Innovation and Commercialisation

This document discusses the concept of innovation and its significance in organizations. It explores the comparison between innovation and invention. It also delves into the role of organizational leadership, vision, culture, and teamwork in shaping innovative thoughts. The document further discusses various sources of innovation and the evolution of frugal innovation. It also explains the new development process and commercial funnel through the commercialization of innovation. A case study on Big Belly is included. Additionally, the document covers various tools and methods for protecting knowledge and intellectual property rights.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and identify its significance of an organisation with the comparison of
invention.................................................................................................................................1
P2 Organisational leadership, vision, culture and teamwork shapes innovative thoughts.....3
TASK 2............................................................................................................................................4
P3 Various innovation sources helps for formulating appropriate culture and environment of
innovation...............................................................................................................................4
P4 Evolution of frugal innovation..........................................................................................4
TASK 3............................................................................................................................................5
P5 New Development Process and commercial funnel through commercialisation of
innovation in the context of organisation...............................................................................5
P6 Case study in regards with BIG BELLY...........................................................................7
TASK 4............................................................................................................................................8
P7 Various tools and methods of firm towards protective knowledge, developing and
intellectual property rights......................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is based on modern procedures which can be determine as the innovative
thoughts, development of new ideas along with new imaginations which is used to attain targeted
goals and objectives in an effective manner. On the other hand, innovation commonly considered
as one of the helpful aspect for every firm and businesses that develops large number of goods
and services for satisfying entire needs and demand of people in a directive manner. Whereas,
commercialisation mainly called launching new product or services at workplace. Thus, it is
essential for every business or organisation to use both strategies by which they can stay for long
period of time at marketplace. This assignment is based on Big Belly company which is one of
best leader of smart waste or recycling alternatives for public spaces. Furthermore, report
includes developing smart waste material for producing garbage that provides safekeeping for
future safety. Moreover, difference between invention or innovation and several types of
innovation will get covered.
TASK 1
P1 Explain innovation and identify its significance of an organisation with the comparison of
invention
Innovation: It refers to several kind of methods used by firms or businesses in order to
develop so many forms of change for bringing further improvement within the products or
services in an appropriate manner. With the help of doing such kind of thing firms can easily
apply innovative ideas towards their products and achieve business targeted goals. In the context
of Big Belly, this organisation having ample number of innovative ideas towards reducing
wastage and recycle products. For this they generally implements on large number of thoughts or
views so that they can directly meet marketing needs and achieve targeted goals in a perfect way.
Thus, this organisation influence other people and make their better goodwill at marketplace.
Invention: It is the process of particular framework which is considered as important
concept in order to provide better ideas of business for developing better plan to achieve targeted
goals towards goods and services. Therefore, it is the easiest way to putting huge affords by
people in order to creating best ideas for proper outcomes. In regards with Big Belly, they always
research before establishing any services at marketplace. So that invention of ideas help firms to
sustain at market for long duration.
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Difference between innovation and invention
Basis Innovation Invention
Motive Main aim of this term is to
offer best innovative thoughts
to business so that they can
produce best services for
people and able to attain future
based goals.
Main aim of invention is to
is to acquaint goods to their
awaited consumers at
marketplace.
Occurrence It can be happen any time at
firm due to ample number of
contributors so that respective
firm can face few issues at
marketplace.
In this it happens when firm
always develop innovative
ideas for offering better
services to accomplish their
goods and services for better
of business.
As per the given information this can be said that, innovation plays important role for
successful growth of every business. In regards with Big Belly, it is considered as most helpful
aspect as it helps to develop better strategies within the business. Further it helps to face any kind
of challenges or issues within the competitive scenario in an effective manner. Therefore,
innovation is necessary for producing ample number of services. There are different types of
important points of innovation, those are as follows:
Particular selling point: In to the competitive scene so many firms are working as well
as facing so many competitors every time. In regards with Big Belly, they always use so many
techniques or strategical methods so that they can properly use of wastage items. As recently,
this organisation has been launched direct garbage technique for developing noise pollution.
Constant change: It is most crucial part of innovative ideas which is considered as
supportive system for firms so that they can make better services. On the other side, it directly
helps Big Belly in order to get huge connection with lots of people so that they can bring
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successful change in their business along with establish new product or services that influence
growth of business. Thus, it helps them to grow at marketplace peacefully.
