Innovation and Commercialisation

This document discusses the importance of innovation and its comparison with invention. It also explores the role of organisational vision, leadership, culture, and teamwork in shaping innovation and commercialisation. Different types of innovation, such as process innovation and product innovation, are explained. The use of the innovation funnel to examine and shape innovative ideas is discussed. Additionally, the document highlights the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. It also covers ways to safeguard a company's innovational aspects.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
CONTEXT OF INNOVATION AND DIFFERENCES BETWEEN INVENTION AND
INNOVATION................................................................................................................................3
P1: Importance of innovation and its comparison with invention...............................................3
P2: Organisational vision, leadership, culture and teamwork in shaping innovation and
commercialisation........................................................................................................................5
DIFFERENT TYPES OF INNOVATION......................................................................................6
The 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................6
P4: Developments in frugal innovation.......................................................................................8
COMMERCIALISATION OF INNOVATION..............................................................................9
P5: Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation..............................................................9
P6: Build an Innovation Business Case for an organisation, including ways to access funding
...................................................................................................................................................10
WAYS TO SAFEGUARD COMPANY’S INNOVATIONAL ASPECTS..................................12
P7: The different tools that organisations can use to develop, retain and protect knowledge and
intellectual property...................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to the art of introducing and discovering ideas that will maximize the growth of
a particular organisation. It is a formula that will introduce and implement factors that will be the
stimulators of growth in the organisation. Every business tries to innovate ideas in order to
flourish in the marketing race. Competition is at its perk and therefore the organisation and
industries fall in the line of haunting ideas for innovation (Reye and et.al, 2021). The ideas that
are attained by a thorough research are then being boosted by adding catalyst which is the
strategy that act as a binding nature for the innovations to stand form upon applying on the
organisation. The innovation practices are said to be cost-effective and therefore soon after an
idea is being implemented that is to be commercialized. The company that is opted in this regard
is Bentley. Bentley Motors is a British manufacturer and is known for being the best automobile
sector in the United Kingdom. The company was established in the year 1919 and since then it is
termed to be one of the game changers and the world of automobiles. The headquarters of
Bentley is in Crewe, England and CEO Adrian Hallmark.
CONTEXT OF INNOVATION AND DIFFERENCES BETWEEN
INVENTION AND INNOVATION
P1: Importance of innovation and its comparison with invention
Innovation as mentioned earlier is said to be one of those approaches in which the ideas and the
thoughts that are to be applied upon will be implemented and then the results will be generated.
Creating ideas will also increase the performance and efficiency of the organisation. The
company Bentley being one of the most rated automobile organisation, follows different
approaches and the collection of thoughts and ideas will be applied upon drawing results of
innovation. It is said that any organisation cannot exist in the marketing race without proper
innovation strategies. In order to safeguard the existing customers and to reach their satisfaction
levels, it is said that innovation will act as a catalyst and will promote growth of the company.
There are different certainties that are to be balanced in the organisation (Rasmussen and
Eliason, 2017). Customers, growth, sales and the marketing competition are regarded as few
important aspects that are to be balanced by the organisation. In order to maintain a pace with all
of these factors then the company will have to introduce measures that will safeguard and act as
a barrier to face the atrocities.

Concept of innovation in the company
The innovation formulas that are adhered by Bentley company are said to be satisfying the
customers needs. There seems to be a greater competitive advantage upon treasuring innovation.
After innovation strategies are sorted out then the next stage will be commercialization.
Commercialization can be implemented even before determining the cost of the innovations and
the idea will only be permitted to the organisation. Bentley company determines the depth of
innovation by the policies and strategies it adapts in order to manufacture cars at the desired
needs of the customers. Innovation is the major goal and the major formula that is adopted by the
Bentley company and that is the reason for it to sustain as one of the major competitors in the
automobile industry.
Comparison between invention and innovation:
Aspects Invention Innovation
Concept Innovation is the art of
creating the new thought or
action that is to be applied in
the organisation.
Innovation refers to the
strategy that is to be adopted
by the organisation in order to
implement the ideas and the
thoughts.
Result The outcome of invention is
the formation of entirely new
action plan.
Innovation results in
modifying the existing plan of
action with new strategies.
Idea This is considered to be
entirely new idea that will
determine the raw process of
the plan.
Already existing idea will
further be modified upon
additional strategies and the
techniques will be similar.
Approach Invention is regarded as a total
scientific approach that will
involve a proper research and
study.
Innovation is a strategic
approach that will further add
gleam to the existing idea.
Identity Invention will represent a
unique identity that is opted
The identity of innovation is
said to be the composition of

