Importance of Innovation and Commercialization

This report discusses the difference between innovation and invention and the importance of innovation to an organization. It also explores the contribution of vision, leadership, culture, and teamwork in innovation and commercialization. The report evaluates the 4 P's of innovation and the development of frugal innovation. It highlights the importance of the commercial funnel and the application of new product development for commercialization and innovation. Additionally, it discusses different tools used by organizations to develop, retain, and protect knowledge and intellectual property rights.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Difference between innovation and invention and importance of innovation to organisation.
.....................................................................................................................................................3
P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation........................................................................................................................5
TASK 2............................................................................................................................................6
P3) Evaluating 4 P'S of innovation.............................................................................................6
P4 Development in frugal innovation and its uses......................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation....................................................................................................................................9
P6 Evaluation of Innovation Business Case..............................................................................10
TASK 4..........................................................................................................................................11
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights.........................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is considered as an process of translating an idea or invention into an
appropriate products and services which creates value for firm as well as customers and for this
buyers are ready to (Davila, Epstein and Shelton, 2012). Innovation also refers as the new
device, method and the idea which create value for organisation to attain more benefit and
growth. In the present report Periscopix is a chosen company for this particular report. It is a
known marketing consulting company. This report contents the study about the concept of
innovation, the potential difference between innovation and invention, the importance of culture,
teamwork, vision and leadership within the firm, 4P'sof innovation, development of frugal
innovation, significance of commercial funnel and application of new products development for
innovation and different tools that are used by an organisation as to develop and intellectual
property will also be discussed in detailed manner.
TASK 1
P1 Difference between innovation and invention and importance of innovation to organisation.
Innovation is consisting to be the most essential component for each business
organisation. In this competitive market the major purpose of each business organisation is to
attain a higher position at market place as to sustaining higher profitability for firm. Innovations
is consist to be an essential element which helps in achieving different opportunities to create
and provide wide range of products and services as to significant customers. The major focused
area of firm is to producing more innovative and attractive products and services as to satisfying
the needs and wants of people at market place. Plan.com is a small telecommunication company
which provides variety of telecommunication products and services to their significant buyers
and clients within UK. The major purpose of pla.com is to implement innovation as to producing
more effective and attractive products and services at market place pay (Sawyer, 2011).
Innovation is important for sustaining growth and success at market place and organizations are
widely concern on implementing innovation and commercialization in order to making their self
stand out in front of market as to providing competition to their rivals, there are various benefits
of innovation in which some are described as under:

 Innovation is necessary for each department within organisation as to developing new
ideas and thoughts.
 Innovation helps in making appropriate changes in the existing products and services as
to developing organisational sales and profitability at market place.
 This also create value in implementing effective decision for organizations as to
enhancing their profitability and productivity.
 This is effective in sustaining an appropriate image of firm or its offered products and
services at market place.
Difference between innovation and invention is associated as under:
Basis of Comparison Innovation Invention
Meaning It is depicts as the foundation of
new contemplations and thoughts
for successful execute particle of
creation work. In this new ideas,
thought and methods plays vast
role.
It decided as a revelation of new
procedures, techniques and innovation for
powerful activity of new things that has
never been connected.
Concept It can be considered as the practical
execution of new ideas and
thoughts which create value for
firm or its growth.
This is quite different in nature as it is
significantly based on practical
knowledge and originals ideas which are
implemented on the basis of some theories
and concepts.
Occurance This can be implemented in the
situation when the demand and
preferences of customers are
changed as per the change arises in
market trend as it helps in making
the existing product more effective
in respect to developing the sales
and revenue of firm.
It occurs when an effective and new
idea strikes in the mind of scientist. As
this is applied by organisations as to
developing an idea for the very first
time.

P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.
In this modern era the major purpose of each small as well as large business enterprises is
to attaining high growth and profitability through attaining competitive edge at market place.
Each business organisation has some goals, objectives, vision and culture which plays significant
role in reaching at final target in effective and efficient manner. It is the major responsibility of
management and higher authority to create some goals and objectives in respect to implementing
all business activities into systematic direction (Drucker, 2014). On the other side culture
differences also has a huge impact on the performance of employees so it is essential for each
business firm to establish an effective culture as to enhancing the ability of people at work place.
Leadership and teamwork also plays an important role within an organisation as it helps in
encouraging employees at work place so that they can work with more collaboration and
coordination. As a popular marketing advertising company Periscopix is concern on
implementing all the elements into appropriate manner as these are helpful in promoting the firm
towards innovation and commercialisation. Proper implementation of organisational operations
helps in producing more inn ovetive goods and services as per the needs and wants of people at
market place as it creates benefits for firm or its growth. The essential elements of firm are
described as under:
Vision of firm: This can be described as the mo0st essential aspect of business enterprises as it
also considered as the predetermined statement which helps in implementing all business
activities in proper manner. It is the major duty of organisational authority to design and
effective vision statement which provides a proper way to employees to reaching at higher
growth and outcome (Gordon, 2012). Each small as well as large business enterprises has their
own vision statement which create differentiation within the activities of business organisation.
As a well known marketing company Periscopix is concern on creating an effective vision
statement in order to establishing all business operations in systematic manner.
Culture of firm: This is also an another essential component of firm which has a direct influence
on commercialisation and innovation of firm. It is essential for an organisation to implement an
effective culture in respect to maintaining the proper flow of data and information within work
place. An effective and good culture helps in providing various opportunities and strength to

