Innovation and Commercialisation

This report discusses innovation and commercialisation in the context of BAJ Shop Ltd, a jewellery making company. It covers ways to foster innovation, different types of innovation, risks and benefits associated with innovation, and tools to protect intellectual property. The report also includes a detailed innovation business case for BAJ and techniques to measure the overall effectiveness of the innovation.

Innovation And
Commercialisation.

Table of Contents
INTRODUCTION ..........................................................................................................................3
SECTION 1..................................................................................................................................3
1. Within the jewellery industry there has been the lot of changes and challenges and The
organisation is feeling the brunt of it. Discuss 2 ways in which BAJ shop Ltd and its
competitor source and foster innovation with example. ............................................................3
2.Differentiate between different types of innovation and how they are processed within the
organisation . Explain how they proceed with BAJ and H Samuels?.........................................4
3.With the knowledge gathered produce the detail business case for innovation within BAJ.
Includes risks and benefits and ways of funding........................................................................5
4.Help BAJ by evaluating different tools it can use to develop, retain and protect knowledge
and intellectual property. ............................................................................................................6
SECTION 2.................................................................................................................................7
1. Discuss the ways in which different organisation source and foster innovation, using
specific examples........................................................................................................................7
2. Analyse and apply the innovation funnel in an organisational context..............................8
3. Explain the role of frugal innovation in the organisation. ...............................................8
4.Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques............................................................................8
5.Present support evidence based on evaluation of the different tools in the context of
business environment..................................................................................................................9
SECTION 3 ................................................................................................................................9
1.Critically analysing how innovation is successfully develop and embedded in different
organisational context.................................................................................................................9
2.Produce a commercially driven business case for innovation, including an action plan for
development and methods for its successful protection in the context of wider business
environment...............................................................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation and the commercialisation is defined as the procedure of developing the ideas
, knowledge and the inventions to increase their wealth , this can be for individual, businesses
and for the society. In order to make the invention in the business there are various process in
which an organisation has to go through. These steps builds to enhance the business by
developing the prototype for the innovation. It is the process of generating new ideas in the
market in terms of product and services. The wider act of the commercialisation includes the
production, distribution, marketing and the sales and many more aspects. The report is being
made in the context of BAJ Shop Ltd a company which started its operations three years ago and
they provided beautiful designed jewellery at the reasonable prices(Ali and Tang, 2022) . The
aim of this report is to highlight the various ways or organisation to foster innovation, types of
innovation they are using in the organisation, risk and benefits in the process of innovation with
focus on funding and multiple tools that organisation is using in the organisation to develop and
retain intellectual property.
SECTION 1
1. Within the jewellery industry there has been the lot of changes and challenges and
The organisation is feeling the brunt of it. Discuss 2 ways in which BAJ shop Ltd and
its competitor source and foster innovation with example.
In an organisation innovation is very important to cope up with the current market and
competition. Innovation in the organisation starts with appropriate leadership and this innovation
is driven by consumer that force small and large companies in order to deliver more affordable
and better product and services (Altaf, e Hassan and Batool, 2019) . There are various ways in
order to enhance the innovation in the different businesses. The ways are described below:
 Take risks- The ways of innovation in companies are goes through a set risks that arises
in the process of developing innovation. By taking risks and take ownership of the risks
and failure. Taking risk in innovation process is the essential element for the success of
the business.

 Made a structure or process of innovation- Making structure and aligning the activities in
order to deal with the transformation in the business is very much essential to avoid the
mid-management in the procedure. There are platforms that provide guidance in
innovation process.
 Evaluate the outside world- The outside world includes the market and the competitors.
Having the knowledge of the world that is also fostering constant innovation helps
businesses to generate more and more information which helps in creating the process of
innovation and to build the procedure.
The BAJ Shop Ltd has discovered a new technological innovation in jewellery making
process which helps in making jewellery in more innovative and cheap, There aim is to create a
beautiful designer jewellery at a reasonable price. With this technology they have made 4 new
rings design, 2 necklace and earring.
2.Differentiate between different types of innovation and how they are processed within
the organisation . Explain how they proceed with BAJ and H Samuels?
Innovation in the companies are essential procedure to run the organisation smoothly and
different organisation used different types of innovation in the working as in accordance to the
needs of the customers and ways of performing tasks (Boni and Abremski, 2022) . The types of
innovation are discussed below:
 Incremental innovation- It is describes as the most used type of innovation that can be
implemented by making use of existing technology in the organisation which enhances
the value of the product and services in the context of customers. In the context of BAJ
Shop Ltd , they should enhance the design by using machinery that adds life long value to
the jewellery.
 Disruptive Innovation- This type of innovation is describes as the implication of new
technology or procedure that establish product in the existing market. The newer
technology may be expensive and harder to use, which is suitable for few business only.
In the context of BAJ Shop Ltd, they should not implement such technology because it
cause much more expense that revenue.

