Innovation and Commercialization of Ideas

This assignment delves into the crucial process of transforming innovative ideas from research institutions into marketable products. It analyzes university technology transfer practices, highlighting case studies like medical device innovation and perovskite solar cell development. The impact of networks, partnerships, and business incubators on successful commercialization is also explored.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Meaning and importance of innovation for employees within Mark and Spencer................2
P2 The vision, leadership, culture and team work in the organisations......................................3
Task 2...............................................................................................................................................4
P3 4Ps of innovation and use of innovations..............................................................................4
P4 Use of frugal innovation in the company...............................................................................5
Task 3...............................................................................................................................................5
P5 Importance of commercial funnel and its application on the new products' development....5
P6 Case study on business innovation........................................................................................6
Task 4...............................................................................................................................................8
P7 Various tools used in the organisation to develop, retain and protect knowledge and
intellectual property....................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
1

INTRODUCTION
Innovation in the organisation plays an important role with the several modification in
terms of its business practices, workplace organisation and the external relations. The various
changes required in the organisation to achieve the firms objectives. The report will consist of
Mark and Spencer which is associated with retail industry on United Kingdom. Further, the
importance of innovation of for workers and vision, leadership, culture and team work within
company. The cited firm develop frugal innovation and the significance of commercial funnel
with the application of New Product development. The Various tools that the Mark and Spencer
utilise to develop retain and protect knowledge also the intellectual property.
TASK 1
P1 Meaning and importance of innovation for employees within Mark and Spencer.
Innovation:
It is defined as the procedure of forming new ideas or invention in terms of products and
or services. The new idea and invention is not the main aim of the innovation for the organisation
but to brings impact on market with proper development in the firm. While the innovation for
employee is different from the organisation (Ashcraft and et.al.,2017). In the mind set of
employee innovation is to bring effective policies and equipment which are advance technology
for faster operation and productions. The employee of the organisation get the several benefits
such as travel facility and gym subscription are the part of innovation.
There are various elements which reflect the significance of innovation to employees within
M&S such as follows:
 Effective leadership: In the organisation involvement of leader brings the innovation
which can be done with the help of effective leadership. The leader will assist and give
direction to the employees to achieve organisation goals and objectives. These will give
better outcomes in employee performance when the leader will motivate and allocate the
task equally on the basis of potential and various traits and skill of worker.
The contribution of worker in the organisational Growth:
In the M&S various role of employees are not able to give their opinion which can be
contributed in the growth of firm. The innovation in the company is not up to development of
products but to implement the various system which will be benefited to the employees and feel
motivated at workplace (Bashmakov and et.al., 2015). The suggestion of the employees brings
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the most important aspect for organisations which will help to contribute of worker in growth
with the application of new ideas and system in the company. The M&S provides the employee
performance incentives in which the model Rosie Huntington whitely establish her first
fragrance, all the worker were informed that whichever store sold the most bottle would get a
visit from the head of beauty or regional manager. Employee shared the best practice tips and
ideas of how to drive sale on social media. M&S also introducing innovation recognition
methods for employees (Breznitz and et.al., 2016). These all the aspect will help to contribution
of employee in growth of organisations.
P2 The vision, leadership, culture and team work in the organisations.
Vision of Mark and Spencer: They have set of standard against which other are
measured benchmarking in the retail industry with the innovation goods and services by adding
value for customer and inspire the emotion as well reflect the value.
Leadership: The Mark and Spencer have effective leader which plays a transformational
leadership role in which the leader will make over an inspiring vision of the forthcoming of the
organisation. These can be creating values and ethics for firm. It is the important for the
organisation if leader will make efforts on the various system to implement effective changes
(Eberhardt and et.al., 2017). The transformation leader will motivate employees to purchase into
and delver the vision for improving the employee performance with the help of creating mission
for a particular task which is important to share with employees for more effective outcomes in
their work. The policies and process for various operation will modify with the help of
employees opinion and as per the requirement of organisation to establish the working culture
with the positive environment. The another aspect of transformations leadership role is share
their idea during the conflicts situations to solve the issue with idea which can be easy to
implement for effective outcomes.
Culture of the M&S is workaholic where work will be priority for the company but the
employees or the other stakeholder opinion is not important (Gummesson, 2014). As the culture
mend the collective experience which reflect in the firm daily operation and strategy of the
company tend to be moulded by its culture only. For that a various strategy will be impact on the
organisation culture due negative working environment. So an effective environment,
capabilities of the organisation will help to implement the better culture where all the employee
feel motivate and work to achieve personal as well professional objectives.
