Innovation and Commercialisation Report

The report provides a comprehensive overview of innovation and commercialisation, highlighting the importance of understanding the differences between innovation and invention for business success. Various types of innovation in organisational contexts are defined, and the process required to commercialise innovations is discussed, including product development and intellectual property management.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and importance to organisations in comparison with invention.....................1
P2 Vision, leadership, culture and teamwork that shape innovation and commercialisation 3
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of the innovation funnel to analyse the shape of innovative ideas
................................................................................................................................................4
P4 Developments in frugal innovation and examples to use in an organisational context....5
TASK 3............................................................................................................................................6
P5 Value of the commercial funnel and the application of new product development process
for innovation.........................................................................................................................6
P6 Innovation business case for an organisation sustaining structure to access funding.......7
TASK 4............................................................................................................................................8
P7 Different tools that organisations use to develop, retain and protect knowledge and
intellectual property................................................................................................................8
CONCLUSION................................................................................................................................9

INTRODUCTION
Innovation is considered as a process of transformation, development and implementation
of innovative ideas subject to an element, products or services. Commercialisation of innovation
is mainly related to converting outcomes of innovation into returns. The chosen organisation for
this assignment is Marks & Spencers which is a retail sector organisation that deals in clothing
products This report is prepared to explain the innovation and its values for organisation in
comparison to invention. Contribution of organisation’s vision, leadership, culture and teamwork
in order to form innovation and commercialisation is defined with organisational concept. 4Ps of
innovation and use of the innovation funnel to examine the innovative idea subject to chosen
organisation is discussed. Importance of the commercial funnel and the application of new
product development processing for commercialisation of innovation is also considered in this
report. A case study based example to access the funding and evaluating the ways to access the
funding are considered in this report.
TASK 1
P1 Innovation and importance to organisations in comparison with invention
Transformation of ideas, thoughts and imagination into real things and components are
considered as an innovation. Concept of innovation within organisation sustain a significant
place in order to maintain a sustainable structure of business. It is a process of modification of
products and services in more productive and effective way. Marks and Spencer has recently tied
up with Microsoft to improve the process of manufacturing and production. The firm is seeking
opportunities to introduce artificial intelligence in retail sector. This is one of the innovative
change and process of transforming the change in M&S to get information and sustainable
change for better outcomes. Innovation helps organisation to maintain the flow of creativity and
creating innovative image among customers and market. Customers' mind-set and interested
bend towards innovative products and services is mainly centralised around making the. It is
estimated that if an organisation regularly changes its formations and process of implementing
new products and services than it is considered effective for sustainable growth and
development.
Invention is an aspect of creating something according to needs and desires (Chesbrough,
Vanhaverbeke and West, 2014). The concept of invention and innovation are considered similar
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but there is a significant difference found between them. Invention is a creation of new product,
services, components and ideas that brings revolutionary changes in existing culture whereas
innovation is a process of forming the existing nature of products and services in more creative
and justified way. There is a bifurcation of nature of innovation and invention are defined as in
terms of Marks and spencer as follows;
Basis of differences Invention Innovation
Meaning It indicates towards introducing new
ideas and thoughts in the form of new
products and services which is never
exist before in. as M&S has invented
its’ garments ranges for all male,
female and children.
Innovation refers the
application of concepts and
ideas subject to improve
existing products and services
of M&S.
Concept Concept behind invention is dealing
with new aspects and imaginations for
introducing something new at first
time. As M&S is paying attention
towards inventing new payment
methods thriough checking points and
variability.
Concept of innovation is
centralised around making the
changes and enhance the
values of products and
services. As M&S is seeking to
innovate its traditional wear
range for all the segments in
which Indian and Chinese
variants.
Concerns It remains centralised around
introducing the changes at first time.
Main concern is related to adopting
new inventions in M&S subject to
inventing new technology.
Composition of different
products and services are
required to determine the
changes and process with
creative changes and variations
in Innovation in M&S.
Scope This remain limited to research and
development for all the streams in
M&S.
Innovation in M&S is an
essential element and strength.
Essentialness of innovation in
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M&S states for keep innovate
the ways of attaining targets.
Sustainability Invention spread in broad form subject
to develop sections ideas and concepts
related to scientific skills. Use of
resources such as wooden elements,
fabric, food items in M&S are utilised
around its sustainable standards.
Innovation mainly helps in
sustaining the technical,
strategic and marketing levels.
