Innovation and Commercialization Report

This report analyzes the concept of innovation and commercialization, using Unicorn Grocery as a case study. It examines the difference between innovation and invention, the role of company vision, culture, and teamwork in shaping innovation, and the application of innovation mix, frugal innovation, and commercial funnel frameworks. The report also discusses the importance of building a business case for innovation and the various tools of intellectual property rights.

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the term innovation and how it is different from invention ................................1
P2 How company's vision, culture, team work shape innovation and commercialization ....2
TASK 2............................................................................................................................................4
P3 Innovation mix and use of innovation funnel ...................................................................4
P4 Development stages of frugal innovation .........................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development ............6
P6 Building a business case....................................................................................................7
TASK 4 ...........................................................................................................................................8
P7 Different tools of intellectual property rights ...................................................................8
CONCLSUION ...............................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
The concept of innovation can be viewed as converting a creative thought into final
goods and services and then offering to target customer that further create value for them (Amit
and Zott, 2012). In terms of business, it refers to the process of developing more effective and
efficient workflows, product and processes that gives high competitive edge to respective firm.
By doing innovation, business entity can meet customer' requirement in an appropriate manner.
The selected organization for this report is Unicorn Grocery which is small co-operative store
located in UK. The report cover innovation mix framework, application of new product
development, sources of funding, various tools of intellectual property rights.
TASK 1
P1 Explain the term innovation and how it is different from invention
The idea of innovation means transformation of a thought into item or service for which
purchasers will pay. A creative idea or though is exceptionally fundamental for any innovation or
business person are require to unify innovative ways and new thoughts for getting things done in
various way. Bringing innovation inside company to enjoy high competitive advantage in the
marketplace. It helps with making business activities distinctive from others. Its commitment is
high in progress and additionally development of firm.
There is a contrast amongst innovation and invention. Bringing advancement inside
organization doesn't mean it is simply an invention (Difference Between Invention and
Innovation. 2016). It alludes to the procedure of change and adjusting according to the changes
that happens in environment. Innovation helps with conveying such products or services that
totally meets customer needs and requirement (Ariga and et. al., 2013). If company embed
innovative culture, then its workers become creative and their ability for solving various
problems improves efficiently. It is trusted that sustainability of a business association very
depend on innovation. Thus, firms are require to always improve in their products and services
for long term survival in market. The achievement key of each business association is one of its
creative and unique thought (Bagchi-Sen, 2010). For example: Both Apple and Virgin are
constantly doing innovation in their products just to rule the market. Recently Apple has
launched X series in which they used most smartest and powerful chip ever used in market. It;s
screen has been radically redesigned so as to make it more attractive and eye-catching. In case of
Unicorn Grocery, innovation is going to take place in the form of launching its own mobile
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application. The company has figured out that, now a days almost 80% of the population prefer
to purchase product through online website. Thus the need for developing own mobile
application emerges. So, its management has takes decisions for launching a mobile application
so that time, efforts and energy of firm as well as its customers can be reduced (Davila, Epstein
and Shelton, 2012). Following are some of the importance of innovation:
 Higher benefit and deals are yield by organization.
 Expanded inspiration, maintenance of workforce and adaptable enlistment.
 Help in growing great brand picture or brand.
 Enhanced efficiency and additionally execution of organization and decrease its cost.
 Needs and wants of customer satisfied in an effective manner.
Innovation Invention
 It usually takes place when
modification or improvement needs to
be done in existing product
 It can be viewed as a modern idea that
is applicable to present situation
 With the help of this, firm can
effectively deliver goods and services
as per customer requirement.
It usually occurs when company develop
something that is exceptionally new in the
market.
It can be perceived as a practical aspect and
easily assessed by people.
Invention deals with alteration of novel notion
in substantial idea.
