Innovation Management and Commercialization

This assignment delves into the critical aspects of innovation management and its practical application in bringing new ideas to market. It examines the distinction between invention and innovation, explores various organizational models that facilitate commercialization, and analyzes the role of intermediaries like venture capital firms. Case studies and theoretical frameworks are likely used to illustrate successful examples and challenges faced in translating research into tangible products or services.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance to employees with a difference with invention...............1
P2 Organisation Vision, leadership, culture and teamwork shape innovation.......................3
M1...........................................................................................................................................4
D1...........................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation..................................................4
P4 Development in frugal innovation.....................................................................................5
M2...........................................................................................................................................6
M3...........................................................................................................................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development.............6
P6 & M4 Innovation business case........................................................................................7
TASK 4............................................................................................................................................8
P7 & M5 Different tools which used to develop, retain and protect intellectual property rights
................................................................................................................................................8
D2 ..........................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In modern era, bringing innovations and inventions are has became essential for every
single firm in order to sustain at marketplace for a longer period of time (Aarikka-Stenroos and
Sandberg, 2012). Making modifications in products and services that already exists in market by
adding new flavour, material or any sort of ingredient can be stated as innovation. With the help
of this, administration of firms can gain competitive advantages and also it aid in giving rivalry
to rivals. Along with this, it has been analysed that many people do take both innovation and
invention as same but they differs from each other. Therefore, it is essential for every single
organisation to understand them in appropriate manner and consider both while manufacturing
products. Under this project, Wiser which is a small business enterprise and offers various
services to its clients that are related to consultancy. Assignment will include various elements
like concepts and type of innovation and lastly it will show process that is related to
commercialized funnel.
TASK 1
P1. Innovation and its importance to employees with a difference with invention
In business world, innovations can be defined as altering products and services so that
sales of company can get enhanced or to grab attention of consumers in huge number. Bringing
innovation at workplace in must for every single firm that aid in hitting desired goals and
objectives. Market share can also be enhanced by conveying innovation in an appropriate
manner. Along with this, superiors of firms needs to do continuous research or investigations in
order to better understand all the trends, customers needs and strategies that are being used by
their rivals. This action can aid firm in enhancing their both productivity and profitability by
modifying products with innovative ideas.
When an organisation is looking forward to expand its business at global level, it has
been located that implementing innovative ideas into workplace may aid in reaching to a reputed
level. Wiser is trying to bring innovations in their business purpose (Bogers and West, 2012).
Therefore, management has to conduct research through which they can take appropriate
decisions that are related to conveying innovations in an appropriate manner. In this context,
some of importance of innovations that are related to staff members are given below:
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Development of skills: Modification brings risk with it at workplace therefore, it is
mandatory for management of Wiser to train employees in appropriate manner in order to hit
targets for a longer period of time.
Efficiency: To make employees much effective at workplace it is essential for
administration to utilise all the tools and techniques through which employees can work in smart
ways so that they can achieve desired goals and objectives in appropriate manner.
Performance productivity: Becoming effective is vital for both staff members and
employer. By this, management of Wiser can enhance performance level of workers and are of
productivity company as well which will aid in gaining good reputation at workplace.
Creative mindset: It has been analysed that employers should have creative minds which
will aid in bringing innovative ideas at workplace. Manufacturing products with creativity may
help firm in grabbing attention of consumers in huge number (Clayton, Feldman and Lowe,
2017).
Flexibility: Changes mostly are not being liked by workers. But, it is mandatory for for
Wiser to make profit in order to sustain at marketplace for a longer period of time. Therefore, it
is essential for Wiser to analyse trends in an appropriate manner and give training to staff
member so that they won't hamper the operational activities.
Difference in between innovation and invention are given below:
Innovation Invention
Adding some extra material in products which
already exist at marketplace in order to
enhance sales of products.
When a product is being manufactured which
is has not been produced by any firm.
Innovations can be brought at workplace in
every single department.
Research and development department takes
place under this in order to make whole new
goods or services (Difference between
Invention and Innovation, 2016).
In order to make alterations in products and
services, superiors may looking into latest tools
and techniques and utilise them.
This can be considered as original which is not
being copied from any place.
Enhancing sales is the main aim of this This is a factor where management of Wiser
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element. can give services to its clients which has not
been given by any other firm till then.
P2 Organisation Vision, leadership, culture and teamwork shape innovation
Mission, visions and along with objectives should be made by management of an
organisation in effective ways in order to meet all the desired goals. Some of people of
companies like leaders, teams comes or consider as main element that may help firm in attaining
all aims and objectives. Along with this, administration of wiser can use ample number of
methods in order to make or manufacture products and services with innovative ideas to make
firm more commercialised at marketplace. Thus, both sales and productions can be enhanced
with revenue.
Away from this, management of Wiser is trying to enlarge their business and looking
forward to attract consumers in large number in shorter period of time. To do this, it is required
for Wiser to make both vision and mission and share them with employees in order to attain
desired goals and objectives. Therefore, Wiser is going to introduce an application of their own
so that they can enhance sales and profitability of company and to better serve to consumers.
