Business Case Development for Innovation and Commercialization

This assignment involves developing a business case that assists firms in accomplishing coveted targets and objectives within a limited period of time. It also describes various tools to help secure intellectual property from others and provides references to relevant research studies on innovation and commercialization.

INNOVATION
&
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance for organisation in comparison with invention.....................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........2
TASK 2 ...........................................................................................................................................3
P3 4P's of innovative and use of innovation funnel....................................................................3
P4 Development in frugal innovation and its use.......................................................................4
TASK 3............................................................................................................................................5
P5 Importance of commercial funnel and application of new product development..................5
P6 Innovation business case........................................................................................................7
TASK 4............................................................................................................................................7
P7 Tools used to develop, retain and protect knowledge and intellectual property....................7
CONCLUSIONS..............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation can be stated as a new idea, fresh up-gradation, novel technology invention,
procedures and methods for accomplishing desires and want of local as well as international
clients. 3Com is a leading corporation and got popularity because of its best networking
techniques across the globe. They have introduced several new techniques to complete needs and
wants of customers. This report is divided into some portions that will going to present idea
about effective utilization of innovation as well as efficiency in meeting targets within short
period of time. This assignment also focused 4P's in innovation that managers can use in their
businesses (Aarikka-Stenroos and Sandberg, 2012).
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
For 3Com company, creativity is necessary as they deal in networking sites and
technological devices to meet technical demands of their clients across nation. This action
enables people in establishing connections with each other in effective manner. Herewith all this,
innovation is very much compulsory and necessary for an association because it is as same as
digital marketing that believes in creating something new and unique. There are some
importance that showcases essentialness of innovation.
 With this manager can shows a path in which novel and unique operations can be done
for meeting goals and targets.
 By assistance of creativity many brand-new buyers can be attracted towards company.
 This activity enhances returns of corporation.
 Innovation stands association apart from rivals in industry.
 Top management of 3com can formulate some policies and tactics for launching
modifications in their current working style.
There are several distinctions in innovation and invention that are describe as beneath:
INNOVATION INVENTION
This can be consider as some new variation
and up-gradation in current working
technology and style.
It is a brand new development of technique
which addresses specific desires and wants of
customers.
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As per given problem Apple iPhones presents
regular innovation in their technologies in
comparison with company rivals.
On the other hand, if Apple company
introduces a gadget with unique technique that
is unknown for entire world.
apart from this, 4Com is in need to introduce some innovation in their present
technologies to gain some valuable feedback from clients. This modification in current working
style is done for utilizing competitive advantages as these variations stand corporation apart from
business enemies (Bagchi-Sen, 2013). At last this can be concluded as both terms are very
necessary for company in retaining market share and ensuring success. It consist new demand
that is to be fulfilled by organisation only. Regular innovations enhances goodwill of association
in industry as well as in marketplace. For instance, Apple & Virgin group are in need of
innovation for increasing purchasing power of clients for their products and services. It is must
for both to make some remarkable changes in their recent pattern so that they can increase
goodwill as well as share in industry.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism.
For establishing bond with customers 3Com has to set a clear vision for separate
objectives and goals by distributing all resources in efficient manner so that they could be able in
developing something creative and unique. Without taking any stress there are some components
that can launch innovation and corporate greed in different ways that became a reason of
corporate success and growth.
Vision: It is a clear image of organisation's objectives and goals of business that provokes
managers to manufactures novel ideas and thoughts to improvise income of association by
formulating an adequate plan for it. Basically vision is a picture that showcases a detailed
explanation regarding objectives and scope of that provides a way that is organisation has to
achieve or a place where manager want to see their company (Bogers and West, 2015).
Leadership: Development is an idea that a leader generates among followers that is helpful in
making new gadgets and techniques which is able in grabbing attention of new and existing
customers. With assistance of leadership employees feel encouraged and contribute in
manufacturing of pioneer tools that diminish efforts of clients. This is a term that ensures
removal of all hurdles in ways of efficient working so that manager could get remarkable return
from market.
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Culture: It is indicated by 3Com that their way of life depends upon worker's working style as
well as their communication pattern that they use to contact with co-workers. It means
behaviours and working patterns that people is using in business with assistance of some
standards and commitments that are implemented by directors.
Team Work: For creating innovations and developing commercializations in corporation
effective team building is a mandatory exercise because of efficient group that consist skilled
workforce in it organisation can launch modification in current pattern which is compulsory for
attaining goals in shortest duration of time. Team work means when two or more person work
for same target. This action helps in applying innovation in best possible so that it could be able
in commercialize all task and activities of company. A permutation in current style can not be
done without co-operation and this collaboration can be create by effective team work (Bogers
and West, 2014).