P2 How company's vision, culture, team work shape innovation and commercialization
Unicorn Grocery is a small corporative store, headquarter in England, UK. It is
equitably controlled and overseen by its individuals (Drucker, 2014). The organization for the
most part bargains in offering new, dried and processed food and drink that is comprised of
natural fixings or organically made. It also sells in offering general basic grocery products, body-
care and household products. Keeping in mind the end goal to adapt up to other contention firm,
the organization has chosen to do innovation through introducing its own mobile application
through which they can pitch their item to target client. The explanation behind doing this
innovation is on the grounds that in present day time, the vast majority of the client want to
purchase merchandise by means of online stage.
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Commercialization: It is essential for each business element to distinguish issue first that are
prevailing in the organization and are required to be solved immediately as it is adversely
affecting overall business operation. In the wake of deciding the issue, firm needs to assess
different source that assistance in detailing most ideal answer for the given issue. After collecting
useful data, product designing and development takes place (Gordon, 2012). Next stage include
testing and inspecting of innovation that will render particular data worried about item cost. In
the wake of getting positive reaction from model, organization at long last present new item in
the market.
Vision: The vision explanation of Unicorn Grocery is "to have solid market and client base by
giving such products and enterprises to target client that generates higher value for them". From
its vision explanation, it can clearly expressed that alluded firm practising its business operation
and activities according to its vision statement. Their individuals have distinguished that
customer like to purchase items through online channel and subsequently, the have chosen to
introduce its own mobile application.
Culture: Culture of organization directly influence the behaviour of its employees. According to
Charles Handy Model, there are four types of culture prevailing in the company namely task,
person, power and role. Structure associated with each culture varies from one another. In Apple
and Virgin Group, culture followed is power culture. In Unicorn Grocery culture followed is
Role culture as their employees perform according to the roles specially assigned to them.
Team Work: According to Tuckman model, there are four stages of group development and all
are equally important for a team and its members to grow, tackle problems, find solution and
deliver results (Huberman and Miles, 2013). It includes:
 Forming: At this stage, team members opens up and learn about challenges and
opportunities that can arise in the company.
 Storming: At this stage, team and its members gain each other trust and start admiring
opinion and suggestion of employees.
 Norming: At this stage, team members is aware of competition prevailing in the
workplace and environment. All members equally takes the responsibility and contributes
significantly.
 Performing: By this stage, team and its members becomes highly motivated. They don't
require supervision at this level.
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Leadership: The authority style took after by Unicorn Grocery is participative style of
leadership. Under this, their individuals are similarly engaged with basic leadership process. This
make higher feeling of acknowledgement and fulfilment among them. Furthermore, the
organization give flexibility to specialists which move them to produce more extraordinary
thoughts (Huizingh, 2011).
TASK 2
P3 Innovation mix and use of innovation funnel
The idea of innovation mix is given by Joe Tidd and Joe Beasant. As indicated by this
framework, procedure of carrying out research is bit complex. Person who execute research may
sometimes gets confused and there might be possibility that they may select wrong path. So as
to make the procedure of innovation mix less complex, there are 4P's of development including
process, position, product and paradigm that are clarified below:
Illustration 1: Innovation Mix
(Source, 4P's of innovation mix)
Product: Unicorn Grocery is requisite to deliver such products or services that gain attention of
client without doing much publicizing or advertisement (Jain and et. al., 2013). Each
organization needs to implant innovation on steady premise to hold solid position in the market.
For instance: Unicorn Grocery can begin offering organic vegetables and fruits. Apple has done
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product innovation by launching first water resistant smartphone in the world. Additionally for
its I-Pod, it claimed top position in MP3 market both in context of revenue share and unit share.
Process: It manages the change in process engaged with creation and delivery of particular item
to end-client. With this, both customer and company gets equivalent advantages. As the referred
company, has chosen to improve the procedure in which they convey last product and services
to potential purchasers (Johnston and Marshall, 2016). For instance: The organization has chosen
to present its online mobile application. Recently Apple has launched its X series in which they
have inbuilt most powerful chip that haven't been used earlier.
