Analyze Tech Transfer Outcomes in Academic Entrepreneurship

This assignment requires a comprehensive analysis of technology transfer outcomes in the context of academic entrepreneurship. Students are to examine several case studies from the 'World Scientific Reference on Entrepreneurship' and other sources, focusing on innovation strategies, collaboration modes, commercialization processes, and moderating factors such as market orientation and supply chain influence. The primary goal is to correlate these aspects with successful technology transfer outcomes, drawing insights from various industries including forestry, renewable energy, and materials science.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1Innovation and its importance to employees with a difference with invention.................1
P2 Organisation Vision, leadership, culture and teamwork shape innovation.......................2
M1...........................................................................................................................................3
D1...........................................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation..................................................4
P4 Development in frugal innovation.....................................................................................5
M2...........................................................................................................................................5
M3...........................................................................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development.............6
P6 Innovation business case...................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools which used to develop, retain and protect intellectual property rights.....8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is a concept in which company modify their existing products and services by
adding some ingredients into it. This enable them to gain appropriate market share as well as
become able to compete at keen competitive world through gaining competitive advantage
(Clayton, Feldman and Lowe, 2017). Invention and innovation both are differ from each other
which required to understand by business so that working abilities tend to rises as well. This
project is signify on Wiser which is one of small business firm in UK and operating in creative
media as well as recruitment. In this project, discussion will reflected on the innovation practices
of a company so that better and suitable working get done as well as appropriate gains suppose to
determine. For this innovation concept will going to discuss with sufficient evaluation of
invention and innovation difference. Along with this, types of innovation will also evaluated so
that effective operation get done. Further, it depicts also about the process of commercial funnel.
TASK 1
P1Innovation and its importance to employees with a difference with invention
If is must for company to alter their products and services on regular basis as it aids them
to enhance its effectiveness and appropriateness. This enables them to attain desired targets
within limited time span; as a result, they will maintain their position in market for maximum
time. It is required for superior to conduct research as it assists to fulfil requirements of clients as
per demands. Hence, they will easily modify items according to their taste and preferences. This
is like an innovation as they add some additional features into products (Dutta and Hora, 2017).
By implementing new ideas into goods, organisation will able to capture attention of
numerous individuals. This will assist them to compete competitors in marketplace. Along with,
they will improve profits and market share effectually. In context of Wiser, it is a recruitment
firm and they are going to launch an application for persons to improve brand image. There are
several significance which are associated with innovation to workers are stated as beneath:
Development of skills: This is required to improve capabilities as well as skills of
employees; thus, they will complete work within limited time duration. It aids to enhance their
experience and learning as well.
Efficiency: It is needed for company to apply latest methods or ideas into items as it
helps to increase its appropriateness and effectiveness. It enables them to take benefits from
rivals at marketplace (Gaddy and et. al., 2017).
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Performance productivity: By getting training from an expert, staff members will easily
enhance their working performance. It will assist to improve profits and production of an
enterprise in an effective and efficient manner.
Creative mindset: It is required for an employer to implement new thoughts into items;
hence, they will easily gain attention of numerous individuals towards them. This will assist
them in improvisation of market share.
Flexibility: In an association, there will be some employees who doesn't want to accept
alterations. Thus, employer has to tell them about its significance and for this, they will organise
some sessions for them (Goble, Bercovitz and Feldman, 2017).
There are some difference amongst innovation and invention which is stated as beneath:
Innovation Invention
It portrays that add extra attributes into current
items and services to increase its effectualness.
Person will create products for customers
which is entirely different from existing one.
This is connected with each department
regardless a particular unit.
It is linked with research and development
division.
As per this, superior implement latest methods
into products or modify it as per requirement
of consumers.
Invention is totally original.
This is considered as a process which aid
company to alter goods so that its effectiveness
will get improved.
Manager has to produce new though which is
entirely distinguish form others (Difference
Between Invention and Innovation, 2018).