people as to developing their efficiency of work as in an effective and friendly environment
people work with more coordination and collaboration. Periscopix is concern on implementing
effective culture as to attaining growth and success at market place.
Leadership of firm: This can be evaluated as the most essential part of firm, all business
organisations are concern on implementing their business and its activities into appropriate
manner (Huizingh, 2011). Leaders are helpful in encouraging people at work place as to
enhancing their working ability to perform various business operations in effective manner.
Leaders are concern on providing right task and duty to right people in order to completion of
organisational activities in effective manner. As a marketing consultancy company Periscopix is
concern on appointing leaders as to commanding their employees towards right direction.
Team spirit: This consist to be the most focused area of firm as each business organisations are
concern on creating teams as to reducing the work force. This create benefits in completion of
organisational task with more collaboration and coordination. As a well known company
Periscopix is concern on creating teams in which they assign people with similar skills in order
to attempting all business operations in effective manner.
TASK 2
P3) Evaluating 4 P'S of innovation.
Innovation is consist to be the key element of each business organisation as it is essential
for organizations to implement innovation in order to developing their performance at market
place by offering variety of products and services to their significant buyers. The 4 P’s of
innovation theory helps in making effective changes in the products and services of firm as to
fulfilling the basic desires of people at market place (Rosenbusch, Brinckmann and Bausch,
2011). As a marketing consultancy company Periscopic is focused on implementing appropriate
changes in the products and services of firm which are offered by them to their significant
buyers. The proper implementation can be done through applying most suitable idea and
thoughts at work place. The elements of 4p’s of innovation are described as below:

Figure 1 4P's of Innovation
(Source: 4 P’s of Innovation, 2018)
Product Perspectives: This can be considered as the primary element of the theory of Innovation
as it is the most essential element of firm and also refers as the representative of an organisation.
It is essential for each small as well as large business organisation to create awareness about their
offered products and services in order to developing the number of customers with the firm. As a
well known company Periscopix deals in variety of services and widely concern on offering best
services and products to their buyers and clients as to maintaining their brand image in the mind
set of people.

Process Perspectives: It comes after analyzing the element of product. This is second stage of
innovation theory which helps in implementing new and innovative ideas within an organisation
through applying an effective process. As a marketing consultancy company it is essential for
Periscopix to sustain customer for long time as to maintaining the brand image of firm. The
company introduce their products and services at market place through applying easy and
common way as they provide appropriate detail about the services and products of firm at the
time of making transaction. So that it create benefits for customers to making effective purchase
decision.
Position perspectives: It also consists to be an necessary element of innovation process. Every
firm is focuses on rendering high quality services to their customers in order to provide
satisfaction to their buyers who are very much willing to taking benefits of offered products and
services of firm. As a well known company it is necessary for Periscopix to analyses their target
market in respect to positioned their products and services at market place so that growth of firm
can be enhanced.
Paradigm Perspectives: It can be described as the final stage of innovation which encompasses
as a continuous process of products and services. In this process organizations are concern on
implementing new ideas and thoughts as to making organisational existing products more
effective and appropriate in natures as in this process there is not any kind of changes arises in
the type of product only features are changes as to gaining attention of more and more buyers
(Jaffe and Lerner, 2011).
Innovation Funnel: It can be resolved as the procedure of accumulation of new thoughts and
musings and select best among accessible choices. Organizations basically centers around
recognizing new needs and needs of clients and than deliver merchandise according to
prerequisite of market. New items are composed by all around gifted individuals, with the goal
that they can make a powerful usage of assets.
P4 Development in frugal innovation and its uses
Frugal Innovation can be described as a vast concept which helps in reducing the chances of
conflicts and issues that ahs a huge impact on the productivity and growth of firm. This can be
attained through removal of unnecessary and non important features and element of products

which are not effective for attaining significant profit through developing the cost of production.
Frugal innovation is effective in providing more suitable products and services to their buyers as
to fulfilling the desires of buyers (Ries, 2011). Periscopix applying the method of frugal
innovation in respect to attaining higher growth through reducing extra cost of production.
Therea rea various elements which are applied by Periscopix as to developing the concept of
Frugal innovation in which some are described as below:
Reduce Production Cost: This consist as the essential element of firm as the growth of firm is
influenced through the total production of firm. It is essential for each small as well as large
business organisation to reduce the cost of reduction so that organisation can attain high benefits.
Adding new features: Innovation is all about implementing new changes in the existing
products and services as to making them more effective as to enhancing the sales of firm. The
major objective of frugal innovation is to reduce the chances of issues among the process of
production.
Adopt new technologies: This is also an another essential element of firm as in the modern era
each business organisation is concern on implementing new and innovative technologies at work
place in order to developing the function of production at market place. New and advance
technologies are effective in producing more effective goods which are helpful in satisfying the
needs and wants of people at market place.
TASK 3
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation
Commercial Funnel is also considered as the most essential element of innovation this can
described as the process which helps in manipulation of humans mind at the time of making
purchasing decision. This process helps in providing various benefits to the firm as to sustaining
people for long run of business activities at market place (Patton, 2011). This plays effective role
in analyzing the actual sales and profitability of firm which helps in analyzing various
opportunities as to attaining high growth for firm. In the era of modern market competition is so
high at market place and as to maintain the image of firm in the mind set of customers it is
essential for them to adding some innovative and new features in the existing products of firm as