 Architectural innovation- It is type of innovation that is describes as implementation of
the innovation by analysing and taking lessons, skills and technology by evaluating the
different market. This innovation type is increasing in the current market scenario as it
helps in increasing the customers and making market receptive. The risk related to this
innovation is low as it is generated by market which is following customer needs and
wants (Del Castillo, 2021) . In the context of BAJ Shop Ltd, they should implement this
type of technology in their jewellery making as it is based on the customer approaches
and demands.
 Radical innovation- It is defined as the most innovative type which gives birth to the new
industries with the development of the new technology and brings revolution in
technology industries. In the context of BAJ Shop Ltd, they should not use this type of
innovation as it is highly expensive and risky for the business and demands much more
investments.
3.With the knowledge gathered produce the detail business case for innovation within
BAJ. Includes risks and benefits and ways of funding.
An innovations the continuos process in the organisation that comprises the different
risks and benefits associated with it. In the context of BAJ Shop Ltd which is a jewellery making
company, they have also develops various types of innovation in order to develop the business
productivity. Some of the risk and benefits with the innovation process are discussed below:
Risks
 Imbalance in growth of products- The most common risk associated with innovation in
jewellery is making balance of the products with the cost implemented with it. BAJ
should not cross the limit of balance in order to innovate more.
 Constant change in customer approach- Implementing innovation in the product may
consist the risk of constant change as the approaches towards the change in the jewellery
constantly changes which contains of risk of failure of innovation.
 Financial problems – The mostly faced risk in innovation is lack of financial capability of
the organisation. In the context of BAJ Shop Ltd., they should evaluate the capacity of
the organisation to pay in the innovation and to make any other changes in the
organisation, then they should implement changes.

 Ways of crafting – Innovation changes the existing product and this change may cause
positive as well negative impact on the customer. In the context of BAJ Ltd, they may
consider the different design and concept of jewellery by the feedbacks and wants of the
customers.
Benefits
 Create new fashion among people- The innovation in the jewellery brings new designs in
the market which is considers as the new trends by the people. These innovation
immediately accepted by the people as in case of jewellery people always wants some
differentiation.
 Enhances the time time of jewellery – By implementing the innovation in the jewellery
results in making jewellery strong and stylish , which makes it acceptable among the
people.
 Taste and preferences- Different people have different taste of ornaments, some may like
the jewellery , some will reject it. Its totally a personal approaches , so innovation by the
BAJ Shop Ltd in the making of jewellery have the potential to create new trends among
the people.
4.Help BAJ by evaluating different tools it can use to develop, retain and protect
knowledge and intellectual property.
There are multiple ways by which a company can protect its innovation in the market. And
the reason behind the innovation is to make sure nobody can use the ideas of innovation and
generate the profits by it. Following ways to protect intellectual property are discussed below:
 Copyrights- BAJ Ltd can implement the copyright on their innovation process in order to
protect their artistic work and work of authorship. It can give licenced for artwork,
drawings, text or different patterns, so that others will not able to produce the same
ideas.
 Trademarks- These type of tool that is used to protect intellectual property can be used in
brand names , symbols, logos and make distinguish between the different organisations.
It provides many advantages such as protect your innovation and creates the separate
identity of the organisations in the market.
 Patents- This type of tool is generally provide protection in innovations through
registering the unique work of the companies or general public. Technicial information

about the innovation needs to submitted in patent application. In the context of BAJ
Shop Ltd, they have to protect their inventions of the jewellery by registering their
process of invention.
 Arrange some evidence in the process of innovation- In order to protect the design and
new ideas BAJ Ltd needs to record some basic proof of their innovation which helps in
saving their innovation from the competitors (Drivas, 2022) . This also accomplish by
the generating set of evidence that documents the evaluation process.
 Create awareness among the employees regarding security of intellectual property- BAJ
Ltd have to provide training to the employees of the organisation about the intellectual
property security and should avoid the possible intellectual property breaches , which
helps businesses to secure their position in the market.
 Draft strong non- disclosure agreements- Its a clever decision of generate some helps
from the legal agent in order to draft non-disclosure of legal provisions which need to
clear among all (Wang, Phillips and Yang, 2021). In the context of BAJ Shop Ltd, they
should consult a legal agent and draft agreements in order to save their work.
SECTION 2
1. Discuss the ways in which different organisation source and foster innovation, using
specific examples.
Innovation is the constant process in each and every organisation and different organisation
supported it in their own ways. Organisations such as coaching centres supports innovation in
establishing new technology of learning, businesses of jewellery establish new machinery to
make creative designs in jewellery, manufacturing business establish develops the ways to
enhance the, manufacturing (Evenson, 2019) . There are multiple differentiation in the business
environment and culture such as collaborative environment, interactive environment, leadership
based innovation and many more. By evaluating new ideas and discovering new markets helps in
fostering innovation in different organisation.

