Importance of Innovation and Commercialisation in EE Limited

This assignment discusses the importance of innovation and commercialisation in EE Limited. It explores the role of innovation in satisfying customer needs and generating revenue. It also compares innovation with invention and highlights the significance of organisational vision, leadership, culture, and teamwork in shaping innovation and commercialisation. Additionally, it discusses the 4P's of innovation and the use of the innovation funnel to shape innovative ideas. The assignment also covers the development of frugal innovation and the importance of the commercial funnel and intellectual property protection.

Innovation and
Commercialisation

INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Importance of innovation to employees and its comparison with invention.................................3
P2 Way in which organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation..............................................................................................................................5
TASK 2.................................................................................................................................................6
P3 4P'S of innovation and use of innovation funnel to shape innovative ideas..................................6
P4 Development of frugal innovation................................................................................................7
TASK 3.................................................................................................................................................8
P5 Importance of commercial funnel and application of new product development..........................8
P6 Innovation business case............................................................................................................10
TASK 4...............................................................................................................................................11
P7 Tools to develop retain and protect knowledge and intellectual property...................................11
CONCLUSION...................................................................................................................................14
REFRENCES......................................................................................................................................15

INTRODUCTION
Innovation is simply creation of something new which was not every used or sells
before in market. It is different idea or thoughts of a person which was taken place for
fulfilling requirement of entire society. In simple word it can be said that it is creation of
something new and different from others as well impressive. Main motive of this is to satisfy
need and wants of different segment customers. Along with this it helps in development of
economy of nation by bringing new ideas and thoughts in market. This assignment is divided
in four different parts for describing advantages and disadvantages of innovation with the
help of several tool and techniques (Wonglimpiyarat, 2010). EE limited is a company which
believes in new ideas and thoughts by modifying their existing products. As well this is a
small scale enterprise which believes in innovation and creativity. Apart from all this below
mention project explain 4P’s of innovation and utilisation of innovation funnel by involving
all its essential factors. Moreover, this highlights importance of commercial funnel and
explains a proper innovation business case for applying this method in better manners. In the
end, report is going to describe several tools of protecting intellectual property.
TASK 1
P1 Importance of innovation to employees and its comparison with invention
Innovation is a word which mainly focuses on the emergence of something new and
creative as well produce for long term success in business. EE limited is popular organisation
for its electronic appliances whose main motive is to launch dissimilar and innovative goods
which is helpful for staff member to do working more easily in an organisation. Simply,
innovation is too much essential because of several reasons some of them are stated as
below:-
 Enhancement in present products by changing or modifying them as per the need and
wants of customers because their satisfactions help company in generating revenue
and profit maximisation.
 Rising with different innovative ideas and products
 Capturing the attention of millions of consumers with the assistance of several
innovative and creative goods.
 Supportive in building goodwill in the market area with is important for grabbing
entire customer from market (Walsh, 2012).

 Help in achieving goals and objectives of company within least time period
utilisation.
 Up gradation in the technique of increasing knowledge and skills of employees by
applying advanced and innovative technology.
Apart from this, innovation is very helpful and important for staff member and also
for entire business this act as a developmental and growing tool in the organisation (Thore,
2012). Thus, EE limited wants to increase their business across the national boundaries by
developing new and latest ideas or thoughts. In additions, innovation and invention both the
terms are very much dissimilar to each other description of this is mentioned as below:-
INNOVATION INVENTION
This term is explained as an introducing
reformed gadget to attracting several
consumers. Basically it is adding value to
something which already exists.
On the contrary, invention means to introduce
something totally fresh and creative. In simple
term it can be said that it is something new
which did not exist before.
By taking into account to the given scenario of
Apple, they are making alteration their exiting
iPhones by including different extra and
unique features in it which are known as
innovation.
But if Apple will launch or introduce advanced
device with totally different features in the
organisation which don’t have any other
substitute that was available in the market
before. Thus, it is known as invention.
Less skilled and experienced person can also
made alteration by applying the necessary
changes (Teece, 2010). Apart from this
innovation is can be occur when something is
improved by doing some contribution.
Whereas, On the other hand, invention is a
procedure which need fully talented, skilled,
knowledge and experienced person for
continuing invention program because to its
complexity. Moreover invention is that when
something new and creative launched in
market.
From the above explanation, It has been understood that innovation and invention;
both are different term which is not similar to each other because of its nature and meaning.
In this case of these two term, Apple and Virgin Group is a best instance of innovation and
invention as both the organisation believe in introducing and launching something new and