Vision: According to Ettlie and Rosenthal, (2012), vision is said to be a statement
through which a firm can direct staff members towards a specific goal so that they can try to hit
it in short period of time. In this context, Wiser has already given or forwarded their vision in
front of their employees where they are going to expand business by introducing their own
application at marketplace.
Leadership: Leader is said to be a person who direct their subordinates in appropriate
manner so that they can hit their own targets. Along with this, it is essential for managers as well
to understand leadership in order to direct or support staff members as he/she manages the
operational activities and try to make firm's worker more effective at workplace. Motivation can
also be given by both management and leaders in two different ways (Gaddy and et. al., 2017).
Culture: It has been analysed that in a firm employees may follow different cultures and
have their own perceptions or ways of working. Therefore, it may be possible conflicts may get
raised. At this moment, it is essential for management and leaders of Wiser to train them workers
by which they can work with each other. With the help of this, management can bring positivity
in working environment.
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Teamwork: When a firm is trying to bring innovations and to make it commercialised. It
is mandatory for them to have effective teams in order to attain all goals and objectives in an
appropriate manner.
Henceforth, Wiser to grab attention of consumers in larger number. It is important for
them to consider all these elements which has been discussed above in an appropriate manner.
M1
In today's world, it is essential for a firm to keep on making modifications in their
products and services which they are selling at marketplace by using new tools and techniques
with innovative ideas in order to sustain for a sufficient time of period. Through this, customers
may get attracted in huge numbers towards modified goods. To do this, management of Wiser
can do research of market so that they can see all the perceptions, needs and wants of end users
and at the moment management of Wider has found that people are mostly buying products from
online tools. Therefore, they are going to introduce one in short period of time.
D1
As comprehended by Godin, (2012), to bring innovations in products and services it is
mandatory for a company to keep on making alterations by using new tools and techniques.
Competitive advantages can be gained by Wiser if they follow systematic methodologies of
making it commercialised in an appropriate manner.
TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Bringing innovations at workplace is must for Wiser, it may aid them in hitting desired
targets in shorter period of time. Therefore, 4P's of innovations are given beneath:
Product: In order to increase consumers base, it is important for firm to bring
modifications in their products and services with innovative ideas. This may aid them in
satisfying customers. With this, interest of end users can stay remain same with products and
services of company if they get same quality (Huizingh, 2011).
Process: Under this element, it is must for administration of Wiser to allocate tasks to
individual in order to grab more information so that they can make appropriate alterations in
their products. Therefore, data which is being gathered may aid Wiser in introducing right
application in market which will help consumers buying products and services online.
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Paradigm: This is a factor in which Wiser looks into trends, needs of consumers and
their demands as well. This may aid them in making alterations in their existing products or
services in order to enhance profit margins.
Position: Re-positioning an existing product may come under this factor. Modifying
goods with innovative ideas may aid firm in enhancing goodwill of Wiser. Perceptions can be
changed of consumers that they have for products.
Innovation Funnel: Wiser should adapt latest tools and techniques and make
modifications in products and services with innovative ideas in order to give competition to
rivals. Innovative funnel includes three steps through which proper modifications can be made of
existing products and services (Innovation Funnel, 2016).
 In first phase, investigations are being done of marketplace by administration of Wiser
through which they can collect ideas. Data is being collected by a researcher which is
related to competitors, university connections, existing partners, or institutes.
 In second phase, screening is being done by management of Wiser and resources are
being gathered and selects those which are relevant and close to their objectives of them.
 This can be stated as the last phase, where Wiser can ensure about selected idea that it
will aid in hitting desired goals and objectives in right on time.
P4 Development in frugal innovation
Frugal innovation are being taken under by an organisation in order to reduce all the
complex problems and to maintain the cost of goods and services that they already have. This
can be done by utilising resources in optimised manner through which products prices may not
get enhanced while making alterations in them. With the help of this type of innovation
management of Wiser can continuously earn profit at its maximum and generate revenue in a
huger amount. This process will assist an enterprise to reduce any kind of complex situation.
Coveted goals and objectives of Wiser can be achieved in short period of time. In this context,
some techniques are given below:
 Through frugal innovations, Wiser can reduce cost of their products and services.
 Creative methodologies and tools are being used by employees in order to hit targets of
their own for a longer period of time. This makes them more effective.
 Brings competitive advantages at marketplace as it will cut down cost of products and
services to minimal.
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Henceforth, Wiser can improve sales of their products and services by using this type of
innovations in an appropriate manner. Along with this, wastage of materials, cost of products,
effective time management can be seen by bringing these innovations at workplace (Kim and et.
al., 2011).
M2
Innovation funnel can be used by Wiser where they have to go through three phases and
these are investigation of marketplace, narrow segmenting of different ideas and final stage
where decisions making process takes place. Innovation can be brought management of Wiser
which may aid them in enhancing profit margins.
