Innovation & Commercialization INTRODUCTION

Innovation and Commercialization INTRODUCTION 1 TASK 11 P1 Explain innovation & identify its importance to firm in comparison with invention1 P2 Explain how organisational leadership, vision, teamwork and culture can shape innovation & commercialisation 2 TASK 23 P3 Explain 4Ps of innovation and use of innovation funnel to examine & shape innovative ideas 3 P4 Explain developments in frugal innovation & give examples of how it is utilized in an organisational context4 TASK 35 P5 Explain significance of commercial funnel and

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation & identify its importance to firm in comparison with invention............1
P2 Explain how organisational leadership, vision, teamwork and culture can shape innovation
& commercialisation...................................................................................................................2
TASK 2............................................................................................................................................3
P3 Explain 4Ps of innovation and use of innovation funnel to examine & shape innovative
ideas.............................................................................................................................................3
P4 Explain developments in frugal innovation & give examples of how it is utilized in an
organisational context.................................................................................................................4
TASK 3............................................................................................................................................5
P5 Explain significance of commercial funnel and application of new product development
processing for commercialisation of innovation.........................................................................5
P6 Develop an innovation business case for a firm including ways to access funding.............6
TASK 4............................................................................................................................................7
P7 Evaluate various tools that Mr Green can use to develop, protect, retain knowledge &
intellectual property....................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is the procedure & result of developing something new that provides some
value to consumers. It is a new idea that is implemented by firm in order to grow and maintain
their existence in market for long term. Bringing innovation within business organisation
provides high competitive advantage to company over its rivals (Abou-Ras, Kirchartz and Rau,
2016). A new feature is added in existing good to make it innovative so that it can satisfy needs
of customers in more better manner. In the present assignment, given organisation is Healthy
Juice which was established 2 years ago. Firm enters in market with milkshake and now provides
various smoothies, drinks and juices. The report covers innovation, invention,
commercialization, innovation funnel, frugal innovation etc. as well as their significance. It also
involves the way in which vision, culture, teamwork and leadership can shape innovation &
commercialization. Apart from this, an innovation business case is developed and different tools
are evaluated by firm to develop, protect and retain intellectual property and knowledge.
TASK 1
P1 Explain innovation & identify its importance to firm in comparison with invention
Innovation concept deals with process of transformation of idea into valuable goods.
Innovative products assists businesses in catering needs of customers in more effective and better
manner. It also helps in maintaining strong position of firm in market by providing it an
competitive edge over its competitors. The way toward changing over a thought into conclusive
products or administrations that makes an incentive for client or for which potential purchaser is
prepared to pay is known as Innovation (Caniëls and van den Bosch, 2011). As far as business, it
can be depicted as actualizing new thoughts, making dynamic products or enhancing presence
benefits keeping in mind the end goal to increase high focused edge in the market. Advancement
go about as an impetus that makes an incentive for the business substance. That esteem in the
long run comes driving more income through present channels or by creating new income
openings that eventually prompts spare cash and time or both. So, the procedure of Innovation
prompts create higher benefit for firms. Besides, it additionally encourages the association to
adjust and develop themselves inside the market in a Healthy way. It by and large alludes to the
way toward changing and making more compelling item, thoughts and process. As indicated by
the insights reports, it has been made sense of that organizations that develop makes more viable

work process and have better execution and efficiency. Healthy Juice is a 2 year old start-up
propelled by Mr. Green. The association mostly bargains in offering just a single drink i.e. one
Healthy milkshake. Firm earns significant profits from last two years but as the 3rd year starts,
their products sales are decline. As firm enters in its third year, organization faces real decrease
in its deals a productivity proportion (Cao, Appelbaum and Parker, 2013). So as to manage such
circumstance, the firm has chosen to install advancement by presenting new scope of beverages,
smoothies and juice. Subsequently, it dispatches numerous variations of juices that is comprised
of at least two than two organic products. For instance: Purple mangosteen juice made up of real
fruit pulp. Apart from this, it embed advancement by propelling different items like smoothies,
healthy beverages with various variations. Following are a portion of its focal points:
 Makes an incentive for organization and also for clients
 Higher lead age and benefit
 Consumer loyalty level increments
 Enhances general execution and profitability
 It is considered as the most ideal approach to create USP for particular item or process.
Difference between Innovation and Invention:
Innovation Invention
It manages increasing the value of something
that as of now exists.
It is connected with making of whole new item
or administrations.
It requires logical abilities. It requires set of specialized, minimal and
advertising abilities.
It is for the most part related with single item
or process.
It alludes to the blend and amalgamation of
different products and process.
P2 Explain how organisational leadership, vision, teamwork and culture can shape innovation &
commercialisation
Vision: For Healthy Juice, vision statement is “To provide high quality of juice to people
worldwide which administers them various health benefits and contributes in their healthy life”.
Healthy Juice is a firm that offers milkshakes to customers (Carayannis, Cherepovitsyn and