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Team work will be depend on the leadership role and culture establish in M&S create
with the positive attitude of employees who are working for same agenda and team for various
development for organisations.
Task 2
P3 4Ps of innovation and use of innovations.
Innovation will help to implement the new ideas and creativity process for the
organization which is important for effective development in the company (Hora, 2016). The
specific 4Ps of innovation which are discussed such as follows:
 Products: For every organisation the most important aspect is their products which
reflect the innovation of the company on the basis of its packaging and process involved
in products. The Mark and Spencer known for its large product portfolio and target on the
basis of its demographic condition. For instance Mark and Spencer innovate in the retail
industry with the help of Happen which focus on innovation and develop the firms'
strategy for to bring the food on the move (Jamil and et.al., 2016). The organisation is
looking to innovate denim with the attractive designer.
 Process: The retail industry need the effective process to set up better process in the
organisation which will help to create the specific development. The technology and
other equipment utilised for production process. On the other hand mark and Spencer
store are classified into floors which means they have separate portion for clothing, gifts
and flower, furniture and other house hold appliances. Also, the customer can buy
products of M&S form their website with the online ordering and if any issues will arise
regarding the purchase customer can return the goods to the company in easy process
 Position: The innovation in terms of position which brings the customer perception
towards the brand. It is not important for the organisation how the firm earn profits with
their products and services but the perception create by customer. The global competition
will depend on the organisation position of its products on customer mind and establish
its strong brand.
 Paradigm: It is another kinds of in which the organisation which concern about the
various modification with the specific manner in the organisations. Radical business
modification don't necessaries means effective business (Ke and et.al., 2016). Shifting of
products selection to retail to food will be the paradigm for the organisation like M&S.
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P4 Use of frugal innovation in the company.
The frugal innovation is the process of reducing the complexity and cost of products and
its production with the help to discover new business model and redesign the goods for end user.
As the frugal innovation provides functional solution through few resources which are many but
the meaning is shorter.
Use of Frugal innovation: The certain use of frugal innovations which can be describe such as
follows:
 Reduce the cost Problem: It is the most important aspect for the organisation which
need to reduce the cost problems which brings the burden on the revenue (Song and et.al.,
2016). With the help of frugal innovation M&S will easily reduce its cost of problem in
which the invention will be implement as per the cost occurred for various process of the
production and other operational cost. The M&S target customer required less cost
products but due high cost of production the profits cost will be increased by organisation
which required to reduce with the help of frugal innovations.
 It Assists in current requirement: This can be another use of frugal innovation which
will help to meet the current requirement of the organisations. There are various
requirements of the firm in the context of recruitment of new employees and products
development to increase the sales of particular products.
But the frugal innovation have its own limitation as per the resource available in
enterprises on the basis of financial, material and institution (Schumpeter, 2017). The firm can
consist its operative in different way which assists in new product's development with different
benefits of utilising.
Task 3
P5 Importance of commercial funnel and its application on the new products' development.
The commercial funnel refer to the purchasing procedure that organisation lead customer
through when buying products. The sales funnel is classified into several steps which differ
depending on the specific sales model. But the new product development have various step
which are considered by M&S. The idea generation, idea screening, concept development and
testing, marketing strategy development, business analysis, products development, test marketing
and commercialisations.
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Awarenesses to the customer: Mark and Spencer will know by the new result of
organization. The business recognizes the enthusiasm of clients in new item to make encourage
improvements. It likewise searches out the data regarding items highlights, sturdiness and
accessibility (Hale and Held, 2018). Further, for the assessment of the business data, there is a
need of accumulation of information identified with the items for the evaluation of the
advantages of the clients in the wake of obtaining the item or profiting the administrations.
In addition, alternate measures taken for the customers of the association 'Mark and
Spencer is to know the powerful utilization of the items as consistent inventive esteems with
them. In this point the reception of another item happens with clients choices. It helps in
influencing the utilization of item or administration in routine for its ceaseless improvement of
the association and in addition client to intrigue.
The advancement comprise two sorts of work in the association, the item ought to be
enhanced to new and alluring highlights. With the reference, business pipe depicts the things in a
less demanding way which are in reality difficult to get it (Han, Gopalakrishnan and Lee, 2015).
This pipe makes the standard exercises of the association which takes new plans to make viable
commercialization of the item to the firm.