For example in Apple and Virgin Group innovation can be introduce if personnels do
their assigned task in group as they find rivals in each other tries to enhance their own talents
which will be more than co-workers. It is a task of manager to develop leadership qualities
among employees so that they should be able in accepting all challenges regarding modification.
Administrator can create objectives in efficient manner that has to be different from business
enemies.
TASK 2
P3 4P's of innovative and use of innovation funnel.
4P's of innovation is quite similar with marketing mix tools but it has its separate tool that
describes pattern on modernness. 3Com uses these 4P's to understand market more deeply and to
promote goods and services across the globe by formulating and executing novel strategies for
adopting change. Model of 4P's in innovation was an idea of John Bessant and Joe Tidd which
works as deep instrument for investigation of marketplace.
4P's of innovation is elaborated below:
Product Innovation: According to this tool, an idea is present to develop techniques in
particular goods and services which means that there is an alteration in company's offerings that
corporation is going to serve their final buyers. 3Com introduces some up to date gadgets and
brings several tools foe collaborating with clients which is a kind of instance of item creativity
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(Ettlie and Rosenthal, 2012). Product innovation means some introduction of some new variants
in current and existing item for meeting upgraded desires of clients.
Process Innovation: It implies when managers of company launches some techniques to add
some modification in their recent working style that ultimately helps in developing more
efficient patterns of task performance that enables organisation to enhance market share in
industry. When innovation is launched in process of manufacturing goods so that excellent
quality goods can be produced and flaws can be reduced.
Position: When new modernness is used for enhancement market position of product in industry
that stands them apart and above from their business rivals. A distinct image other from enemies
enable customers to identify corporation for accomplishing their demands. Innovation can be
made in any activity that should ensure increased market position of goods and services.
Paradigm: It is a change in way company is doing something. It could be anything. This can be
happen in any activity of association like in supply chain management system, in production
patterns, product operations technique etc. for example if Apple and Virgin group upgrades their
supply chain management system to enhance direct sell of Mobile phones it will be include in
this heading (Gambardella and McGahan, 2013).
P4 Development in frugal innovation and its use.
This is a technique that is used for removing flaws from durable products. For example
Car and iPhones are products that is owned by very popular company Apple. Frugal innovation
can also be named by frugal engineering which manager launch to innovate current positions of
working by putting less financial resources. This kind of activity is focused on those clients that
are loyal to corporation and have trust on association's working and are retained since longer
period of time. Basically goods that manufactured at very low cost with help of frugal
engineering is those items that are demanded by weaker areas of society.
Yet, in upcoming time this frugal innovation made customers to purchase subjective
items that enhances cost of living as well as living standards. Range of frugal plans can be
developed by launching some plans and this action is useful in serving quality items to customers
who are confronting moderate changes into their required goods and services (Godin, 2012).
There are various efficient enhancement in frugal engineering which are explained
below:
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Additional Salient features in existing products: 3Com is in compulsion to modify their
products and services as per customer demands and needs. They can make modifications into
their products by making relevant changes into methodologies and working patterns which
acquires wide area in corporation. These activities are happened to make merchandise satisfy
from company operations.
Reduction in production cost: This includes that manager of organisation make relevant
decisions that are necessary to diminish expenses and will generate a new and improved item
that is a requirement of market. Other than this 3Com is purchasing raw materials at less cost so
that he could provide product at reasonable rate.
Emergence of advance devices: According to this section organizations manufactures those
items that are having some additional qualities and are to be called as bets commodities in
comparison of business rivals. On the other hand said advancements have to be made before
competitors so that 3Com can get remarkable competitive advantages (Huizingh, 2013).
Develop reasonable & durable commodity: This kind of task generates satisfaction among
clients and make them loyal to company. This is to be done for increasing consumer base that
enhances various profits for corporation.
Innovation funnels are a very utilized term that operates in any association to increase
level of skills and talents of employees as well as to enhance their working ways so that
organisation could create something new for their consumers. This concepts passes through three
phases having diverse intention towards enterprise.
In Apple and Virgin Group, personnels that are operating task into them are using several
innovative techniques for accomplishing demands of their clients that are assisting by coming
obsolete items.
TASK 3
P5 Importance of commercial funnel and application of new product development.
Funnel is a word that is having a complete meaning in it and that implies change occurs
in three ways to made variations in existing products to present them is an attractive way by
accepting and formulating prominent tactics as well as policies (Kim and et. al., 2014). Basically
it is compulsory and fundamental for 3Com that they accomplish their task in effective manner,
for e.g.:
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Conduct research program - Innovation can not be done in air. It must be accomplish in actual
working and before launching an efficient modification plan it is compulsion for managers that
they collect all required data that is must for launching modification event. This method is also
helpful in gathering evidence and implementing adequate strategies for firm.
