Innovation and Commercialization of Technology

This assignment examines the crucial aspects of innovation and its successful commercialization, particularly within the context of new technology ventures. It investigates the key drivers behind successful product launches and explores the various hurdles that companies encounter during this process. The text highlights the importance of intellectual property protection, strategic marketing, and strong leadership in fostering innovation and achieving market success.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Innovation and its importance as compared to invention.................................................1
P.2 Organization vision,leadership,culture,teamwork can create innovation........................3
TASK 2............................................................................................................................................4
P.3 4P's of innovation and application of innovation funnel to create innovative ideas........4
P4 Development in frugal innovation.....................................................................................5
TASK 3............................................................................................................................................6
P.5 Importance of new product development process and importance of commercial funnel6
P6 Build an innovative business plan of 4Com......................................................................7
TASK 4...........................................................................................................................................8
P.7 Tools used by firm to develop,retain and protect intellectual property and knowledge. .8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is translating an invention or idea into better services which create a value
which is paid by consumers. It should be applicable at a cost of economy as well as satisfy a
particular need (Ahmadi and O'Cass, 2016). It involves initiative, imagination and information of
various values of resources. Innovation contains all processes by which creative ideas are made
and transferred into a useful product. 4com was established in 1999. Its purpose is to improve the
communication services of United Kingdom. They believe in rewarding their employees. Great
compact of pride in culture of an organisation. They provide services of enterprise phone system,
business internet and broadband, software & applications etc. Firm established on working hard
across the achieving, striving and business excellence at everything they do. In this report,
discussed about innovation and its important compared to invention. 4ps of innovation also learn
about funnel innovation. Importance of new product development.
TASK 1
P.1 Innovation and its importance as compared to invention
Innovation is the creativity in business to produce goods and application of new tools and
techniques so that new ideas and thoughts can be created in the company. Inventions gives
response to complex and tough problems which are faced in the firm. They are done by a single
person. Inventions gives response to complex and tough problems which are faced in the firm.
They are done by a single person. Inventions gives response to complex and tough problems
which are faced in the firm. They are done by a single person. Commercialization includes all
activities related to selling of product. It includes the marketing,selling,promotion and service
provided to customers. The different sources of innovation used by 4.Com company-
Unexpected – Company has to do various innovation. The outcomes are far good as they
are expected by the firm. Sometimes there can be failure as power the expectation of the
organization. This is called unexpected innovation (Akinwale, Adepoju and Olomu, 2017)
. Process need – Organization can make modifications in the activities or task in the
company. Thus it is called as process need. Due to changes in methods all activities and task can
run efficiency and smoothly. Thus it helps the form in earning more profits.
Change in thinking – When firm change their views and opinions regarding any
situation, it is known as exchange in perception. It is done so that innovative and creative ideas
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can be created in the organization. Through this all members can think in a different manner.
Thus firm, can create unique products.
New knowledge – When the company thoughts of new ideas and suggestions they can
crate new ideas related to differentiation and matters related to the firm. Thus all activities and
tasks can be performed in an innovative manner. They can use these ideas in creation of new
products and other technologies which helps the firm in earning more profits.
Difference between innovation and invention -
Innovation Invention
 Innovation are the ideas and thoughts to
create a new agriproducts in firm. Thus
an new and unique products are
generated through this products. The
products are not available in the
market. They are launched at first time
in market.
 It is that ideas and thoughts that has not
made before by the firm (Balmer,
Bulpin and Molyneux-Hodgson, 2016)
.
 These are done by group. They solves
all conflicts and issues of all customers.
 Inventions gives response to complex
and tough problems which are faced in
the firm. They are done by a single
person.
 Examples they had created new and
innovative phones such as hihi
businesses phone,LED T.V etc.
 They requires the marketing and
technical skills to perform a particular
activity. Thus marketing skills such a
presentational and communication is
required to sell the particular products.
 Examples invention of telephones,cars
and electricity
 They requires scientific skills and
eagerness to develop the products. It
requires well organized thinking of a
particular matter.
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P.2 Organization vision,leadership,culture,teamwork can create innovation
4.Com is a firm which helps in creating unique ideas and thoughts so that it can generate
more profits. To fulfil this need they perform research in the market .