P2 Organisation Vision, leadership, culture and teamwork shape innovation
It is must for every company to create mission, vision and objectives so that by following
them they will obtain positive outcome. Management needs to understand leadership, team work,
vision and culture effectively; thus, they will apply innovative methods appropriately. There are
many kinds of creative methodologies will be utilized by company; hence, they will make
products and services more efficient. They will modify them to enhance its appropriateness as
well. As a result, firm will improve their sales and production which help them in increment of
revenues (Henttonen and et. al., 2017).
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Wiser is going to expand their business at global level; therefore, it is require for them to
develop vision as well as mission as per it. They are going to prepare an application for people
which enable them to increase customer base. It will assist them to take benefits from rivals as
well.
Vision: It is like a statement which define about the objectives of an enterprise that they
are going to attain. Wiser is a recruitment firm and they are going to launch a new application for
people as it enables them to enhance customer base. Hence, it has been understood that they are
clear about what they want to achieve.
Leadership: Manager needs to posses quality of leadership because they have to cater
direction to employees; thus, they will complete their task. Employer will take their support in
procedure of decision making as it renders motivation to them. Along with, they need to provide
rewards to staff members according to their working execution (Khan and et. al., 2017).
Culture: As indicated by this, manager has to enhance skills as well as capabilities of
workers. By doing this, they will be able to complete their work within provided period of time
and in addition gain positive outcomes.
Therefore, it is required for company to follow vision and mission so that they will
achieve desired targets in an effective manner. It enables them to gain advantages from
competitors at marketplace. Along with, manager needs to maintain open communication at
workplace because it assists to sort out each problems effectually.
M1
To alter products and services organisation will implement latest methods and tools. This
will aid them to capture attention of numerous individuals towards them. Superior will conduct
research so that they will know about demands of consumers. It enables them to take advantages
from contenders at marketplace. Manager of Wider is going to launch an application which help
them to increase client base (Lim and et. al., 2017).
D1
According to Mamo and et. al. (2017), it is required for an employer to utilize various
kinds of tools and methodologies to examine creative thoughts or ideas. This will help them to
find out advantages of existing items and services. In context of Wiser, there are many skilled
and talented workforce and they are working with them from past years.
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TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Modification in current products and services is fundamental for an enterprise as it helps
them to gain attention of numerous individuals towards them. It will help them compete
contenders in market and as a result, they will increase profits effectually. There are 4P's of
innovation which are described as below:
Product innovation: Superior needs to enhance effectiveness of existing goods and
services as it enables them to maintain client base (Perry and et. al., 2017). As business of Wiser
is not much profitable from past some years; therefore, it is required for them to implement some
creative ideas. In this relation, they are going to launch new application for people which will be
download by them from play store.
Process innovation With help of this, manager will be able to identify the procedure
through which they will provide required data and information to individuals. Therefore, they
formulate an application which will be access by people easily and it helps to make process more
easy. It will be access by every person who are residing other country as well.
Paradigm innovation: As per this, firm will modify their services according to need of
their clients. It enables them to improve their sales as well as profits. Henceforth, they will take
benefits from contenders at marketplace (Schmitz and et. al., 2017).
Position innovation: Brand image of Wider is effective in United Kingdom and for more
improvisation they will take assistance of some promotional tools and techniques. As a result,
they will enhance they will increase market share and profits. Along with, they will alter
application to make it more reliable.
Innovation Funnel: Company has to implement latest techniques and methods because it assists
them to improve goods and services in a proficient manner. This will aid them to acquire
opportunities so that market share will get increased. There are some stages which are associated
with innovation funnel, are stated as beneath:
 Firstly, It is fundamental to focus on wide mouth of funnel; therefore, it is needed for
them to obtain requisite information as well as data. It helps them to develop new idea.
 Another stage is called as narrowing funnel sector, which means create comparison
between current and upcoming objectives. In this stage, gathered data has been tested
(Shakeel, Takala and Zhu, 2017).