In context of M&S its
importance remain at high
level to maintain stability for
further growth and
development.
P2 Vision, leadership, culture and teamwork that shape innovation and commercialisation
For administration and management of organisation it is required to magnify the vision of
organisation subject to sustainable growth and development. Combination of multiple functions
in adequate and defined manner helps in incorporating innovation for better growth and
development. Values and creating the creating procedures for creating plans with the goal to
accomplish vision in a viable manner (Currall and et. al., 2014). Marks & Spencers' culture may
influence improving exercises at work put. It is demonstrating works practices and mentality
toward changes that emerge because of advancement. It serves to kept up positive workplace that
help employees moral too self-assurance. Contribution of M&S' vision, leadership, culture and
teamwork to form innovation and commercialisation are defined as follows;
Vision: Management of the administration are innovating the system to accomplish
vision which develops in long term. They define a few objectives and destinations to know long
haul way where firm may maintain their business exercises in a powerful way. M&S restricted
transcription preparing occasion in their work which enhance representative's spirit to proficient
information. It helps to accomplish vision destinations in an adequately ways.
Leadership: Leaders are the main authoritative person sustain specific rights with in
organisational structure (Jordan, 2014). It pays imperative job arranging, sorting out,
coordinating and supervision of colleagues. Advancement in process may done in a group for an
organisation. Managers overview and control individuals to actualized the desired results of
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organisation. or official imagination at working spot. They have capacities to create inspirational
state of mind and impact of specialists to gain desired targets in desired time duration. It is
mainly associated with analysing the process of management and defining the plans and the
procedures for better development and strategic planning with innovation and control. For
organization, it is a critical to create and prepare decision making inventive aptitudes to deal
business challenges.
Culture: It represents the state of organisation. Culture is an internal natural factor of the
M&S which impact their efficiency and execution. They acknowledge innovativeness and
additionally inventive procedure of work. In spite of the fact that this, administrator can oversee
advancement among all staff individuals. It is a duty of management to make sound culture that
minify conflicts among all employees within an organisation.
Cooperation/teamwork: Innovative creation and imaginations come out with adequate
teamwork and task formation. It helps in consolidating the changes and works with creating
values and work that are finished in group, single employee remains unable to complete taks and
formations with competent to oversee and executing innovativeness at work. Entire group
together can grow new and advancement project lines that give high benefit to organization. In
an organisation, different kind of instruments and systems firm are utilized with the end goal to
accomplish high consumer loyalty's and additionally piece of the pie.
TASK 2
P3 4Ps of innovation and use of the innovation funnel to analyse the shape of innovative ideas
Innovation are required to analyse the form of innovative changes and requirements for
business. There are four P's of innovations are defined below
Process: Process is a demonstration to completion of task projects and tasks. Plans and
strategies are initiated by leaders and managers plan to changes the mode of business process.
That introduce administrations may make or conveyed to departments. They make new process
identified with assembling, tasks, offering, advertising, marking, advancing and some more.
Every one of these components may influence working procedure of an association. Through
this, undertakings are fit to make nature of item by increment efficiencies of process with in
company. It enhances the fair brand image in front of customers. In the last, process in a vital
demonstration, in that all representatives are as one impact in general firm execution. .
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Product: It is about alteration and development in item and administrations.
Administration of M&S constrained has create plan to official change with in organization. Item
is a most vital component which influence benefits. It is important for administration to straight
out improvements in existing item which are offer to their potential customers. Through this,
they are skilled to assemble high brand esteem which give high position of the firm as contrast
with their rivals at commercial centre.
Position Innovation: This is also consider to be an important innovation factor for
company. As it is essential for manager of company to position their existing and new goods and
services in market according to the demand in market. Such as manager of M&S is concern to set
and update the stores and nearby outlets with those goods that have good position in market and
have great demand. This help to increase sales for M&S and maximise profit at a particular
period of time.
Paradigm Innovation: This is basically related to company making innovation in basic
method of production and basic activity that help them to maximise sales and increase market
share. For example manager of M&S are focused to bring innovation in the basic activity that
help to increase sales of product and maximise profit.
Use of Innovation Funnel
Advancement channel is an about cook new plans to organization that assistance them to
accomplish objectives and destinations in their future period. In this, all data which are assemble
frame further sources assessing and executing with the specific targets to know effective
information about innovation at work place. After the span on last stage, administration take
option that remain more beneficial for organisation. It incorporates three stages which are clarify
as pursues:
Initial step: Company assembles all vital data to make changes as indicated by its
interest of every single potential customer at commercial departments.
