Innovation and Commercialisation: Building Business Case for Hakim Group

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION ..........................................................................................................................3
Activity 1 (LO1 & LO2)..................................................................................................................3
Activity 2.........................................................................................................................................3
TASK 3............................................................................................................................................3
Commercial funnel and the application of NPD.........................................................................3
Building an innovation business case for an organisation, including ways to access funds.......4
TASK 4............................................................................................................................................6
Evaluating the different tools which organisations could use to develop, retain & protect
knowledge and intellectual property...........................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Innovation acts as the most important role within an organisation that provides great
success & growth to them. This refers to the introduction of a new concept or a product through
having something which is not previously present in it. To compete with today's dynamic world,
it is highly essential for each organisation to bring some innovation into their operations.
Commercialisation refers to set procedure which is indulged in the launching of latest item or
any method within the production department of such business. The first part of the report
focuses upon the importance and compression between innovation & invention along with the
types of innovation. The different types of innovation and its 4Ps, the discussion over innovation
funnel and frugal is also been done in the report (dos Santos Nogueira, 2021). The second part of
the report comprises of a business case that includes a discussion over the application of new
product development. Further, the different ways of funding an innovation project is mentioned.
Lastly, the various tools that is being utilized by the companies to retain & develop the
intellectual or property knowledge. The business company upon which the report depends is
Hakim Group. The company deals in optical sector having a complete group being established in
year 2001 in UK.
Activity 1 (LO1 & LO2)
Covered in Brochure
Activity 2
TASK 3
Commercial funnel and the application of NPD
The main aim of commercial funnel is to attain higher profit via various types of tasks
such as marketing, production, selling, etc. The commercial funnel is comprised of different
phase which assists the company to make their products efficient and profitable. The
management tries to mitigate the funnel complexities in a manner that it minimises the long
phase as a consequence to results in shorter process. The importance of Commercial funnel are
mentioned below:
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