employees and they blames to
employees at this time leader have trust for their employees to solve the problems.
 Ethics- leader's always share their ethics to employees and they share company's
weakness how to full-fill that. As the same employees also share the information
about the company. What are the lack of working quality in employees.
Example of leadership- The “softwaire” company, “CEO Jonathan Austin” he is founder and
leader of this company. Jonathan handled 130 employees they work with this organization
happily. Jonathan have great quality to handled employees, Jonathan share there ethics to
employees,he manage all the business process, he gives to employees to attractive facilities. The
role of innovation's concept in Jonathan life's , softwire is smallest but very popular company in
UK. The company understand the culture a according to them they develop most software how
are using in latest technology.“softwire” is United kingdom's top most smallest company. They
become more larger in future.
Culture creativity in leadership- A key part of creating a culture of innovation its treating
employees well and acting integrity. When the employee have creating power they try to new
things and give their best. They trying to gives work according to the customer's satisfaction.
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The culture creativity also include the mission power, company have a mission to being
successful. The systems of organization also encourage to work very hardly .they effect to the
systems(Goller., and Bessant., 2017.).
LO2
P3 4ps of innovation and funnel of product developments:
The 4ps of innovation-
The 4ps is the model of innovation developed by John Bessant and Joe Tidd. They
discover that what process can improve to Bering to business, the innovation mix press, product,
people and process(Cropley., 2016.). The 4ps helps to you where and why you innovate the
product, process and people. It gives you directions where you need to go and how you increase
your business. The tools helps to use explore the area of business(Nuseir., and Madanat., 2015.).
Following the 4ps:
(1.) Press- Press refers to person operate the functions which creates the products.
It refers to the conditions which is totally depends on business. Impact on organization for press:
 Organizational motivation- Press includes organisational motivation, who motivate
the organisation for work and other legal things.
 Resources- They allows resources for work.
 management-Practices- Press allows to management for practice about the given
works(Resnick.,et.al.,2016.).
(2.)People- The people are entrepreneur or the entrepreneur. people are the central of any
creativity. They use there skills for products and Makes them popular. Further details
about the people who works in organizations Including on this:
 clarity- people works very clear. They responsibilities to work in clear manner.
 Developer- Creates the products and finally checked on it and develop them.
 I dentor- They identify about the problems in products and approved them.
 Implementer- if people found the mistake in products they implementing into the new
form( Jumhur.,et.al., 2017).
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Funnel for products development-
(3.) Product- In products innovation the products is build by person, the person remains that
what kind of products they create, new ideas new strategy they developed in product. The
products what be made is studied by person. The characteristics are:
 Novelty- The product what we make its original and quality is unique.
 Resolution- The organization know that what current need in the market how to full fill
them(Bucciarelli., 2015.).
 Expansion and logical thinking- Such the products what we make is fully design and
according to customer satisfaction.
(4) Process- the process refer to the procedure that person used for development,implement
the products,to make that and identify the problems. Followings procedures are:
• Clarify: To solve the problems.
• Ideate : Creating new ideas about the business.
• Develop: Developed the products and check the customer's reviews.
• Implement: Create the action on products and implement them into the new manner.
• Review: Checked the customers review about the products.
P4 An organization can develop frugal innovation:
Brief explanation of frugal innovation:
Frugal innovation is the process reducing the complexity of cost or goods and its
production. Frugal innovation refers that removing things which impact on products,cost and
complexity. More refers to The successful frugal innovation are not only low cost it can be
available in large scale. In other words frugal innovations is minimizing the use of source in
development,production and delivery or bye leveraging them in new ways. In simple ways frugal
innovation used to redesign products in new style or remove complexity in the products. frugal
innovation is not just doing about more with less but about doing better with less (Zeschky,.et.al.,
2011.). its about creating meaningful products and services Frugal innovation also used in home.
For example- self repair fix it, the best way to efficient is to reuse what we have already.