2. Analyse and apply the innovation funnel in an organisational context.
Innovation funnel is describes as the framework that continuous generate innovation and
ideas by following certain prototype. It includes the 4 steps , firstly they develop ideas , BAJ
develops the idea that enhances the value of the jewellery (Roh, Lee and Yang, 2021) . Second
the criteria of development , BAJ considers in which aspect of jewellery making they have to
focus. Third they have to test whether this idea work or not, BAJ test some samples which the
customers. Then at last they have to check the external environment for change, BAJ have to
check whether this idea of making change in jewellery is different suitable in the market with
other factors or not.
3. Explain the role of frugal innovation in the organisation.
Frugal innovation is describe as the process that minimizes the complexity in the product and
services and also make reduction of the cost through eliminating non-essential features in the
product. It is imperative in context of people who wants the lower costs and more values ion the
goods. It is frugal because it organisation adopt a process of simpler manufacturing and reducing
quality in the product and services (Gong and Peng, 2018) . Frugal innovation plays a very
important role in the BAJ Shop Ltd as there are also people who wants the jewellery in low costs
because of less use of it in day to day life. Frugal innovation is the the need of the current market
scenario as it is very much important for seller as well as customers , some of the importance are
discussed below:
 Cutting funds and make reduction in debts- The frugal innovation minimizes the cost that
organisation bear in manufacturing the products and reduces the amount of borrowing of
the companies from the different sources. Customers also wants products which is less in
cost and fulfils the demands oof them.
 Good for environment- The environment also demands the goods which uses less
resources and satisfying the the needs of the customers. As climate, energy and many
other resources also enhances the demands for more frugal products in both the
production and consumption context.
4.Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques.
In order to make measure the success in the process of innovation there are multiple criteria
and techniques that businesses has to follow such as KPI technique:

 Engagement- By this company checks whether customers are engaging in purchase those
product or not.
 Actionable ideas- Check or implement the ways through which customers get to know
more about the benefits of the products.
 Project profitability- Measure of the potential profit from the innovative aspect of the
product.
 Actual profit- Evaluate actual profit and make comparison of it with potential or estimate
profit.
 Costs- Analysis of the cost and remove that cost from the innovation programme and
from profitability.
5.Present support evidence based on evaluation of the different tools in the context of
business environment.
Innovation tools helps in anticipate the market changes more quickly and provides the
opportunities that provides growth to the business. The tools not only helps in measurement of
the business success but also makes organisation to deal with the challenges that will create
problem in future(Krasnikov, and Jayachandran, 2022) . These tools encourages the creativity in
the business with that develops the solutions and offering innovative approach. The company
BAJ Shop Ltd should use tools such as Digital ring sizer, gem light box and many more that
enhances the productivity in more simpler and creative form.
SECTION 3
1.Critically analysing how innovation is successfully develop and embedded in different
organisational context.
Innovation can be successfully develop in the different organisation by various ways:
 Be diverse in performing tasks- Having diversity in the way of performing tasks and
activities and in relation to staffing and skills generates more creativity in the
organisation. The more diverse ideas an organisation collects , the more they succeed in
the market.
 Hire the best talent- In order to be more innovative in the working of the organisation ,
there is a need of talent in the organisation, so that they generate the different ideas in the
organisation which helps in fostering innovation in a company. Having manpower that

have the history of innovative performance are more likely to perform better in the
organisation. And a company should make sure to prioritises innovation in the business.
 Explore more in innovation process- In the initials of the innovation process, there is a
need of raw materials and other means of making products , by exploring more and more
horizons and material learning business can choose the best suitable sources.
2.Produce a commercially driven business case for innovation, including an action plan
for development and methods for its successful protection in the context of wider
business environment.
In order to protect the business environment and innovation there are various approaches
that a business can use such as to protect environment business has to adopt renewable energies
and make sure to generate less waste (Lin, Xiao and Wang, 2021) . And also introduce measures
that reduces green house gas emissions. And in order to protect innovation in the business they
should protect it by copyrights and patents. In the context of BAJ Shop Ltd, they should protect
their new innovation by implementing copyrights and patents on the innovation type and the
process of creating innovation.
CONCLUSION
From the above report it is concluded that innovation and commercialisation are essential
and constant part of the business organisation. In order to facilitate the innovation in the
business, there is a need to follow certain regulations and code of conduct. This report is being
made on BAJ Shop Ltd which a jewellery shop. There is 3 sections in this report . Section 1
report contains sources that foster innovation with types of innovation that business should
adopt. It also contains the risk and benefits of the innovation and different tools that protect
intellectual property. Section 2 ans section 4 contains the different sources help in innovation,
application of funnel of innovation , measurement of effectiveness and critical analyse of the
innovation in context of different organisation. It also consist the implementation of tools in the
innovation process.

REFERENCES
Books and Journals
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Health Transformation. Journal of Commercial Biotechnology, 27(1).
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