by almost all the
organisations.
different strategies that are
applied.
Orientation Invention is research
orientated.
Innovation is the group
orientation.
P2: Organisational vision, leadership, culture and teamwork in shaping innovation and
commercialisation
Vision
The vision of the company Bentley is to maintain of proper organisational structure. The
teamwork in Bentley is considered to be one of the most flourishing aspect for the organisation.
Bentley most forward with the vision to serve the customer needs in the best way possible. The
manufacturing unit of Bentley is supposed to develop and manufacture new inventions followed
by different innovations in order to meet their vision (Ardiansari and et.al, 2020). For this aspect
the company mainly focuses upon all the implementation and techniques by adding additional
features that will contribute to a better quality. Bentley maintenance of proper customer
relationship is an added benefit to the organisation. The management of Bentley incorporates all
the values that are needed to establish and achieve the vision of the company therefore the
workforce is considered to be one of the most dedicated one and which will contribute for a good
performance of the organisation.
Leadership
Every organisations performance is based on the type of leadership that it considers. The
leadership of the company Bentley is said to be designed in such a way that will meet the
competencies and the goals that are stipulated to the company. Being an automobile company,
the automobile industry is of various challenges and the leadership of the company deals with
every challenge and every atrocity that comes in the way. The operation of the company is said
to be the most satisfying one to its customers where there is minimal usage of resources and that
is managed in a proper manner. The leadership of Bentley will discuss idea of innovations with
the team that is constituted to work on innovation. A brainstorming is then performed where
managers will collect all the necessary ideas and then apply the ones that are relevant. The
leadership of Bentley will push the crew ahead of encouraging their works.
Teamwork

In order to achieve a proper plan or an objective it is the team that is important to work upon all
the implementations (Altaf and et.al, 2019). When innovation is a set of formulas that are to be
adhered by the company then the teamwork is the major asset of the company that will drive
innovation in the better way possible. This can only be achieved with a dedicated team and the
crew of Bentley is supposed to be one such in the automobile industry. They emerge with the
common goal and apply the basic formulas that are required to develop and invent upon a
particular project.
DIFFERENT TYPES OF INNOVATION
The 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas
There are four Ps of innovation that are implied and applied upon the organisation and Bentley
follows this 4 Ps:
Process innovation:
The process innovation deals with different practices that are associated upon generating a
particular invention. Identifying different processes is the set of practice that is to be dealt with
consciousness. Bentley company is known for its process innovation where it identifies every
aspect that falls under process. This is considered to be a huge concept that deals with every
small factor of the organisation. The growth and profitability are the two aspects that are
associated with process innovation. The services that are offered to the customers of Bentley are
identified at the early stage where people can perform innovations based on customer desire.
Product innovation:
Whatever formula the company deals with is to develop a product that is unique. Customer
desires are to be met by manufacturing products that are needed (Hassan, I. and Batool, S.,
2019). Bentley company allocates certain time period to work upon a product manufacturing
where within this stipulated time period there will be teamwork that is performed to apply the
formulas as well as the necessary modulation that are required to bring the final output. For this
the workforce will perform a research oriented mechanism to meet the needs.
Paradigm:
When walking up on a particular product or the manufacturing is of one slide the reason why the
company is manufacturing will fall upon the other side. Paradigm of a company is nothing but

the reasons that are associated with the manufacturing unit. Bentley company is always in a
hustle to find out why they are up to innovation for a particular invention and therefore they are
capable of bringing best of organisational environment.
Position:
Position or positioning in is the considerable aspect of every organisation and industry. The
marketing world is so competitive that every industry tries to position itself based on the output
and profitability that it has attend in the stipulated period. Bentley company majorly focuses
upon the positioning in the automobile industry where there it always analyses the scale of
growth that it has attained up on manufacturing certain product and releasing them into the
market.
Innovation funnel:
In order to implement idea, it is not a small task that can be completed at an instance. There
requires an amount of effort and dedication in order to establish a particular idea. Bentley
focuses upon implementing these strategies in its workforce that will work upon and consider
different aspects in order to implement a particular idea. Steps in innovation funnel method:
The wide mouth: the first stage indicates the wide mouth which states that the company Bentley
will allow all the thoughts and ideas of the workforce to adhere without an obstruction that is
offered. This will help the company to gain more knowledge.
The narrowing segment: the narrow segment in the funnel is an indicative to the screening
process where the management in the company will filter the ideas that are attained from the
prior stage.
Complete narrow segment: this is the stage where all the ideas that came across screening and
the access that is granted will therefore be selected with the appropriate measure and then the
management will consider one framework.

