Innovation Studies: Strategies & Commercialization

This assignment delves into the realm of innovation studies, focusing on strategic planning for long-term success. It encompasses works by B. Godin, E.K. Huizingh, S.K. Kim et al., J. Lindič et al., D. Rafinejad, M.G. Schoonmaker & E.G. Carayannis, C.C. Snow et al., D.J. Teece, S.A. Thore, P.R. Walsh, and J. Wonglimpiyarat. Key topics include innovation vs invention, the innovation funnel, open innovation, R&D capabilities, product development, commercialization strategies, and regional innovation networks.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation to employees and its comparison with invention.........................1
P2 Vision, leadership, culture and teamwork shape innovation and commercialisation............2
TASK 2............................................................................................................................................3
P3 4P'S of innovation and use of innovation funnel to shape innovative ideas..........................3
P4 Development of frugal innovation.........................................................................................4
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development..................6
P6 Innovation business case........................................................................................................7
TASK 4............................................................................................................................................8
P7 Tools to develop, retain and protect knowledge and intellectual property............................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is a term which is defined as a creation of something new or emerging of
different ideas or methods to meet the requirements of whole society. In other words, it also
refers as creating something original and more impressive which satisfies the needs of different
customers. In fact, main motive of innovation is to develop the economy of nation by generating
new and creative ideas (Wonglimpiyarat, 2010). This report is going to be classified into four
different parts for explaining the advantages and disadvantage of innovation with the help of
different methods or tools. EE limited is one of the small business enterprises that believe in
introducing some new ideas by modifying their existing products. Apart from this, assignment
also highlight 4P's of innovation and use of innovation funnel by considering all essential factors.
Further, it also covers the importance of commercial funnel and describes an appropriate
innovation business case for implementing this method appropriately. At last, report is going to
explain various tools of protecting intellectual property.
TASK 1
P1. Importance of innovation to employees and its comparison with invention
Innovation is a term whose main focus is to emerge something new and original for long
term success (Walsh, 2012). EE limited is famous for its electronic gadgets whose main focus is
to introduce different and innovative products which are beneficial for employees working in an
enterprise. Basically, innovation is very much indispensable due to various reasons which are
mentioned as below:-
 Improvement in existing products by modifying it on the basis of consumer taste and
preferences for attracting millions of consumers
 Emerging with different ideas and goods
 Capturing the attention of millions of consumers
 Helpful in establishing goodwill at the marketplace
 Attaining goals and objectives of enterprise within minimum time period
 Improvement in the method of enhancing knowledge of employees by implementing
advanced technology (Thore, 2012).
Apart from this, innovation is very useful and necessary for employees and overall
business as it act as a developmental and growing tool. Therefore, EE limited wants to expand
their business across national boundaries by generating new ideas. In additions, innovation and
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invention; both the terms are very much different from each other which are mentioned as
below:-
INNOVATION INVENTION
This term is defined as an introducing
reformed gadget to attract different consumers.
On the contrary, invention means to launch
totally fresh and creative ideas.
By considering given scenario of Apple, they
are modifying their exiting iPhones by adding
various extra and unique features which are
considered as innovation.
But if Apple will launch or introduce advanced
device with totally different features and if no
other substitute is available there then it will be
considered as invention.
Less skilled and experienced person can also
conduct change by implementing the necessary
modification.
On the other hand, invention is a process
which requires fully talented, skilled, and
experienced people for executing invention
process due to its complexity.
It has been understood that innovation and invention; both the terms are very much
different due to their roles and actual meaning (Teece, 2010). In fact, Apple and Virgin Group is
a perfect example of innovation and invention as both the enterprises believe in establishing
something new to continue their existing business for longer period of time. Along with this, EE
limited wants to adopt both techniques for profit maximization by acquiring actual information
and data. Thus, it acts as a useful method of income maximization by fulfilling the demand of
domestic and foreign consumers.