Enhancement of quality – If 3Com want to grab some competitive advantages in marketplace
then they have to improvise their product quality on continuous and regular basis.
Image – This is what that customer have perception about it.
Techniques of Capturing minds – A technique to capture attention of clients company can apply
eye catchy themes in packaging of items. So that it can generate some curiosity among
consumers and they could make some purchases from organisation.
Launching of advanced equipments – Association can introduce some advanced level gadgets
that should eligible in meeting all technological requirements of their buyers (Lindič and et. al.,
2015).
Gain – With assistance of above tricks venture will be able in attaining all profits and returns.
Elimination of Loss – By applying commercialised frugal innovation manager of company can
eliminate various kind of losses from corporation.
Pricing Policy – It is mandatory for enterprise that they set those prices for their goods and
services which must possess some values for corporation as well as customers. When 3Com sets
a reasonable price for their items they should be able in gaining some profits by providing high
satisfaction to clients.
There are some steps which is applicable in general arrangement of advancements. Elaboration
of these stages are as follows:
 Emergence of new ideas -Nothing can start if an idea is not developed for modification.
 Screening or Idea – After developing an idea managers screen that idea whether it is
profitable or not.
 Testing and Development – After checking profitability management of association than
further checks that this idea could be developed or not.
 Business Analysis – In this, understanding of advantages and disadvantages are to be
studied.
 Product Development – This is a last step that converts idea into product or service
(Rafinejad, 2013).
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P6 Innovation business case.
3Com was initially set up to paying attention on market correspondence benefits by
presenting or introducing unique and creative good. Modernness of a business case contains
several parts and these parts are stated as beneath:
Executive Summary – 3Com is a firm that provides technological solutions to their clients. It is a
technological manufacturer that was came in force in 1979. It is a predecessor of Hewllet-
Packard. Main functional areas in which it deals is manufacturing of computer devices.
The Need – Most preferable target of this firm is to provide technological advanced items to their
clients do that they could get competitive advantages in industry (Schoonmaker and Carayannis,
2015).
Solutions – Now 3Com wants to provide a new PC that must have advance features that
differentiates them from their business rivals.
Why product is innovative – Needs and requirements are changing rapidly so to fulfil these
demands corporation has to provide upgraded items as they are dealing in a technology sector.
Customer Research – This is done to identify customer specific wants and desires so that
company can make sure satisfaction of their consumers.
Design and Development – This section focuses on showcasing that product is developed under
light of proper and adequate research. This make company's goods and services profitable.
Requirement of investment – This heading includes that corporation look for those who are
eligible and interested in investing their financial resources into firm. Investors cater needs
retarding monitory problems of company.
Expected Benefits – In this section manager of 3Com finds that what will be the future profits
that would be appraisable or not. Along with this, economical growth is also be affect by
innovation.
TASK 4
P7 Tools used to develop, retain and protect knowledge and intellectual property.
This portion includes that owners of 3Com ensures that nobody must not copy the way in
which they are producing their products. There are some properties named as intellectual
property which make sure nobody could not stolen companies working style and should not
create duplicate items (Snow and et. al., 2013). As this kind of nature of other reduces goodwill
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and market share of company and ultimately firm start loosing their customer base. There are
some intellectual properties that are explained further:
Trademarks: It is related to symbols that are associating with corporation. It is a tool that make
association separate from others. An individual can easily perceives company among various
options.
Copyrights: It is an intangible right on something which is specially created by venture. When
3Com thinks that which they have created is a unique item then they tries to get a right which is
related that nobody would not make any duplication of it.
Patents: It is a right of making specific products that is completely different from others. It
includes innovations that are made by company to gain competitive advantages.
Trade Secrets: According to this firm can utilize those equipments that they can keep secret
from eye of others. It also includes confidential data, methodologies, particular patterns etc.
Director of Apple and Virgin Group uses various tools and techniques along with specific
gadgets and no other corporation can make duplication on it (Teece, 2014).
CONCLUSIONS
From above assignment it has been comprehended that it is required for an organisation
to create goods and services in an innovation way so that they will be able to make their position
at marketplace for longer period of time. This helps them to capture attention of numerous
individuals towards them. As a result, they will be able to improve products and profits
effectually. It will aid to provide growth and success to company which help them take benefits
from competitors at marketplace. In this assignment, a business case has been developed which
assist firm to accomplish coveted targets and objectives within limited period of time. Rather
than this, many tools are described in this report which will help to secure intellectual property
from others.
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REFERENCES
Books & Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2013. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2015. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2014. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp. 440-454.
Gambardella, A. and McGahan, A. M., 2013. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E. K., 2013. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et. al., 2014. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et. al., 2015. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2013. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2015. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. And et. al., 2013. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2014. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
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Online:
Difference between Invention and Innovation. 2018. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
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