Innovation and Commercialization in the Jewellery Industry

This report covers ways by which BAJ Shop Ltd and different organisations will source and foster information and the types of innovation with their process within the organisation. It also covers the risks and benefits involved in innovation of organisation and the different tools used in an organisation in order to develop and protect the knowledge and intellectual property.

Innovation and
Commercialization

Table of Contents
INTRODUCTION ..........................................................................................................................4
SECTION 1......................................................................................................................................4
1. There has been a lot of changes within the jewellery industry with challenges and The
organisation is feeling the brunt of it. Discuss ways in which BAJ shop Ltd and its competitor
source and foster innovation with example. ...............................................................................4
2. Differentiate between different types of innovation and how they are processed within the
organisation . Explain how they proceed with the jewellery industry of BAJ Shop Ltd............6
3. Produce the detail business case for innovation within BAJ Shop Ltd that includes risks and
benefits with ways of funding.....................................................................................................8
4. Help BAJ by evaluating different tools it can use to develop, retain and protect knowledge
and intellectual property. ..........................................................................................................10
SECTION 2....................................................................................................................................11
1. Discuss the ways in which different organisation source and foster innovation, using
specific examples......................................................................................................................11
2. Analyse and apply the innovation funnel in an organisational context.............................12
3. Explain the role of frugal innovation in the organisation. ...................................................12
4. Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques..........................................................................12
5.Present support evidence based on evaluation of the different tools in the context of
business environment................................................................................................................12
SECTION 3 .................................................................................................................................13
1. Critically analysing how innovation is successfully developed and embedded in different
organisational context...............................................................................................................13
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...............................................................................................................................13
There are various practices and variations that must be enforced for successful protection of
innovation in business environment. The main focus should be in less usage of raw materials
for making of products which will decrease the wastage of it. BAJ Shop Ltd should protect
their innovation process with implementation of patents and copyrights on the authentic,

different and modern design of their jewellery. This protection will enable them to increase
their value in market with different and authentic design of jewellery.....................................13
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
The process of inventing new products, processes and services with aid of creative ideas is
known as Innovation. The method by which these products, processes and services are used in
the market is known as Commercialization. The process of commercialization is followed by the
process of innovation with the aid of creative ideas, inventions and monetary input in order to
commercialize products or goods into the market. Innovation and commercialization goes hand n
hand in order to run the product in market. Commercialization is a very important part of
innovation as it provides entry to the products in market with the help of expansion of range of
products with improvisation in quality and manufacturing of products. A commercialized
product is a complete packaged product with standard marks, marketing policies that is licensed
and verified to be introduced in the market. These verified and complete products are consumed
by the customers or consumers which helps in increasing the sale in market. Therefore, the
introduction of new products in the market with aid of commercialization in order to increase the
value of product the hand in hand process of innovation and commercialization(Arfi, Hikkerova
and Sahut 2018). This report will cover ways by which BAJ Shop Ltd and different organisations
will source and foster information and the types of innovation with their process within the
organisation. It will also cover the risks and benefits involved in innovation of organisation and
the different tools used in an organisation in order to develop and protect the knowledge and
intellectual property.
SECTION 1
1. There has been a lot of changes within the jewellery industry with challenges and The
organisation is feeling the brunt of it. Discuss ways in which BAJ shop Ltd and its
competitor source and foster innovation with example.
The development of an organisation is based on the innovation level of it in order to enable the
organisation to expand its boundaries by exploring creative ideas, thoughts and creative
inventions. In order to enhance the creativity of employees, organisations need to work
efficiently and effectively for growth and development in an organisation(Carlucci, Mura and
Schiuma, 2020). There are different ways by which organisations source and foster innovation
which are mentioned below:

1. Enable an employee to play the role of designer - The organisation should allow the
members or employees of the organisation to think in such a manner that they will use
their creativity in order to elaborate the internal structure of the company with creative
ideas in consideration with verified research for influential approach on the organisation.
It enables the employees to be an important part of the organisation as their ideas and
thoughts are considered by the company or organisation (Demirel and Danisman 2019).
The employees are set free in order to design their creative minds which are then
implemented by the company.
2. The employees should be encouraged to explore their boundaries - The employees
should be encouraged to take risks and even explore their boundaries in order to go
beyond possibilities for effective management of the company. They should attempt
different exclusive ways in solving any problem or issue with implementation of
innovative ideas and creations.
3. Recreational areas should be provided in order to increase employee's productivity -
The staff of the organisation must be provided separate areas where they can relax
themselves which may help in enhancing their skills. These relax zones or areas enable
the members of the organisation to think creatively by relaxing themselves and bringing
out innovative and useful ideas and strategies for development of the company. They
should be given separate time so that they can use it for thinking and executing impactful
results.
4. The company should indulge more in the act of rewarding employees in
contribution towards its development – There should be the policy of rewarding the
employees with monetary benefits, prizes or revise in salary if they contribute towards
growth and development of the company (Evenson 2019). This is a great way in
encouraging the employees to enhance their creativity level which may also boost the
confidence of employees with such act of rewarding.
5. There should also be a hold of contest on timely basis – The company or organisation
should hold timely contest in order to check IQ level of employees or staff members. This
will help in improving the productivity of employees with effective enhancement in their
skills and knowledge.

