Annotated Bibliography on Innovation and Commercialization

The given assignment is an annotated bibliography that compiles a list of sources related to innovation and commercialization. The sources include articles, books, and online resources published between 2010 and 2017. The bibliography covers topics such as business model innovation, technology commercialization, open innovation, and the 4Ps of innovation. It provides a comprehensive overview of the literature on innovation and commercialization, making it a valuable resource for students and researchers in this field.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Importance of innovation in a organisation and its compression with invention.................1
P2. Explanation of organisational vision, leadership, culture and teamwork ............................3
TASK 2............................................................................................................................................4
P3. 4 Ps of innovation and use of the innovation funnel to examine innovation ideas...............4
P4. Development in frugal innovation .......................................................................................7
TASK 3............................................................................................................................................8
P5. Importance of commercial funnel and the application of New products development........8
P6 Innovation business case........................................................................................................8
TASK 4............................................................................................................................................9
P7. Tools to develop, retain and protect knowledge and intellectual property...........................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
ONLINE.........................................................................................................................................11

INTRODUCTION
Innovation is a process in which an organisation uses different ideas or things as well as
translate them into a product as well as services that create its different value from existing
products. Innovation includes imagination, various applications of information and different
things from existing and specific values from resources (Teece, 2010). This project report is
based on EE limited which is one of the small business enterprises that wants to introduce new
ideas and innovative things to modify their existing products easily. This is determine difference
between innovation and invention, 4P's of innovation as well as importance of commercial
funnel. It is introduce appropriate business case to use innovative methods appropriately.
According to this report innovation includes various technological techniques which use as the
tool of protracting its property and make its higher values easily such as copyright, trademark,
patent and industrial design etc.
TASK 1
P1. Importance of innovation in organisation and its comparison with invention
When an organisation wants to take various opportunities in market as well as make
different values of their products and services in their consumer’s mind, they basically use
innovation in their manufacturing and servicing. Innovation is introducing different ideas, new
things and creativity to make existing products more valuable and attractive to represent in front
of the customers and earn more advantages in competitor market easily. This process is basically
more effective and efficient to provide goods in the market easily. In this process, organisation
uses systematic, strategic and technological support to make advanced culture and make their
employees advanced in their working approaches. Basically, these ideas huge importance if
organisation uses it in an effective manner such as-
 This helps to increase the productivity of organisation easily.
 Provides growth and help in attaining future goals or objectives easily.
 Innovation helps to improve employee’s working ability and provide them innovative
ideas to use their services.
 This helps to achieve competitive advantages in the market.
 Making productivity and provide efficiency to gain profitability (Thore, 2012).
 This provides higher satisfaction to customers rather than existing products.
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 This is never used to replace existing products. This is basically use to provide them
innovative look .
Sometimes, people thing innovation and invention they both are introduce the same
meaning but actually they both are very different to each other and they use to represent various
things such as-
Basis of difference Innovation Invention
Meaning This is basically introduces of
different ideas for products for
adding at the first time.
It is used to occur new ideas to invent
new things that has never made
before.
Objective To provides values and innovative
things in existing products.
Create something new for customers.
Skills In this a person need to have
technical, advance skills
This is required a high knowledge of
marketing need and strategic skills as
well.
Concept This is introduce when new ideas
and thoughts are strike in the mind.
This is execute according to
marketing need and demand.
Creators Innovation is done by group of
members
Invention is done by single person
who wants to make something new.
It is very important to differentiate things between innovation and invention. In this
report, EE limited also wants to use innovative ideas for their existing products and services.
According to this scenario apple and Virgin group is provide a perfect example as they use
innovative ideas in their existing products to provide better services again and again to their
customers. After this thing their consumer believe in their products and get services for a long
period.
P2. Explanation of organisational vision, leadership, culture and teamwork
For an organisation, it is necessary to create their clear vision for future which helps them
to use strategies and ideas to achieve them easily. For this, management of organisation uses
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different ideas to motivate their employees towards their work and objective. Leader of the firm
provides their contribution in this process. They basically work to motivate their peers and
employees toward the companies clear vision as well as provides them training and learning
according to their need. In this process, culture of organisation also provides their contribution to
maintain a positive working environment in the firm. Sometimes, when organisation makes their
higher objective which is hard to achieve easily then leader and management organises a team of
employees. These both things have different meanings and they identify various objectives in the
business. These are:
Vision- This is the objective of organisation which they need to maintain for a long time
to provide their products and services to customers easily. According to this report, the vision of
EE limited is to provide better service and goods to their consumer which is includes innovative
ideas and things that no one serve before. Basically vision is state for the company's purpose,
their plan and special product which they wants to serve in market in front of people. This is the
first plan of the organisation after this they uses various techniques and innovative ideas in their
goods to make their goodwill in the economy (Walsh, 2012).
