Innovation and Commercialisation: Importance of Commercial Funnel, New Product Development, and Intellectual Property Protection

Unit 8 Innovation and Commercialisation

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P5 explanation of importance of commercial funnel:..................................................................3
P6 Building innovative business case for checkout.com:............................................................5
P7 The different tools that organization can utilize to develop, retain and protect knowledge and
intellectual property.........................................................................................................................6
M4. Present supported evidence-based evaluation of these different tools in the context of the
wider business environment.........................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Commercialization means the process and methods used by the business to introduce
their products in the market. The commercialization is a broad term which include the
production, development of idea, production and introducing the product in the market. The
success of new product of the company mainly depend upon commercial success (Friedman,
2017). This study is based on the Checkout.com, the company was established in 2012 with the
purpose of bringing new technology which allow business as well as customer to easily and
safely pay their bills. The company was started with the motive of innovation in the payment
methods. In this report we will understand the importance of commercial funnel and understand
the process of New Product Development for commercialization of innovation. Later we have
build and understand innovation business case and provided methods which company can use to
access funds. At last in this report we will discuss different type of tools which can be used by
the company to protect the intellectual property of the business organization.
MAIN BODY
P5 explanation of importance of commercial funnel:
A commercial funnel is a method used in marketing, this help business to find and qualify
trade their product with the customer. This help company to break down the journey map of the
customer and understand the concept and process of sales funnel. This funnel provides important
details of area where a company lack behind and need an improvement. The importance of
commercial funnel are as follows:
Awareness: this stage of the commercial funnel means the customer is try to get aware about the
company, this happens when the customer start its journey by identifying the problem and later
search the solution on commercial platforms, the organization can understand the touchpoint
which help the to improve the awareness about the company and its product (Bilgin, 2018).
Interest: second stage of commercial funnel help company tom understand the interest level of
the customer, at this stage, many customers started to loss interest and turn back from their
journey and only few left which later ask for more details and information about the company
and its product.