Examples – Qualitative products at reasonable and affordable costs help in increasing the
revenue of an organisation like portable chargers, electric batteries for various purposes, water
resistant gadgets etc.
BAJ Shop Ltd should imbibe the policy of rewarding their employees in consideration to their
effective and creative thinking with execution of their creative thoughts and ideas for growth and
development of the organisation. This policy of rewarding will keeps the employees intact with
boost in their confidence and creative thinking.
2. Differentiate between different types of innovation and how they are processed within
the organisation . Explain how they proceed with the jewellery industry of BAJ Shop
Ltd
The implementation of new and creative ideas with aid of creative practices, methods in order to
produce qualitative products involves the process of innovation. The different types of
innovation that have an impact on products, services and processes of organisation are mentioned
below :
 Architectural Innovation – The infrastructure of a company is designed through
architectural innovation of it. Many big companies take the aid of technological
development and expertise knowledge in order to expand their base in market on a larger
scale for growth and development of the organisation (Grimaldi, Greco and Cricelli
2021). Many big companies which are world famous uses this structure of architectural
innovation for expansion in base of their customers by offering effective and affordable
services.
 Incremental Innovation – The value of a company is verified and examined with
incremental innovation of it. They use existing technologies that are running in the
market with aim to offer advanced designs, changes and features in its design. The
smartphone company mostly uses this innovation in order to improve and enhance their
system with improvisation in their designs with modification in features, internal and
outer structure.
 Disruptive Innovation – This innovation is mainly used for application of new policies
of advanced technologies and processes in the existing market. There are various
developments in the technological area which sometimes are less effective in the existing

market. These new technologies are made more effective after enhanced efficiency of
models and solutions with increase in analytical developments in the market. The flood of
internet with technological developments in existing market diversified the take on
selling of marketing tools with advancement in its structural base.
 Radical Innovation – This is the most less used type of innovation as it includes
innovation of different business models, processes, services and techniques for
innovation in the market. The best example of rarest form of used innovation which is
radical innovation is the creation or innovation of Aeroplane. This involves the new form
of creative industry with exposure of travel in market.
There are six stages that are involved in the process of innovation which are mentioned below:
1. Generation of ideas – This is a very important process in creation of an innovation
which leads to impactful results for development of an organisation. The motive, aim and
vision in the mind of person must be clear and precise for effective execution of such
ideas. The members or staff of BAJ Shop Ltd must encourage the brainstorming of its
staff in order to get better results. An employee working in an organisation must
generally conduct brainstorming in groups rather than individuals so that their ideas can
be communicated and shared among employees for improvisation in their ideas. There
must also be availability of comfortable and peaceful environment for generation of
ideas.
2. Capturing of ideas – This is an important step in process of creation of ideas which is an
essential aspect for the procedure of innovation. An idea only works when it is captured
and implemented for resourceful planning of an organisation. This process of capturing
of ideas is mainly done by the way of discussion among the members who communicate
and discuss such ideas for enforcement and implementation of it in the organisation.
These discussed thoughts or ideas are then captured by the staff or members for
successful execution of it.
3. Beginning of Innovation – The generation and creation of ideas leads to the step of
innovation by generating strategies and ideas in order to accomplish the goal and
objective of an organisation. This process involves the evaluation of strategies and ideas
by analysing the critical and minute aspects of it. The members of the organisation

