Analyzing Innovation Commercialization Strategies

The provided assignment is a comprehensive analysis of innovation commercialization strategies. It includes references to various books, journals, and online resources that discuss different aspects of innovation and commercialization. The assignment aims to understand the key considerations for innovation and commercialization in the US biotechnology sector, as well as business-model innovation and its implications for industry structure. It also explores open innovation, service innovation in manufacturing, technology commercialization, and the 4Ps of innovation. The document provides a detailed overview of these concepts, making it a valuable resource for students and researchers interested in innovation and commercialization.

INNOVATION

Table of Contents
INTRODUCTION .........................................................................................................................1
TASK 1............................................................................................................................................1
P 1. Importance of innovation in company and its comparison with invention.....................1
P 2. Explaining how corporation – al leadership, vision, team work and culture shape
innovation...............................................................................................................................2
P 3. 4Ps of innovation and usage of innovation funnel..........................................................3
P 4. Frugal innovation development in context to organisation.............................................5
P 5. Significance of the commercial funnel and the application of New Product Development 7
P 6. Building an Innovation Business Case for company including means to access funds. 8
P 7. Different tools used to develop, retain and protect knowledge and intellectual properties. 9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Innovation simply refers to representation of some thought or idea, device or method
which brings revolution in the world. This is used by various companies for developing their
products and services in a unique way so that they can seek intention of large number of
consumers. The current report is based on the Sol-tec which is a small business corporation
established in around 1992 for offering technologies services and promote usage of cloud
technologies. They usually write the cutting edge software that is running in the core of net for
keeping the world connected. In this project difference between invention and innovation has
been described clearly (Aarikka-Stenroos and Sandberg, 2012). Apart from this, 4Ps of
innovation is also going to be described along with its application for examining and shaping the
new ideas.
TASK 1
P 1. Importance of innovation in company and its comparison with invention
When a firm wishes to grab large number of opportunities in marketplace and also desires
to make difference in value of its goods and services among the civilians, they commonly take
use of innovation in their deliverables and merchandises. This would help in simply introduction
of different concepts along with uniqueness and creativity for creating their current products
more attractive as well as valuable so that venture could earn more benefits. The overall
procedure of innovation is very efficient and effective and supports in making strong marketing
position. Sol-tec should bring changes in their existing services by presenting new ideas and
thoughts in front of their clients. For this, they have to use organized, scientific and strategical
supports in order to develop more advanced culture in organisation. This aids in boosting up the
productivity as well as profitability since modern techniques will be utilised in their work
approaches (Bagchi-Sen, 2010). Thus, it can be said that there is great importance of innovation
in each and every firm such as Sol-tec since it provides below listed assistance :
 It offers growth and aid in achieving each and every future aims or goals in effective and
easy way.
 This contributes in enhancing the production of corporation easily.
 It also supports in improving the working capabilities of staff members and give them
creative persuasion for using their commercial services.
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 Innovation also help company in attaining competitive advantages from the existing
market location by assisting them in producing best merchandises.
 Apart from this, it is also helping in making feeling of more satisfaction among
customers by full - filling all of their needs (Bogers and West, 2010 ).
 Small business organisation faces a lot of difficulties while running their operations since
they have less revenue for doing investment. In order to solve this issue, innovation
provides various easier styles and methods for manufacturing goods and services which
consume minimum sum of money of entrepreneurs in Sol-tec.
Most of the people get confused by the term invention and innovation as they feel that
these words are same. But there are lot of differences in it which can be better understand by
following points :
Basis of difference Innovation Invention
Meaning It refers to the enforcement of
ideas for different merchandise
or procedures for the very first
time.
This simply introduce newer
thoughts or conception for
producing goods or services
that has never been done
before.
What is it ? Addition of values to
something which is already
exit.
Generation of a new
commodity.
Concept Practical execution of newer
idea.
An actual or original concept
and its working in hypothesis.
Skills needed Collection of strategical,
marketing, and technical
ability.