P2. Way in which organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation
It is essential to have clear objectives and vision towards respective goals by arranging
necessary resources and raw materials for converting input into output. EE limited must have a
very clear long term vision for continuing their business for longer period of time by establishing
their image or goodwill in the marketplace (Snow, and et. al., 2011). Therefore, vision,
leadership, culture and teamwork play a vital role in shaping the innovation and
commercialisation in various ways due to its broad concept.
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 Vision: - Clear-cut objectives or goals of EE limited motivate leaders or manager of an
enterprise to generate different ideas for maximizing their profit by implementing
effective strategy and plans. Basically, vision is all about actual statement about
company’s purpose and scope for running their business smoothly with the help of
impressive plans. Thus, it is a term which highlights main motive or reason behind the
establishment of company in marketplace (Schoonmaker, 2010). Leadership: - Innovation is an idea which is generated by the manager of experienced
person who is responsible for creating new and fresh devices as well as technologies. In
fact, leaders are liable for the implementation program due to its roles and responsibilities
towards the development of company. Apart from this, innovation can only shape or
introduce by managers of a EE limited because they are liable for creating a healthy
relations between employers and employees. Culture: - This factor of innovation shows norms, beliefs, rules and regulations which are
implemented by higher authority of EE limited for whole enterprise to run their business
smoothly. In fact, it shows the behaviour or action of workers working within
organization based on norms and beliefs.
 Teamwork: - It is all about togetherness of a whole organization for achieving the similar
objectives and goals within minimum time period by assigning necessary tasks and
activities in a proper manner. Teamwork is a term which shows cooperative nature
between employees and other members for developing the whole organization by
expanding their business across national boundaries (Carayannis, 2010).
By concluding this, it has been understood that vision, culture, leadership and teamwork;
all these factors play an eminent role in launching innovative ideas and creative devices for
satisfying the needs and wants of different consumers.
TASK 2
P3. 4P'S of innovation and use of innovation funnel to shape innovative ideas
Innovation is a systematic process which refers to innovate and update existing products
and goods with the help of new ideas and methods. As like marketing mix innovation also have
4Ps of innovation which are using by EE company in their working environment. Basically, 4
p's model introduced by John Bessant and Joe Tidd is an effective tool that helps to identify the
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marketplace and customer’s demand as per which employer will take corrective and appropriate
action.
 Product innovation: On the basis of this technique, company or their employers can
improve products and services with the help of new ideas which is called as innovation
process (Rafinejad, 2007). These innovated and modified products and services are
finally offered to customers that help to fulfil their requirements in an effective manner.
EE limited company launches new modified devices and techniques that help to make
interaction at longer distance among two or more persons which shows invention.
 Process: This cited firm needs to effectively consider an appropriate procedure with the
help of this better quality of products and goods transfer to customers. Along with this,
effective working process maintains the quality of services as well as working
performance of employees that help to remove existing errors and mistakes.
 Position: It shows the actual position of company's products and customer’s demand in
external marketplace. With the help of this easy to determine how much needs to modify
existing products also how that will give proper satisfaction to them.
 Paradigm: This is one of the last element of 4P's of innovation which shows current
dominant paradigm of cited company in an effective and appropriate manner.
In other words, innovation funnel assists to define different necessary stages to modify
existing products and services of company (Lindič, and et. al., 2011). The major objective and
aim of innovation funnel is to improve the actual position of products at external marketplace.
 In the first stage, on innovation funnel is broad mouth it includes accurate information
and data which helps to modify existing products of cited organisation.
 Second stage refers to narrowing the segment of funnel there is effectively comparing
between goals and objectives of firm and collected information which are relevant or not.
 In the last stage of innovation funnel which represent the collected information and ideas
with the help of this company will effectively achieve goals and objectives in appropriate
manner.