decides and discusses the propaganda in order to execute impactful results. This is the
initial step in creation or formation of new products and services.
4. To develop an effective business strategy – This stage involves the enforcement of
innovation by establishing an effective process for implementation of innovation. This
stage includes the structural development of an organisation. It gives an idea about the
formation of base of innovation which is then discussed among the members of the
organisation (Koloniari, Vraimaki and Fassoulis 2018). The process of discussion is
done by capturing, brainstorming and record of ideas. The organisation then evaluates
and examines every aspect of failure of future possibilities in order to execute verified
and impactful results for development of the organisation.
5. Application of business improvement – This stage involves the possibilities of
improvement that are after the application of innovation. The members start analysing the
future possibilities that hold a chance for improvement in innovation for effective use of
it. The barriers, blockages, hindrances and difficulties are carefully examined in order to
maintain the quality and productivity of innovation. The organisation evaluates risks
involved by critical analysis of process of innovation.
6. Decline – This stage includes removing of an innovation due to its non impact on the
market. The effectiveness and impact of such innovation has ended which has led to
decline in the process of innovation. When the innovation is not suitable or does not go
according to the need of market then it is intended to be removed with replacement of
new development in the innovation sector. The existing beliefs, strategies and thinking is
replaced with new effective creative ideas and strategies.
3. Produce the detail business case for innovation within BAJ Shop Ltd that includes risks
and benefits with ways of funding.
The business case is an important process that creates value in the business structure. It
attract the new ideas and innovation in the business venture. The management is responsible for
investment to ensure flow of funds in the business. The innovation is the demand of current
business market and helps the company to make effective decision for framing the policies for
securing the good position in the competitive market(Kou, Yang and Chen 2020). There are
certain factors that may affect the functioning of the organisation and they are required to
consider such factors in order to avoid competition and threat. The preparation of business case

is a kind of action plan that are designed to create value in the market. It is the vital information
that helps to reduce risk while making effective investment. The business case contains the
financial and non financial data to the investor in order to save their time, money and cost in the
process of innovation. It helps the company to set goals and objectives of the organisation.
The risk factor plays significant role in the organisation arises mainly because of uncertainty
in the business world. It refers to the such losses that may affect the policies of the organisation.
The business case also plays crucial role to overcome the risk through internal and external
factors. The change in the demand and expectation of the consumer are known as the external
risk that may reduce the productivity of the organisation whereas the ignorance of internal
factors also negatively impact the performance of the organisation. The risk factor facing by the
companies due to lack of communication and interaction between the team. Lack of
communication leads to ineffective communication and does not encourage to take part in the
process of decision making for the benefit of the organisation.
There are the following risk that can affect the growth of the business are discussed below:
 Physical risk: It refers to the risk that may endanger the physical asset of the
organisation. It allows the company to take preventive measures to protect them form
hazardous activities and create an effective plan to reduce such risk.
 Human Risk: Human are the important asset and their satisfaction is the prior
importance for the organisation. The organisation is required to ensure safety of the
employees in order to avoid the risk of employment turnover that has direct impact on
performance of the organisation. In context to BAJ shop Ltd, the employees are satisfied
with the basic requirements and incentives provided by the organisation to attract the
employees to exist in the workplace to achieve the desired goal.
 Technology risk : Technological upgradation and advancement of innovative ideas
considered as the most common technological risk. It may affect the performance of the
organisation in the competitive market. The highly upgraded technology threatens the
small scale business and risk the functioning of such organisation (Madsen, Mikkelsen
and Blok 2019). In relation to BAJ Shop Ltd, they are highly equipped with the advanced
technology to survive in the competitive market for a log run.
 Strategic Risk: The organisation having effective policies and strategies to deal with the
business risk can survive in the competitive market. A systematic business plan is

required to reduce the strategic risk and threat to earn higher revenue and maximise profit
in the business market. In context to BAJ shop Ltd., they have well designed strategic
plans to avoid the risk of uncertificated and harm .
 However, the business case allows the organisation to make availability of funds to
meet the day to day operation of the business. These funds helps to make effective plans
to monitor the cost and expense incurred by the business during the financial year.
Therefore , the benefits arises throughout the financial year helps to evaluate the
performance of the company in the competitive market.
4. Help BAJ by evaluating different tools it can use to develop, retain and protect
knowledge and intellectual property.
The organisation are used different tools in order to promote innovation and ideas to establish
goodwill in the market. There are various factors that helps the consumer to recognise the
product by its logo, symbol and services offered by the business. The organisation protect their
product from infringement of any kind and take patent , trademark trade secret over their
products. It allows the customer to use the product in order to satisfy their needs as it is the
important for the company to produce the goods to meet the expectation of the consumer.
There are several tools used by the company to enhance and protect knowledge and intellectual
property are discussed below:
 Apply for Trademark, Patents and Copyrights: The intellectual property rights are
important to secure the rights of the inventor of the products (Nicholls, 2018) . It
exclude others from selling , using , purchasing and exporting the products of the actual
owner . The ultimate objective of the intellectual property is to encourage the innovation
and attract the investors. The company is required to apply for trademark, patent and
other IP rights to protect their products from other as it helps them to create brand loyalty
and goodwill in the competitive market.
 Never stop Innovating: It is important for the company to take initiative to develop new
ideas and technology to survive in the competitive market for a long run. Innovation
encourage the growth and development of the organization and brings creativity in the
product to meet the demand of the consumer.

