Innovation and Entrepreneurship Research Review

This assignment involves reviewing a collection of past papers and solved assignments related to innovation and entrepreneurship. The provided list includes academic articles and publications from various sources, covering topics such as university-industry technology transfer, innovation management, and commercialization of innovation. The assignment may be used for research or educational purposes, providing valuable insights into the field of innovation and entrepreneurship.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison with invention................................................1
P2 Shape of innovation and commercialisation through different factors..................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of its funnel..................................................................................4
P4 Development in frugal innovation.........................................................................................6
TASK 3............................................................................................................................................7
P5 Importance of Commercial funnel and application of NPD processing................................7
P6 Innovation business case and ways to access funding...........................................................8
TASK 4............................................................................................................................................9
P7 Tools use to protect, develop and retain knowledge and intellectual property......................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is one of the important factor of every organisation. This is essential for the
businesses to use new innovation in their operation so that they can target more customers and
provide better services to them. It is required to make the necessary development of product and
services that are rendered by the company. Periscopix is SME (Small Medium Enterprises) that
is offering their services in marketing in UK (Aryal and et. al., 2016). There are many renowned
companies like Apple and Virgin Group that are offering their services at large level and they
have main focus to make new innovation and inventions so that they can be more effective.
Many innovation that are required to consider so that better services can be offered to market. In
the present report, importance of innovation and commercialisation is explained. There is brief
discussion regarding innovation funnel and frugal innovation is also considered here.
TASK 1
P1 Innovation and its importance in comparison with invention
Innovation is the process to create something new that provides strength to the business. It is the
way to convert useful product and service in operation so that new innovation can be made. This
is the result of creativity that is important for innovation. Changes and innovation are the two
term that are inter related to each other. It is because when something new came in force then
there is some changes that are made in activities of business. Successful enterprise like
Periscopix uses necessary innovation in their process so that they can create high value to its
customers.
Example: Apple always tries to make new innovation by implementing additional features with
its product so that they can capture high market share and provide their services to large area.
Invention is to create something new that is new to market. It is the thing that is introduced first
time. This is protected by the companies so that it can not be misused by other organisation. It is
the thing that provides strength to the organisation and enhance standard level of operation. This
is the competitive advantage of the company (Breznitz and Etzkowitz, 2016). It is not related to
the existing product if the company and different from innovation.
Comparison between Innovation and invention
Innovation Invention
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Innovation is the occurrence and
implementation of idea for product and product
that for first time.
It is related to the generation of idea for
product and services that is new to market.
It is related to the existing product. It is for the creation of something new.
There are some skills that are required as
Marketing, technical and strategic.
Scientific skill is necessary in this regard.
This is related to number of product and
process.
It is concerned with a product and process.
It spreads out of organisation. This is limited to R & D department.
Importance of innovation and invention
It is important for Periscopix to consider new changes so that they can secure competitive
advantage in market. This company is marketing based company that is offering their services in
marketing. There are many techniques can be innovated so that this organisation can be more
effective in present time (Chun and et. al., 2015). It has some advantage as they can come up
with brand new idea, original operation, product and services to consumers.
 To secure competitive advantage
Innovation and invention are the technique that helps to make the growth and development of the
business of the company. There are many advantage that can be made through innovation. These
techniques provide assistance to company to perform well in the market. When company adopt
new technology then they are more impactful to provide better services to its customers.
 Establish best method for business
Many methods are used by organisation so that they can provide better offerings to market.
When new innovation come up then this is effective one to show better position in market. It
provides assistance to operational activities. This aids to establish best method in this regard.
P2 Shape of innovation and commercialisation through different factors
Innovation and commercialization are the key term that is required to use by organisation.
Some changes are required to be made time to time so that such organisation can provide their
services at large. There are many factors that are innovated by Periscopix so that they can
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provide better services to their client. Vision, leadership, culture and teamwork contribute more
to the innovation and commercialisation (Datta, Mukherjee and Jessup, 2015).
Vision: It is important for the CEO of the company to have clear vision of goals, objective,
values and mission. This is required to have commercialized vision. It provides assistance to
team member. Innovation play important role in Vision of the company because it aids the
organisation to achieve vision of organisation. When it is not fulfilled then there are some
difficulty that can be faced in accomplishing the goals and objective.
Leadership: It is the main responsibility of leader to identify those personnels who do not have
technical skills but are willing to adapt such skills. Leader is the one who has responsibility to
create environment that inspire members to make new innovation. This can be possible by hiring
new candidate who are from diverse background. Weak leadership skills demotivate innovation
and invention. This is required for this company to hire effective personnel like Apple and Virgin
Group so that they can be successful in their field (Duttaand Folta, 2016).
Culture: This has vast role in innovation and commercialisation. Periscopix is data source
company that provides different marketing techniques. It is required for this company to use new
strategic and techno-logic features in their working so that they can operate their business in
more effective manner. Flexible and comfortable culture is required for new innovation. This is
important segment where it is required to have organisational culture compatible with change,
otherwise it may affect the company in different ways like loss of brand value, failure of
business (Ge and et. al., 2011).