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Repairing the stuff is not only save money is also think you realise what things needed and what
is not actually. In the An organizations can develop frugal innovation:
The “softwaire” company Jonathan his could also removing non centennial things in his
products and redesign it, for example the mobile banking, people allow to access mobile banking
service in their mobile phones,Money transactions thorough by mobiles (Basu .,et.al., 2013.).
Basic banking services also done by mobiles. Frugal innovation involve to reduced unnecessary
things and make easy things. Other example- a computer have many functions who works easily,
but sometimes some feature are complicated for processing, like viruses they effect the working
of computers and give negative results. So the frugal innovation is reduced the functions which
effect to the computer workings and make easier (Knorringa.,et.al., 2016.).
Examples of other organisation to involve in innovation:
Andrew witty CEO of glaxosmithkline clean (GSK) when he took over CEO of GSK in
2008 then 43 year old witty resolve the over whole pharma giant's R&D strategy, structure and
culture. The focus on his how to recognize and put processes in place to increase the firm agility
and responsiveness to new opportunities (Agarwal,. and Brem., 2018. ). The frugal innovation
refers that the company GSK involve new stretegy in their organisation and implements in there
products. The GSK trying new ideas, new processing to there company and the innovation helps
to maintain there market positions. Foe example some companies reputations in the market
going to low then company examine all the faults in the organization and resolve that or
redesign the products again, the company keep trying handled there market position, include
innovation strategy company gain to set image in the market and presents new products in the
market in high quality( Rosca.,et.al. 2018).
LO3
P5 the importance of commercial funnel and the application of New Product Development
processing for commercialisation of innovation:
Importance of commercial funnel- The commercial funnels also known as sales funnel, the sales
funnel refers that buying process that companies lead the customers through when purchasing the
products. A sales funnel is parted into several steps which depends on the business sales model's:
 Awareness phase- This phase refers that what existence of solutions.
 Interest phase- In this phase define interest of which products include research.
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 Decision phase- In this phase an organizations takes final decisions.
 Purchase phase- In this phase include purchasing goods and services.
 Re evaluation phase- in this refers that B2B sales, it involve the contract that need to be
renewed .
 Repurchase phase- in this step customer's repurchase the goods and services.
New products development of commercialisation of innovation:
The new products developments and commercialisation the supply chain management
process that supply structure for processing and delivery to market new products collectively to
customers and suppliers. The new products development mainly refers to the company introduce
newer products in markets, regularly there will grow a need in the business for new development.
The products what company developed that technologically outdated , the company different
section to target or cannibalize an existing products , in case new products developments is the
answer of the company. There are followings six stage of new products developments:
1. Idea generation- In basically include new ideas for products implementation, a company
have many source to generates new ideas , from the major source are internal source
which are customer's, distributors, competitors. Or few sources are externals sources
which ideas comes to listening tom customers (Radziwill., 2015.).
2. Idea screening- This phase defines the idea generation is to create a large pool. That
involve the company mainly examine the all ideas and then implement them.
3. Concept development and testing- This phase mainly refers develop the ideas and test it.
Mainly a company develop products and re-examine that than they trying to testing that
after they launched the products.
4. Marketing strategy development- Tn this defines how the company have strategy to target
goals and according to develop products in the market.
5. Products development- The engineering develop the products in to the physical products,
this steps calls foe large scale. It shows that the products ideas can develop in to a full
fledge workable products.
6. Test marketing- Is the last phase of the product that defines that the company test the
products in the market. For example company launched the products in the market after
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that company examine all the reaction of customer's according to products. If products
have effect so company again redesign the products and relaunched them (Gasper., 2016).
P6 Innovation business case in an organizations:
Innovation case in an organizations:
People throughout every organisation , at very levels have ideas every day they improve
business potentially of at any wide variety of levels. In softwaire company have same they
potentially improve there business the business become smaller to larger at that time. The
company designed the several types of products and they are fully correct. the role of innovation
in this company they prove that there business strategies are overall goods they services are good.
