Innovation Management Consultant

This presentation provides an overview of innovation management, focusing on the importance of innovation in resolving challenges and gaining a competitive advantage. It discusses the new product development process and the commercial funnel. Additionally, it explores intellectual property and tools to protect it. The case study of Dyson, a technology company, is used to illustrate these concepts.

Innovation Management
Consultant

Content
 Introduction
 Background of the Company and its Commercial potential
 Innovation funnel and its importance
 New product development process
 Innovation case utilising commercial funnel
 Intellectual property and tools to protect intellectual property
 Conclusion
 References

Introduction
Innovation is creation and generation of new idea in the existing product,
service or process which facilitates the organisation to resolve the
issues and challenges faced by them. It helps the company to satisfy
their customers and to take the competitive advantage. In this report
the company that is taken into consideration is Dyson which
manufactures various household appliances.

Background of the Company and its
Commercial potential
Dyson Ltd. is a UK based technology
company that started their
operation in 1991. The company
manufactures a wide variety of
household appliances and has been
operating in various countries with
around 12,000 employees.

Commercial funnel
Commercial funnel helps to understand the process of buying in which
the customers are focussed. It will facilitate the Dyson in identifying
various factors which are considered by the customers while
purchasing.

Importance of commercial funnel
• Commercial funnel will help Dyson in formulating marketing
strategies
• It helps in understanding the behaviour of the customers by
focussing on the factors which they consider while purchasing.
• It will help the Dyson to develop a model which can be used by
them to satisfy the customers.

New Product Development
New product development process
includes various steps which
helps the organisations to
launch new products with
innovation that will facilitate an
organisation to achieve their
goals and objectives.

Stages of new product development process
are:
Idea Generation : In this stage the idea is generated by the company
for which the managers at Dyson welcome ideas from their
employees. This creates a pool of idea for the company out of which
they can select the one which is viable. Such as Dyson is generated
an idea of battery heaters.

Innovation case utilising commercial funnel
Resources and funding: The funds need to be gathered by the
company as a loan from the financial institution and along with that
they will gather funds investors. Other resources such as batteries,
human resources and many more will be taken from the existing
suppliers of Dyson with the funds so procured.

Intellectual property
Intellectual property are activities of mind in which something creative
and innovative is developed by the individual. They helps the
individual to take the competitive advantage and to protect them
from being copied by others.

Tools to protect Intellectual property
Copyrights : It is taken to protect the
creative work which will help the creator
to provide security to the original
expression of the idea.
Patents : It is given to protect the invention
for a specific period of time and gives
right to the inventor to sell, use or
implement it.

Conclusion
It is concluded from the above discussion that innovation helps the
organisation to resoles various challenges and take competitive
advantages. The innovation is supported by the formation of
business case which helps them to formulate various strategies and
various intellectual property rights that protects such innovation.

References
Aarikka-Stenroos, L. and et. al., 2014. Networks for the
commercialization of innovations: A review of how divergent
network actors contribute. Industrial Marketing Management. 43(3).
pp.365-381.
Hermans, F., Klerkx, L. and Roep, D., 2015. Structural conditions for
collaboration and learning in innovation networks: using an
innovation system performance lens to analyse agricultural
knowledge systems. The Journal of Agricultural Education and
Extension .21(1). pp.35-54.

Thank You