Technology Commercialization Strategies

This assignment delves into the crucial aspect of technology commercialization within the US biotechnology sector. It examines various strategic considerations employed by companies to bring innovative technologies to market. Key topics include open innovation models, service innovation in manufacturing, and the impact of general purpose technologies on industry structure. The analysis draws upon a range of scholarly articles discussing the challenges and opportunities associated with successful technology commercialization.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Define innovation and determine its importance within an organisation..............................1
P2 Organisational vision, leadership, culture and teamwork can shape innovation...................3
TASK 2............................................................................................................................................4
P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovative
ideas.............................................................................................................................................4
P4 Describe frugal innovation and how it is used within an enterprise......................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of New Product Development
processing....................................................................................................................................6
P6 Develop innovation business case in an organisation............................................................7
TASK 4............................................................................................................................................8
P7 Various methods of firm which use for retain, develop and protect intellectual property....8
CONCLUSION................................................................................................................................8
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation is a process that helps to translate ideas and thoughts into effective services.
For a business, it is use to implementing ideas and creativity into appropriate products and
services as well. Innovation does not mean to inventing things, it is basically used to improve
and modify existing things in new one. It is an important factor that helps to improve business
structure through new and creative thoughts. Innovation is used to implementing new strategies
and planning to improve quality of organisational things. Through this procedure, organisation
can easily build higher competition for other business firms. This project report is based on Atex
Media which is a small business organisation. This firm was established in the year of 1973, for
developing all aspects of software and hardware. This project includes meaning of innovation
and its importance in an organisation, 4Ps of innovation, impact of frugal innovation and
commercial funnel as well as at last evaluation of various methods that a firm can use for retain,
develop and protect intellectual property (Aarikka, Stenroos and Sandberg, 2012).
TASK 1
P1 Define innovation and determine its importance within an organisation
Innovation is a procedure which help to implement new ideas and thoughts into business
activities. Through this process an organisation can easily improve their existing products quality
and build new image in target market. This is also a things that use to build creativity in business
activities. For this, Atex Media needs to provide appropriate training to their employees who
make creative and innovative products for their customers. This process is used to build effective
strategies and planing for implementing ideas and thoughts in operational activities. New
innovation always helps to improve existing products and services according to customers need
and demand (Bagchi, 2010).
Invention is a term which is used to inventing something new or different. This is
typically uses for new devices and products that invented through creative ideas and thoughts. It
is uses as scientific skill with new and technical approaches. Invention is determining through
creativity process that has never been invented before. This process help to build new image and
goodwill in market of existing organisation through invention of their products and services.
Through this process organisation can easily capture their customers eyes toward new products
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and services. Innovation and invention are two different terms that define several things as
follows -
Basis Innovation Invention
Meaning Innovation is a process that
help to implement new
thoughts and ideas to build
creative products and services.
Invention is a implementation
process in which a individual
create new product that never
made before.
Skills required For this, a individual needs to
have scientific and technical
skill to analyse creative
thoughts and ideas (Bogers
and West, 2010).
For this, an individual require
to have strategic skills to create
new and creative products
according to customers
demand and need.
Effects on organisation This is a big process that
require group of employees to
make necessary changes in
firm.
It is also a big process but this
is done by a individual who
want specific modifications to
create something new.
Actions This process is arises
according to new ideas and
creative thoughts.
Invention is done when
organisation and market has
demand for specific product.
Importance of innovation for employees-
 This process help to improve employees knowledge and skill while assisting innovation
in business activities.
 Through employees make effective changes according to their new ideas and thoughts.
 Innovation always help to improve working approach of employees by creative things.
Importance of innovation in Atex Media-
 This process help to build inventive ideas and thoughts between workers to make
effective changes in organisational products and services.
 Through innovation, Atex Media can easily adopt best methods of modification.
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 Innovation helps to create competitive advantages in target market (Bogers and West,
2012).