Vision - 4Com has a vision that they have to add something which is valuable to the
society. Through this they can create innovation in the firm. As they can create new and unique
ideas and products which helps in developing innovation and creativity in the company.
Commercialisation is also very important for the company as if they charge no money from the
customers then company do not incur profits and cannot expand the operations successfully and
smoothly. There is a firm Virgin group who are working under Richard Branson and they give
freedom to all workers. Hence in future it can reach to higher level where it can become a big
and reputed company.
Leadership - There is a leadership framework in which there are 2 persons who are
Richard Branson and Steve jobs. They do not put burden and pressure on all the workers to
apply their methods and procedures. They have freedom so that they can think of new and
innovative ideas and methods (Caiazza, 2015). Thus they can do innovation by developing new
software and applications in the firm. They do not have to feel that tension and pressure as they
have to follow all rules and regulations of company manager. They can think on their own views
and give feedback and new suggestions which can bring new and different ideas to create latest
and technological products. So due to leadership there is innovation in the company.
Culture - There is a positive working environment in the firm as all employees are
motivated to perform better. Staff members can think of their new ideas and can give their own
suggestions related to innovation. As a results it increases their motivation level and enthusiasm
level. Thus they can thought of creative and distinct ideas which are different from other
competitors. Hence through this creativity firm can earn more profits.
Team work - It is important in the company as single individual cannot think of a
distinct and innovative idea. All employees can share their views and opinions regarding
innovating a new product. Team work is very important to bring innovation in the firm. In case
of commercialization also single candidate cannot sell product . So whole team is required to
being new and innovative ideas in firm and to sell the products in the company. Then only firm
can earn huge profits.
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TASK 2
P.3 4P's of innovation and application of innovation funnel to create innovative ideas
There are different steps through which it develops the innovation in the firm. 4P's of 4Com are
 Product innovation – Firms have to add new characteristics in their products so that they
can give different experience to all users. For example it can add special features in the
business phones.
 Process innovation – Organization can modify the manufacturing,production and
distribution method according to needs of customers. Through this it can increase the
efficiency in the process (Chun, Chung and Bang, 2015)
 Position innovation – Firm can position itself in different and unique manner so that it
can maintain positive image in the market. It can position in market through the
quality,price or through other methods.
 Paradigm innovation – In this company do not listen to views and suggestions of public
and all employees have to create their new and innovative ideas. Through this they can be
innovation in the firm.
Incremental Innovation – It is a method through which helps in creating new and different
products in market. Main goal is to earn huge revenues.
Advantages -
 Competitive – Through this firm can earn more revenues. Thus it can give competition to
other firms.
 Easier to sell – Firms can easily sell the products as they know their all information
related to the products. Thus it increase the sales.
Disadvantages
 Huge costs – It takes huge costs while creating all the products. Thus they cannot incur
costs on other important tasks.
 Lack of coordination – There is no proper coordination among all people thus they
cannot sell the products in a firm. This helps in reducing the profits in firm.
Innovation funnels created to develop the product in a proper manner. It incudes basically
3 steps . First step includes the analysing of demand of people. In this if there are many people
then it can take feedback from all people and thus receives them and can apply to their company.
Firm have to match these suggestions related to company's vision and then accordingly applies
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the feedback in the company. Second step is the screening of the best idea through which it can
select that idea which gives higher returns and minimizes the risks. Lastly is choosing the
appropriate and best idea which is suitable for the company.
Through development of the frugal innovation it can fulfil the market innovation in
which it can receive suggestions from all the people. They create the ideas through the
requirements of all people (Davies and Horst, 2015). It also helps in fulfilling the need driven
innovation in which it solves all problems are to be solved. Innovation funnel helps in receiving
the feedback from all people thus it can solve problems such a funding or other urgent problems
by providing solutions related to their problems.
Descriptive innovation- It proves a powerful way of thinking about the growth of innovation. It
is a victim of their own success. It describes a process of small firms with less resources help in
challenging successfully. It established in incumbent industry. It mainly concentrate on
modifying their services and products which are having in demand.
P4 Development in frugal innovation
Frugal innovation is a new way of doing a research. Importance is gained by 4Com during
these years. It is way of achieving more with less resource. It is a process which introduces
new models of 4Com, redesigns their products and reconfigures value chains for serving
their customers. It provides solutions of functional by fewer resources within an
organisation.