to increasing the demand of product at market place. High demand of product cause benefits for
firm. In research to reaching at higher growth and success Periscopix is concern on producing
more innovative and effective products and services for their significant customers. As to
developing a new product at market place organisation needs to follow some stages which are
described as below:
Generate Idea: This is the fundamental stage of new product development. It is essential for the
higher authority and management to analyzing the new market preference and choice as to
developing products and services as to fulfilling the desires of people.
Idea Screening: In this stage idea has to be screened in order to implement them into proper
action. In this Periscopix is concern on analyzing all the conflicts that are arises through
introducing the idea.
Define Concept: This progression incorporates about testing of the strategies and methods of
new thought before generation of products. This aides in ID of the reasonability of new thought.
Market Strategy: in this an effective strategy has to be prepared by firm as to implementing all
business activities into proper action.
Business Analysis: In this the appropriateness of idea has to be analyzed within the environment
of firm (Patti, Yanes and Siuzdak, 2012).
Product development: In this stage product has to be introduced within the market place.
Test Marketing: It is an essential term which needs to performed by firm as to testing the
efficiency of market in respect to developing effective and innovative products.
Commercialization: In this product has to be launched at market place and ready to used by
people.
P6 Evaluation of Innovation Business Case
Every companies is mainly related with to accomplish different types of functions and
operation of the organisation which helps to accomplish demand and desire of the customer in
stipulated time period the major objectives of the company is to consider different types of aims
and objectives of organisation in effective manner. In order to perform different types of task in

effective manner. Organisation implement different types of innovative technology in order to
acknowledge the different types of activities of companies. In order to attain effectiveness in
different types of operations of organisation in effective manner (Manyika and et. al., 2011).
These innovation aids to accomplish the different types of task in stipulated time period. As per
the above case it has assumed that Periscopix implement time gap policy in which that possible
for them to introduce and introduce different types of products and services. It also helps to
attain effectiveness in performing different types of activities of organisation. Periscopix is a
well known marketing consultancy company which deals in providing marketing services to the
different clients. It is essential for firm to analyze the actual needs and wants of people in respect
to fulfilling the in effective manner through producing new goods and services. Company needs
to manage funds and capital in respect to conducting all business operations in effective manner.
TASK 4
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights
Each individual having their own arrangement of learning and abilities, the formation of brain
pull in towards inventive idea and thought. Any disclosures related with phrases, words, outline,
images and works can be caused in balanced property. These thoughts are useful in conquer any
hindrance amongst trailblazers and open intrigue (Mowery and et. al., 2015). Each worker
having some arrangement of rights, so they can undoubtedly utilize their thought and learning
without considering the situation of rivals in a specific timeframe. Some significant instruments
are depicts as underneath:
Trade Mark: It is an imperative personality of any business firm, it can be as images, logo,
gathering of words that are utilized through fabricates as to gaining attention of people. It helps
in recognizing a particular brand. The image of exchange stamp is "TM".
Copy Right: It is acknowledged by the court of nation that gifts maker of unique work blessed
ideal for its channel of circulation. Duplicate right is vital in light of the fact that there are heaps
of rivalry accessible at commercial center and contenders can duplicate their image. With the
utilization of duplicate right nobody can duplicate their image other shrewd organization can sue

others at court. It can be resolved as the indication of '©' which represents that condition has
copyright.
Patent: This spares the advancement of organization from not being utilized by some other
individual or organizations. To achieve the patent, organization needs to apply to government in
regards to privilege of patent for their development.
CONCLUSION
Ad per the above mentioned report it has been concluded that development and
innovation assume diverse part in each business firm. These two depend on each other however
they are diverse terms. Innovation are often reviewed as the implementation of appropriate
solution that helps in attaining unarticulated requirements, existing requirement of market, needs
and wants of customers. Innovations refers as the process of implementing new and ideas,
methods and technologies into appropriate action in respect to creating a product or services
more effective and attractive in nature.

REFERENCES
Books and Journal
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measure it, and profit from it. FT press.
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Online
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Patton, M. Q., 2011. Developmental evaluation: Applying complexity concepts to enhance
innovation and use. Guilford Press.
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Ries, E., 2011. The lean startup: How today's entrepreneurs use continuous innovation to create
radically successful businesses. Crown Books.
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Online

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<http://www.innoviscop.com/en/definitions/process-innovation>. [Accessed on 20th
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