Innovation and Commercialization

This assignment provides a comprehensive overview of innovation and commercialization in different fields. It includes a list of references from various sources, such as academic journals and online articles, that discuss the topic. The references cover aspects like venture capital, open innovation, market orientation, and engineering leadership development. The assignment also touches on the challenges and opportunities related to innovation and commercialization in specific industries, such as renewable energy and forestry.

INNOVATION

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...........3
TASK 2............................................................................................................................................4
P3 4P's of Innovation and uses of innovation funnel...................................................................4
P4 Development of Frugal innovation.........................................................................................6
TASK 3 ...........................................................................................................................................6
P5 Importance of commercial funnel and application of New product development.................6
P6 Building of innovation business case including ways to access funding...............................8
TASK 4 .........................................................................................................................................10
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property .....................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is refereed to as new ideas and concepts which are formulated by an
entrepreneur to modify items and services in order to enhance its position in market. In each and
every organisation, commercialisation and innovation are two essential tactics which help top
personnel to make business successful (Clayton, Feldman and Lowe, 2017). Present report is
based on Wiser which provide recruitment and consultancy services to public and other firms in
United Kingdom. This assignment specifies innovation and its benefits in small businesses. In
addition to this, 4P's and usage of innovation funnel for assessing ideas at work place is also
explained. The report focus on importance of commercial funnel and new product development
application in commercialisation of innovation. Besides this, entrepreneur uses different tools to
develop, retain, protect knowledge and intellectual property of small firm is also specified to
understand various aspects of innovation.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Innovation is new idea or method which is formulated by an entrepreneur to accomplish
demands of people. For this, market research is appropriate technique which benefit them to have
information about needs of public to provide them creative and unique products and services.
This help small and medium firms to construct appropriate position and image in market by
providing items and services according to requirements of public (Dutta and Hora, 2017).
Wiser is small firm which was started in 2014 by Fin O' Kane whose chief executive
officer of firm. Company provides talent acquisition, recruitment, on-boarding solutions to
people in United Kingdom. This firm has partnership with popular brands that are Just Eat, Sky
Betting and Gaming, Wordpay and Expedia. Thus, entrepreneur is able to grab customers easily
and sustain its position in market in respect to competitors.
Importance of innovation: It is an important tactic which help organisation to make
growth with time. For this, businessperson focus is to provide creative and unique products and
services to people in respect to their demands and needs (What is innovation and how can
businesses foster it?, 2017). This plays essential role in small firm to utilise resources efficiently
and attract large number of people by providing them appropriate variety of items. Thus, these
are the benefits that innovation have on SME's i.e. described below :
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 Innovation aid small firms to create competitive advantage by providing creative and
unique products and services to public. For example, Wiser provide recruitment and
consultancy services to young people to make them enhance their career according to
their skills and knowledge. This help company to grab attention of large number of
customers to generate adequate profit to sustain its reputation in market.
 This process also benefit entrepreneur to formulate innovative business ideas to execute
operations in according to market conditions. For this, market research is appropriate tool
which help businessperson of Wiser to acknowledge requirements of society and
members. This help them to design system and implement adequate equipments and tools
to provide products and services to fulfil demands and needs of people (Goble, Bercovitz
and Feldman, 2017).
Difference between innovation and invention
Innovation Invention
 It is the process which is conducted by
businessperson to make alterations in
items and services in respect to needs
and requirement of people.
 Innovation is aspect which includes
changes in existing products. For this,
management implement advanced
equipments in system for production of
creative and unique things.
 Organisation require to sustain and
enhance its position in market. For
which they require modification in
products and services required to be
made by businessperson. This help firm
to attract large number of people to
enhance their sales volume and
profitability.
 It is discrete tactic in which person
conduct research and development
process to have knowledge about
market conditions. This help them to
construct creative and new items and
services in according to demands of
people.
 Invention is a formulation of new idea
by an individual to overcome problems
or issues from community. Thus,
creation of product and processes
which never exist in market (Perry and
et. al., 2017).
 This is activity which is carried out by
an individual to create, introduce and
launch a new product or service for
first time. For this, invention are
patented by government to protect
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products and thoughts of person being
stolen or uses by others.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
Commercialisation is the process which an entrepreneur conduct for increasing monetary
gain by launching new products in market. It is essential that innovative and creative business
ideas are formulated by individual to attract large number of people by providing them variety of
items and services. This also help business person to enhance company's position and image in
respect to rival firms. For this, staff members require to get appropriate organisation culture
which direct them to perform tasks effectively. Along this, employees are informed about vision
and divided into team for utilisation of resources in efficient manner. Thus, these are different
tactics which are considered by entrepreneur while conducting commercialisation and innovation
process are stated below (Schmitz and et. al., 2017):
Vision and mission statement: It is an essential part of strategic plan which are
formulated by businessperson to direct staff members by providing them knowledge about
position where organisation require to reach in future time.