As the importance of commercial funnel as per the New Products Development in which
the test marketing has provided management the information required to form a final decisions.
Commercialisation means not anything else than introducing a new product into market. The
advanced costs are obtained the firm may required to build or rent a commercial enterprise
facility. Big sum of money may be spent on promotion, sales promotion and other marketing
efforts in the first year. There are various factors advised earlier the goods is commercialized:
Introduction Timing: for example, if the economy is decreasing it may be wise to break
until the pursuing year to launch the goods. Hence, if the challenger are fit to present their
personal products the organization must force initiating the new goods earlier.
Introducing place: It is important for the firm to decide the location for the position after
the new products' development (Aplin, Farine and Sheldon, 2015). So the M&S required to focus
on their position on the basis of effective planing and analysis the cost involvement it.
P6 Case study on business innovation.
Keeping in mind the end goal to create development, association need to give the best
results in their tasks. In this specific circumstance, Mark and Spencer advanced their idea which
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require demonstrate a few regions to clarify discourse. It likewise creates amount and quality in a
few regions to clarify dialogue for their improvement. In this perspective, advancement idea
tended to which proposes to decide qualities to achieve destinations. Besides, issues can likewise
distinguished that make high benefits in speciality unit that empower to pivot
straightforwardness. In the business exercises, chose endeavour can work with attributes that
learn for achieve objectives and destinations (Schubert, Van Langeveld and Donoso, 2014). This
can be given to work with characterizing achievement, offers and recommendations through
rules that achieve business objectives. There are a few stages can be taken in the accompanying
angle to achieve destinations:
Initial step incorporates playing out a few exercises through apparatuses which helps to
business procedure to actualize structure. Task data likewise chip away at the correlation premise
which done to exhibit developments with open inquiries and diligent work. It makes less
demanding outcomes to decide reply in troublesome circumstances. Issues can likewise cook that
assistance to make contentions inside the hierarchical exhibitions. Besides, it likewise improves
understanding making the best outcomes (Rodrik, 2014). It additionally makes the stage for
getting the open doors for the future development of business.
In other advance, M&S can evaluate their necessities and surveying enthusiasm of
partners for rivalry and market allure. It likewise found out for making favourable circumstances
to setting needs. With the assistance of trails and moving for commercialization with duty and
pull in to business condition as well. In this perspective, a few gatherings of elements comprise
essential part where venture can without much of a stretch achieve their objectives and
destinations at abnormal state. As results it will construct connect with accessibility of info
material.
In the last, the picked association centres around the commercialization of the item
developed. They make distinctive systems to offer the item and administrations (West and
Kimber, 2015). The representatives and the association centres around limiting the assets with its
ideal utilization. Through this the firm Also, tries to lessen the contentions between the specialist
to keep the earth quiet and simple to work. It likewise builds up the there operational territories
for better working.
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Task 4
P7 Various tools used in the organisation to develop, retain and protect knowledge and
intellectual property.
Definition of intellectual property is term for any non-physical assets or something
copyrighted that does not exist as tangible object which had value. For instance, design, concept,
software, inventions, trade, secret, formulas and brand names all these included in the intellectual
property. Exploiting knowledge and intellectual property rights. There are several Tools used by
the organisation to develop, retain, protect knowledge and intellectual property which are
described such as follows:
 Copyrights: It is a kind of intellectual property tool which protect as per the legislation
of the United Kingdom (Han, Gopalakrishnan and Lee, 2015). The copyright available on
the products which are original and have authorised that are fixed in a physical way, it
can be published or unpublished. The various software of the organisation or can be
copyright which can not be produce by any individual.
 Trademarks: The organisation refer for the brand name or logo as per the intellectual
property trademarks which can be specific name, design, letter, numerical or the shaper
of packaging and the tag line of the organisation is registered under trademark act 1994
of UK. The referencing in this Act to trade mark consist unless the context otherwise
requires, references to collective mark certification mark.
 Design rights: This rights will protect firm designs for 10 years after it can be sold. The
aim of these right is to stop copying firm design and these right applies to the shape and
configuration of objects. Under design rights anyone can register their design to protected
in two dimensional designs such as graphics, textile and wallpaper.
 Patent: It is a legislation issued by the United Kingdom Intellectual Property officer for
an invention without their permission (Ke and et.al., 2016). The patent right can be take
for 20 years in various nation from the date of applied for patent.