P4: Developments in frugal innovation
Frugal innovation is said to be one of the major aspect of every organisation. Frugal innovation
is a policy that will enhance the sales of the company because of the rise of product. There are
different segments in the market and the company identifies the ones that are best suitable for its
growth. For global innovation the company cannot all by itself extend its policies for overseas.

Therefore, the frugal distribution of the product will help the company in to increase its scope
globally. The different aspects of the company that fall under frugal innovation our quality,
distribution, output cost, adaptability, performance, servicing and input costs with regards to
research and development. The frugal innovation with respect to the company Bentley is to
adhere the resources and use every resource carefully when it is only a mandatory to use. The
information that is attained about the market and the race that is happening in the market will be
known to the company. The major concern of the company of the firm is the customers and
therefore they only follow the steps to increase their productivity to meet the customer demands.
This will help the Bentley services to be maximized to a certain extent. With frugal innovation
the company can be able to distribute its products in the different segments of the market. it can
also have a global expansion scope with frugal innovation.
COMMERCIALISATION OF INNOVATION
P5: Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation
The importance of an innovation is to create a better working place and position in the marketing
world. It gives an impression to the customers which will last forever.
Commercial funnel:
Commercial funnel deals with the aspects of creating new strategies that will result in generating
profitability to the company. In order to increase the profitability of the commercial funnel will
focus upon the activities like marketing and the same. There are different stages that are involved
in the commercial funnel where the higher profits are aimed. The Bentley company tries to
minimise the complexity of dealing with the situations therefore it becomes easier for the
company to deal with commercial funnel.
Importance:
Every organisation aims at the commercial Funnel in order to increase their success. the
manufacturers in the company will aim towards making better products of long-lasting durability
in this regard. With the proper information and the stipulated research that is performed upon
manufacturing a particular product at the company moves ahead in order to meet the customer
demands.
The different stages of product development are:

Ideation:
The Bentley company through this process of ideation will validate different thoughts that will
make up a perfect sense to product creation. The company will give their workforce a more
challenging aspect of validating ideas through which on will be drawn.
Research:
The company aims at increasing its standards by going into research methods to demonstrate the
ideation using technological as well as the existing ones (Kun, L., 2017). Every new feature that
is launched into the market will be adopted as a formula by the company and that is when the
company is said to reach the mark of meeting people's demand.
Planning:
After performing research, then the immediate option is to put into practice the overall obtained
data. The Bentley company’s management will make sure to develop a plan upon all the
ordinances of product development.
Experimental approach:
This is something which is like a prototyping that is performed prior to actual plan of action.
Bentley company will make sure to come up with a prototype to understand detailed information
involved in product development.
Sourcing:
Sourcing refers to the stage of enhancement that will let the company to make sure about the
resources that are required to work upon the product development. The Bentley company will let
no stone untried in the process of sourcing.
Costing:
Costing is the process of analysing the estimation or the budgeting that is required to move ahead
with the product development. The Bentley company will provide a brief of the costing that is
required to analyse the prospects of product development.
P6: Build an Innovation Business Case for an organisation, including ways to access funding
Description of innovation:
Innovation is regarded as one of the finest aspects that deals with the prospects of growth where
the company will include measures and the ways of developing its product to a very next level.
Risk and challenges of innovation:

There are various risks that are associated with the innovation. Since the Bentley company
focused upon the innovation is its strategy to enhance their growth, the innovations in its part
constitute of technology. Technology is considered to be one of the biggest risks that is
associated with innovation. It is never constant and that is the reason for it to be the greatest risk
of all times.
The challenges associated with innovation are that with regards to the ideas as well as the
practices that occur internally as well as externally. The ideas seem to be the greatest
intervention and the competition will fall upon enhancing them.
Innovation strategies:
Active: which means that the active participation of the members in the company is involved
which will help the company to stand firm with the product ideation strategy. The crew is said to
be one of the finest of all kinds in Bentley that actively come up with ideas.
Passive: passive type is when the company will partially look and take charge after the
innovations that are adopted by the company. Bentley workforce is such that they are in no ways
considered to be passive.
Reactive: the innovation ideas that come under the process of reactive will help the company
survive upon the methods that are predominantly reactive.
References: this type of innovation is carried by the referencing method that will bring forth the
challenges of other innovation ideas that act as reference to the company.
Opportunities in market:
Innovation has got a surplus market authority where the customer demand for the most
innovative product is said to draw more sales and turnover. Being an automobile company where
the entire automobile industry is regarded as one of the best opportunity generating sector for
innovation, the company is able to monitor the other aspects that are related to competitive
advantage that will help the company flourish globally.
Funding:
Funding is said to be the crucial stage in every organisation’s growth. For any innovation or
implementation there must be proper funding that is associated with the company. If there is no
proper funding according to the business norms then a particular innovation cannot be
implemented because a certain innovation will require resources and mostly cost-effective
(Zahedi and et.al, 2018). Bentley company's funding sources are based on the availability of