Second step: Its incorporate small section of market in which firm can sort them and
create techniques and also plan with the end goal to roll out improvements.
Third step: It is one of the step that can assist managers to incorporate the departments
as per the organisational needs. By little portion they give last results that have produce high
consumer loyalty's.
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P4 Developments in frugal innovation and examples to use in an organisational context
Frugal innovation is a procedure of modification cost multifaceted nature and cost of
item. It diminishes generation cost by applying different procedures and plan. Through this, they
can give nature of products to their potential customers. In this, administration of may expel
pointless highlights of item and administrations that automaticity diminishes costs of that
merchandise (Kuratko and Hoskinson, 2016). Its basically centralised around diminishing
uncertainties and complexions. Every organization needs to increase high professional skills for
converting the frugal innovating. M&S utilize low estimating technique at market. With this,
they can accomplish upper hand in industry. This sort of development might be the root for
products that are liable to worldwide interest.
It is observed that M&S uses frugal innovation techniques in order to add invention in
their existing goods and services and introduce this to bring new commodity in market. The
proper usage of frugal innovation within M&S is described below:
Implementing advancement in product: As it is common that innovation is connected
with implementing new and advance feature in different product. For example, If M&S is willing
to innovate new daily product in old market it very important to implement advance feature that
attract large number of customer and increase sales.
Adoption of new technologies: In general, company wants to add new feature to their
product that can only be happen while considering new techniques and technologies while
producing those goods. So manager of M&S use effective technology while producing new
goods
Reduction of cost: Almost every company are focused to control cost and reduce
expenses so profit can be maximised. Such as Manager of M&S focus to control cost and reduce
the factor that help in removing extra expenses.
Recognize enhancement region: It is an initial phase in which firm are distinguish
enhancement zone in their work put. Supervisor of EE constrained make rundown of all point
which needs alteration or advancement.
Opting elective arrangement: After ID of issue, take representative's assessment about
all issues and make rundown of all elective arrangement in M&S.
Selecting adequate arrangements: Form all accessible arrangement determination most
suitable one as per their requirements and needs of M&S management.
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Supportable arrangement: Identify maintainability of answer for realize it might work in
significant lot of time or not. If not, then pick another.
Shape customer’s practices: Through this procedure firm can give nature of merchandise
as per customers’ needs and needs for Marks and Spencer.
Connect with emphasize: Some time clients cannot request more change in current or
existing item. It can full fill all needs in a viable way. So that, M&S need to draw in potential
clients with their item with the end goal to full fill request adequately.
TASK 3
P5 Value of the commercial funnel and the application of new product development process for
innovation
Business funnels indicates to ideas with positive on expansive number of potential
customers and shrieked towards a modest number of customers who seeking for new products
and services. It is an essential to improve market position and structure. It incorporates advanced
tactics to increase high benefit are attentiveness, assessment, obtaining choice, re-analysation
assessment stage.
Significance of commercial funnel
These all are imperative for the organization to make high consumer loyalty's. It is an
administration obligation to assessing all data and information in a legitimate way to make a
substantial determination.
Through business funnels, firm can create nature of merchandise and enterprises which
give expansive number of customers (Mowery and et. al., 2015). Possible outcomes and tools are
opted to attain organisational objectives and goals in a viable way. It help to make positive and
high esteem imagination which set up positive brand picture in customers' psyche. These all are
imperative for the organization to make high consumer loyalty's.
Use of new product development
M&S may create process intend to make new services and products. Entity pursues
different advancement tools to enhance the process. those are clarify as pursues:
New item procedure: Administration of the organization may create methodologies to
make new components. It discovers the requirements and needs of the clients and made
arrangements accordingly.
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Thought age and screening: They make elective thoughts which help to make new item.
Shape every single accessible option chosen most suitable options indicated by requirements.
Business evaluation: Analysis of business development at commercial sections tha
enhance their profitability in longer period. Organisation may discover the single accessible
point for organization become eligible to make strategies and plans.
Commercialisation: It is an essential aspect amongst the most imperative development
actions subject to product innovation and development. Commercialisation is a procedure of
offering item and administrations at commercial centre (Varghese and Hudlicky, 2014). It is a
procedure of generating profitability by innovating ideas and plans for products and
developments.