unique to continue their present business for longer period of time (Snow, and et. al., 2011).
Along with this, EE limited wish to implement both techniques in their enterprise for profit
maximization by gaining actual information and data. Thus, it acts as a best way of income
maximization by fulfilling the need and demand of domestic and foreign both the consumers.
P2 Way in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation
It is important to have clear objectives and vision in relation to the respective goals by
arranging needed resources and raw materials for converting input into output. For gaining
better position in market company must have to convey their vision, mission and objective to
every individual and team because with proper team work nothing can be achieved in proper
manner. EE limited must have a very clear long term vision for smooth flow of their business
for longer duration of time by building their image or goodwill in the market area
(Schoonmaker, 2010). Therefore, vision, leadership, culture and group work play a crucial
role in shaping the innovation and commercialisation in several ways because of its broad
concept. Vision: - Clear-cut goals and objectives of EE limited company motivate and
encourage their leaders or manager of a firm to generating various ideas or thoughts
for maximizing their profit by applying effectual strategy and planning’s. Generally,
vision is all about actual statement of organisation purpose and scope for running their
business in easy and smoothly with the assist of inspiring plans. Therefore, it is a
vision is the word which highlights major motive and reason behind the establishment
of administration in market place. Leadership: - Innovation is an idea which is introduced or originated by the manager
or experienced person who is performing responsible for creation of new and fresh
devices as well as technologies also. In fact, leaders are responsible for the applying
program because of their roles and responsibilities in the organisation for its
development and growth. Apart from all these, innovation can only shape or launched
by managers of a EE limited because they are accountable for building a healthy
relations within employers and employees. Leadership is more important because
leader and manager are the person who control and manage and control entire
working of business.

 Culture: - This element of innovation which shows norms, beliefs, rules and
regulations which are applied by higher authority of EE limited for entire company to
run their business better and smoothly (Carayannis, 2010). In fact, it describes the
behaviour or action of staff member who are working within the organization based
on norms and beliefs. Along with this culture of company should be healthy and
positive so that this can satisfy the employees who are working with them.
 Teamwork: - It is all about togetherness of an entire company for accomplishing the
pre determined objectives and goals in the minimum time period by dividing
necessary tasks and activities within small teams in proper manner. Teamwork is a
term which describes cooperative nature within the personnel and other members for
developing the whole organization by expanding their business across national
boundaries. Team work is more important for doing work on time with more
effective manner.
By concluding this, it has been explicit the vision, culture, leadership and teamwork;
all these factors play a crucial role in introducing innovative ideas and creative devices for
filling the needs and wants of various consumers (Rafinejad, 2007).
TASK 2
P3 4P'S of innovation and use of innovation funnel to shape innovative ideas
Innovation is a systematic procedure which is related to the innovative and modernizes
present products and services with the assistance of latest ideas, thoughts and methods. As
like marketing mix same there is also 4Ps of innovation which is using by EE Company in
their day to day working (Lindič, and et. al., 2011). Basically, 4 P's model launched by John
Bessant and Joe Tidd is an effectual tool and technique that aids to identify the market place
and customer’s demand as per which employer will take correct and proper action.
 Product innovation: With the assistance of product innovative technique,
organisation or their employers can get better goods and services with the assistance
of new ideas and thoughts which is known as innovation process. Such innovated and
modified goods and services which is finally providing to customers that assist in
fulfilling their needs and wants in a better manner. EE limited organisation introduce
latest modified devices and techniques that assist to make communication at longer
distance between two or more people who shows their invention.