P2 Organisational vision, leadership, culture and teamwork can shape innovation
Innovation is a process that helps to provide effectiveness in business activities and
approaches. Through this, a Atex Media can easily make desired and appropriate changes in their
existing products and services. For this, organisation needs to adopt various changes that can be
done through innovation. It is responsibility of each employee to directly communicate with their
management and staff about their thoughts. It is also help to build effectiveness of each
employee as well as boost their confidence level to take part in business activities. For this
management of Atex Media needs to use several ideas to motivate their workforce toward
upcoming objectives and goals that organisation needs to achieve. In this process, organisational
vision, leadership quality, culture and teamwork aid to create appropriate framework for its
future success. All these terms are determine below -
Vision – This is a term that used to determine firm's long term objectives and goals that
needs to achieve for future success (Ettlie and Rosenthal, 2012). Vision of each and every
organisation can be different according to their desire and working approaches. Each and every
organisation wants to take top position in target market through their products and services. In
this procedure innovation play a most important role to make creative ideas and thoughts to gain
higher competitive advantages easily. Vision of Atex Media is “To create a huge software
networking chain and reaching on top position in competitive market”.
Leadership – This is a unique quality that a person has to leading on people through their
creative thoughts and unique working approach. A leader is always works to provide appropriate
guideline and direction to their peer for achieving organisational goals and objectives easily.
Manager and leader of Atex Media working together to lead on future targets easily. In this
process manager is works to create new ideas and objectives of their organisation to attain higher
success and leader is works to create innovative solution and strategy to accomplish them
effectively. They both are using innovation to getting competitive advantages easily.
Culture – This term is determine organisational environment for its workforce. In a
business organisation lots of workers are provides their services who belongs to different culture,
so for this management of Atex Media needs to create positive and innovative environment
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according to their comfort. Innovation helps to increase their skill and working ability to attain
business goals and target easily (Gambardella and McGahan, 2010).
Teamwork – In a firm, it is require that their employees are working together because
through this they can easily improve their strength for several tasks. Innovation is also a process
that require several ideas and thoughts of employees for a specific term. Through team-working
approach, Atex Media can easily get more advantages to achieve each objective and goal
effectively. In it, each and every employee needs to provide their contribution to innovate new
things in firm.
TASK 2
P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovative ideas
For Atex Media it is require that they create innovative ideas and thoughts organisational
activities. Through this process they can easily improve value and quality of their products and
services. For this procedure, employees of firm analyse each and every aspect for making new
ideas and strategy for them. In it, organisation can use analysis process through 4Ps of
innovation as -
Product – In a business organisation it is require to analyse their product quality to make
effective changes easily. For Atex Media, it necessary to build effective innovative ideas to
create new image of them in target market. These type of things help to provide higher
satisfaction to customers through their services easily. Innovation is a very helpful process for
small and medium scale organisation to build their own image and goodwill in target market as
well as in front of competitor firms (Godin, 2012).
Process – An organisation operate their business activities between a specific procedure
as manufacturing to selling. For this, Atex Media needs to use innovation process organisational
activities effectively. Through this, they can easily improve productivity as well as manage time
factor to enhance employees skill for adopting various opportunities easily. In it, organisation
needs to use specific procedure as analyse each and every activity, create innovative idea,
implement in operational activities and provide training to each candidate to use these ideas in
effective manner (Huizingh, 2011).
Press: Press in Innovation have 3 different areas:
Expertise
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Every work area needs expertise to start it and complete it with given time. Expertise
means having talents, knowledge and skill in particular area where an individual is working. A
talented and skilled individual can do more creations because person will use knowledge which
has been acquired by birth or by other persons.
Creativity Skills
Problems always come while doing particular work, for example risks are ascertained
with problems every time. So to have ability to take risks for problem solving is also having
creativity skills.
Intrinsic Motivation
Motivation is always important for an individual and people working under him too. Self-
motivation is important to accomplish a task with greater interest and creativity
People: Consists of those people who are considered as leaders who have leadership
qualities to direct themselves and their employees. Leadership is needed for sustainable
innovation in an organisation. Leaders have to be creative to empower their employees towards
achievement of targets. Innovation in leadership means that one should follow unique ideas to
direct employees because one better knows that which employee is best for particular task. There
is no need to follow a such big process.
Innovation funnel
This is a effective procedure that helps to build new ideas and creative thoughts for
organisation. This innovation funnel is used by various organisation to improve their products
quality and its demand in target market. This is determining a appropriate process in which Atex
Media needs to use one effective idea among others. All these things are based on innovation
procedure that needs to create quality product and services for target market. These kind of
things are design and created by skill and talented employees of an organisation who believe to
make effective changes to attain proper success easily.