Leadership- This is a quality of an individual in company that is responsible for their
employees to motivate and train them for a specific goal. This is the quality of an individual
which makes them different from others.
Culture- This is environment of the organisation which is includes objectives, strategies,
rules, norms and employees or employers rights. For EE limited it is very important to make a
positive environment in their company because this will helps other to thing positive and
innovative for their products and services. This is create a reputation of company in the market
that how their employees are behave and what is their overall contribution.
Teamwork- As everyone knows that a individual person can work as much effectively or
easily as a group of members can done. When EE limited make different objectives and ideas to
use innovation in their products, they need a teamwork from their workers who can easily
implement them an d go through it. This is term which is maintain by all the members of
organisation to provide their thought and ideas to each other and also work together to make task
more easy. In it each every employee helps to other and motivate them toward their work and
various approaches of organisation (Wonglimpiyarat, 2010).
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Theses all things will helps EE limited to shape innovation in their policies and working
skill as well as get effective outcomes easily. These all factors helps to launch new ideas in
organisation and provide their contribution to maintain them for future objectives.
TASK 2
P3. 4 Ps of innovation and use of the innovation funnel to examine innovation ideas
Innovation is process in which organisation use different ides and thought in their
existing products to get more opportunities from market to serve their services quit better and in
appropriate manner. In all the activity of organisation they use different market mix to know
their different approaches and demand in market. In innovation it also have different market mix
which known as 4 Ps of innovation and EE limited to follow them for getting successful in future
(Aarikka, Stenroos and Sandberg, 2012).
Product- This is include the different product which they needs to produce with
innovative idea but this quality need to be in their existing products. Innovation always done in
existing product to provide difference to organisation and market in their new product to existing
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Illustration 1: 4Ps of Innovation
Sources: 4ps of innovation 2017. [Online] Available through
<https://www.slideshare.net/lbaraliu1/chapter4-35297521>

one. In this process EE limited need to use different techniques which make their products more
attractive and useful from their competitive products. This is common factor that innovation is
basically introduce in a organisation to improve their products and services and make a attractive
change which is offered to their users.
Process- A organisation always follow various process between manufacturing and
delivery of their specific product. In innovation, this is also follow a huge procedure in the
context of a specific product because some time employees of the company develop initial
products and theses are not provides full satisfaction to customers and customers loose their
believe from them. That's why this is need a specific procedure which include innovative ideas
and should have to be more effective and attractive from existing ones. For the example Apple
and Virgin group always take a time to introduce their innovation products because their all the
new products have been more effective and attractive from existing ones (Bagchi, Sen, 2010).
Position- This is basically based on marketing need and demand for a specific product. In
this process it is determine that what is the position of the product in market and where the
organisation wants to see this in future. Innovation is basically done due to these type of reason
when company wants to maintain their own position very high from other firms in the market. In
a products these kind of changes always make different value of business and this can positive
and negative. So for EE limited they needs top understand their market position and after that
need to use changes in their service after a full analysis because if they will not be more effective
than customers can loose their trust fro their existing products too.
Paradigm- This is all based on hoe a organisation make some changes in their products
and services according to their own ideas. In it they are innovate things and changes according to
their thoughts and ideas that what changes they want to add in their products and its features. If
organisation ask about theses changes to consumers than they can not complete their task easily
because customers always wants something more advance which can be next to impossible for
organisation to innovate easily. Sometimes it is essential to avoid their views and thinking and
make changes according to their own thinking. This type innovation are very different to any
other but it can be more effective after they represent it in the market. For this EE limited need to
innovate things in their products according to their own opinion but it can be effective for the
customers at the last (Bogers and West, 2010).
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Innovation funnel is all about provide appropriate ideas to organisation which helps them
to achieve their future goal easily. This is all about take al the information of their external
sources, implement and examine them easily and after that reach on a last decision which will be
more appropriate and specific of firm to get. This is includes three steps and thy both have
various role such as-
 First step is known as wide mouth in which all the information are collected to make
changes according to its need and want in the market.
 Second step is includes narrow segment in which organisation sort them and make
strategy for it to make changes.
 Third step is the final one which is known as narrow segment which provide final output
which will be full proved and provide higher satisfaction to their customers.
P4. Development in frugal innovation
This type of innovation are all about to improve products quality and services according
to need. But this process is mainly focused on decrease its complexity and costing for customers.
Sometimes innovation provide higher costing to their customer and these are not easy for
everyone to afford easily. So the results of these are customer loose their loyalty toward the
product and organisation and they purchase different products easily. In this process
management of the organisation needs to understand that higher costing is not easy for every one
to afford easily but somehow it customer demand to get something new in the existing products.