 Process: This cited enterprise required to successfully considering a proper process
with the assist of this fine quality of goods and services which is transferring to
buyers (Kim, And et. al., 2011). Along with this, effectual working procedure
maintains the quality of services as well as working performance of staff members
that aids to getting rid of present errors and mistakes.
 Position: It reflects the actual position of organisation’s goods and customer’s
demand in external market place. With the assist of this and easy to find out how
much there is requirement to change existing goods also how it will provide proper
satisfaction to them.
 Paradigm: It is one of the last elements of 4P's of innovation which describes current
dominant paradigm of respective administration in an effective and proper manner.
In simple words, innovation funnel helps to define various necessary stages of altering
existing goods and services of organisation. The most important objective and aim of
innovation funnel is to get better the actual position of products in the external market area
(Huizingh, 2011).
 In the first and foremost stage, on innovation funnel is broad mouth it involves actual
and proper information and data which helps to modify existing products of cited
organisation. Because without proper information no company can innovate their
offerings.
 Second stage of innovation funnel is related to narrowing the segment of funnel there
is effectiously comparing within goals and objectives of administration and gathered
information is examine that which are related or not.
 In the last stage of innovation funnel which stand for the collected or gathered
information, data and ideas with the assist of this organisation will effectively
accomplish their goals and objectives in better manner (Godin, 2012). For long time
survival there is need of achieving goals and objectives so that enterprise can generate
more and more revenue and can maximise profit.
P4 Development of frugal innovation
This is acknowledged with a distinctive plan of action; reconfigure value series and
outlining of things so it can accept by whole population who are not able to bear cost of
product of association. It is very important device in invention as well as innovation also.
This is used by enterprise so they can increase extra elements with present item. Here, both

wastage and scraps are utilized by corporation in such a way. EE limited is helping their
administrations in promoting so it is important for them to consider such advancement in
their current services and plan with the goal that they can pull numerous clients toward them. New market opportunities: Marketing exploration and investigation is completed by
the organization and so they can distinguish components that can be considered by
them (Gambardella, 2010). Accessible conceivable outcomes are expanded by the
enterprise. EE limited is confronting a few problems in the marketplace and thus, it is
essential for them to create innovation in their operations by actualizing some extra
characteristics. Resources: It is the obligation of company to utilize their assets and so, they can be
successful to make advancement with existing items as well as administration. This
assists to give better alternative to clients. Frugal innovation can be conceivable by
any portion and resources build its ability.
 Innovation funnel: This is related with the development of unique product. It is
embraced by firm and thus, they can develop new advancement. This begins from the
era of thought to item improvement. Alteration in frugal development has an immense
effect over it.
Frugal innovation can comprise two segments, which are as follows:
 Problem: The following portion is recognized with issues that are needed to be
tackled (McGahan, 2010). Development is linked to new or latest innovative
arrangement that is made for significant thinking. Related to product: It is linked with marketing where market is raised with possible
existing to be purchased as source. This is recognized with communicator of goods so
business can fulfil needs and wants of people at global level.
Steps taken in this context:-
 Generate idea for innovation: Market opportunity needs to be investigated so that
new results can be determined (Ettlie, 2012). Higher management of association
begins to create research and thus, they can get great results.
 Screening new idea: At this stage, planning of products is done to make
 Idea screening: In this phase, several modifications are accessible to firm.
 Testing: As per this company have to test their things with its alternatives for best
results.