P4 Describe frugal innovation and how it is used within an enterprise
Frugal innovation is an management process that use to reduce difficulties and problem
from business operational activities. Through this process Atex Media can easily analyse
appropriate process and ideas to reduce manufacturing cost and minimising wastage to enhance
products qualities easily. Through frugal innovation, an organisation can easily produces quality
products and services that help to provide higher satisfaction to consumers. These type of
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procedure help to create effective working environment for employees which is directly affects
on their production approaches (Lindič, 2011). These type of procedure are effective, quicker
and cheaper that help to provide appropriate products and finished goods to organisation as well
as customers. This factors is determining a effective process in which firm and its employees put
less efforts and get higher benefits. This is all based on a specific research and analysis process
in the context of manufacturing and production services. There are different principle of frugal
innovation are given below-
Occupy and literate – This procedure require a effective and knowledgeable opinion of
buyers for existing products and services. For Atex Media, it is require to analyse these aspect to
manufacturing appropriate networking software easily.
Shrink your assets – Frugal innovation is used to put less efforts and caret higher
satisfaction products. For this Atex Media needs to flex their services as manufacturing,
delivering and promotion etc. but create effective market image to getting higher benefits easily.
Make sustainable resolution – Innovation is process that helps to crate new ideas and
thoughts for different kind of services. These resolution help to crate new market image of
products and services as well. For Atex Media, it is require to adopt quality innovation in their
process for creating new networking software easily (Snow, 2011).
Give shape to consumer behaviour - Customers are last buyer of products and for an
organisation it is require to manage their services and product quality in effective manner to
provide higher satisfaction to their customers. So for this process, it is require for Atex Media to
build appropriate relation with customers to getting higher success easily.
Create innovative friends – Atex Media needs to build effective relation with their co-
partner organisation who helping them to adopt innovation in their business procedure easily.
These external help them to attain higher success easily. All these things are related to frugal
innovation principals.
TASK 3
P5 Significance of commercial funnel and application of New Product Development processing
Commercial funnel is an authentic and effective tool that organisation can use to identify
and analyse one appropriate idea for firm. This is a long process which helps to make effective
changes in firm through innovative ideas and procedures. In this, management and employees
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provide their effective contribution to choose effective solution among others. Through this
process, Atex Media can easily analyse customers and market demand for their products and
services to make effective changes in them. It will helping to enhance goods quality as well as
growth of firm easily. All these things helps to improve sales of organisation in target market.
Main objective of this process is to analyse market and customers demand, their ideas and
thoughts, screening them effectively according to organisational benefits and growth,
implementing in products or services (Teece, 2010). For Atex Media, this process will be
beneficial to provide them effective and innovative ideas that helps to recreate their market
image easily. Commercial funnel helps to create positive relationship with customers to attain
long term benefits. There is a specific procedure of commercial funnel are given below as -
Idea generation- This term is use to generate relative information an ideas which will
help to make effective changes in organisational services. It is the first step of commercial funnel
in which developing a new products procedure begin. In it organisation collect various ideas and
thoughts of customers, market and employees which help to make effective changes in products.
Idea screening- After collecting different data, Atex Media needs to screening them in
appropriate manner. This process help to provide effective approach for organisation to grab
specific idea according to organisational objective and goals. An ideas should have to be
innovative that that attract customers towards it (Thore, 2012).
Concept development and testing – This process is based on analysis of these ideas that
provided by different individual for effective innovation in firm. It should have to be based on
customer's demand their need for specific services.
Test marketing - This is a strategical process that help to analyse each market concept
that organisation needs to implement in their production and manufacturing services. This is
based on specific procedure in which employees of organisation analyse different aspects as
where organisation wants to supply their products, how they tapped target customers, what
strategy they can use for maximise products sales as well as profit level.
Commercialisation - this is last stage of Commercial funnel, in which organisation
needs to introduce new and innovative idea that helps them to create new and effective products
easily. All these things are require to implementing in business process to getting higher growth
and providing effective satisfaction to customers easily. After this process, Atex Media might be
use different aspects as marketing, promotion, supply and selling (Walsh, 2012).