Scientific attributes
P 2. Explaining how corporation – al leadership, vision, team work and culture shape innovation
Diversity is beneficial for innovation which brings together different viewpoints of a
company. Also it is helpful in widening the pool of ideas. Benefits of diversities could be seen if
an organisation has consists open culture in its workplace. It allows people to express different
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views. Effectiveness of team work and a clear vision turn their ideas into making production
better (Bogers and West, 2012). Therefore, Sol-tec need an adapted structure to sustain the same
process in an appropriate manner. It also needs an effective leadership to create a strong vision as
well as influence team members. In order to achieve high objectives of this enterprise, leaders
and managers should create :- Team-work: This company has made complex objectives which is hard to achieve easily
by an individual. Therefore, management of Sol-tec need to make a hard-hitting team
from workers who can help in creating innovation to its existing products. Members in
this team should have possessed all desired skills, ideas and qualities through which they
can contribute their efforts in achievement of the same. Vision: To gain productivity of team-workers, leaders and managers need to provide
strong and clear vision to them. This vision include purpose, aims and objectives of tasks
which Sol-tec have to accomplish in a certain limit of time. Culture: Organisational structure also effects strategies and working plan of employees.
Therefore, management of Sol-tec try to develop good culture in its business. It helps
workers to work in positive and healthy environment, where they are free to share their
opinions and ideas on a specific task.
 Effective Leadership: Enterprise also requires to adopt effective leadership in its
management. Through this, managers and leaders can influence the workers towards
achievement of a common objective. They need to provide necessary training programs
for members in order to develop their skills and needs for better production in Sol-tec .
P 3. 4Ps of innovation and usage of innovation funnel
4Ps is also known as innovation mix which was a model proposed by John Bessant and
Joe Tidd (Ettlie and Rosenthal, 2012). It consist of four different factors which is the considered
as very important while adding values to the existing products. Sol-tec is using this for making
best outcomes. Those four components are described below :
 Product : This involves development of products by taking help of innovative concepts
along with better quality. This has been recognised that innovation is also carried on in
current merchandises for making it unique and different in nature so that company can
beat up their competitors. In this method, Sol-tec should take use of several techniques
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for designing their goods more attractive as well as useful in relation to their rivals. This
will help in making strong consumer base (Gambardella and McGahan, 2010).
 Price: The role of price is important at the time of innovation because any company will
do production of any new product which is innovative and ozone-friendly for customers
and Sol-tec has to focus on price. If the new product has less demand and high production
or of similar product is already available in the market then the price will be minimum or
same as other company product. Price plays an important role to facilitates purchasing
decision of customers so that Sol-tec is required to provide services at reasonable price.
Thus, it is helpful to gain more customers for brand and results into achieving better
profits share in market successfully. On another hand, if company has monopoly product
in whole market no other competitor is there in the market and people started liking the
product then demand will be high. So, company can sell on higher price as per their
requirement.
 Process : An organisation used to follow different processes during formulation and
supply of their particular commodities. Company ought to use contemporary
methodologies for producing cheaper and profitable goods or services. At the same time,
they require to design some norms and regulations for entire work forces so that no
faulting would occur in future. By this way Sol-tec could easily develop successful web
based software and satisfy their users.
 People: The most important asset for any organization can also be a very important factor
in innovation theory. People are the management, employees and the customers of an
organisation. They play innovative because they are the idea generators and provide
pathways for innovative and productive changes. Management and employees provide
new ideas and techniques to bring changes in the marketing mix which can generate more
profit for an organisation, whereas customers use products and expect or demands for
new product, price or in other factor of marketing mix which generates more better and
innovative ideas for the organisations (Godin, 2012). People in an organisation well
qualified and technically updated brings the new and cheapest ideas which is profitable
and more preferable for the Sol-tec.
Innovation funnel is normally described as procedure of creating a new merchandise by
considering specific stages which is discussed below :
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 Investigation : It is the fist and foremost step where in accumulation of facts and data is
conducted for developing fresh product.
 Development : After that, these information which get collected in investigation for
generating newer conceptions and ideas. For doing the same, Sol-tec has to use certain
effective plan of actions by taking help of digital techniques. Thus, it can be stated that
whole product development is being carried on in this stage.
 Shipping product : This is last but not the least stage where in delivery of goods or
services are done to the possible consumers from whom organisation has taken order.
Illustration 1: Innovation Funnel
(Source : Innovation Funnel, 2016)
P 4. Frugal innovation development in context to organisation
Sol-tec corporation is taking use of frugal innovation. This is noting but a process firm is
used to focus on utilising new business models, re – collected value chain so that re- designing of
merchandise would took place. This simply refers to the method of minimising the costing as
well as complexness from the overall production (Kim And et.al., 2011). This is commonly used
to eliminate the non – necessary characteristics from a durable product in various countries.