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 At last, narrow funnel portrays delivery of collected data and information to attain desired
objectives.
P4 Development in frugal innovation
Company needs to improve frugal innovation so that people from each category will
experience their goods and services to accomplish their desires. It is used by various kinds of
organisations as it enables them into their growth and development. This process will assist an
enterprise to reduce any kind of complex situation. Therefore, they will attain coveted targets and
goals within limited period of time (Sheep, Fairhurst and Khazanchi, 2017). There are several
sorts of techniques which will be implement by manager into firm and these are described as
below:
 With assistance of frugal innovation, company will be able to eliminate high cost from
goods and services.
 Superior will provide training to staff members so that they will easily implement
creative methods and tools into products.
 It has been analysed that frugal innovation render support to affiliation; therefore, they
will create innovation which is advantageous for them.
This type of development need to be take place when Wiser is suffering from sales issues.
As it caters assistance to company so that they will be able to improve operational exercise
through decreasing cost. It will be done by adding additional features into recent services. As a
result, they will be able to gain attention of numerous individuals towards them (Shi and et. al.,
2017).
M2
With assistance of innovation funnel, organisation will easily reduce unwanted cost from
working procedure. This will help them to use accessible resources in an effective and proficient
manner. Fundamental aim of this, to examine each production stage; therefore, wastage as well
as unnecessary cost will get reduced (Clayton, Feldman and Lowe, 2017).
M3
Fundamental target of Wiser is to accomplish requirements and demands of customers
within limited period of time. Company has to utilize latest techniques as well as methodologies
into process of working. This will assist an affiliation to improve market share and in addition
help them to compete contenders at market (Dutta and Hora, 2017).
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TASK 3
P5 Importance of commercial funnel and application of new product development
With assistance of commercialisation process company will sell their items as well as
services to individual at international level. It is required for them to increase activities as it
assists them to gain attention of numerous people towards them. Along with, they have to
maintain quality of items as it aids in enhancement of profits and goodwill. It has been analysed
that, if an enterprise is using commercial funnel then, they will be able to improve their market
share in an effective manner (Gaddy and et. al., 2017).
Importance of commercial funnel is stated as below:
 There are many kinds of policies and strategies will be formulated by superior as it assists
them to maintain quality of items as well as services.
 With help of this, organisation will easily compete with rivals at marketplace.
 This will assist firm to introduce business at global level; thus, they will improve market
share in an effective manner.
Firm will also launch some extra goods for consumers and for this, some steps need to be
follow by them which are described as below: Generating idea: A thought is formulated by superior of enterprise that they will launch
an application for people which will assist them to improve customers base and market
share (Goble, Bercovitz and Feldman, 2017). Idea screening: With assistance if this, manager will determine differences related to
their thoughts. Concept testing: It is not essential that every individual is using Android, some are using
iPhone also so that company has to develop application for both user. Business analytical: Test aspect need to get analysed which will be either negative or
positive; therefore, appropriate judgement will be taken by employer. Commercialise: It is must for an employer to include requisite things into application;
thus, their needs and desires will get fulfilled within limited time duration.
 Product development: Organisation needs to acquire response from their consumers. If it
is in positive way then, they will introduce it into marketplace. This enables them to
obtain growth and development (Henttonen and et. al., 2017).
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P6 Innovation business case
Company needs fund because they are going to expand their business at global level. In
context of Wiser, they are going to launch an application for people which will help them in
improvisation of profits and in addition reputation. To implement innovation successfully in firm
they will take assistance of some points:
 As enterprise is suffering from huge loss from past some years; therefore, it is required
for them to formulate appropriate strategy.
 They have to resolve issues timely otherwise, it will hamper their work (Khan and et. al.,
2017).
 Manager is going to launch an application and for this, they need to determine needs of
people so that it will get accomplished effectually.