There are main roles of the branding in which the intellectual property because the
various protection provided by the legislation body will give benefits to the firm in new products'
development in which the company can focus on innovation of goods and services (Jamil and
et.al., 2016). The branding is the most important aspect for the firm which will help to make
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positive impact on the customer for various products and service packaging which can be easily
protect with the help of innovation and after that organisation can take trademark right as per the
legislation. But there are several limitations of intellectual property due to various law associated
in various nation which can be hindrance to the organization because the international firm can
copied the various things which are covered under the right of domestic IP protections.
The various implication such as open innovation and intellectual property right
management which is long presented as contradictory conception of innovation (Bashmakov and
et.al., 2015). While the open innovations implement which will be the part of intellectual
property which is an paradigm that assume for firm can and mus utilise for external ideas as well
internal ideas which are the way of market. On the other hand open source is also implication in
intellectual property which brings the effective rights will given by the legislation on the basis of
requirement.
CONCLUSION
From the report Innovation and Commercialisations in Mark and Spencer inferred that
the new idea and invention is not the main aim of the innovation for the organisation but to
brings impact on market with proper development in the firm. While the innovation for
employee is different from the organisation. In the mind set of employee innovation is to bring
effective policies and equipment which are advance technology for faster operation and
productions. The frugal innovation have its own limitation as per the resource available in
enterprises on the basis of financial, material and institution. Culture of the M&S is workaholic
where work will be priority for the company but the employees or the other stakeholder opinion
is not important. The trademark, copyright, Patent and design rights are the main important tools
of Intellectual property in which organisation can be easily develop, retain and protect
knowledge.
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REFERENCES
Books and Journals:
Aplin, L.M., Farine, D.R. and Sheldon, B.C., 2015. Experimentally induced innovations lead to
persistent culture via conformity in wild birds. Nature. 518(7540). p.538.
Ashcraft and et.al.,2017. Gender, Commercialization and Thought Leadership in Computing:
Examining Women’s Participation in Information Technology Patenting and Conference
Paper Authorship. In Technology, Commercialization and Gender. pp. 177-198.
Bashmakov and et.al., 2015. Generic Heurorithm of Innovation Management from Generating
Ideas to Commercialization. European Research Studies. 18(4). p.47.
Breznitz and et.al., 2016. University technology transfer: the globalization of academic
innovation. Routledge.
Eberhardt and et.al., 2017. A Project Course Sequence in Innovation and Commercialization of
Medical Devices. Journal of Biomechanical Engineering. 139(7). pp.071003.
Gummesson, E., 2014. Commentary on “The role of innovation in driving the economy: Lessons
from the global financial crisis”. Journal of Business Research. 67(1). pp.2743-2750.
Hale, T. and Held, D. eds., 2018. The handbook of transnational governance: Institutions and
innovations. John Wiley & Sons.
Han, B., Gopalakrishnan, V., Ji. and Lee, S., 2015. Network function virtualization: Challenges
and opportunities for innovations. IEEE Communications Magazine. 53(2). pp.90-97.
Hora, M., 2016. From Innovation Success to Commercialization Success: Technology Ventures
and the Impact of Alliance Partnerships. In United States Association for Small Business
and Entrepreneurship. Conference Proceedings (p. CS1). United States Association for
Small Business and Entrepreneurship.
Jamil and et.al., 2016. Business incubators in asian developing countries. International Review
of Management and Marketing. 6(4S).
Ke and et.al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost the
fill factor of planar perovskite solar cells. Advanced Materials. 28(26). pp.5214-5221.
Rodrik, D., 2014. When ideas trump interests: Preferences, worldviews, and policy innovations.
Journal of Economic Perspectives. 28(1). pp.189-208.
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Schubert, C., Van Langeveld, M.C. and Donoso, L.A., 2014. Innovations in 3D printing: a 3D
overview from optics to organs. British Journal of Ophthalmology. 98(2). pp.159-161.
Schumpeter, J.A., 2017. Essays: on entrepreneurs, innovations, business cycles and the
evolution of capitalism. Routledge.
Song and et.al., 2016. Perovskite Solar Cell Stability in Humid Air: Partially Reversible Phase
Transitions in the PbI2‐CH3NH3I‐H2O System. Advanced Energy Materials. 6(19).
West, J.S. and Kimber, R.B.E., 2015. Innovations in air sampling to detect plant pathogens.
Annals of Applied Biology. 166(1). pp.4-17.
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