P4. Development of frugal innovation
This is identified with an unique plan of action, reconfigure esteem series and outlining
of item so it can acknowledged by entire population who can not bear cost of goods of
association. It is vital device in invention as well as innovation. This is utilized by firm so they
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can enhance extra elements with existing item. Here, both wastage and scraps are utilized by
company in such manner. EE limited is giving their administrations in promoting so it is
essential for them to consider such advancement in their current services and plan with the goal
that they can pull numerous clients toward them (Kim, And et. al., 2011). New market opportunities: Marketing exploration and investigation is completed by the
organization and so they can distinguish components that can be considered by them.
Accessible conceivable outcomes are expanded by the enterprise. EE limited is
confronting a few problems in the marketplace and thus, it is essential for them to create
innovation in their operations by actualizing some extra characteristics. Resources: It is the obligation of company to utilize their assets and so, they can be
successful to make advancement with existing items as well as administration. This
assists to give better alternative to clients. Frugal innovation can be conceivable by any
portion and resources builds its ability.
 Innovation funnel: This is related with the development of unique product. It is
embraced by firm and thus, they can develop new advancement. This begins from the era
of thought to item improvement (Huizingh, 2011). Alteration in frugal development has
an immense effect over it.
Frugal innovation can comprise two segments, which are as follows: Related to product: It is connected with marketing where market is risen with potential
available to be purchased as source. This is identified with communicator of merchandise
so business can accomplish needs of people at worldwide.
 Problem: The following fragment is identified with problem that is required to be tackled.
Development is connected to new innovative arrangement that is made for critical
thinking.
Steps taken in this context:-
 Generate idea for innovation: Market opportunity needs to be investigated so that new
results can be determined. Higher management of association begins to create research
and thus, they can get great results.
 Screening new idea: At this stage, planning of item is done to make
 Idea screening: In this phase, numerous alternatives are accessible to firm.
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 Testing: According to this method an organization use this strategy for selecting best
alternatives.
 Internal analysis: This is identified with administration of assets and it is utilized as a
part of the best way.
 Market analysis: Here, condition of item is recognized in market and it assists to
identify new opportunities.
 Commercialisation: In this goods are created for satisfying the needs and wants of
various consumers with qualitative products. .
Review market: It is imperative for company to check existing position of item in marketplace
and to make necessary modification (Godin, 2012).
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercial funnel is a term which divide betterment path in three phases for reforming
exiting products by implementing various useful strategies and policies. Therefore this funnel is
very much indispensable for success of EE limited which is mentioned below :- Implement investigation programmes :- Research session is very useful and
indispensable in acquiring accurate data and information to modify their current
products in an appropriate way. In fact investigation programmes is used by cited
company for gathering actual evidences which plays a very eminent role in a decision
making process (Gambardella, 2010). Quality improvement:- Maintaining standardized of a quality of a electronic devices by
enhancing their features with introduction of different ideas and things. Goodwill :- EE limited adopt this technique for building their image at a marketplace to
continue their business for longer period of time by achieving goals and objectives of a
company. Emergence of advanced technology:- EE limited use this funnel to introduce different
devices with extra features or facility. Gain :- This technique is also useful in maximizing profit as soon as possible. Minimization of loss:- Commercial funnel is mainly used by company to estimate their
future cost for reducing losses.
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 Pricing policy:- Fulfilment of domestic as well as foreign clients by offering unique and
different devices at reasonable price (McGahan, 2010).
Apart from this, new product development is an appropriate process of product
enhancement by applying effective methods in proper steps which is mentioned below:- Emergence of innovative ideas :- First and foremost step is to generate innovative ideas
by conducting investigation programmes. Therefore it is very essential to acquire
necessary information for reforming current goods and services. Screening ideas:- After creating new ideas managers of EE limited needs to conduct
screening session for getting updated about market potentiality. Testing and growth programmes :- Now after assessment of ideas its time for testing
programmes for removing existing barriers or hidden obstacles. Therefore it act as a
indispensable tool for eliminating mistakes of developing process. Business analysis :- After getting aware about effectiveness of strategy, now it time for
assessment of an enterprise for getting updated about their profit and losses.
 Product development :- At last, development in electronic devices is indirectly act as a
upliftment of a EE limited (Ettlie, 2012).