Vision: This tactic define organisation future expectation which are formulated by top
personnel to design system and direct staff members to perform tasks to attain targeted goals.
Entrepreneur of Wiser aim is to provide recruitment and consultancy services to people to
enhance their capabilities and knowledge by providing them appropriate way.
Leardership: This is refer to management capability to direct staff members to make
them perform tasks in systematic and organised manner. For this, leader is given responsibility
by executive of Wiser to provide instruction and guidance to subordinate in respect of assigned
tasks (Shakeel, Takala and Zhu, 2017).
Organisation culture: This is an essetial tactic which specifies that top personnel require
to provide appropriate working environment to subordinates to make them perform tasks
effectively. In Wiser, entrepreneur is able to retain skilled and competent people for longer time
which is due to positive and safe organisation culture which they get to encourage them to
perform tasks effectively.
Teamwork: Administration formulate and divide employees in different team for
utilisation of resources efficiently. In Wiser, entrepreneur provide duties and tasks to staff
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members to provide recruitment and consultancy services to people. For this, subordinates are
divided into different team for execution of business activities in effective manner.
TASK 2
P3 4P's of Innovation and uses of innovation funnel
Innovation is considered as new idea used for modifying existing products and services in
order to enhance satisfaction level of customers in effective manner. Innovation mix is a tool
which helps the organisation in identifying effective innovation i.e. beneficial for business. This
was given by Joe Tid and John Bessant for developing and improving effectiveness of business
organisation. Innovation mix includes 4P's which states Product, Position, Paradigm and Process
which guides top management in formulating their strategies on the basis of business
requirement (Mamo and et. al., 2017). In context with Wiser, this enterprise belongs to
consultancy and recruitment sector which provides consultancy and recruitment services to
various businesses. In relation to this, 4Ps of innovation is beneficial for this firm in order to
identify right place and requirement of innovation for growth purpose. Thus, these components
of innovation mix are described below:
Illustration 1: 4P's of innovation
(Source: 4Ps of innovation model, 2018)
Product: Product refers to the item offered by business at market place in order to satisfy
customers expectation. For example: In context to Wiser, it offers recruitment solutions to the
big organisations. Along with this, it also offers development facilities to employees for
improving their work efficiency. This provides high skilled employees to clients of organisation
which helps them in achieving long term business goals. Thus, company provides recruitment
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and consultancy services to people to help them to get employed in firm in respect to their
capabilities (Lim and et. al., 2017). For example – The new product which is introduced by
Wiser is its own website to provide recruitment and consultancy services to people through
online at reasonable prices.
Process: Process in innovation mix is considered as execution of new services in
effective manner. For example: In context to Wiser, manager uses latest technology for
improving effectiveness of process. They use digital technology in recruitment process by
conducting online test and screening which simplifies work of employees. It also develops
supports in identifying best candidate in less time. Thus, this technique help executive to
maintain record of people and give them chance to have information about client firms. For
process of developing own website, firstly firm will conduct market research and analyse current
trends. Along this, expertise are hired who have great technical knowledge and able to develop
an effective website which makes recruitment process easier.
Position: In this component, business organisation emphasize on improving positioning
of its products and services in effective manner. Hence, its customers and clients gets attracted
towards firm. In relation to Wiser, its marketing manager are majorly focused on making
effective brand image of company at market place (Khan and et. al., 2017). In order to promote
its products and improve position at market, Wiser upload advertisements and links on social
media sites. This give chance to customers to click and gain information about it. This helps firm
to establish position in mind of people.
Paradigm: It is concerned as the pattern in which organisations performs their business
activities. For example: Manager of Wiser focuses on developing effective strategies which helps
them in creating strong customers base for long term. This help management to make employees
perform tasks in systematic manner to accomplish targets within defined time period.
Innovation funnel: It refers to technique which is used by organisation for developing an
effective plan for business growth. Innovation funnel consist of majorly three steps which
equally contributes in developing product and services in better manner. In context to Wiser, this
organisation is using innovation funnel in order to modify their products. Steps included in
innovation funnel are evaluated as below (Henttonen and et. al., 2017): First step: This step emphasize on collecting information about innovation. Employees of
Wiser tries to gather maximum possible ideas which will be used by this firm further.
