Innovation and Commercialisation: A Study on Ascension Ventures

This report focuses on innovation and commercialization in Ascension Ventures, a healthcare venture fund in London, UK. It compares innovation and invention, examines the 4P's of innovation, and explores the use of the innovation funnel. The report also discusses how organizational factors shape innovation and commercialization and the growth of frugal innovation.

UNIT 8: INNOVATION AND COMMERCIALIZATION
INTRODUCTION:Innovation and commercialization is a procedure that focus is to develop and emphasize
feasible organization approach for innovating product in order to attain aims and objectives of organization by
enhancing customer (Hameed, Nisar and Wu, 2021). The report is on Ascension Ventures that is regulated venture
capital organization which is located in London, UK. It is provided product and services related to healthcare
industry and mainly focuses on returns and their beliefs is determined by non-profitable organization. As their main
goals is to provide products and services to poor and vulnerable in order to satisfy their needs. In this study about
innovation and comparing among innovation and invention in order to determine their key components. It
determines types of innovation in regard to organization and examine procedure that is needed to commercialize
innovation. Further, implies range of methods through determining their benefits and drawbacks for securing their
ideas and innovation.
Determine innovation and their significance in comparison with invention
Innovation- It is defined as a process in which product is created with purpose to attain organization productivity and attracts more customers
towards organization to achieve desired targets and goals in respective manner (Lin, Xiao and Wang, 2021). In order to this organization implies
their skills and knowledge into product to innovate in manner to provide customer better quality of services to consumer. Invention- In regard to
this, invention helps organization to invent product and services in manner to develop goods to achieve objectives of organization respectively.
The new ideas and views are facilitated in organization to make products in new form (Lazzarini and et.al, 2021). To develop products by
inventing products and service to boost organization productivity and efficiency. In order to it develops new product in organization by considering
in mind about customer health to provide them better services through healthcare venture fund. By comparing both terms help in determining their
importance to achieve desired targets and goals respectively, as they both are different from each other. The comparison takes place to determine
their importance and other factors as basis of comparison.
Study how organizational different factors that may shape innovation and commercialization
The business is determined by different elements that occurred by designing of innovation and commercialization through
emphasizing vision, leadership, culture, and teamwork. This is determined below; Vision- In regard to organization, their
vision is to deliver personalized care to people for facilitating better services to them for achieving organization objectives in
effective way. To raise organization productivity and profitability (Al, 2021). The main vision of them is to offer services
and products to those people who are poor and vulnerable, as they can't afford prices by providing them products in non-
profit manner. This helps in satisfying needs and desires of organization by helping poor people and make them happy, that
is main aim of them. As their main purpose is to provide services to vulnerable people to fulfil their needs and desires.
Leadership- In respond to organization, the leadership function is performed by senior managing director of Ascension
Venture in way of towards focusing on leads organization by putting each one effort in equal manner. By this employee
performs their work in productive manner and maintain their role by functioning in systematic manner to achieve
organization objectives. Through managing and investing overall efforts in positive manner, in order to reach to maximum
people who are vulnerable and poor by satisfying their needs and desires in productive manner. Culture- In terms of
organization, the culture diversified by various forms as they have effective culture management in order to these conducts
team approach and meet new people. The communication takes place through conducting programs in which interaction is
takes place in effective form (Joseph, 2021). This helps business to achieve desired goals and objectives effectively by
making better relationship with their people and workers, by listening their view and ideas in respective manner. It helps in
shaping innovation and commercialization in productive manner. By profitability for emphasizing better culture to their
members. Also, helps needy people through providing them better services by managing their health and conduct better fund
to satisfy their needs and desires. Teamwork- It is an essential part of organization, as business performed their work by
building effective team that work in systematic manner. In order to design innovation and commercialization by facilitating
teamwork boost organization productivity in effective manner. By working in team helps organization to reach towards
maximum peoples by working in team. Through this work divides among team members and easily interact with more and
more people and helps them by conducting a productive approach for business.