 Internal analysis: This is identified with administration of assets and it is utilized as
a part of the best way.
 Market analysis: Here, situation of item is known in market and it helps to identify
new opportunities.
 Commercialisation: In this step products are introduced with the motive of satisfying
needs and wants of customers with qualitative offerings.
 Review market: It is very important for organisation to check present position of
item in market place and to make necessary alteration.
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercial funnel is a word which split betterment path in three phases for
reforming present goods by applying several beneficial strategies and policies. Therefore this
funnel is very much essential for success of EE limited. Description of this is mentioned
below :-
 Pricing policy:- Demands of domestic as well as foreign clients is fulfilled through
company by offering them unique and different products at reasonable price. There
is no such customers in market who wants to pay extra amount of goods everyone
wants products at minimum cost. Quality improvement:- Maintaining uniform quality of a electronic devices by
improving or developing their features with introducing of different ideas and things. Goodwill :- EE limited adopt this technique for constructing their image at a market
area to continue their business for longer duration of time by accomplishing goals
and objectives of a company. Goodwill is that term which assist company in
increasing productivity and satisfying customers need and wants. Emergence of advanced technology:- EE limited utilise this funnel to launch
different devices with extra features or facility. Latest technology can easily increase
sales by attracting large number of customers. Gain :- This technique is also helpful in maximizing profit as soon as possible. Minimization of loss:- Commercial funnel is basically utilised by company to
approximate their future cost for reducing losses.

 Implement investigation programmes :- Research session is much useful and
indispensable in gaining accurate data and information to make alteration in their
current products and services in an appropriate manner (West, 2010). In fact
investigation programmes is used by the same organisation for collecting actual
evidences which plays a very prominent role in a decision making process.
Apart from above discussion, new product development is a long and proper
procedure of product enhancement by implementing effectual methods in proper steps which
is mentioned below:- Emergence of innovative ideas :- First and foremost step is to make innovative ideas
or thoughts by conducting investigation programmes. Therefore it is very important to
gather required information or data for reforming present goods and services. Screening ideas:- this is the second step, creating new ideas which is done by
managers of EE limited require to conduct screening session for realization of updated
about market potentiality. Testing and growth programmes :- After screening of ideas third step is testing and
growth program, it’s time for testing entire programmes for minimising existing
barriers or hidden obstacles (Rosenthal, 2012). Therefore it acts as an essential tool
for removing mistakes of developing process. Business analysis :- Then after getting aware about effectiveness of strategy, this is
the time for assessment of an organisation for getting updated about their profit and
losses. Because these both are important to be managed and control in proper manner.
 Product development :- Last step of product development process, Innovation in
electronic products offering is indirectly act as a up-liftment of a EE limited.
P6 Innovation business case
Business case is assembling with the goal that successful arranging can be made.
Every element are needed to be considering by association in it and this is also required to
determine components so it can't persuade future working operation. Business case can be
written or verbal both it includes all the information elated to company and their working.
Play vital role in future when any data is required.
Mission statement:

This is the disclosure which is in composed frame as well as shows aims and targets of
company. It is simply short term statement for any kind of enterprise and mission is the
expression which is made by leaders (Aarikka-Stenroos, 2012). Mission involves several
things such as target audience; product and services, what will make product unique and why
anyone will chose it over others.
Statement of purpose of EE limited comprises of:-
 Important elements of company.
 Unique products as well as company will be offered to which segment of market.
 Capability to know east from west for entire enterprise or information of every
activity taking place in business (Sandberg, 2012).
Proposal statement:
Several perspectives are considered in this as aim and goal, assessment the requirement to
create, key data. This provides usage as well as final outcome that can be feasible by
development.
Resources:
There are several assets that which are needed to be consider by organisation in such manner.
Resources are required to be utilized in adequately manner so innovation can be made in
more successful way. Along with this resources are required for meeting day to day need of
business also and these play crucial role in achieving goals and objectives of company related
to innovation.
Time management:
It is necessary to have time administration approach, thus new development can be made or
apply in the business in the required period of time. There are many changes that emerge in
market as well as it is required to consider it on favourable basis (Bagchi-Sen, 2007). Apart
from this when there is proper time management in business then they can deliver goods and
services to customers on time and make them satisfy.
Ways of funding:
Fund or finance is the blood of business with this company cannot meet their day to day
activity as well cannot survive in market for long time. There are several ways that can be
used by enterprise for financing, which are mentioned as below:
 Financial specialists: There are some organisations as well as people who need to put
resources in the business. It is the best source to rise subsidizes with the goal that
enterprise can do best exertion in such manner.