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 Second step: In this step, leader of Wiser shortlist ideas by screening of all ideas. Under
this, relevancy of ideas are checked by meeting with the targeted objectives. Most
preference is given to those ideas which satisfies requirement of customers as well as
organisational goals
 Third Step: Lastly in this step, manager of Wiser, finalises best ideas which going to be
used by organisation for developing new product or services.
P4 Development of Frugal innovation
Frugal Innovation is concept which includes engineering process that help businessperson
to remove complexities and reduce expenses by conducting production process properly. This
benefit top personnel to utilise funds, material and manpower efficiently by formulating
appropriate business plan (Shiand et. al., 2017). In Wiser, entrepreneur uses this tactic to
implement adequate tools and software in system to provide recruitment and consultancy
services to clients. This is a small firm which require proper utilisation of resources to sustain its
position in market. Frugal innovation helps businessperson to design system and conduct
business activities to provide appropriate services to people. Along this, training and
development sessions are conducted by management to improve skills and knowledge of staff
members to make them perform tasks effectively and deliver quality consultancy to clients.
Thus, these are steps which are executed by entrepreneur to sustain functioning of company are
described below (Sheep, Fairhurst and Khazanchi, 2017):
 Identify tools and design system which aid management to execute new business ideas
and concepts in system.
 Estimate cost that will be invested for execution of ideas.
 Examine reports and make adequate decisions which are benefits for firm. This help
entrepreneur to overcome problems and complex activities from system.
 Management perform tasks effectively and provide quality items and services to
customers.
Thus, frugal innovation benefits executive of Wiser to utilise resources and make system
function in effective manner. Along this, administration establish competitive advantage to
position firm higher than rival firms to attract large number of customers to enhance sales
volume and profitability (Shakeel, Takala and Zhu, 2017).
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TASK 3
P5 Importance of commercial funnel and application of New product development
Commercial funnel define that in organisation, marketing is an activity which is
conducted by top personnel to inform public about products and services. Awareness, interest,
decision and action are various steps of this tactic which are executed by management to
communicate people about existence of firm and its items. For this, management uses
promotional tools that are advertisement, sales promnotion, personal selling and many other to
attract customers to enhance sales volume and revenue. In Wiser, commercial funnel consists
essential part in firm to establish appropriate position in market. Marketing plan is formulated by
entrepreneur to direct marketing team to make them perform tasks in systematic and organised
manner. Along with this, effective strategies for launching services help employees to grab
attention of large number of people. Thus, commercial funnel is efficient tool which benefit firm
to create customer's inetrest and convince them to avail services (Schmitz and et. al., 2017).
New product development is process which is conducted by an entrepreneur to introduce
new items and services. It is essential that changes in products are made by organisation to
enhance their position and image in market in respect to other firms. Along this, management
even need to make modification in system that is provide creative and innovative items and
services to people in according to their demands and needs. Wiser is introducing its new product,
i.e. website by which company will provide online recruitment and consultancy services to
people at low rates. These are steps of NPD which are described below:
Idea generation: This is first step of NPD which define that an individual conduct market
research to have knowledge about conditions prevailing in market. Demands and requirements of
people are acknowledged by entrepreneur to formulate business idea accordingly. This help them
to construct objective behind setting and starting a new venture. In Wiser, executive had
formulated a website by which they provide recruitment and consultancy services to people at
low cost (Perry and et. al., 2017).
Idea screening: It is next step in which individual assess feasibility of ideas and
concepts, whether they are appropriate according to recent market trends. This help entrepreneur
to select appropriate ideas and reject which are insignificant in respect to business. Manager of
Wiser find out number of people which prefer to take recruitment and consultancy services from
firms.
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Concept testing: This is essential step which define that entrepreneur take expert opinion
to examine about significance of idea. Along this, interaction with people is another technique
which help individual to inform them about concept and take suggestions. Executive of Wiser
select a group of people to whom they inform about concept of providing recruitment and
consultancy services at free to take their suggestions and opinions.
Business analytical: In this phase, organisation resources are analysed by entrepreneur to
have knowledge about capabilities of system to implement appropriate business ideas
accordingly. In Wiser, executive find out resources availability that are employees to provide
recruitment and consultancy services to people.
Commercialise: This is another important step of NPD which is to use promotional
techniques to inform people about products and services that are launched in market. Thus,
executive of Wiser started marketing of this new services by using promotional techniques that
are advertisement to aware public about their services.