Importance of frugal innovation
Price is having an important of various definitions. It is an product innovation with its
external price benefits as compared to predictable solutions. Frugal innovation as accessible,
affordable, adaptable and appropriate. They are characterised by its sustainability along with that
give advantages to social factors.
Uses of frugal innovation
It helps in developing a low cost design as well as develops a product properly. It aid in
capital efficiency along with that manufacture it in a simple way. It also helps in optimising an
interface features and eliminating a non-value adding feature.
6 principles of frugal innovation Interato and Engage Assets and Flex
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 Making creative and innovative friends. Co creating values with presumes Shaping a customer’s behaviours Making a sustainable solutions
For example: Apple and 4Com are the two organisations which are embedded commercialising
and innovative in the culture of company (Dhewanto and Sohal, 2015). Their team should have
an advantages of creative and commercialising by using a fewer resources in their services and
products and give a higher profits.
TASK 3
P.5 Importance of new product development process and importance of commercial funnel
Due to many technological changes in the firm company has to perform certain
modifications in the technical or in other aspects. This is done so that it can beat the competitor.
Process of development of 4Com company are
Idea generation – In this new idea is generated by evaluating all the market conditions.
It has to evaluate all needs and wants of customers. Fir example it has founded hat new phone
which can detect new problems of all persons thus prevents all persons when they are in
problem. They can wear them in their writs.
Idea screening – Firm has to evaluate the required resources to apply the suitable idea in
the firm. Company have required resources to launch this new phone.
Testing and development – Sample phones are tested in market so that they cannot cause any
harm to all people. This helps in reducing the accidents and minimizes the risks.
Product development – In this firm is selecting best method of producing the phone son
that it takes less costs and give higher returns to firm.
Commercialization – Firm have to apply different promotional techniques to launch a
product such as advertising, sales promotion and direct marketing. It helps company to attract
more users.
Commercial funnel – It is a method through which company can select best idea which
increases the profits and market share. Importance of funnel for 4Com company are
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 Enhance quality – Through innovative funnel it helps in creating best and superior
quality of products. Thus they can attract more customers. Promotes creativity – Company helps in increasing the enthusiasm level of all employees
so that they can give innovative ideas to the firm. Thus it helps in enhancing creativity.
 Increase growth and efficiency – Through development of innovative funnel company
can develop the creative and innovative products so that it can earn huge revenues. If firm
executes the innovative ideas then it directly increases the enthusiasm level of all
employees and they also give innovative suggestions. Thus it increases the profits of
firm.
P6 Build an innovative business plan of 4Com
Innovative plan includes opportunity and idea generations recognition have to take a benefits of
market to make a new plan of business, services and products. They can use any type of products
and services. Making a business plan they have to make a blue print of plan on paper (Dhewanto
and et. al., 2016).
. A current opportunity exists in place of market as well as how creativity meets the
customers’ needs and demands.
Ways to access the funds
 Changes fairness: For commercializing and innovation will help in access of funds
for making change fairness. It will lead to make a proper utilizing of funds.
 Negotiate an improvement which creates a consumers or strategic relation:
Negotiating while making improvements in innovations along with
commercializing create a relationship between customers as well as strategic
relationships.
 Requesting to a small business furnish: 4Com helps an innovation to furnish their
business in a proper and effective manner by assessing a funds.
Innovation based which can apply in organisation by following steps of making a development
plan of 4Com is given below:
 Generating idea: Making a plan and create new ideas will help in making a development
plan of 4Com organisation.
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 Funding: after generating a new idea, they have to decide that how thy will arrange fund
for implementing a new business plan of an organisation. Funds can be arranged by
friends, family, loans from bank etc.
 Development and testing: After arrangement of funds, then they will develop their plan
and test that plan in a running market that it will get a success or not.
 Business analysis: After developing and testing of innovative product. They have to
analyse all the factors of enterprise for example they have to analysed all internal and
external factors of business or plan which is developed.
 Market testing: After analysing a business the4n they will test their innovative product in
a market. So, that they can fully analysed all factors of market and they can make
improvements as much as for making their product successful in running market.