P6 Innovation business case
Business case is assemble with the goal that successful arranging can be made. Many
elements are required to consider by association in it and this is aloes needed to determine
components so it can't influence future operation.
Mission statement:
This is the disclosure which is in composed frame as well as shows aims and targets of company.
Statement of purpose of EE limited comprises of:-
 Essential elements of firm.
 Unique item and administrations will be offered to which division of market.
 Ability to know east from west for entire enterprise.
Proposal statement:
Numerous perspectives are considered in this as aim and goal, examination that require to create,
key data (West, 2010). This gives usage as well as final outcome that can be conceivable by
development.
Resources:
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There are numerous assets that which are required to consider by association in such manner.
Resources are required to be utilized adequately so innovation can be made in successful way.
Time management:
It is essential to have time administration approach, thus new development can be made and
implemented within needed period of time. There are many alterations that emerge in market as
well as it is required to consider it on auspicious premise (Rosenthal, 2012).
Ways of funding:
There are different ways that can be utilized for financing, which are mentioned as below:
Bank and Financial institution: Business can take credit from bank as well as money
related firms. It is secured method for financing. They concede loan for business reason and
along with this, it is required for them to put their assets as security to bank.
Financial specialists: There are many companies as well as people who need to put
resources into business. It is the best source to raise subsidizes with the goal that business can do
best exertion in such manner.
Government: There are many venture where government contribute reserves. They give
cash to business so that employees can be produce goods and services. At some point, they
contribute for public welfare (Aarikka-Stenroos, 2012).
Boos catching: It is an inner source where reserves are produced from sparing as well as
utilization of individual Visa. Along these lines, no outcast is influenced.
TASK 4
P7 Tools to develop, retain and protect knowledge and intellectual property
Every small and large business have different ideas of running their business at a
marketplace with their own ideas so it is very essential to protect the creativity of EE limited
from getting exploited and misused. Therefore governing bodies have implemented various
strategies or laws to prevent them from negative impact. In fact due to emergence of advanced
technology and equipments, hackers are also emerging which affect creative knowledge of
companies (Sandberg, 2012). Advisory bodies enacted number of strategies which is mentioned
below :- Trademarks :- It is a cluster of a symbols and signs which differentiate product of a
company from their competitors. In fact customers can easily recognize brand with their
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symbols which might be printed on package as well as vouchers. Apart from this, it also
mentioned on building of a EE limited. Copyrights :- It is an exclusive and legal right which is used by originator for specific
number of years to print, publish, record. In fact it is a production of artist which is
protected by getting misused from hackers and fraud. Patent:- This right is granted by governing bodies for particular company to establishes
their monopoly at a marketplace. According to this norm, no other organization have
right to copy products of a EE limited without taking permission from the owner of an
enterprise (Bagchi-Sen, 2007).
 Trade secrets :- It is a confidential data and information which is applied by EE limited
while running their business effectively. In fact according to this right an organization
adopted secrets equipments and technology during manufacturing process.
By concluding this, it has been understood that all these above intellectual property plays
a major role in securing ideas and creativity of EE limited (Bogers, 2010).
CONCLUSION
As per above mentioned report, it has been concluded that innovation is very essential for
each and every sort of company, as it provide them growth and development. Along with this, if
company use innovative tools and techniques into their business, then they can easily compete
their competitors in marketplace. They have to consider various elements while they are
implementing new or unique methods into their organisation. As result to, it will assist manager
to give best services to their clients. Additionally, they have to secure their rights, so that other
people can not use it. For this purpose, they can use some tools, such as copyrights, trade mark
and so forth.
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REFERENCES
Books and 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., 2007. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. 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., 2010. 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., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S.K. And et. al., 2011. 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., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2007. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M.G. and Carayannis, E.G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C.C. And et. al., 2011. 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., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
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Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
[Accessed on 22nd July 2017].
Innovation Funnel. 2016. [Online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>. [Accessed on 22nd
July 2017].
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