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P6 Develop innovation business case in an organisation
Innovation is an effective procedure that helps to build effectiveness in production and
sales of a firm easily. For Atex Media, it is important to crate effective innovation that helping
them to achieve higher growth easily. There are some factors of innovation in business case are
given below -
Executive summary- Atex media is flexible content management platform and it run its
business in United Kingdom country. It is software business firm selling solution for trhe media-
rich industries. It develop the smart digital solutions which make difference as well as able
consumers to the streamline operations and optimise digital strategy. Its main focus is on
providing better services to satisfy needs of consumers.
Mission: The mission of Atex Media is to be a successful media company in terms of
advertising.
Vision: The vision of Atex Media is to stand most powerful against its competitors in the
coming next years.
Gathering inputs – Before adopt innovation, it is require that a organisation gather each
information properly to implementing them easily in business process because it is necessary for
smooth functioning and running of business. Inputs like, raw materials, manpower, etc.
Consumer's research- Consumer is king pin of market. Today's marketing is pre
research process, to understand consumers behaviour. Before introducing new product, it is
necessary for firm to analyse needs and demands of consumers in an effective manner to gain
more benefits. The preferences of consumers are changes in short period of time. So, firm should
conduct research on continuous basis. Conducting pre research gives an idea about new trends
flowing in market so that consumer's demand can meet under one roof.
Target – Targets are consumers to whom Atex media have to satisfy to large extent.
After gathering these data and inputs, Atex Media needs to create a appropriate target that helps
them to provide quality growth and success easily. (Wonglimpiyarat, 2010). Target can be
demographic or customized, like Atex can target customers related to some specific demographic
location.
Analysis – After create a target for organisation, it is require to analyse each and every
aspect properly that helps to implementing innovative ideas in business procedure easily.
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Analysis is important in a manner so that targets can be achieved. For example, to ensure that
resources are proper to use or targets which are set, are actually achievable or not.
Funding – Funding is an important thing to have in. After all these things Atex Media
needs to collect funds for their effective procedure. Without appropriate fund, an organisation
can not implement any activity in their procedure. For these organisation can choose any source
such as – banks, government and many others.
TASK 4
P7 Various methods of firm which use for retain, develop and protect intellectual property
For a business organisation, it is require to use different process to protect their assets and
properties from others. In order to gain large market share, Atex media develops innovation and
also make the new modifications in existing products. In it, government of a country helps to
provide legal facilities to several organisations such as -
Patents – This type of legal authority is provided by government to inventor of a specific
product. In it they can ban anybody who invent same products for purchasing and selling
process. An invention is patentable if it is a novel and useful. All other persons are prohibited
until and unless patent holder gives permission. After this permission, specific products can be
known as inventor's private property.
Trademarks – This is a most general aspect that uses in the terms of Brand or Logo. It
helps to protect an organisation's name, its logo and tag line from other, to prevent unauthorized
use. Nobody can copy or make same thing that a trademark products already has
(Wonglimpiyarat, 2010). Trademark rights are granted usually for 7 to 20 years. But, trademarks
has no limited existence, rights to use can lost only due to misuse or lack of use.
Copyright – This is also define by government of a country to provide protection for
tangible things. These things can be painting, books, nobles, movies, software, photographs and
biopics etc. This copyright provided to that person who crate these things by their own, so on
these things copyright is only provide to those person who is the owner of this thing or registered
person by its name. Copyright law came to protect the desire of creators to reuse the creations.
Copyright owner can be a company or corporation. Copyright does not protect product names,
slogans, names of business and organisations.
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All these methods are helpful in safe, protect and retain the intellectual property of
company. Among all methods, Atex media will use the patent in context to protect its property.
CONCLUSION
As per the above report it has been summarised that innovation is a specific process that
helps to translating different ideas and thoughts in organisational activities. Through this process
a firm can easily improve their products quality and its valuation in target market. This project
report is based on Atex Media which is a small business organisation. This firm was established
in the year of 1997, for developing all aspects of networking software. For this organisation, it is
require to use innovative ideas and thoughts in their business procedure to crate innovative
software fro customers. Through this process they can easily achieve effective growth and
success as well.
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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.
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