Some of the key principles of frugal innovation should be understand by Sol-tec are mentioned
below :
 Engage and iterate : It is considered as customary model of top – down R&D which is
more time consuming , complex , costly and more intransigent in nature. It also cause
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generation of high amount of environmental wastages. Thus, this is treated as slow way
of designing merchandises. For attaining an iterative framework and high speed changes,
some newer titles and incentives is needed to be used. Sol-tec ought to start with their
users by recognising their natural surroundings. In addition to this, they require to
consider about the development of relevant goods by looking after requirements of
customers and the lab as well for refining their designs (Lindič and et.al., 2011).
 Flex and assets : In this fresh substantial or technique should be taken in use in
producing goods. Here – in ways of supply chain might decreases the gap between
demands of supply and delivery which is being done by venture. Thus, helps in
improving the level of acquisition as well as distribution (Snow And et. al., 2011). For
this, company need to flex their manufacturing, provisions and service resources for
satisfying request of users in a cheaper manner.
 Creation of sustainable solutions : Employers of research and development of Sol-tec
could formulate self prolong solutions that may aid them in both environment and
businesses like cradle to cradle wherein elements or commodities are recycled in reiterate
style.
 Shaping behaviours of clients : As per this, cited firm need to influence their clients as
per their acts and nature of viewing things. They should attract them towards by
delivering best quality services.
 Co - create value with presumer : People who specially born between 1982 to 2004 are
observed as germinating from passive citizens into gathering of sceptred presumer who
used to jointly make, design and share goods and services they desire. Thus, in turn
leaders associated with marketing and R&D should work with do - it - yourself and
crowdsourcing innovators in order to reinforce and tackle the agglomerate ingeniousness
and skills of clients or communities.
 Making innovative friends : Besides this, Sol-tec can also engage themselves in
generating frugal merchandises, business models and services more effectively by getting
together with various extrinsic partners like start ups, universities, bourgeois, venture
capitalist , suppliers , etc. in spite of performing alone (Teece , 2010).
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P 5. Significance of the commercial funnel and the application of New Product Development
Commercial funnel is also titled as sales funnel. It can be defined as the process of
purchasing commodities or products. This is treated as visual presentation of users' journey
which is portraying the overall procedure of sales from consciousness to act. Sol-tec venture
should use this in their business activities in order to yield best outcomes. This whole process of
sales is divided into seven steps which is stated below :
 Awareness : In this phase, company needs to be aware about the beingness of some
effectual solutions.
 Interest : Here in prospects ought to show interest in a merchandise which is done by
carrying out research for the products.
 Evaluation : In this phase, company have to analyse the solution that is being used by
their challengers as after that they inch towards the concluding purchase decision.
 Decision : After that ending judgement is made and process of negotiation starts.
 Purchase : Here by products and services are used to be acquired.
 Re - evaluation : Contracts are going to be renewed here since users is now taking entry
in evaluating it again so that they can decide whether they wish to re - create their
agreements or not.
 Repurchase : This the final phase where in a user used to repurchase a commodity and
services.
Thus, it can be said that, this commercial funnel is playing very important role in Sol-tec since it
helps in increasing the selling rate and attaining large sum of profits at last.
New product development or NPD is a concept that is covering whole activity of bringing
or developing a new or unused product in the current marketing location. It is further described
as transmutation of opportunities existing in the world in literature. Therefore, it is recognised as
more eminent technique since via this contemporary innovation could be made into action by
implementing the same (Thore ed., 2012). The newly developed services from Sol-tec company
provides newer taste to their clients. This is important to perform since consumer get bored after
receiving the same products and merchandises. Hence, if cited venture will attempt to create
something unique then this will contribute in enhancing their sales rate in drastic manner as large
number of citizens get attracted towards their innovative services.
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P 6. Building an Innovation Business Case for company including means to access funds
Innovation business case is used to offer a different approach for tackling with one of the
factual issue associated with innovations. Sol-tec should use this in receiving best outcomes.
Factors being involved in this aspect are listed below :
 Generation of idea : The formulation of goods or services begin with a proper idea
which ought to be logical and realistic in nature so that it could be practically enforced. In
order to do the same, company need to conduct SWOT analysation where in they will
determine their strength, weaknesses, threats and opportunity. This in turn aids innovator
in thinking about what and how deliverables would be developed. At the same time,
weaknesses need to be eliminated.