P2 Organisational leadership, vision, culture and teamwork shapes innovative thoughts
Innovation consist so many procedures such as making new ideas, so many ways pf
bringing innovative ideas and so on. Thus, innovation help firms for achievement of fixed goals
and objectives in a proper way. Moreover, firms can get huge success. Some of the factors of
innovation in regards with Big Belly, mentioned below:
Culture: It is most considerable thing of so many product and services offered by firms
to the end consumers. In regards with Big Belly, as they always deals with so many wastage
items or recycling them into finish goods. Thus, they have large number of employees who
belong to different culture and work together. Thus, it is necessary for firms to provide best ways
to them so that they can understand entire concept of making proper services. It directly increase
firm's efficiency and productivity at marketplace. With the help of this respective business able
to better structure of their functional activities. It direct influence so many people at marketplace
so that they can achieve desired goals.
Teamwork: It is based on teamwork of people at workplace as it is most significance way
of attaining targeted goals. Thus, the main purpose of this approach is to develop better relations
with several employees so that they can develop best coordination between themselves. In
regards with Big Belly, so many workers are there and having effective teamwork with huge
coordination that boost their working level as well as unity. It increase firm's capability in front
of their competitors so that they can attain fixed goals.
Leadership: It is based on leader's capability as they plays so many roles at different
level like they generally encourage employees towards work in order to handle every situation in
a perfect way. In regards with Big Belly, leaders plays significant role through providing so
many guidelines to people so that they can make better relations with them. It increase firms
growth at marketplace. On the other hand, employees can get huge motivation through attaining
different training and developing programmes in firm. It boost their working energy so that they
can achieve targeted goals.
Organisational vision: Vision of every organisation based on so many goals or
objectives by which they sustain at marketplace for long period of time. In relation with Big
Belly, main vision of this organisation is to create several kind of innovative ideas or thoughts as
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it plays significant role. Thus, this organisation having so many ideas so that they can achieve
business goals through ignoring negative factors. Additionally, they are able to manufacture
ample number of methods to reduce garbage worldwide with aim of noise pollution.
TASK 2
P3 Various innovation sources helps for formulating appropriate culture and environment of
innovation
Innovation is the important term always required by firms to analyse identity of different
types of goods and services for customers. Moreover, innovation used to bring innovative
thoughts for further improvements on goods and services within the existing marketing scene.
Thus, innovation develops better ways or ideas of people that involves 4P'S of innovation funnel,
those are going to be discussed below:
Product: In this stage, there are so many kind of products and services developed by
implementation of innovative strategies through out the firm so that they can sell them at best
lower price to customers for achievement of targeted goals. In relation with Big Belly, they are
formulating garbage container with cut down techniques of noise pollution. It helps them to
achieve targeted goals.
Process: It refers to the process of evolution of goods ans services. In relation with Big
Belly, they are offering garbage containers by which they can overcome noise pollution from the
region. So that following such type of process they can achieve targeted goals.
Position: It is based on so many goods and services based on competitive scenario based
on so many strategies used by sellers. In relation with Big Belly, they overcome garbage and
changes wastage material in realistic manner.
Paradigm: It is the last stage of innovation funnel, companies are able to bring few
changes from several ways through implementation of new ideas for facing new challenges to
achievement of further opportunities. In relation with Big Belly, they are using this process of
improving living standard of people through bringing so many changes by innovative ideas for
producing better services at marketplace.
Innovation funnel:
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Innovation funnel can be defined as a method that is used for the purpose of constant
flow of ideas for the purpose of screening and ability to take place all the functions in a
successful manner. Innovation funnel is applied in many organisations for the purpose of
creating a business plan that is creative and unique at the same point of time. For the purpose of
launching innovative idea organisation can adopt the concept of innovation funnel there are three
major stages that are given below:
1) Investigation: It is the first stage of a innovation final where the investigation is conducted by
managers of the organisation to analyse the situation of market success in the present scenario
the big belly will be making use of detailed innovation scenario in the market by analysing all
the different opportunities that are present in the market for launching of the new innovation.
2) Development: After the investigation here will be 2nd Stage related with development of
target market where the product has to be launched. There is a detailed resource that has to be
conducted for deciding the product development in the appropriate target Market by big belly.