Product development and launch: It is last phase which define that entrepreneur provide
items and services to people to fulfil their demands and needs. Along this, management also
communicate with customers to acknowledge quality of products and services to make changes
accordingly. After launching of webiste, manager of Wiser take opinions from registered clients
about their opinion and improvement they require to be made in system.
P6 Building of innovation business case including ways to access funding
In each and every organisation, business person require to have adequate amount of
capital for execution of business operations effectively. It is necessary that different funding
sources are acknowledged by entrepreneur to arreange and gather adequate money. Wiser is
small firm, so entrepreneur require proper utilisation of resources for conducting of activities that
are product development and marketing (Goble, Bercovitz and Feldman, 2017). Firm require
funds to have sufficient material and manpower for providing recruitment and consultancy
services to people. Entrepreneur require to conduct various activities that are research and
development to make modification in system to provide quality services to customers. These are
different sources of funding which are stated below:
Internal sources: It is an efficient tool which is to arrange funds from inside
organisation. For this, entrepreneur utilise their own money for conducting business. Besides
this, another source is profit which are reatined by management for future purposes. Sell of
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assets is another technique which helps executive to gain money from internal things that are
machines (Gaddy and et. al., 2017).
External sources: This is another tool which is used by entrepreneur to gather money
from outside firm. Creditors, financial institutions, government, investors, international
organisation and many other methods are available for organisation. These are different
techniques which help executive of Wiser to expand business by increasing capital to execute
business activities effectively.
Thus, internal and external sources are two sources which are available for entrepreneur
to have sufficient funds in organisation. Wiser is small firm which require to have sufficient
funds for execution of business activities effectively. For this, investors and banks are
appropriate tool which help entrepreneur to increase capital, thereby expand business in market
to enhance their market reach and customer base, thereby enhnace sales and profitability.
Executive Summary Wiser is private firm which was started by Fin O' Kane in 2014.
Company headquarter is in London and there are around 200 workers
which help executive to provide recruitment and consultancy services to
people. Along this, firm has partnership with famous brands that are
Just Eat, Sky Betting and Gaming, Wordpay and Expedia.
Target Wiser target clients are young people to whom they provide consultancy
and recruitment services to them to give them opportunity to get job in
according to their capabilities.
Innovation In Wiser, executive have formulated company's website which
comprises information about client organisations. This give chance to
individual to directly apply in firm in according to vacancies and their
capabilities.
Solution Digital technology is appropriate technique which help top personnel of
Wiser to connect clients by organisation to save their time.
Consumer Research Market research is appropriate technique which is used by management
to take feedback from customers to have information about their
requirements. Thus, appropriate recruitment services by connecting with
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appropriate firms is conducted.
Funding Executive of Wiser require to take money from other sources that are
bank and investors. This help them to expand business to increase their
customer base and profitability.
Expected outcome Wiser is able to sustain their relations with clients for longer time by
providing them appropriate recruitment and consultancy services.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Intellectual property refers to essential components of organisation that are name, logo,
symbol, techniques and many other tactics which require to be safeguard and secure from use by
other firms. For this, government had formulated various laws and act to protect intellectual
property by providing right to businessperson to register and license them in company's name
(Dutta and Hora, 2017). Thus, these are different tools which help entrepreneur of Wiser to
preserve intellectual property which are mentioned beneath:
Trade Mark: This is concept which is constituted by authorities to secure logo, name,
symbol and design of firm. It is essential that organisation differentiate items and services from
rival brands to give benefit to public to identify products easily. Along this, executive is even
able to protect these properties from being misused by other company.
Copyright: This is another tool which is formulated by government to protect author's
work that are books and novels. It is essential that efforts and creativity of creator is safeguard
and preserved from getting used and copied by other people (Clayton, Feldman and Lowe,
2017).
Henceforth, copyright and trade mark etc. are the tactics which are formulated by
government to protect intellectual properties of organisation and individuals. Entrepreneur of
Wiser which provide recruitment and consultancy services to people. For this, trademark of
logo, name, pattern, technologies and other important assets is taken by company. For this, these
components are certified from under authorities to protect these components from used by other
firms.
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CONCLUSION
From the above report, it can be comprehended that innovation plays important in small
and medium organisation. Innovation and invention are two tactics which have difference with
each other that is modification in existing products while another conecpt define that new items
which are launched for first time. Individual require to have information about different types of
innovation with help of 4P's and innovation funnel to and frugal innovation to examine business
ideas. New product development processing are used for commercialisation of innovation. For
this, an entrepreneur assess funding sources to select appropriate one to arrage adequate money
for business. Besides this, intellectual property are acknowledged by businessperson to protect
and secure them from use by other firms.
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REFERENCES
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Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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