The softwaire company started his business with very preciously they the softwaire allowed new
things which impact to business and they also keep remain what strategies that handled the
success the company remains all the new things to grow a business, in presently company
becomes smaller to international. The company established there products very preciously. The
company design digital software and they also provide consultancy service. The softwaire
company solve the problems, problems about in software engineering and digital design.
In Innovation to access funding to an organization:
The softwire company consists talented engineers in this company,the company have
strong relations to national instruments, softwaire has experience in IN applications such as
veristand and test stand. The company have many opportunities to grow there business. The has
not require the funding by governments or other sectors the company individually started there
business and growing them. If the company include to handled the governments projects. The
government are gives funds to their company. Now days some companies are depends on
funding. Some companies accept funds for their business from governments or the investors are
give funds to start the company.
Case study to funding an organisation-
the softwier company similar refers to apple group they also develop their digital software
and they also provide consultancy service the company as similar to apple their products are
more popular as customers demands the, apple have huge market as similar to softwaire athe
company become a big international company. They convert manufacture all the software;s
according to client requirements.
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As comparison to virgin group the softwaire companies employees gives there idea's about the
company, each member of the company presents new things new ideas about the company.
Each member's of the company motived their clients. The softwaire company CEO Jonathan they
motivated employee to achieve goals in life. the become successful from there capabilities. The
softwire company mainly refers to the unconditional growth of the company.
LO4
P7 different tools that organisation need to develop:
An organization have different kinds of tools they need to develop in there business. In
softwire company they have different kinds of tools they need in business:
 Judgment- The company trying to judge there services according to other organizations,
the company also trying to research on projects and innovate them after that finally
company have to judge there service according to market.
 Calculate- the softwaire company trying to calculate there services, the company trying to
convenience customer's via consultancy service, the company services in 24 hours, they
also keep trying to innovate things for customer's satisfaction.
 Quality- As per quality the company has provide best service to customers and the
employees trying to give their best efforts.
 Importance- The softwire company has increase there business in short times. Its big
reasons of the importance of the company, in small areas to software become
international software company, they have best engineers, they makes best software for
other countries China, America etc.
 Amount- The software company gain huge numbers of amount because the company
have number of software requirements, and there amounts are totally different to others.
 Value- The value of softwaire company is much more other then another company,the
company has brands value because of the company started there business in many ways
the company provide facility to fulfill the customers demands. The software mainly
fulfill the customers technical demands.
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The softwire company handled projects like high volume manufacturing, production house,
products developments, complex engineering or software development. the company advance
services which is advanced manufacturing, biomedical,mining, process developments. the
advanced manufacturing involve high volume production lines in china or Taiwan. Or
biomedical include there quality process and procedure are ideally suited to the biomedical
environment, the softwire works closely with the large and small company. Mining include the
recent product those are in the company websites, they develop anti safety software which is
helps for security. And the process development provide the flexibility,traceability that all need
for process development (Sharpley,. and Telfer., 2015.). The softwire company increase there
business widely they started business in other countries. They deal with other country. The
softwire company have strong relationship to customer's. In UK the company has to become
popular in there business.
Support arguments is an organisation-
The organisation trying involve innovation in their business with the helps of it the
business having new ways, new strategy or new things which can used in simply any
organization, the case study about the company, the company trying to present many products
those are not included into then innovation (Farrell, J., 2016).
CONCLUSION
From this report I refers that what the role of innovation in any organization and how important
the innovation in any organization. According to this report I have being defines different kinds
of innovations are in business and 4ps of innovation an organization how can apply into the
business. In the report I have been examine that what are the frugal innovations how the
organization applied into the business and the complete case study of chosen organization.
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Online:
Philmckinney.,”Leaders in Innovation: How They’re Creating Cultures of Creativity”
[Online]. Available through:
<http://philmckinney.com/leaders-innovation-theyre-creating-cultures-creativity/>
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