3) Product Delivery: After the investigation and development this is the last stage of innovation
funnel. It can be said that there can be timely achievement of innovation. Step will help in
ensuring that objective is set in a proper manner and growth can be achieved according to the
specified time for the management of big belly.
P4 Evolution of frugal innovation
Frugal innovation refers to the process which is one of the best helpful way or concept for
businesses in order to develop so many ideas for overcoming noise pollution. Additionally, it
identifies so many difficulties which is helpful for businesses to bring so many changes by which
they can reduce few errors while adoption of new tools and techniques at marketplace.
Furthermore, these assorted frugal innovation ideas considered as most useful approach for firm
so that they can directly evolution of goods and services in an effective manner.
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Development of Frugal innovation:
Frugal Innovation:
Frugal innovation is related with the process of minimising the overall cost that is
associated with complexity of products and all the activities that are part of production. It is
helping in removal of all the unnecessary features that is leading to higher cost of a product.
There will be many advantages of frugal innovation for big belly as it will help in reducing the
time period and having the speed and reduction of overall cost that is spent on money on
unnecessary features of a product.
Implementation of this concept in Big belly will help in cutting down of cost that is related with
manufacturing of product and also enhancement of the profitability with the new innovation.
Innovation funnel application in Big Belly
Within the Big Belly applications of innovation funnel refers to the launching new goods
and services for identifying better products or services offered by this organisation. Therefore,
evolution of processing plans brings so many changes within the functions of firm positively.
Some of the elements, those are mentioned in beneath:
Research: In thins initial stage, each and every firm requires to research several kind of
goods and services by which they can get success and accomplish needs and wants of people. In
relation with Big Belly, they always conduct so many research for attaining customers wants
form an organisation. Thus, it is easy concept for fulfilling wants of people.
Development: After conducting research it is essential for firm to develop best possible
ways to attain effective outcomes. In regards with Big Belly, as they use so many tools or
technologies for attaining targeted goals or objectives. Along with this, they use creation of
alarm noise towards garbage containers that could be expensive. Therefore, they executed ideas
with innovations to reduce pollution without any noise.
Shipping of products: In this last stage, shipping of goods is the main thing in which
Big belly able to transfer their goods and services to another containers so that they can reach to
end consumers within short period of time. With the help of this they can exist at marketplace for
long period of time.
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TASK 3
P5 New Development Process and commercial funnel through commercialisation of innovation
in the context of organisation
Commercial Funnel:
Commercial funnel can be referred to as the overall journey of an individual throughout
the purchase and acquisition of a product or a service offered by an entity in market place. It is
quite significant for an entity to make use of commercial funnel so as to gain the attention of
large number of individuals and thereby offering them the new product developed by the
organisation. Yet another significance of this funnel lies in the opportunity that it provides to the
corporation regarding increment of revenues as well as profits. Also, through effective screening
of market place, the entity is able to enable enhancement of its customer base.
New Product Development:
This is the process associated with development of a whole new product or service. In
this relation, looking upon the garbage disposal and management issues faced by people in smart
cities, the management of big belly has come up with the solution of launching a new product.
This would be smart garbage bin which would be fitted with latest technologies to enhance its
capacity as a whole. For the development of this product, the management of big belly is making
use of new product development procedure. This process is comprehensibly composed of certain
stages that are described in the light of new product and the concerned waste management
corporation as follows:- Idea Generation and Screening: This stage is linked with emergence of new ideas and
concepts for the purpose of developing new products and services around them. In
relation to this, big belly makes use of internal analysis consisting of feedback on the
part of staff and external analysis via the execution of market place research. This stage
witnesses the screening of every idea in relation to the mission and vision of Big belly Concept Development: Hereby, the concept of new product development is emphasized
which is communicated to a comparatively smaller group of audience in order to gain
knowledge of their reaction. By conducting this analysis, smart garbage bins were able to
collect maximum positive results.
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 Market Strategies: This stage marks the stipulation of effective marketing strategy for
creating awareness among the people about new product. This strategy would comprise
of elements like place, product, price and promotion. Internal Analysis: This stage marks the analysis of certain elements like sales review,
cost review together with profits projection in relation to the new product. These must be
congruent with the goals and objectives of big belly. Product Development: This phase is linked to the actual execution of new product
development process within the confines of Big Belly which would lead to generation of
smart bins fitted with latest technologies to enhance capacity. Test Marketing: Hereby, the smart garbage bins produced by Big Belly would be
introduced in a comparatively smaller audience so that they can provide suitable
feedback on the new product.
