Innovation and Commercialization in Jewelry Industry

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
SECTION1.......................................................................................................................................4
1. within the jewellery industry there has been a lot of changes and challenges and the
organisation is feeling the brunt of it. Discuss two ways in which BAJ shop Ltd and its
competitor source and foster innovation with example...................................................................4
2. Differentiate between different types of innovations and how they are processed within the
organisation. Explain how they proceed with BAJ and H Samuels?...............................................6
TYPES OF INNOVATION:............................................................................................................6
3. with the knowledge gathered produce the detail business case for innovation within BAJ .
Includes risks and benefits and ways of funding. ...........................................................................8
4. Help BAJ by evaluating different tools it can use to develop, retain and protect knowledge and
intellectual property.........................................................................................................................9
SECTION 2....................................................................................................................................10
1 .Discuss the ways in which different organisation source and foster innovation,using specific
examples........................................................................................................................................10
2. Analyse and apply the innovation funnel in an organisational context.....................................11
3. Explain the role of Frugal innovation in the organisation.........................................................11
4. Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques...............................................................................11
5. Present support evidence based on evaluation of the different tools in the context of business
environment...................................................................................................................................12
SECTION 3....................................................................................................................................12
1. Critically analysing how innovation is successfully develop and embedded in different
organisational context....................................................................................................................12
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 ..................................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is a creation of new ideas and thoughts into reality. . Innovation means
creation of new things, it can be anything, it may be a product, service or process which
introduces in the market and commercialised by the companies to make profits. Companies by
way of innovation make strong market base and make huge profits. Companies also elevates its
competitiveness with other establishments. Innovation driven companies always recognised for
its innovative, creative developments in its products, services and process. Innovation is a
process of creation of something new which takes time, capital, research and experiments which
is being conducted by the companies to create something new. The success rate of innovation
depends upon the utility, effectiveness and its cost(Asheim2019.). The global business world is
innovative driven, inventions and creations being done at international level, companies adopting
the innovation, inventions which is most suitable for their business operations and growth. The
companies, required team work, latest technology, planning , strategies and raw material and a
smart process and diligent execution of its process to achieve the expected novation. Many giant
tech companies are collaborating, assisting or aiding other companies to achieve the common
goal. The companies when introduced new product they began to commercialised the product by
penetrating into the market which involves vast act of commercialisation , the companies at early
stage invest huge money for its marketing and promotion with the aim to bring success in the
market. The determination of success or failure of innovation depends on its commercialisation
success, for a new product or service in the market it requires customer support and many other
market strategies to make product successful in the market(Anzola-Román, Bayona-Sáez and
García-Marco2018).
Considering the innovation and commercialisation, this report will throw the lights on
recent technology discovered by the BAJ Shop Ltd. Which allows them to produce lot of
jewellery in less time with little staff. BAJ Shop Ltd with the assistance of technology able to
offer their products to its customer at low price. Further this report will also covers how the BAJ
Shop Ltd has adopted the innovative process to foster its business operations and the risks,
benefits and options of findings. This report will also suggest the BAJ Shop Ltd to adopt the
tools for development of its business.

SECTION1
1. within the jewellery industry there has been a lot of changes and challenges
and the organisation is feeling the brunt of it. Discuss two ways in which
BAJ shop Ltd and its competitor source and foster innovation with
example.
In respect of BAJ Shop Ltd, a jewellery merchant can adopt the following routes to foster
the innovation in their business operations.
 Lead from front : initiating the idea of innovation begins from the top leadership which
consists of the CEO of the company. CEO is the supreme executive authority which
directs the companies operations and functions. CEO and the other important associates
are the functionaries of the firm which derives the innovation traits for the company's
growth. The leaders of the companies who seeks to promote innovations are more
passionate about their work and lead their team collectively to succeed in their work.
Similarly, for the BAJ Shop Ltd, the leadership foundation must be strong, optimistic and
positive which create strong base to stand with its competitors such as H. Samuel which
is the oldest jewellery industry operating worldwide with 300 outlies. H. Samuel is a
strong competitor of BAJ Shop Ltd. Because it focusing on improving its deficiency
which exist within the industry by adopting innovations. (Ball,Boschma and Frenken
2022).
 Create a culture of innovation: in order to increase the performance of the company, it
requires to infuse the inspiration and motivation in the employees to push their limits and
cultivate the sense of creativity to think beyond the limits. Employees should be given
priority and space to work. Employees are the base of the companies their minds needs to
be ease while executing projects or work. Their leaders must take feedback from them
about the work and welcome their suggestions which are being made in the interest of the
company. In the same, way BAJ Shop Ltd should appreciate and encourage its employees
and give them proper attention and respect which impelled the inspiration to work more
efficiently and effectively. On the other hand, H. Samuel is restructing its outlets