global fund, net earnings and the previous profit that are derived from its earnings. Bentley
company shareholders are the major assets of the company who will hold funds in research-
oriented programs. These funds are collected externally where the sources are identified and
preserved.
WAYS TO SAFEGUARD COMPANY’S INNOVATIONAL ASPECTS
P7: The different tools that organisations can use to develop, retain and protect knowledge and
intellectual property
Patent:
The patent rights of any company will help the organisation to make sure that it has developed
few rights of its own over the policies that are adopted and are carried in the company. The
patent owned companies will pay Bentley upon every product that is manufactured in the
formulating areas. For example, upon manufacturing a new car, the company have worked and
conducted a research the company will gain knowledge about the formula that is required to
make up the new product through innovation. Here the formula that is applied will have a patent
by other company who will in turn get that for a good amount after all.
Copyright:
The innovation ideas main drawback is that one idea can be copied by the other organisations
that are operating in the same industry. When there is a fraud that is taking place with the onset
of the aspects that are related to the techniques of innovation and the other company will without
notice adopt all the policies of the company Bentley, then that comes under copyright issue.
There seems to be a larger scope for this in he automobile industry where people are more
towards grabbing the other people idea.
Trademark:
Trademark registration will help the company to get the complete license as well as the
ownership of the particular innovation that the company is dealing with. For example, the
innovation that is adopted by Bentley is for manufacturing a car to which a strategy is adopted.
The plan that is included in this will have to contain a trademark which is a registration stating
that the entire brand belong to the company itself. It is to get the whole authority over the
innovation as an owner.

CONCLUSION
Entire report draw conclusion about the innovation and commercial. Explanation of innovation is
such that one can easily understand the competition that is in the automobile industry and the
formulas that are implied by particular organisations. Bentley is the company that is adopted in
this regard in order to bring out the innovations as well as the existing inventions of the
company. The context of innovation and differences between in invention and innovations will
help the user to understand what innovation and invention of Bentley in respect to the company.
The concept of innovation in the company is put forth right with examples and the competition
that is included will help to analyse the prospects and different factors that are associated. The
organisational vision, leadership and teamwork will bring out the aspects that are applied in the
organisation. The leadership is entirely unique and the company contribute to be one of the major
success. The different types of innovation that are there represent in this project where the
process innovation, product innovation, paradigm and the position innovation are explained in a
perfect manner that the users for the first time of knowledge will inculcate properly.

REFERENCES
Books and journals
Reye and et.al, 2021. Accelerating innovation and commercialization through standardization of
microfluidic-based medical devices. Lab on a Chip. 21(1). pp.9-21.
Rasmussen and Eliason, 2017. Military-civilian partnership in device innovation: development,
commercialization and application of resuscitative endovascular balloon occlusion of the
aorta. Journal of Trauma and Acute Care Surgery. 83(4). pp.732-735.
Ardiansari and et.al, 2020. Innovation and Commercialization of Indonesian Traditional Food in
the Industrial Era 4.0. International Journal of Research Innovation and Entrepreneurship.
1(1). pp.43-47.
Altaf and et.al, 2019. The role of ORIC in the evolution of the triple helix culture of innovation:
The case of Pakistan. Technology in Society. 56. pp.157-166.
Kun, L., 2017. Research on Platform Effect of Green Technology Innovation: Taking
Technology Innovation and Commercialization of New Energy Vehicles as an Example.
Foreign Economics & Management, p.11.
Zahedi and et.al, 2018. Mapping the Integrated Map for Development of the Innovation and
Commercialization Level of Iranian Knowledge-Based companies: Using Strategic
Options Development and Analysis. Journal of Technology Development Management.
5(4). pp.79-104.
Online
Bentley: [Online]. Available through: < Official Bentley Motors website | Powerful, handcrafted
luxury cars >
Innovation funnel image: [ONLINE]. Available through: <
https://cdn.sketchbubble.com/pub/media/catalog/product/cache/1/image/720x540/
c96a280f94e22e3ee3823dd0a1a87606/i/n/innovation-funnel-mc-slide7.png>
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