M3
Frugal innovations may aid firm in reducing the cost of products and services by applying
innovative ideas in an appropriate sort of manner. Along with this, it is mandatory for them to
use resources in an optimised manner in order to keep them safe for a longer period of time.
Therefore, it is mandatory for them to use this type of innovating process in order to gain
competitive advantages.
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercialising means selling products and services at international level. It is
important for Wiser to use this process in order to sell them to consumers in a wider
geographical area. Along with this, bringing innovative ideas at workplace and applying them in
an appropriate manner in order to develop a whole new product may create favourable condition
for them (Lindič and et. al., 2011). Sales of commercial funnel consist of various elements and it
has many importance as well which needs to be considered by management of wiser in order to
enhance their sales and profitability and these are:
 By using this, firm capture larger market share from its rivals.
 Quality is being maintained if superior will directly go through information and make
strategies which aid them in hitting targets.
Wiser can also introduce some other goods as well by implementing new ideas and these
are given beneath:
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 Generating idea: To improve customers number Wiser can introduce an all new
application as most of people are having smart phones in which they can use it in order to
purchase goods and services. Idea screening: This is being done in order to collect relevant ideas and thoughts that are
related to desired goals and objectives.
 Commercialise: In order to sell products with wide range it is mandatory for Wiser to
consider all the cultures, acts and other things that may aid altering products as per
perceptions of consumers.
P6 & M4 Innovation business case
Funding is much needed for every single firm in order to hit their targets for a longer
period of time. Failure into this may lead firm to reduce their productivity level and profit as
well. Therefore, it is mandatory for Wiser to collect funding in an appropriate manner so that
they can make an application in order to better serve to consumers (Snow and et. al., 2011).
There are some points which needs to be considered by Wiser while making application
appropriately is mentioned below:
 Effective strategies should be made by looking at all the information which has been
gathered by researcher by using both primary and secondary method.
 Risk should be analysed that are related to funding so that it won't cost much to them.
 Needs and wants of consumers should be analysed which will aid Wiser the time of
building application for users.
Business case involves some phases and these are given below: Executive summary: Introduction, need, objectives and aims comes under this phase.
Management of Wiser is looking to build an application which aid them in serving
consumers appropriately. Need: Customers may find all the features that may aid them in getting details of
products and services that they are willing to purchase. Solution: Users of android system in world are much high as compared to IOS but it is
important for Wiser to make an application for Iphone users as well in order to gain
attention of people in huge number.
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 Why product is innovative, customer reach and design: Most of business firms do not
have their own application. Thus, this may aid them in becoming an eye catching factor
at marketplace (Thore, 2012).
Fund raising:
Banks and equity funding: These are two type of elements which may aid Wiser in
raising funds so that they can make plan in order to attain their goals and objectives in specific
and given time of period.
TASK 4
P7 & M5 Different tools which used to develop, retain and protect intellectual property rights
Using latest tools and techniques may aid firm in hitting their targets in much more
effective ways. With the help of this, organisation can continuously pull out approving outcomes.
Some sort of tools are there that can be used by administration in order to bring innovations in
their products and services. By this, company can continuously create favourable conditions for
it. There are certain intellectual property rights which needs to be considered by a firm in order
to make take the copyrights of products which has been made by them so that no other
organisation can copy their goods and services. Wiser can also use some other ways of having a
copyright of products or services which has been made by them and these are: Copyright: This is considered as a right that is granted to most of the companies for their
originality. It cannot be copied by other organisation and if this happens than they can
face some legal procedures.
 Trademark: This is another form of copyright. In which firms adds a tag in their products
which is unique in nature.
D2
According to Walsh, (2012), creativity is much requirement at workplace when a firm is
looking forward to expand its business. Therefore, Wiser should keep on making alterations in
their existing products and services by considering some elements like change, improvement
programs, modifications in existing policies.
CONCLUSION
From above comprehended assignment, it has been summarised that both innovation and
inventions are different from each other in nature as inventions can be understand as when a firm
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introduce a product which has not been pioneer till the moment in world. On the other hand,
innovation are said be making changes in products which are already in market. Modifications in
goods and services should be made from time to time in an appropriate manner by using
innovative and creative ideas. It may lead an organisation to create favourable condition at
marketplace. Commercial funnel, aid a company in raising its profitability therefore, it should be
considered in an appropriate manner. Lastly, applications of legislations and acts in corporation
may help them in doing business legally.
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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.
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.
Clayton, P., Feldman, M. and Lowe, N., 2017. Behind the Scenes: Intermediary organizations
that facilitate science commercialization through entrepreneurship. The Academy of
Management Perspectives. pp.amp-2016.
Dutta, D. K. and Hora, M., 2017. From Invention Success to Commercialization Success:
Technology Ventures and the Benefits of Upstream and Downstream Supply‐Chain
Alliances. Journal of Small Business Management. 55(2). pp.216-235.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy
innovation. Energy Policy. 102. pp.385-395.
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.
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.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
Innovation Funnel. 2016. [Online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>.
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