Science-to-Business Knowledge Commercialization

This assignment delves into the science-to-business marketing perspective on commercializing scientific knowledge. It covers various aspects such as open innovation in small and medium-sized enterprises, social entrepreneurship, and government-funded renewable energy innovation in China. The assignment also explores the dynamic control of signal transduction networks in cancer cells and the patent analysis on advanced biohydrogen technology development and commercialization.

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation & its importance to organisation as compared to invention................................1
P2 Way in which organisation vision, culture, teamwork and leadership can shape innovation
& commercialization...................................................................................................................2
TASK 2............................................................................................................................................3
P3 4P's of innovation & of use of innovation funnel to shape innovative idea..........................3
P4 Development in frugal innovation & the way in which it used in organisation....................5
TASK 3............................................................................................................................................6
P5 Importance of business funnel and application of new product development process..........6
P6 Development of innovation business case.............................................................................7
TASK 4............................................................................................................................................8
P7 Evaluation of different tools firms use to retain and protect intellectual property................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation alludes to the procedure and result of making something new that provides
some value. In other words, it can be defined as a implementation of "new strategy, device or
thought". The aim behind innovation in context of firm is to make existing item, process, ideas
and technologies more compelling that give high focused edge to endeavours. It is regularly seen
as impetus for business innovation and improvement (Boehm and Hogan, 2013). It include use of
activities, creative energy and data in getting higher incentive from the given assets that
advantages organization tremendously. The given assignment is based on Healthy Juice which is
a United Kingdom based 2 year old start-up that provides Healthy milkshake to huge consumers.
This report covers how with the assistance of innovation Mr. Green extend its product offering
so as augment its general deals and gainfulness proportion. It incorporate innovation blend,
business channel, use of new item improvement and diverse licensed innovation rights device.
TASK 1
P1 Innovation & its importance to organisation as compared to invention
Innovation is characterized is the idea which deals with conversion of idea into product or
administrations for which consumers will pay. For bringing any sort of advancement, a smart
idea is required. Therefore, it is essential for a business visionary or a person to always concoct
thoughts and imaginative methods for getting things done in particular way. Introduction of
innovation inside business association gives it focused edge in market and firm is empower to
exploit over its rivals (Brunswicker and Van de Vrande, 2014). It encourages the organizations to
make themselves unmistakable from others. It goes about as impetus for an undertaking as far as
its innovation and achievement. It manages intensity to firm to confront challenges adequately in
the present focused world. Innovation and invention are not same, these are 2 distinct terms.
Innovation does not intend to acquire innovation organization. It is the methodology of progress
and its adjustment according to the evolving condition. It helps organization in offering such
administrations and items that helps with addressing needs and prerequisites of clients in more
better and successful way. In business associations, it must be require by business chiefs to build
up a creative culture inside firm with the goal that aptitudes of labor can be upgraded and they
inspire chance to conceive brand new ideas. It help with expanding their inventiveness and they
empower to manage issues in more better way and resolve issues successfully. Innovation gives
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maintainability to business in advertise so,firms are expected to persistently get innovation their
items for keeping up its strong position in market. The primary key to achievement of
organization is an one of a kind thought.
Healthy Juice is a quickly developing organization and gain huge benefits in commercial
centre from most recent two years. Firm is begun with one drink, i.e., Healthy milkshake in UK
and achieve sensational increment in deals in first year due to their dispersion capacity and
imaginative equation (Cooper, Seiford and Zhu, 2011). As it enters in third year, a critical decay
is found in its deals as different new contenders have entered in showcase. Subsequently, Mr.
Green has chosen to grow their product offering by presenting Burmese Grapes. The purpose for
propelling this juice is worry of populace of UK with respect to their well being. Individuals of
nation are more cognizant about their well being and with a specific end goal to exploit this, Mr.
green chose to dispatch this drink. It is a sound squeeze and is wealthy in vitamin An and C. This
will help with expanding its gainfulness of firm and furthermore helps in keeping up its situation
in showcase. Some essentialness of innovation are characterized beneath:
 It helps in expanding deals and benefits of organization.
 Helps with building strong brand image.
 Gives aggressive edge to firm and backings in securing expansive bit of piece of the pie. Aides in amplifying fulfilment of clients in viable way (Gao and et. al., 2011).
Difference between innovation & invention:
Innovation Invention
 In innovation, enhancements are made
in type of including highlights in those
items which are now exist.
 It is connected with making item
accessible to end clients.
 In invention, item is totally new and it
never exist. It is a sort of discrete
inventive act.
 It includes change of novel thought in
thought that is generous.