Apple is the one and only example who create their own things with innovative ideas and
make their prices affordable to each customers. At a time when apple introduce their I pod more
organisation who were its biggest competitor also provide same products in the market. The
main objectives of this product is to provide a storage device to customer in which they can
easily store lots of song at a time. All the organisation innovate various products and these are
not as much effective and Affordable to customers. Apple introduce something new I pod which
is very small in size and store same data easily. This products easily attract to their customers
because it is very easy to carry and affordable than other ones (Bogers and West, 2012).
Frugal innovation helps to make a market value and develop sustainable products at low
cost. It has some principal such as-
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Sustainable solution- In this process organisation is focusing on root of the market and
analysis about the problems that occur in the products. After this they are find sustainable
solution and innovate their products easily.
Shape customers behaviours- In this process organisation is provide their services and
product in easy process for customers to purchase them easily. These innovation provide them
new quality of products and affordable cost which attract them easily.
Engage and iterate- Sometimes it is not necessary for customer to get various changes in
products, they are more satisfaction from existing products and services. So it is the important
factor of organisation to engage with their customers to provide them same products as their
demands.
TASK 3
P5. Importance of commercial funnel and the application of New products development
Commercial funnel is innovative thing which is used to identify appropriate data from
more information and sort them easily. In this procedure organisation uses a panel in which they
conclude all the external factors and get a better outcome which is organisation can use at any
part of their products. This procedure is work on three different stags in first step is use very
wide in their form because they are used to collect huge data at a proper place. At second stage
this is use to do sorting and analysis about all the collective information. In third step it is
provide outcomes which is very useful and appropriate for organisation. It has different
importance-
Evaluate all the data properly- In this process organisation collect all the data about
their products and services and get a full analysis on them easily. In this process company need
various sources which can be internal or external to identify problem and customers need from
them. This is a service provider process to consumers.
Help to provide quality- In it organisation take challenges to provide better quality to
their customers in effective cost to get higher satisfaction from them and loyalty too. This
process is use to provide better quality not only from their competition but also in their own
existing products (Ettlie and Rosenthal, 2012).
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Make a goodwill- Through this process organisation can easily earn their own goodwill
in the market because satisfied customers always believe on their products as well as provide
market value easily.
P6 Innovation business case
Business case is use to identify the goal and how can be it arrange in systematic form to
get them easily. For EE limited it is very important to maintain this to deal with competitive
advantages easily. There are some innovation business case -
Organisation's Vision- For this process it is very important for organisation to create
their vision first and after that maintain various policies and strategies to achieve them easily.
Vision of the firm is provide them dedication maintain their value in the market.
Target- In this process of innovation, company analysis about their product which they
need to innovate from existing ones. This is their requirement to set a fix target because without
this they can not get their clear objective easily.
Customers research-Customers are the person who uses good and services and provide
their feedback in positive and negative form. It is very important for a company to provide full
satisfaction to their customer to make changes according to them (Gambardella and McGahan,
2010).
Funding- After all the process this is important to collect financial fund from market and
different entities. There can be various sources of funds-
 Banks- Business can get their funds and credits from different banks because they have
authority to provide higher amount on the behalf of some precious thing.
 Financial institution- They are established to provide financial help to business and
customers on the higher rate of interest.
 Government- They are open many venture which regulate under government to take
reserve of firm and provide them at the time when they want.
TASK 4
P7. Tools to develop, retain and protect knowledge and intellectual property
In this process business enterprises are basically use various concept to protect their
organisation from others. In this process they take a legal right and authority from government.
They helps them to protect their company from external person and companies. This is usually
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done, when organisation restrict their exchange and sharing among various business entity in a
complexity to produce same thing in market by the use of same techniques and ideas. Some
protection provided by legal authorities are-
Copyrights- This is mostly uses to provide protection by law of the country. These
protections are provide only on tangible thinks like on painting, books, nobles, movies, software,
photographs and biopics weather its published or unpublished. On this things the right of
copyright is only of their owner or registered person (Godin, 2012).
Patents- That is a grant permission which is provided by government to inventor of a
product. It includes a right that they can stop anybody to invent or making same thing and using
or selling their product for a limited time without their permission. When government permit for
this than the innovation is become inventors personal property for a particular time.
Trademark- It is generally use in the terms of Brand or its Logo. Trademark can also be
the name of business, tag line or their phrases and caption. It is provided or granted under the
companies act and they provide them a particular license after that no one can copy their name or
other sign.
Industrial design- The method is used by production companies to secure their product
size, shape and its content and also any design which is their companies particular mark. Essence
Drink has to use this technique to protect from its substitute goods (Huizingh, 2011).
CONCLUSION
From the above report it has been summarised that Innovation for a organisation is very
important because this is helps to get information about their products strength and weaknesses.
This project report is based on EE limited which is small organisation and wants to innovate their
existing products and services. These is helps them to make their own value in the market and
get competitive advantages easily.
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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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