Position: This "P" rotate around repositioning of existing goods or services. Re-branding of
respective item is generally done as such as to accomplish business objectives and destinations in
an organized way. Unicorn Grocery requires to launch its products in other distinctive segment
or part to achieve high market share and catch huge piece of the overall industry.
Paradigm: Sometimes it is required by organization to overlook society views with the goal that
particular items or administrations can be created. This advancement is more related with mental
model. Unicorn Grocery has inserted development as far as presenting own versatile application
keeping in see the considerations and creative energy of individuals.
Innovation Funnel and its funnel:
An innovation funnel mainly disclose all steps that is taken into account for developing a
process or product. The main aim of this funnel is to create process or product that fulfil market
needs in an economic form.
P4 Development stages of frugal innovation
Frugal Innovation is one of the idea that deals with procedure by which organization is
attempting to limit complexities related with cost of goods sold and production. Innovator is
required to consider their accessible assets as an opportunity rather then considering them as risk
(Kim and et.al., 2011). This idea manages growing better answers for customers that fulfil their
needs and wants in an effective manner. For example: Earlier Steve Job reject the design of I-
Phone as it was to hard or thick. He believes that this would have cause problem while shipping
them. As a result, they redesign the product and come with a final design that is half in size and
weight as compared to previous one. Following are the stages covered in frugal innovation:
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Discovering opportunity in adversity: Existing issue is reframed by employees at this stage. In
Unicorn Grocery, risk is adequately converted into an open door by management of firm with the
point of increasing high focused edge in the marketplace.
Do more with less: All the approachable assets are assessed by workforce at this level and after
that undertaking to make their ideal usage.
Keep it simple: Any sort of issues that happens inside business firm may upset the entire
business working. Thus, it has been suggested that a firm ought to have various options instead
of having less (Manso, 2011).
Include the margin: Firm should know about likes and dislikes of clients with the goal that
successful item can be created. For this, recommendations and criticisms of clients can be taken
by organization.
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercial Funnel can be depicted as a procedure by means of which venture tries to
decide best sources through conveying best item and administrations to end client in the market.
Manager of Unicorn Grocery is subject to choose best circulation channel for their item and
administrations. This will help with expanding the business figure and amplify their benefit and
income in a powerful and effective way. It is basic for all organization's to fundamentally reach
to its intended interest group since they are the person who contributes colossally in lead
generation and this can just happens through commercial funnel. Unicorn Grocery is require to
utilize this system at whatever point they will upgrade its structure or process. Different
advances engaged with new item improvement are characterized underneath:
Idea Generation: At this progression, thought is created in representative personality. This is the
initial step that portrays that thought that has been created for new item improvement (Leeuwis,
2013). The thought must be imaginative and inventive which gives them higher focused edge.
The thought ought to be novel which none of has utilized.
Idea Screening: At this progression, screening of thought happens in which organization checks
whether the thought is practical or not. Sufficient of thoughts created in the psyche of faculty, it
is the obligation of administration to screen every last thought and after that locate the best one.
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They are require to choose the one which is satisfies organization's objective in a compelling
way.
Idea Development and Testing: At this level, thought that has been chosen is at long last
changing over into item. Additionally when item is prepared, organization introduce it before the
client so they can check and distinguishes whether the item is enjoyed by the client or not.
Market Strategy and Development: At this methodology for advertising the item is made that
characterizes target market, marketing and promotional techniques etc.
Business and Financial Analysis: This is done once the association is finished with deciding the
volume and offers of the item as indicated by its size (Schaffers and et. al., 2011). Here
organization's altogether look earn back the original investment point, benefit and cost
investigation.
Commercialization: This the last stage in which organization at long last presented their item in
the market.