P2 Way in which organisation vision, culture, teamwork and leadership can shape innovation &
commercialization
Vision: Vision Statement of Healthy Juice "To wind up the chief pioneer of giving
Healthy Juices and beverages around the world". Sound Juice is a multi year old start-up,
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propelled by Mr. Green that exclusive offers a Healthy milkshake. Anyway in its underlying
year, organization accomplish a sensational increment in its deals. However, with the
progression of time and passage of new contenders it has turned out to be minimal troublesome
for them to make due in the market for longer run and that too with serving just a single item.
Thus, Mr. Green has chosen to implant innovation by extending its product offering i.e.
presenting new scope of juices, beverages and smoothies with various variations. Following its
vision proclamation, Healthy Juice has thought of a thought of furnishing natural juice of
Burmese Grapes with real pulp (Gray, 2011).
Culture: Organizational culture characterizes the mutual qualities, convictions and
suspicion of individuals that control the manner by which individuals carry on in an
organization. These common qualities impacts execution and proficiency of workers. In Healthy
Juice, all business exercises and tasks are completed in a legitimate way. By following errand
culture general proficiency and profitability of representatives expands that offers shape to
imaginative thoughts.
Leadership: Leaders of Healthy Juice takes after imperious style of administration which
implies lion's share of choice is taken without anyone else's input as it were. In any case, now
they have changed its initiative style to participative or equitable that advances innovation. As in
this style of administration, every last representative finds the opportunity to concoct distinctive
thoughts and pioneers select the best among them. Alongside this, pioneers additionally include
its adherents in basic leadership process that influences them to feel propelled and esteemed.
Group working: Mr. Green trusts that any errand or work can be accomplished in a
superior way on the off chance that it has been completed by measure up to endeavours and
commitment everything being equal (Guo-dong, 2011). Therefore, Mr. Green has confidence in
disseminating work as indicated by the abilities and capability of its workforce which expands
that odds of accomplishing undertaking in a superior way.
TASK 2
P3 4P's of innovation & of use of innovation funnel to shape innovative idea
4P's of Innovation mix was created by Joe Tidd and Joe Bessant. This system permit Mr.
Green to make sense of how the procedure of innovation convey to organizations and how it
enhances general process, models and work processes. The primary motivation behind this
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instrument is to research conceivable improvements in all aspects of business. It incorporate
item, position, process and world view which are in a word talked about beneath:
Position: It manages changing the conditions in which products and enterprises are
encircled or imparted among clients (Hemmelskamp, Rennings and Leone, 2013). How
organization can improve its item picture according to potential purchasers, open and so forth.
For instance: Mr. Green can begin advancing its new product offering on different long range
informal communication destinations by posting the authentic audit of client. Notwithstanding
that, they can dispatch its portable application too. As now a days everybody is winding up more
well being cognizant and taking the benefit of this pattern, worker's of Healthy Juice think of a
thought of serving Burmese Grapes Juice as it is a low fat tropical foods grown from the ground
in Vitamin An and C.
Product: It manages how existing item or administrations can be enhanced in order to
fulfill needs and needs of client in a successful and effective way. As it were, it implies how to
make item or administration additionally engaging and appealing with the end goal that it
immediately grab the consideration of clients or turn out to be superior to other accessible
merchandise. For instance: Healthy Juice has chosen to grow its product offering by presenting
juices, smoothies and beverages of various variations/flavours. Mr. Green has propelled natural
juice made up of Burmese Grapes with genuine mash incorporated into it.
Paradigm: It manages how with the assistance of advancement, one can improve the
manner by which they work together (Huang and et. al., 2012). This change could be
incremental or radical. It essentially implies attempting all conceivable ways that use benefits
and incomes of the organization. For example: changing the method for advancing merchandise
and ventures from print to online stages.
Process: It implies changing the work process and makes it more viable that prompts
produce higher benefits for the organization. All means incorporated into readiness process
beginning from as providing, employing individuals, work process and preparing can be
enhanced that prompts raise organization's benefits. What all most recent pattern can be utilized
as a part of process with the end goal that assets can be used ideally and effectively. For instance:
Mr. Green can embed most recent innovation that help them in satisfying all client necessities in
a financially savvy and convenient way.
Innovation Funnel and its Usage:
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It is utilized to characterize the arrangement of steps engaged with building up an item or
process (Kolch and et. al., 2015). Their fundamental reason for existing is to make such items or
procedures that entire market needs in a financial way. The objective of any item is to take a
thought from idea to reality that for the most part satisfies various needs and needs of client in a
fitting way. Essentially thoughts moves inside the channel and came to advertise as end
merchandise and ventures. At first there are numerous thoughts that moves in the however with
the progression of time it began move toward becoming smaller i.e. killing every single
immaterial thought whose basically ain't conceivable.