 Screening of idea : In this stage, corporation can engage themselves in rejection of ideas
which is not of their usage. Thus, in turn minimum period of time got consumed while
manufacturing services and goods. Moreover, it provide support to thoroughly analyse
every alternative choice in order to determine best one which suitable for business. Thus,
better selection of effective concept is helpful to improve brand image of given firm.
 Funding : After that firm should gather funds for the creation of merchandises and
services. For doing this, they can take help of stakeholders, banks, investors and many
other key elements. It is necessary to collect desired amount of funding to implement
selected creative idea in business activities as well as procedures in order to improve
profitability of organisation to achieve success.
 Development and testing : Afterwards managers of given venture should begin their
work on such conceptions. During this testing is also needed to perform so that no issue
will be created in future and present as well (Walsh , 2012). Special testing team ought
to be hired by employers in order to improve the quality of tools. However, it is important
to observe and evaluate concepts for analysing possible risks and opportunities in an
appropriate manner. It will facilitates to avoid critical issues and beneficial chances can
be grabbed at correct time for completing desired goals of business properly.
 Analysis of business : In this phase, business case has to be integrated for assessing
benefits from all newly generated deliverables. It involves analysation of marketing
schemes, concentration on target market, marketing – mix , etc. Meanwhile, it includes to
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thoroughly analysed about favour-ability of newly created ideas or concepts in terms of
achieving benefits which are supportive in growth of business.
 Development of product : Afterwards merchandises get developed after carrying out
above mentioned stages. The procedure of manufacturing started hereby. Thus, it is
necessary to apply fresh conceptions in proper way in operational activities on regular
basis to improve quality as well as effectiveness of product to increase sales of brand.
 Testing market : Herein needs and demands of users are being tested by venture so that
newer products would be designed in accordance to their wish. Additionally, it is
essential to observe and analyse interest of people for specific developed product in
market as it is responsible for success of the same. Hence, it can be done through
determining actual needs of customers and match them with features of goods to examine
profits in marketplace.
 Commercialisation : Final judgement is required to be made before launching
merchandises in marketplace. In this context, risk as well as cost related management
strategies required to be planned for reaching at stage of launch. Meanwhile, it is
essential to analyse possible risks or uncertainties at time of introducing new products in
market which include to first ensure about demand of newly manufactured product in
market area.
 Launching : This is the last step where in introduction of final and unique goods or
services is carried on so that people start purchasing as soon as possible. Moreover, final
step is required to be taken carefully in order to launch the same in market so that it can
make an identity and build an defective place in minds of people.
P 7. Different tools used to develop, retain and protect knowledge and intellectual properties
In order to defend or safeguard the innovation associated with their production, Sol-tec
need to use some legal prospects which is stated below :
 Copy right : This is an important measure for protecting intellectual property of
corporation since by applying this none of the other venture can use as well as commit
that it is their work. If any one would claim for the new innovation of Sol-tec firm then
that will be punished by legitimate bodies. For this they also have to provide
recompenses for that unfair activity.
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 Patents : Patents have to be done by cited venture so that they can freely operate their
business without any fear of loosing authorisation from their innovative products or
services.
 Trade mark : Apart from above one, firm could also take use of this mechanism where
in they have to develop a new as well as unique symbol or trademarks for their
businesses. This will made difference from the goods and services of rivals in relation to
those of Sol-tec venture.
 Industrial Design Rights – The industrial rights refers to visual designs of instruments,
objects and other equipments including their unique as well as creative shape,
configuration or composition of pattern or colour, or combination of pattern and colour in
three-dimensional form containing aesthetic value.
 Trade Secrets – This can be described about unique and creative patterns, procedures,
Formula, design, instrument or compilation of information. However, every organisation
has their own idea to run their business for earning more profits through applying
innovative concepts by setting better processes or other aspects. These are under rights of
specific company which helps to gain economic advantage among competitors and that
cannot be copied by others.
CONCLUSION
From the above based report, it can be summarised that innovation is an important term
that needs to be consider by each and every firm existing in United Kingdom no matter in which
sector they used to deal. Sol-tec corporation which is dealing with designing networking
software should also emphasis on the same since this would help them in developing unique
productions or web based services. There are some many tools and techniques that can be used in
this context which has been described in this assignment clearly such as commercial funnel, 4ps
of innovation, NPD and so on. In addition to this, company ought to use some tools such as
patents, trademark, copyrights, etc. for protecting their innovative merchandises.
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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., 2010. 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.
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.
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
4ps of innovation 2017. [Online] Available through
<https://www.slideshare.net/lbaraliu1/chapter4-35297521>.
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