P6 Building a business case
Use of Business Case is normally done as such as to process the measure of risk related with
putting resources into innovation. Stages of building a business case is mentioned below:
1. The Need: At this stage, Unicorn Grocery distinguish current issue winning inside the
workplace. Essentially it figure out what is the correct requirement for inserting developing
inside the organization. With quick change in innovation, client purchasing behaviour likewise
gets influenced. As a result,s offers of alluded firm diminishing as target client willing buy thing
by means of method of online sites.
2. Your Solution: Solution defined by organization must be innovative and exceptional that gives
them high focused edge in the commercial center. Here, the most ideal answer for pulling in
substantial number of client and influencing both shopper and market to base more grounded,
Unicorn Grocery will dispatch its own mobile application (Stokes, 2011).
3. Why it is imaginative: The arrangement surrounded by affiliation is inventive as it turn into
the primary SME among other UK-based SME's to have its own particular portable application
through which they can offer their things in the market and similarly in better way.
5. Investment Required: At this level, Unicorn Grocery will figure add up to venture required for
effectively actualizing development. For the most part, there are wellsprings of financing through
which firm can produce adequate measure of subsidizing one is Internal and other is External.
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Internal means when reserves are orchestrated inside the organization just, for example, utilizing
benefits, held gaining, long haul resources that are never again being used. Then again, External
means when reserves are gathered outside the association, for example, heavenly attendant
speculators, banks, loan bosses, singular benefactor and so on.
6. Expected Benefit: Innovation influence association task and exercises as well as impact
condition and society that is estimated at this stage.
7. The Ask: This is the last stage in which organization take significant input and
recommendation from client subsequent to actualizing advancement (Strayer, 2012).
TASK 4
P7 Different tools of intellectual property rights
Intellectual property are the rights that involves intangible artifact of human intellect
which encompasses trademarks, copyrights and patents. Other kinds of rights are also included in
it like moral rights, trade secrets, right against unfair competition and publicity rights. These
rights are given to an individual in order to protect their artistic work such as inventions,
designs, music, discoveries etc. Some Intellectual property rights are defined below:
Patents: This is a kind of right given by legal authority to an inventor. By granting this to
owner, they are liable to exclude others from selling, using, making, importing and offering to
sell an invention for some time period.
Copyright: It provides to creator for their original work. These are the exclusive rights
that are administered by government to an individual for limited period of time. It may
applicable to wide range of intellectual, artistic or creative forms of work. It does not covers
information and ideas themselves, only the manner in which they stated (Tebbe, 2011).
Trademarks: These are the recognizable signs, expressions or designs which
differentiates goods and services of a specific trader from same product or process of other
merchant. These are given to individuals in order to distinguish themselves from another.
CONCLSUION
According to the above mentioned report, it can concluded that innovation act as a
catalyst for firm's growth and development. In today's competitive world, nothing is constant
everyday a new invention or innovation takes place. With the help of innovation company can
attain long term sustainability in the marketplace and also achieve its objectives in an effective
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and efficient manner. Intellectual property rights tools such as trademark, patent etc. are used by
organisation for protecting and retaining their discoveries or invention.
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REFERENCES
Books & Journals
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review. 53(3). p.41.
Ariga, K. and et. al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gordon, R.J., 2012. Is US economic growth over? Faltering innovation confronts the six
headwinds (No. w18315). National Bureau of Economic Research.
Huberman, A. M. and Miles, M. B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Jain, A. and et. al., 2013. Commentary: The Materials Project: A materials genome approach to
accelerating materials innovation. Apl Materials. 1(1). p.011002.
Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Leeuwis, C., 2013. Communication for rural innovation: rethinking agricultural extension. John
Wiley & Sons.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Schaffers, H. and et. al., 2011, May. Smart cities and the future internet: Towards cooperation
frameworks for open innovation. In The future internet assembly (pp. 431-446).
Springer, Berlin, Heidelberg.
Stokes, D. E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Strayer, J. F., 2012. How learning in an inverted classroom influences cooperation, innovation
and task orientation. Learning environments research. 15(2). pp.171-193.
Tebbe, J., 2011. Where good ideas come from: The natural history of innovation.

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