Business case will comprise some steps which are stated as beneath: Executive summary: Wiser is a recruitment firm which is much famous in UK as they
are providing effective services to people. This assists them to improve revenues as well
as production in an effective way. Need: Fundamental objective of affiliation is to provide an application to people so that
entire data and information will be collect by users by a single click. Solution: They need to develop application for IOS also so that they will improve
customer base. Why product is innovative: This is a creative thought as there is no organisation in UK
who launched application for people. As a result, they will be able to increase their sales
and profits (Lim and et. al., 2017). Customer reach: It aids to capture attention of each sort of persons; therefore, client base
will get enhanced. Design and development plan: Company needs to do research so that they will formulate
plan effectively. Requirement of investment: Superior of firm will tell about business idea to some
investors so that they will invest some amount into this project.
 Expected benefits: Organisation is providing application to people free of cost which will
be download by them from play store. This enables them to increase client base and
goodwill as well.
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There are several sources from which affiliation will acquire fund for their project:
Banks: As reputation of company is much effective so that they will easily acquire fund
from banks; as a result, they will run business in an appropriate manner. Banks provide loan to
firm and for this some interest amount will be charged by them (Mamo and et. al., 2017).
Equity funding: To reduce debt fund, superior will obtain finance from bondholders.
This will assist them to maintain an appropriate image at marketplace.
TASK 4
P7 Different tools which used to develop, retain and protect intellectual property rights
Tools and techniques determine as beneficial and appropriate consideration for projects
or any case so that better and effective working operation suppose to get done. Such tools and
techniques need to evaluated with a due course of time in order to gain beneficial results which
assist in determine positive reflection of outcome. In innovation concept, management always
need to retain and develop the rights of their intellectual property so that better and supposrtive
working get done (Perry and et. al., 2017).
These are such rights which usually adopted and utilise by a company in order to manage
and facilitate innovation so that chances of its duplication could be reduce. It should be term as
beneficial aspects which really get to understand by managers of Wiser so that they become able
to protect rights related with their innovation in order to gain and take its advantages for further
profit generation. There are various kinds of intellectual property rights and information get
evaluated below which required to assess and determine properly for better and suitable working
aspects: Copyright: Copyright define procedure where apart from owner none of an individual
have right to protect and utilise such products and services. It enable in providing
advantage of sole utility which could be sale for several consideration (Schmitz and et.
al., 2017).
 Trademark: Another property right for Wiser managers is trademark in which they
required to understand it properly and try to avoid such sign and signature which already
taking place. On the other hand if someone else will going to utilise their aspects they are
free to sue against them for gaining better results.
These aspects required to understand by managers of Wiser so that they become able to
maintain competitive position at keen world where chances of duplication are usually high. Thus
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such assessment is essential in order to make things appropriate (Shakeel, Takala and Zhu,
2017).
CONCLUSION
It get concluded from the project that innovation starts with creative idea and foresight as
well. Innovation and invention both are differ from each other which required to understand
properly so that suitable legal consideration could be adopted on it. Invention signify as
introducing something new to market area where innovation start with additional features into it.
Moreover, various kinds of innovation also evaluated which required to understand by manager
like paradigm etc. These all assist them to maintain and manage various considerations properly
in order to gain better results and outcome. Although, with support of commercial funnel, entity
lead to establish them at vast level where chances of meeting customer demand is critical but
profit generation possibility are high. Although, some legal aspects need to determine by
company for maintain and managing their intellectual property rights properly.
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REFERENCES
Books and Journals
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Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy
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Goble, L., Bercovitz, J. and Feldman, M., 2017. Organizing for Innovation—Do TLO
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SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 4: Process Approach
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Schmitz, A. and et. al., 2017. Innovation and entrepreneurship in the academic setting: a
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Shakeel, S. R., Takala, J. and Zhu, L. D., 2017. Commercialization of renewable energy
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Sheep, M. L., Fairhurst, G. T. and Khazanchi, S., 2017. Knots in the discourse of innovation:
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Shi, T. and et. al., 2017. Effects of organic cations on the defect physics of tin halide
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Online
Difference Between Invention and Innovation. 2018. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
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