Teamwork: Innovation and commercialization are the important factor that depend upon
teamwork. This is essential task for the organisation to have effective personnel in their team so
that they can collectively work for common goal and achieve their target. New innovation can be
possible where there is effective team works behind. Innovation and commercialisation can be
possible in effective sense when there is effective team work.
Vision, leadership, culture and teamwork are the important factor that is required to
consider by the organisation and it helps in innovation and commercialisation activities of the
company. It is required for the organisation to make innovation by considering vision,
leadership, culture so that it can be more impactful.
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TASK 2
P3 4Ps of innovation and use of its funnel
Innovation is the creation of some additional feature with the existing product. It is
required for every business to make innovation time to time so that they can provide better
services. Companies like Periscopix makes innovation in a market driven way. Basically
working in paid search results need innovative technologies to prevent, present data (Hossain,
2015).
There are 4P's of innovation:
 Product
 Process
 Paradigm
 Position
Product: Idea of product innovation refers to improvement of value to a product and
introduction of new product in market. While innovating a new product most basic thing that
need to be understood is that how to make it more appealing as comparison to other products.
Like Apple distinct itself from product of other company in a way that it uses its own original
products and maintaining its premium brand image. Periscopix can use this idea of Apple by
using its own contents for further research purpose.
Process: This innovation mix refers to hiring right candidates, their training, supplying of
product and even sometimes accounting. This helps firm in increasing its efficiency and letting
works done in a more faster way. A good process can save the costing of any organisation. Apple
hires best talent in world even if it had to pay high, it saves a lot of capital tat needs to be
invested on its training. Periscopix process needs continuous evaluation of newer employee and
their training (Ke and et. al., 2015).
Paradigm: This innovation mix refers to the way in which organisation changes its
radical approach and working style. Every company needs to have change its paradigm
according to market requirement and innovation strategy. Like Apple after late 90's worked on
how they can interact with their customers rather than thinking about what other companies are
doing. Periscopix has a large number of clients and they interaction with many people so that
they can evaluate their requirements on regular basis.
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Position: This refers to image of the company in the mind of customers. It covers various
aspects as how they communicate with its employees and public. Apple has good image of its
premium products world wide. Apple uses promotion of its innovative features that is introduced
in its new product. It helps to secure strong position in market. This is important for Periscopix
to use such factors in their business so that they can attain success.
Innovation Funnel
It is the strategy that is used by organisation so that they can negotiate with new product
development (NPD) process. There are many factors that are required to consider in this regard,
that covers the elements from product idea to examination to shaped into concept and then
testing and finally produce final output (Ke and et. al., 2016).
Different aspect are the essential element of innovation funnel like-
 Opportunity assessment- This can be possible through the assessment of market data,
customer knowledge and useful resources. It helps to identify the opportunities that are
available for the new product development.
 Insights-based ideation- It is the way to create link between organisational strategy and
opportunity available. This draws insight about market and customers. Here, research of
market is made by way of survey, focus group and crowdsourcing so that identification of
every aspect of market can be possible.
 Conceptualization- In this concept is designed by considering ideas. It consists of the
different aspect that is required in product development as packaging mock-ups,
advertising copy, different features of product.
 Evaluation and benchmarking- This steps is of to test different concept. Choice modeling
and user testing are the essential element of it. This provides assistance to identify the
area where improvement can be made (Khan and et. al., 2010).
 Go/ No Go- When required stages are completed then it is decided by executives to go or
not to go further. Here changes are considered regarding the launching of product. There
are many factors that are covered in this as benchmarking, evaluation, other factors like
manufacturing cost, product that is not as per the preference.
 Launch- it is the final stage where new product is launched after considering necessary
element of change. At this stage , it is decided by the management to launch such product
in market.
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P4 Development in frugal innovation
This is related to new business model, reconfigure value series and designing of product
so that it can accepted by the people who can not afford product of the company. It is important
tool in innovation and invention. This is used by the organisation so that they can innovate
additional features with existing product. Here, wastage and scraps are used by the organisation
in this regard. Periscopix is providing their services in marketing so it is important for them to
consider such innovation in their existing services and plan so that they can attract large number
of customers toward them (Koirala and et. al., 2016).
Development in frugal innovation:-
 New market opportunities- marketing research and analysis is don by the company so
that they can identify the factors that can be considered by them. The available
possibilities are gaped by the company. Periscopix is facing some issues in market so it is
important for them to make innovation in their operation by implementing some
additional features.
 Resources- It is responsibility of the company to use their available resources so that
they can be effective to make innovation with existing product and services. This aids to
provide better option to customers. Frugal innovation can be possible by any segment and
resources increases its capacity (Kolychev and Prokhorov, 2015). Innovation Funnel- This is associated with new product development. It is adopted by
firm so that they can make new innovation. This starts from generation of idea to product
development. Change in frugal innovation has vast impact over it.