Examine 4P's of innovation and appraise use of innovation funnel to shape innovative thoughts
In order to this under innovation 4P's are paradigm, product, process and position that plays significant role in
shaping organization to achieve desired goals and targets effectively. It is explained below; Paradigm- In terms of
organization, it is a planned procedure through which business faces changes that take place in driven creativity ideas
and thoughts to overcome risks and issues in respective manner (Balasbas, 2021). This results in to change products
and services in accordance to requirements of people to satisfy their needs and remove barriers. By doing their job in
effective manner through facing challenges and risks in positive manner without get affected from it. This helps in to
overcome barriers and happily run their organization in order to reach o maximum poor people. Product- It is an
essential thing that is offered to consumer for satisfying their needs and desires in productive manner by providing
them better products. In respond to organization, the product helps business to run and satisfies poor people by
providing them better products that are related to technology to facilitate customer needs and preferences in desired
manner. In order to provide them innovative products that satisfies their needs and desires. Process- The procedure is a way
in which products are make that provided to consumer and in this various process takes place. In these stages include workflow,
hire people and other factors that consist in process of performing organization function in effective manner. Through
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Innovation funnel:The funnel of innovation plays key role by using this innovative
thought are shape in manner to attain needier people and satisfies their needs and
desires effectively (Adigue and Abuda, 2021). In regard to organization, it determines
stages that take place under organization to create and innovate products through this
innovative idea more customers are attractive towards organization. It plays key role in
innovation funnel to meet up market requirements in manufacturing and conducting
economical way to innovative ideas into action to raise organization productivity. As
their main focus is on streaming of thoughts and observed vulnerability to attain more
customers. This uses in to innovate ideas and implements into action to perform their
tasks in mechanism to reach to many peoples. Through this funnel a systematic order is
CONCLUSION
The report has been concluded comparison of innovation
and invention through determining both concept and
organization factors that design by innovation and
commercialization. In this summarizes of 4P's of
innovation and uses of innovation funnel that has been
described in it. Also, growth in frugal innovation has been
study in accordance to determine by driven examples.
Determine growth in frugal innovation and given example of how it used
The frugal innovation helps in development of organization by
which organization achieves their desired targets and goals effectively. It uses
in different form with the purpose of emphasizing new model of organization,
redesign their goods and value chain management. To boost organization
productivity and efficiency in effective manner. Their main focus is on to
develop inclusive market sectors and remove obstacles in productive manner
(Pilav-Velic and Jahic, 2021). It determines growth of business by enhancing
market sector through which reaching to maximum customer and facilitates
development of organization through frugal innovations. The significance of
the frugal innovation is; Environmental restraint- In this includes different
factors such as climate, water, power and other environmental factors to
raising demand for frugal approaches of operation and consumption to boost
environmental constraints in effective manner.
Caring- In regard to organization, this signifies that organization thinking
about care of needy people as their main focus is on poor and vulnerable
people to provide them innovative products and services with non-profit
manner to satisfies people. As by caring people and thinking about them
peoples are also satisfies and feel happy that organization is thinking about
them. Their main purpose is to facilitate more and more people to help them.
Fast growing market- It develops fast growing market through frugal
innovation helps in raising market sector of organization. By this frugal goods
and services is high as providing better services to peoples (Le, 2021). This
derives importance for organization by frugal innovation. The example of
frugal innovation in organization is they provide services to needy people by
providing healthcare products to customer without affecting them and occurs
cost from them. It works in manner with purpose of non-profit business to
achieve desired targets by frugal innovation to satisfies customers.
Disruptive innovation refers as it creates a new
market and value network which helps the company
or a business to launch and expand their product and
services related to the innovation. This innovation is
very much utilized by the company where they are
able to capture the new market and can shape the
needs and desires. This kinds of innovation have
been adopted by the small entrepreneurs and startup
companies who have new in the business market
field.