P4 Development in frugal innovation & the way in which it used in organisation
Frugal innovation alludes to the system of limiting the multifaceted nature and cost of
good sold and its creation. In basic words it implies, doing innovation in most ideal way that
prompts utilize business assets in most ideal way. Following are the six primary standards of
Frugal Innovation:
Think and act adaptability: According to this standard, Frugal Innovation requires
spontaneous creation as opposed to estimating and vital arranging. At the point when thinks turn
out badly, business visionaries adjust and again start with little spending plan and going out on a
limb (Olivo and et. al., 2011). Additionally they rapidly reboot and amend subsequent to
confronting little disappointments. At the point when Healthy Juice began confronting diminish
in its business, it dispatch new squeeze made up of Burmese Grapes which is a low fat juice
made normally with pure fruit pulp.
Keep it basic: Frugal Innovators searches for sufficient arrangement that are made of low
tech and are easy to utilize. Here the key guideline is "imaginative straightforwardness".
Incorporate the margin: The fundamental focal point of cheap pioneer is to first figure
out what are the undeserved and unserved needs of market. They know about that reality that
essential administrations ought to be given to every single person. Giving Healthy juice and that
excessively made with tropical organic product empowers Mr. Green to increase high focused
edge in the market.
Follow your heart: According to this rule, Mr. Green neither depend on centre gathering
nor they stress over financial specialists. They just do what their heart says independent of
reasoning in regards to benefit and misfortune (Sotarauta and Mustikkamäki, 2015).
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Accomplish more with less: According to this guideline, it is basic to use accessible
assets in an ideal way as opposed to looking for new assets.
Look for circumstance and difficulty: In this guideline, present or existing issue is
reframe and most ideal arrangement is made for abusing opportunity in a superior way. For
example: Mr. Green make sense of that Healthy Drink is confronting huge decrease in its
business which empower them to grow its product offering by presenting new scope of
beverages, smoothies and juices with different flavours.
TASK 3
P5 Importance of business funnel and application of new product development process
Commercial funnel alludes to a visual portrayal of excursion of client, following
procedure of offers from introductory familiarity with clients to buy. This procedure is practical
through which organizations are endeavouring to distinguish appropriate sources that encourages
firm in offering imaginative products to clients in powerful way. Directors are dependable to
decide appropriate conveyance diverts that aides in procuring high benefits (Thore, 2012).
New product development:
A few stages are engaged with new item improvement process which are characterized as takes
after: Idea generation: New thoughts are produced in this phase by utilizing different sources.
These sources help with creating sufficient of thoughts. Idea screening: Many thoughts can be produced yet just few of them are helpful. In this
progression, all thoughts are screened and their possibility is checked. Just helpful
thought is chosen and remaining are disposed of. Concept testing and development: After choosing the best thought, it is tried by building
up a model of it. In this, thought is changed over into idea and created model is tried on
little client's gathering. Their inputs helps firm in taking choice whether to additionally
move with that or not. Market strategy development: After getting palatable after effects of idea testing,
administrator create different procedures. Different systems are produced by thinking
about numerous elements like marking, gainfulness and so forth (Wong, 2011).
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 Business and financial examination: Sales are estimated by supervisor at this phase with
built up deals objective. Item reasonability is checked by them.
 Commercialization: Under this stage, firm at long last dispatch its Burmese Grapes in
advertise.
P6 Development of innovation business case
Organizations construct innovation case with a point of estimating the measure of hazard
related with putting resources into procedure of innovation. Healthy Drink has chosen to grow its
product offering with a specific end goal to build the offers of their items and procure higher
benefit proportion. Arrangement of steps associated with building a innovation case are talked
about underneath: The Need: Healthy Drink is a multi year old wander that offers just a single item to its
clients i.e. a Healthy milkshake. Anyway in its third year there was a noteworthy
destruction in its deal due to section of new contenders. Hence, the requirement for
installing innovation emerges. Your Solution: Mr. Green has chosen to grow its product offering by propelling new
items like juices, smoothies and drink and that too with various flavours/variations (Xiao
and et. al., 2017). For instance: They think of offering juice of Burmese Grapes that is
once in a while accessible. Since the natural product is seldom found and wealthy in
Vitamin A and C. Why it is creative: It is inventive in light of the fact that the organic product they are
utilizing i.e. Burmese Grapes is once in a while found in United Kingdom . Client Research: Before executing innovation, Mr. Green has completed a market review
in which they research about what are the ebb and flow different preferences of client.