Ilinova, 2016). The firm is established 2 years ago and earn significant profits in market but, as
the third year starts, its sales starts to decline. By seeing declining sales of company, Mr. Green
has decided to bring innovation within its product line by introducing new range of drink,
smoothie or juice. For fulfilling its vision statement, firm has decided to launch a new drink
which is made up of Purple mangosteen. This juice is rich in antioxidants and provides various
health benefits to people (Clark, 2013).
Culture and Team work: Business enterprise culture refers to the beliefs, assumptions and
shared values that depicts about the manner in which people behave within organisation. The
way of life of any business substance incorporates conduct and estimation surprisingly connected
with firm that contributes in such an approach to make remarkable mental and social condition.
Work environment culture controls the manner by which specialists act among themselves and
with different pariahs. Healthy Drinks make inventive and remarkable workplace that inspires,
pulls in and hold the best representatives in the field. It's way of life additionally empower
development and reflects in their basic leadership process. Consequently, when the organization
chose to experience development, it get full help from its workforce and additionally the
possibility of Purple mangosteen was begun by its representatives as it were. Notwithstanding
that, the firm put stock in doing business exercises with aggregate endeavours of a group.
Leadership: Autocratic style of leadership is followed by leader of Healthy Juice which
almost all decisions are taken by themselves. The initiative style took after by alluded association
is popularity based in which measure up to rights are given to all workers and friends incorporate
them in their basic leadership process too which influences them to feel esteemed.
TASK 2
P3 Explain 4Ps of innovation and use of innovation funnel to examine & shape innovative ideas
This structure was given by John Bessant and Joe Tidd. Like advertising blend, the
device is comprised of four P's including item, process, position and paradigm (Falkner and
Jaspers, 2012). Following are the definite clarification of every one of the 4P's:
Product : It alludes to the adjustment in item and administrations offered by business
element to its rivals. Prior Mr. Green just offers one Healthy milkshake however with over the
time because of passage of other contender there was a gigantic decrease in its general deals.
Keeping in mind the end goal to defeat such circumstance, the organization alongside its

individuals have chosen to spread out its product offering by propelling smoothies, health drink
and with numerous variations. For example: Purple mangosteen Juice, nutty spread coco banana
smoothie and some more.
Process: It manages change in conveying products and ventures to end-clients. With
progress and inventive innovation, an inclination for changing the conveyance procedure rises.
For example: Mr. Green has chosen to dispatch its versatile online application which specifically
associates the client with organization (Goldberg and et. al., 2011).
Position: It characterizes the manner by which items and administrations are conveyed to
potential purchasers. This is the manner by which merchandise or administrations are really seen
by potential purchasers. Prior, alluded firm was offering its item through its outlet just yet now,
they have begun offering through online portable application also which turns out to be much
helpful for clients.
Paradigm: It is the blend of all mentioned P's. It alludes to the adjustment in context of
client with respect to a specific item or administrations.
Innovation Funnel:
It alludes to the scope of steps that should be considered while fulfilling client wants and
needs. The primary utilization of Innovation Funnel is that it increases the value of client and
also association. With the assistance of this, organization can without much of a stretch inspect
accessible market open doors for its future item.
P4 Explain developments in frugal innovation & give examples of how it is utilized in an
organisational context
Frugal Innovation alludes to the procedure which empowers business worry to limit
complexities of general creation and cost of merchandise sold (Gupta, 2011). In any case, it isn't
worried about straightforward offering of item yet rather, it additionally gives better quality
answer for client issue that conveys high an incentive at efficient cost. There are different
organizations who drastically change its plan of action as well as change its psychological model
too. Following are the different stages engaged with cheap improvement:
Discover Opportunity in Adversity: At this stage, supervisor of the firm reframes the
current issue. They serve risk as an opportunity or attempt to change over danger into the most
ideal opportunity.