 Commercializing: After marketing testing, they develop their services and product of
4Com in a higher level so that they can earn higher profits while developing a new and
innovative product at a market (Kergroach, Meissner and Vonortas, 2017).
 Launching: After commercializing they launch their product in a market and get
products and services feedback by observing their sales within a whole market.
TASK 4
P.7 Tools used by firm to develop,retain and protect intellectual property and knowledge
There are different techniques through which firm can grow,retain, and protect property
and knowledge. Tools used by 4Com are-
Trademark – It is the unique signature of the company which differentiates firm from all
other rivals. It gives lot of benefits to the firm (Sengoku, 2015). Firstly no other rival can steal
the unique signature and can do innovation in their respective companies. It helps their firm in
developing a unique and positive image in minds of all the customers and in market. There is a
limitation that company has incurred huge costs in getting rights of trademark. It has incurred
13000 pounds.
Patent – In this company can protect any item so that other competitor cannot use them.
In 4 Com company there is innovation of a new business phone so that other cannot copy that
pone. It has a special characteristic that it has unique video calling. Firm has spend 50000 pounds
in receiving patent rights. Thus they can easily sell the business phones in the market without
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fear of copying by other competitors. Hence it can earn more profits and can increase the market
share. So it can give strong and tough competition to other firms.
Help from professionals – In this may professional such as lawyer and accountants can
render special advices to the company. They have all information regarding all aspects of law so
hence they can give solution to all problems. Thus their all issues can be resolve in minimum
time. There is a limitation that they take huge fees from the company. For example apple has
given higher fees to these professionals (Maritz and Donovan, 2015)
. Copyright – Company can protect the books and music system so that it cannot be used
by the competitors. Firm have protect these rights and can earn more profits. They can also
protect videos and computer programmes through these rights. Thus organization can maintain
distinct position in the market and well as in minds of all customers.
CONCLUSION
In the above report, it is concluded that innovation is a creative ideas for business which
provide unique products to their customers. Various sources of innovation of 4Com are changes
in thinking, unexpected, process needed and a new knowledge. Comparison between invention
and innovation are having a huge difference in both terms. Also learn about 4Ps of innovation
which are product, process, position and paradigm. Along with that also discussed about
importance of new product development and commercial funnel. There are various kinds of
techniques by which organisation can grow, protect property, knowledge and retain. Tools which
are used by 4com are patents, trademarks, copyright and help from professional. They create an
innovative vision, culture, leadership and teamwork of a company.
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REFERENCES
Books and Journals
Ahmadi, H. and O'Cass, A., 2016. The role of entrepreneurial marketing in new technology
ventures first product commercialisation. Journal of Strategic Marketing. 24(1). pp.47-
60.
Akinwale, Y. O., Adepoju, A. O. and Olomu, M. O., 2017. The impact of technological
innovation on SME's profitability in Nigeria. International Journal of Research,
Innovation and Commercialisation. 1(1). pp.74-92.
Balmer, A., Bulpin, K. and Molyneux-Hodgson, S., 2016. Synthetic Biology: A sociology of
changing practices. Springer.
Caiazza, R., 2015. Explaining innovation in mature industries: evidences from Italian
SMEs. Technology Analysis & Strategic Management. 27(8). pp.975-985.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-909.
Davies, S. R. and Horst, M., 2015. Responsible innovation in the US, UK and Denmark:
governance landscapes. In Responsible Innovation 2 (pp. 37-56). Springer, Cham.
Dhewanto, W. and Sohal, A. S., 2015. The relationship between organisational orientation and
research and development/technology commercialisation performance. R&D
Management. 45(4). pp.339-360.
Dhewanto, W.,and et. al., 2016. The obstacles for science technology parks in a developing
country. International Journal of Technological Learning, Innovation and
Development. 8(1). pp.4-19.
Kergroach, S., Meissner, D. and Vonortas, N. S., 2017. Technology transfer and
commercialisation by universities and PRIs: benchmarking OECD country policy
approaches. Economics of Innovation and New Technology. pp.1-21.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training. 57(1). pp.74-87.
Sengoku, S., 2015. Innovation and commercialisation of induced pluripotent stem cells. Stem
cells in regenerative medicine: Science, regulation and business strategies. pp.423-446.
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