Thus, they discover that UK individuals are ending up more well being cognizant so they
have to do innovation in like manner. Investment Requirement: At this stage, organization needs to discover different
wellsprings of financing (Hemmelskamp, Rennings and Leone, 2013). For the most part
there are two wellsprings of financing one is Internal and other is External. Inward means
when satisfactory assets are accessible inside the organization just, for example, benefits,
held profit. Outer means when stores are gathered from outside source, for example, holy
messenger financial specialists, singular giver, bank, loan bosses.
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 Expected Benefit: Here, advantage of inventive item on society and its individuals are
examined.
 The Ask: Feedback and proposal from clients are accumulated so Mr. Green can
actualize insert innovation effectively.
TASK 4
P7 Evaluation of different tools firms use to retain and protect intellectual property
For protecting invention of person, IP rights are given to them. It is a restrictive right
gave to the innovator. A sort of acknowledgement is given to a person for its innovation. A few
instruments are as per the following:
Patent: It is a sort of right that is given to individual for securing their creation. By this,
proprietor motivates appropriate to confine others to duplicate their item without authorization. It
helps firm in taking high favourable position in advertise (Kolch and et. al., 2015).
Copy right: It is the correct given for unique music, craftsmanship, sensational or artistic
work. Ensuing use can be controlled by a man by getting this right. This security causes
individual to get right identified with show, perform, copy, adjust and so forth.
Trademark: It is an image, plan or word that is given to proprietor to make their image
unmistakable from others. Healthy Juice utilize trademark for securing their image replicating by
others. Fundamental explanation for utilizing this IP right is to make item unmistakable from
contenders.
CONCLUSION
According to the above mentioned report, it has been said that innovation is acquainted
by organizations all together with make more powerful item, forms and thoughts. In firms,
imagination is utilized as a part of innovation to enhance execution of individual, process, group
or association. It helps in expanding benefit of business and leads it towards high innovation and
achievement. By utilizing procedure of innovation, organization includes new highlights in
existing items for fulfilling needs of clients and gives them some esteem. A few procedures and
devices are used by firm which helps with bringing advancement. For comprehension and
distinguishing needs of clients in legitimate way, innovation funnel is utilized by organizations.
Apart from this, IP rights are given to people by government to secure their possession for their
disclosure.
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REFERENCES
Books and Journals
Boehm, D.N. and Hogan, T., 2013. Science-to-Business collaborations: A science-to-business
marketing perspective on scientific knowledge commercialization. Industrial Marketing
Management. 42(4). pp.564-579.
Brunswicker, S. and Van de Vrande, V., 2014. Exploring open innovation in small and medium-
sized enterprises. New frontiers in open innovation. 1. pp.135-156.
Cooper, W. W., Seiford, L. M. and Zhu, J. eds., 2011. Handbook on data envelopment analysis
(Vol. 164). Springer Science & Business Media. Keohane, G. L., 2013. Social
entrepreneurship for the 21st century: Innovation across the non-profit, private, and
public sectors. New York: McGraw-Hill.
Gao, J., and et. al., 2011. n-Type transition metal oxide as a hole extraction layer in PbS quantum
dot solar cells. Nano letters. 11(8). pp.3263-3266.
Gray, D. O., 2011. Cross-sector research collaboration in the USA: a national innovation system
perspective. Science and Public Policy. 38(2). pp.123-133.
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Guo-dong, S. H. I., 2011. On Mechanism Innovation in Commercialization of Research Findings
of Local University [J]. Journal of Changzhou University (Social Science Edition). 4.
p.016.
Hemmelskamp, J., Rennings, K. and Leone, F. eds., 2013.Innovation-oriented environmental
regulation: theoretical approaches and empirical analysis(Vol. 10). Springer Science &
Business Media.
Huang, C., and et. al., 2012. Government funded renewable energy innovation in China. Energy
Policy. 51. pp.121-127.
Kolch, W. and et. al., 2015. The dynamic control of signal transduction networks in cancer cells.
Nature Reviews Cancer.15(9). p.515.
Olivo, C., and et. al., 2011. A patent analysis on advanced biohydrogen technology development
and commercialisation: Scope and competitiveness.international journal of hydrogen
energy. 36(21). pp.14103-14110.
Sotarauta, M. and Mustikkamäki, N., 2015. Institutional entrepreneurship, power, and knowledge
in innovation systems: institutionalization of regenerative medicine in Tampere,
Finland. Evironment and Planning C: Government and Policy.33(2). pp.342-357.
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.
Wong, P. K. ed., 2011. Academic entrepreneurship in Asia: The role and impact of universities
in national innovation systems. Edward Elgar Publishing.
Xiao, Z and et. al., 2017. Searching for promising new perovskite-based photovoltaic absorbers:
the importance of electronic dimensionality. Materials Horizons. 4(2). pp.206-216.
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