Frugal innovation consists of two segment as-
 Related to product: It is linked with marketing where market is emerged with potential
for sale as source. This is related to origin of goods so that business can fulfil global
demand. Problem: The next segment is related to the issue that is required to be solved. Innovation
is linked to new technological solution that is made for problem solving. Frugal
innovation can be used effectively when it strays with problem solving, not with product.
Steps that are used in this regard as-
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 Generate idea for innovation- Market opportunity require to be analysed so that new
outcomes that are present can be identified. Higher authority of the company starts to
make research so that they can get best result.
 Screening new ideas- At this stage designing of product is decided to make consider with
new innovative product (Mowery and et. al., 2015).
 Idea screening: Many options are available to company.
 Testing- In this, test concept is used by the company for selection of best one.
 Internal analysis- This is related to management of resources and it is used in best
manner.
 Market analysis- Here, product condition is identified in market and it helps to identify
new opportunity.
 Commercialisation- In this, product is developed in business format.
 Review market- It is important for business to check current position of product in market
and to make necessary alteration (Novikova, 2015).
TASK 3
P5 Importance of Commercial funnel and application of NPD processing
Commercial funnel is one of the important factor of the company that is used by business so that
they can sell their product at large level and it helps to enhance the profitability of the company.
It is important for the organisation to consider new innovation in their product and services so
that they can provide better services to people. It provides strength to the company and aids to
take stand in market as one of the leading business.
Periscopix considers innovative process for the launching of their product and services to market.
Many steps are part of NPD process like-
 Generation of idea: It is the main element where it is required for the company so that
they can make new innovation with its product. This is also required for the company to
identify the area that will be affected.
 Idea screening: There are many options that are available to the organisation. It is the key
task to select one out number of things.
 Development and testing: Here, new product is development and it is tested so that it can
be identified that things are identical with product or not.
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 Product development: After identification, it is required to make necessary development
in this regard.
 Testing of market: It is required to check that product is best suitable to market or not and
also identify that it fulfils the demand of market or not (Sharifian, 2015).
 Commercialisation: It is essential for Periscopix to make plan and policies related to
marketing and pricing so that required things can be finalized.
 Launch: It is the final stage where new product is launched to market.
P6 Innovation business case and ways to access funding
Business case is build so that effective planning can be made. Many factors are required to
consider by organisation in it and this is aloes required to identify factors so that it can't affect
future operation.
Mission statement
This is the declaration which is in written form and shows organsiational purpose and objective.
Mission statement of Periscopix consists of:-
 Important factors of organisation.
 New product and services will be offered to which sector of market.
 Sense of direction for whole company (Song and et. al., 2016).
Proposal Statement
Many aspects are considered in this as purpose and objective, investigation that require to make,
key information. This provides implementation and final result that can be possible by
innovation.
Resources
There are many resources that are required to consider by the organisation in this regard.
Resources are required to be used effectively so that innovation can be made in effective manner.
Time management
It is important to have time management policy so that new innovation can be made and
implemented within required time. There are many changes that arise in market and it is required
to consider it on timely basis.
Ways of funding
There are various ways that can be used for funding as-
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 Bank and Financial institution: business can take loan from bank and financial institution.
It is the secured way of funding. They grant loan for business purpose and it is required
for business to put their assets as security to bank.
 Investors: There are many companies and individuals who want to invest in business. It is
the best source to raise funds so that business can do best effort in this regard.
 Government- There are some project where government invest funds. They provide
money to business so that employment can be generated. Sometime, they invest for
public welfare (Vishnevskiy, Karasev and Meissner, 2015).
 Boos trapping- It is an internal source where funds are generated from saving and use of
personal credit card. In this way, no outsider is affected.
TASK 4
P7 Tools use to protect, develop and retain knowledge and intellectual property
Different things are required to be considered like:
 What category of IP your idea lies.
 International patents needs to studied.
 To avoid risk file as early as possible.
There are Different ways of IP protection as:
 Copy rights:- It protects data like music, artistic work, writings etc. from getting used
by others. Full authority to modify, create, display, perform and copy work is in hand of
owner. Innovation can be used by other after taking permission of owner.
 Patents:- Inventor gets right where others are not eligible for making and selling
patented product. it can be generated by filing an application to US Patent and trademark
office (Xiao and et. al., 2016).
There are three kinds of patents:
1) Utililty
2) Design
3) Plant Trademark :- It is the symbol, phrase or sign that distinguish product form others. It is
the status symbol for the companies. When it is registered then no one has right to use
same symbol. Pre existence of trademark sign must be checked before applying for this.
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 Trade secrets:- Businessman or organisation keeps certain things secrets which are
related to their operation. It is the right of company to secure their trade secret,
manufacturing secret, commercial secret so that it can't be cheated by others (Kolychev
and Prokhorov, 2015).
CONCLUSION
As per above study it can be concluded that it is important segment for the business so
make new innovation and invention. There are many factors that are required to consider by the
business while making innovation so that they can provide better services to people. Periscopix
is the company that is offering their services in marketing filed. It is important for this company
to use different techniques so that they can be more effective. This is required for them to secure
their invention through copyright, trade mark and patent right so that it can't be misused by
others.
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REFERENCES
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