 Government: There are many ventures or start ups for whom government contribute
reserves. They provide funds to business so that employees can be produce goods and
services. Along with this, they contribute for public welfare also.
 Bank and Financial institution: Business can take credit from bank as well as from
some other financial institutions also. This is secured method for generating
financing. They grant loan for business reason and along with this, it is required for
them to put their assets or some other thing as security to bank. But bank and financial
institution charge some amount on loans which is known as interest.
 Boos catching: It is an internal source where reserves are produced from sparing as
well as using of particular person Visa. Along these lines, no outcast is influenced.
TASK 4
P7 Tools to develop retain and protect knowledge and intellectual property
Each minor and big commercial take different concepts of running their corporate
business at a market with their own designs so it is very necessary to protect the originality of
EE limited from receiving exploited and untouched. Therefore leading bodies have fulfilled
many policies or laws to prevent them from harmful effect. In fact due to development of
progressive technology and equipments, hackers are also developing which affect creative
information of businesses (Sandberg, 2012). Advisory bodies enacted number of approaches
which is mentioned below:- Trademarks: - It is a collection of a signs and symbols which distinguish merchandise
of a company from their participants. It is the expression which recognizes product
and services for a specific cause. In fact consumers can easily identify product with
their codes and signs which force to print on package as well as vouchers. Apart from
this, it also declared on structure of an EE limited. For a sake of business
individuality, trademark often to display on company structure. Copyrights: - It is a private and legal right which is used by creator for specific
quantity of centuries to print, issue, record. In fact it is a production of artist which is
protected by getting misused from hackers and fraud. It is a legal right that the
designer of the original work limited right for its use and delivery. Patent:- This right is arranged by leading bodies for particular company to begins
their control at a market (Bogers, 2010). It is a set of exclusive granted by government

and the legal entity. Right According to this norm, no other organization have right to
copy products of an EE limited without taking permission from the owner of an
enterprise.
 Trade secrets: - It is a individual data and information which is applied by EE limited
while successively their business efficiency. It is an instrument and a pattern of
commercial method or compilation of which Business can obtain financial benefits
over challenger and client. Evidence not commonly known or practically
ascertainable In fact according to this right and association accepted secrets
equipment and knowledge and skill during developed process.
By concluding this, it has been unwritten that all these above logical stuff plays a
major role in locking ideas and originality of EE limited.
CONCLUSION
From the above assignment it has been summarised that innovation is important in
everything. Because same thing in market cannot remain for long time it requires some
innovation and creativity. Along with this it help in growth and development of business as
well assist in profit maximisation also. If enterprise uses innovative tools and techniques in
their business, then they can compete to their competitors in easy and smooth way at
marketplace. Apart from this, they have to involve several elements while they are applying
new or unique methods into their company form bringing smoothing latest. As result to, it
will help manager to give better services and products to their customers. Moreover, they
have to protect their rights as patent and copy rights, so that no other people can use it. For
this purpose, they can utilise some tools, such as copyrights, trade mark and many more.

REFRENCES
Books and Journal
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to commercialization
through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2007. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within open,
user and cumulative innovation.
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.
Ettlie, J.E. and Rosenthal, S.R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A.M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
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.
Rafinejad, D., 2007. Innovation, product development and commercialization: Case studies and key
practices for market leadership. J. Ross Publishing.
Schoonmaker, M.G. and Carayannis, E.G., 2010. Assessing the value of regional innovation networks.
Journal of the Knowledge Economy. 1(1). pp.48-66.
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.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning. 43(2).
pp.172-194.
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.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon Valley.
The Journal of Technology Transfer. 35(2). pp.225-236.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>. [Accessed
on 22nd July 2017].
Innovation Funnel. 2016. [Online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>. [Accessed on 22nd July
2017].