 Arrange some evidence while Innovating: The ideas and research conducted for
applying IP rights, requires the organisation to produce the necessary documents and
evidence to protect product from its infringement.
 Intellectual Property allows Infringers to be punished: It is the most effective tool to
protect the goods from its infringement because IPR aims to promote the new innovation
and creative ideas of the inventors to produce new goods and services in the market. It
promotes unique ideas that have industrial application to satisfy the needs of the
consumer. It punish the infringers if they are violating the IP rights of the inventor.
Therefore, the information and knowledge used to develop new products and services helps the
company to survive in the competitive market (Zimmerling and Chen 2021). The IP rights is
considered as the effective tool to make investment in the product to increase its productivity in
order to earn higher profit. The more IP rights signifies the growth of the economy and it helps
the company to expand the business to maximize profit.
SECTION 2
1. Discuss the ways in which different organisation source and foster innovation, using
specific examples.
The process of innovation is described by the diversion of new and existing methods through
examination and evaluation of ideas by executing them in market for its successful development.
The introduction of completely new products into market with current process of manufacturing
helps in increasing the speed of production at much higher rate. This innovation of new products
with existing process of manufacturing helps in saving the monetary gain of the organisation
with increase in its revenue (Khan and Khan 2019). Therefore, effective research with planned
strategy and impactful output helps in increasing the level and base of innovation for productive
results. Innovation is only beneficial when it is examined and analysed for effective and
productive results.
2. Analyse and apply the innovation funnel in an organisational context.
The manner of generating innovation with the following of creative ideas in order of an
appropriate framework constitutes the functioning of a generated system. There are various steps
involved in development of ideas. Firstly, there is creation of ideas at BAJ Shop Ltd which will

help in enhancing the beautification of jewellery. Secondly, the process of improvisation or
modification in jewellery making process. Thirdly, these modifications or changes in jewellery
will be tested in order to check the quality of product to bring it out in the market.
3. Explain the role of frugal innovation in the organisation.
The procedure that relates to the decrease in complications of product and services with decrease
in the non requirement of materials in the process of making the product. This decrease in
materials with the process of making the product also reduces the cost of the product. This
procedure of frugal innovation is very beneficial for BAJ Shop Ltd in purchasing jewellery at
affordable prices.
This procedure of frugal innovation also decreases the cost of making of products with less use
of materials and enables the company to increase their revenue. It is also very much beneficial
for the environment with less usage of materials which will lead to less wastage and will be good
for the environment.
4. Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques.
The technique of KPI helps in measuring the effectiveness for successful innovation of business.
This technique involves the process of engagement which evaluates the sale of products engaged
with the customers. There must also be implementation of affective ideas for more sale of
products. The management must also evaluate the profit generated in order to examine the value
of product in the market. The prices of the products must also be tracked in order to manage the
process of innovation.
5.Present support evidence based on evaluation of the different tools in the context of
business environment.
The change in market with increasing needs of the customers impacts the growth of business.
There are different innovation tools that anticipates the change in business environment. These
tools serves as a boon in order to manage the change in structure of product. BAJ Shop Ltd
should engage in the practice of using different innovation tools for modifications in making of
jewellery with laser machines for installing the minute gems and stones in jewellery.

SECTION 3
1. Critically analysing how innovation is successfully developed and embedded in
different organisational context.
The manner in which innovation can be successfully developed in the different organisations is
by the way of imposing creative ideas for process of making of jewellery. There must be
modification in relation to diversification of products with enhancement of creativity in jewellery
making process. There must also be participation and innovation of skilled workers that will help
in creating beautiful and authentic jewellery designs. The process of innovation must be
experimented with implementation and amalgamation of modern and historic designs in order to
increase its exclusivity and value in the market.
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.
There are various practices and variations that must be enforced for successful protection of
innovation in business environment. The main focus should be in less usage of raw
materials for making of products which will decrease the wastage of it. BAJ Shop Ltd
should protect their innovation process with implementation of patents and copyrights on
the authentic, different and modern design of their jewellery. This protection will enable
them to increase their value in market with different and authentic design of jewellery.
CONCLUSION
From the above report, it is concluded that creation of ideas with impactful resources, strategies
and invention of products or services determines the process of innovation. When these
innovative products and services are introduced in the market, then it refers to the process of
commercialization. There are different ways by which an organisation can foster innovation and
out of which rewarding of employees is the most effective strategy. There are various steps
involved in the process of innovation which deals with the strategical and analytical procedures
for development in the organisation. Business planning involves various risks, benefits in order
to process funding for development of innovation in an organisation. There are different tools
involved for the development of innovation with aid of protecting the knowledge and intellectual
property like patent, copyrights etc.

REFERENCES
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(Kou, Yang and Chen 2020) (Madsen, Mikkelsen and Blok 2019) (Nicholls 2018) (Sanni
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