New Product launch: It is considered a last process in which production and
manufacturing process is strategies according to new policies.
P6 Innovation business case for an organisation sustaining structure to access funding
Business case help to distinguish objectives and destinations. They make orderly way to
deal with accomplish. these objectives and goals in a viable way in given time period. For M&S,
it is critical to deal with all these undertaking successfully to manage high rivalry in industry.
M&S is seeking to introduce advanced designing machine that will design cloths with multi
colours. It is expected that organisation will occur finance requirement of £200000 which will be
generated from adequate source.
Government funding for finance: It is analyse that government funding would be the best
option to generate the funds. An association have a few alternative to produce advances for
maintain their entire business exercises in a powerful way. Government of UK grants money to
innovative ideas and plans and tax rate on such borrowing also remain low in compare to loans
form financial banks. Some are banks, money related organization and government body or some
more. These have their very own standard and control for giving assets. One of most well-known
source of fund is value. Just couple of organization are proficient to execute this procedure.
Association's Vision - For this procedure, organization make vision that give long term
stability and future targets that are accomplished by organizations to increase sustainability.
Company keeps a few approaches and procedures that yield up destinations. It is administration's
obligation to impart all essential aspects related to vision with manpower to hold the estimated
worth of entity.
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Customer analysis: Management of the organization has directed examination to know
customers’ inclinations, recognition, state of mind, practices and so on about item and
administrations. By this exercises, undertakings are skilled to create item as indicated by client's
interest (Walsh, Lee and Nagaoka, 2016).
Target: Organisation is engaging in enquiring alteration area or highlights of existing
item to grow new and inventive merchandise. It gives high professional skills and attitude of the
overall industry. This is their necessity to set focuses for all representatives. Through this, they
can build efficiency and execution of all staff individuals. Its sets clear targets (Zhao and et. al.,
2016).
Feasibility of investment project
Year Cash flow 10% PV
Net present value
(£)
0 -200000 1 -200000
1 60000 0.9090909091 54545
2 85000 0.826446281 70248
3 90000 0.7513148009 67618
4 100000 0.6830134554 68301
NPV 60713
IRR 17.91%
From the above analysis of ROI organisation should invest in this innovative project.
There is a net present value shows positive results in terms of £60713 and IRR presents the rate
of return of 17.91%.
TASK 4
P7 Different tools that organisations use to develop, retain and protect knowledge and
intellectual property
Development is a procedure of changing over thoughts into item in a successful way that
make an incentive for all customers. Administration of the organization are considering this
factor to increase high benefit and marker share (Westland, 2016). Organization utilize
distinctive plans to move specialists to finishing assignment. Managers M&S give commitment
in advancement process. They inspire in addition impact all colleague’s practices toward firm
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vision. HR director of M&S constrained give preparing to all workers that enhance their insight
and expert abilities. Prepared specialists may accomplish objectives and destinations in given
time span.
Copyrights -This is for the most part utilized by enormous association to give assurance
their inventive new item rights. It is restricted to may duplicate their item on the off chance that
they do as such is a culpable offense. It can give just to unmistakable items like books,
programming, painting, photos, nobles and biopic or and so on.
Licenses: Government give consent to creator. On one individual can duplicate or deliver
same things at commercial Section. In any case, it is for restricted day and age. At the point
when government give allow for duplicate at that point organization utilize development
procedures to offer item at commercial centre.
Trademark-Company name and logo and so forth is trademark which give mark an
incentive and solid market picture. It might likewise business name, slogan, inscription, item
picture or name, phrases and so on. It is gone under organizations act and nobody duplicate the
equivalent (Yin, Shi and Yan, 2015).
Intellectual property tool:
In general, “IP” stand for intellectual property that is related to unique, value adding
creation of human intellect that have been ascertained from human ingenuity, creativity and
innovation. Now a day almost every company focuses to develop follow IP laws in order to
protect their new ideas and invention. Such as Manager of M&S develop IP laws and rules so
that ideas of innovation are not used by rivals present within the same industry. This help them to
develop good market image and maintain profitability at a particular period of time.
CONCLUSION
This report summarises the understating of innovation and commercialisation. Users be
able to bifurcate the difference between the innovation and invention for business growth and
development. Various type of innovation with respect of organisational context are defined in
this report. The process required to commercialise the innovation subject to product development
and innovation. Range of methods were analysed with compressing the intellectual property.
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