Do more with less: At this stage, organization endeavours to find the most ideal
arrangement with given accessible assets. They are exhorted not to ask increasingly and make
better arrangement with the things they as of now have.
Think & act flexibly: It is smarter to be improvisational as opposed to being inflexible.
This principle states that improvisation is required in frugal innovation rather than strategic
planning or forecasting. At the time when things go wrong, entrepreneurs initiate again with
taking little risk and investing small amount of money (Kim and et. al., 2014).
Keep it simple: Complexities can make issue or issues in the organization. It is constantly
better to have less options as opposed to having different options.
Include margin: It is vital for each organization to be very much aware about its
objective client decisions and prerequisite, include them and ask recommendation and input from
them. Besides, organization officials ought to specifically ask purchasers what are their
assumptions about the specific item and what changes or alteration they really need.
Follow your heart: Be energetic with your thoughts and move ahead with it
courageously.
TASK 3
P5 Explain significance of commercial funnel and application of new product development
processing for commercialisation of innovation
Commercial funnel shows at first every deal start with various clients yet winds up with
not very many of them really purchasing or obtaining it. This channel helps in creating higher
leads for organization and after that arranging and positioning it based on conclusive buy made
by the client. According to the 20/80 administer, organization needs to lay more weight on
holding that 20% of the clients who produces 80% of organization's aggregate deals. This
channel helps in recognizing those reliable purchasers and endeavours to hold them for longer by
continue fulfilling their requirements and desires (Lakshmanan, 2011).
The given organization has chosen to extend its product offering by embedding
advancement in their items for which they need to experience new product development before
propelling its imaginative item or administration. It comprises of a few phases which are talked
about underneath:

Idea Generation: At this stage, thought is generated or produced. Number of ideas are
generated at this stage. These can be generated from anywhere or any source such as books etc.
only the best idea is selected from ample of ideas.
Idea Screening: There must be various thoughts created by the organization yet not very
many of them are reasonable or great. At this stage, supervisors endeavour to dispose of every
one of those awful thoughts and spotlight on those down to earth thoughts and after that select
the best from them (Lin and et. al., 2014).
Concept testing & development: At this phase, chosen idea experience testing and
improvement. A few individuals from target mass have been chosen by the organization on
whom firm will attempt or test its advancement. With the assistance of data gave to them, they
can envision the item. A prototype of product is developed by firm which is tested on people of
small area. Their feedbacks are also taken which determines about whether to move on with idea
or not.
Market development strategy: In this phase, marketing techniques have been created by
organization which help with advancing its inventive item in the market.
Analysis of business financials: Under this phase, actual sales are measured by estimated
one. In other words, genuine offers of the item after development are contrasted and pre-decided
one.
Commercialisation: At this stage, organization at long last dispatches its item in the
market.
P6 Develop an innovation business case for a firm including ways to access funding
Business Case is produced by organizations to make sense of the hazard related with
putting or spending in development. In the given report Owner of Healthy Juice, Mr. Green has
chosen to extend its product offering by presenting smoothies, beverages and juices with various
variations with a point of expand its deals and create higher benefits (Lowe and Marriott, 2012).
It for the most part covers arrangement of steps which are talked about underneath:
The Need: At this stage, organization find the requirement for development. For instance:
Due to passage of numerous contenders, offers of "Healthy Juice" is going down. Keeping in
mind the end goal to manage such circumstance Mr. Green has chosen to get development its
product offering. They present Purple mangosteen Juice which is a blend of genuine fruit pulp.
Alongside this, organization likewise present different items like smoothies, drinks.

Your Solution: At this stage, most ideal answer for the given issue is created. Here the
arrangement detailed is through extending its product offering by presenting different items with
various variations.
Why it is Innovative: The arrangement found by association must be less difficult and
justifiable. It makes an incentive for both organization and for clients (Qian and Haynes, 2014).
Consumer Research: At this stage, Mr. Green lead scaled down research in order to
think about the different needs and needs of clients which help them in offering such items that
has for the most part been loved by potential purchasers. For instance: Purple mangosteen fruit is
consider as the top of the line product of UK. Taking the upside of this, Mr. Green has propelled
Purple mangosteen Juice made up of natural fruit pulp and is organic product.
Investment Requirement: There are two fundamental sources through which
organization can oversee or mastermind financing i.e. Interior and External Internal Sources: These are sources that are accessible inside the association just. For
instance: Profits can utilized or re-contributed for business development, held income can
likewise be utilized for obtaining new resources. In addition, long term resources that are
not being used can be offer by administrator for expansion of business.
 External Sources: These sources are accessible outside the business premises, for
example, international organisation, creditors, business investors, banks and so forth.
Expected Benefit: Satisfies client prerequisite in more proper way and friends increase
high upper hand over its adversaries (Richter, 2013).
The Ask: At this stage, directors of organization will take input from client in regards to
their development.
TASK 4
P7 Evaluate various tools that Mr Green can use to develop, protect, retain knowledge &
intellectual property
Intellectual Property Rights characterizes the privilege or ownership of an individual
susceptible to them so as to secure their revelations or creation. It implies giving exclusive rights
to the individual for his inventive idea or thought. Intellectual Property Rights are the tools that
empower innovator to accomplish sense of achievement and gain money related advantages from
their invention. Below defined are the detailed clarification of these intellectual property tools:

Patent: These are the property rights given to the designer for their innovative
development. It gives certain rights to patent holder to dispose of others from making, utilizing
or offering their development without the information of pioneer.
Trademark: It is an image, expression, plan or word that helps with recognizing the item
from each other. This is regularly utilized by business endeavour in order to make its
unmistakable picture in purchaser's mind which influences less demanding for them to establish
to or recognize their item (Wu and Zhou, 2012).
Copy rights: These are the rights given to the individual who design or make something
new for its creative, artistic, melodic and emotional works. With the assistance of this licensed
innovation right, creator gets the ownership for enabling others to utilize their work however
have control over it. This gives selective rights to designer as far as showing, performing,
altering or convey their work
CONCLUSION
As per the above mentioned report, it has been concluded that the contribution of
innovation process in success and growth of business is very high. By application of this
procedure, firm enables to develop creativity and critical thinking skills among its employees
which allows them to think out of the box. It is the effective means to enhance performance and
productivity of company and helps in satisfying requirements of customers in more better way.
With a specific end goal to make due in the market for longer period and increase high upper
hand, it is essential for each firm to continue advancing their item, process and work processes.
Distinctive devices exist in the market that guide in utilization of new product development.
Notwithstanding that, with the assistance of licensed innovation rights apparatuses, designer can
secure his/her creation from others as they get select rights for their disclosures.

REFERENCES
Books and Journals
Abou-Ras, D., Kirchartz, T. and Rau, U. eds., 2016. Advanced characterization techniques for
thin film solar cells. John Wiley & Sons.
Caniëls, M. C. and van den Bosch, H., 2011. The role of higher education institutions in building
regional innovation systems. Papers in Regional Science. 90(2). pp.271-286.
Cao, C., Appelbaum, R. P. and Parker, R., 2013. “Research is high and the market is far away”:
commercialization of nanotechnology in China. Technology in Society .35(1). pp.55-64.
Carayannis, E. G., Cherepovitsyn, A. Y. and Ilinova, A. A., 2016. Technology commercialization
in entrepreneurial universities: the US and Russian experience. The Journal of
Technology Transfer. 41(5). pp.1135-1147.
Clark, J., 2013. Working regions: Reconnecting innovation and production in the knowledge
economy. Routledge.
Falkner, R. and Jaspers, N., 2012. Regulating nanotechnologies: risk, uncertainty and the global
governance gap. Global environmental politics. 12(1). pp.30-55.
Goldberg, I., and et. al., 2011. Igniting innovation: rethinking the role of government in
emerging Europe and Central Asia. World Bank Publications.
Gupta, P., 2011. Leading innovation change-The Kotter way. International Journal of Innovation
Science. 3(3). pp.141-150.
Kim, Y. W., and et. al., 2014. Gamma Titanium Aluminide Alloys 2014: A Collection of Research
on Innovation and Commercialization of Gamma Alloy Technology. John Wiley &
Sons.
Lakshmanan, T. R., 2011. The broader economic consequences of transport infrastructure
investments. Journal of transport geography. 19(1). pp.1-12.
Lin, J., and et. al., 2014. Gamma Titanium Aluminide Alloys 2014: A Collection of Research on
Innovation and Commercialization of Gamma Alloy Technology.
Lowe, R. and Marriott, S., 2012. Enterprise: Entrepreneurship and Innovation: Skills and
Resources for Entrepreneurship and Innovation. Routledge.
Qian, H. and Haynes, K. E., 2014. Beyond innovation: the Small Business Innovation Research
program as entrepreneurship policy. The Journal of Technology Transfer. 39(4).
pp.524-543.

Richter, M., 2013. German utilities and distributed PV: How to overcome barriers to business
model innovation. Renewable Energy. 55. pp.456-466.
Wu, W. and Zhou, Y., 2012. The third mission stalled? Universities in China’s technological
progress. The Journal of Technology Transfer. 37(6). pp.812-827.