 Commercialisation: This being the final phase of new product development process
witnessed the launch of smart garbage bins of big belly in market place at commercial
level.
P6 Case study in regards with BIG BELLY
Executive summary
Big Belly was established with the aim of overcoming or eliminating recycles across the
globe in order to operate operations of wastage. Thus, it is connected with formulating particular
platform as subscription which is considered as support for firm so that they can successfully
achieved their goals.
Requirement
It can be identified as several kind of needs and wants of Big Belly at marketplace. After
identifying several needs and demand they can launch different types of methods as well process
of goods and services within the competitive scenario.
Solution
In order to bring solutions it is necessary for management system of Big Belly to consider
wastage material through society. Furthermore, they have been recently launched new services or
goods known as FIRE solution which is most time consuming process of wastage. Therefore,
they have so many smart solutions for customers so that they can develop positive healthy
environment for society as well.
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Consumer analysis
It is most significant part for customers in which firm can enhance their sales of
particular product or services at marketplace. In regards with Big Belly, they are always able to
determine customer's behaviour which is essential for them to take reliable goods and services so
that customers can get influenced in an appropriate way.
Funding
These sorts of ways are most crucial for funding or investing huge fund to operate their
overall functions of management in a successful manner. Herein, Big Belly plays significant role
as they invest sufficient amount of fund so that they can manage their financial activity at each
level. Thus, they sustain at market for long period of time.
Ways to access sources of funding:
There are certain ways that can be used by big belly for the purpose of accessing financial
requirements:
1) Debt:
There can be funds generated with the help of third party agreement such as it can be from
financial Institutions in form of certain loans or credit unions from recognised banks by paying
of a certain particular fixed amount of interest.
2) Equity:
Equity is also another method of sources of funds with the help of third party agreement to
provide the investor a particular share in the business organisation. Equity financing can be from
any sources according to the requirements of a particular organisation but it is related with
specified amount of money and the disadvantage is that there is losing of Management and
control to another party.
3) Venture capital:
Venture capital is also a method that is used by fund manager for investing in other people's
organisation and private businesses for return of equity in the business. Exit strategy can be later
used for the purpose of releasing of such equity.
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A venture capitalist investor to repay the invested fund if there is no enough profit. The funding
at early stage is called as seed capital venture capitalist has access to various networks that can
provide potential customers recruitment and investors in various partnering opportunities.
4) Crowd funding:
It is a practice related with funding of a project of venture by raising the money from last number
of sources it has entrepreneur as to gain market validation and also provide equity before taking a
product concept to the market. There is no specific source but large number of different areas
from which one has to be gathered in case of crowd funding.
The most suitable method in present scenario of big belly is to use crowd funding as an
approach for the purpose of fulfilment of their financial requirements.
Benefits
Main purpose of Big Belly is to develop best healthy environment for people at
marketplace. By having such kind of aim they are developing huge strategical methods for
consumers so that they can get services accordingly. It also reduce the expansion of business in a
proper way.
As per the above given case analysis of Big Belly, it can be said that, they should bring
further improvement in order to motivate employees so that they can feel secure and safe
environment in order to achieve better targeted goals or objectives in an effective mode.
TASK 4
P7 Various tools and methods of firm towards protective knowledge, developing and intellectual
property rights
Intellectual property rights refers to the category of property that includes intangible
creations of human intellect. Along with this there are so many types of these assorted properties
such as copyrights, patents, trade secrets and trademarks. So that the main purpose of intellectual
property law is to increase or develop wide variety of intellectual goods and services. In order to
achieve these sorts of goals Big Belly required to follow some these rights, those are follows:
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Copyrights: It is considered as legal right in which people are not able to copied work
originality. Therefore, copyrights can be used by firms as it is known as funding sources with the
help of owner of firm along with they provide authority from another party. Thus, it includes so
many books, novels along with music and so on. Therefore, Big Belly should use this right in
order to achieve targeted goals.
Patents: It is known as solely right provided to people for developing better goods and
services through applying innovative ideas. This type of intellectual property use to identify
misuse or duplicate of goods and services which are prohibited till its owner's approval. Thus,
patent rights are controlled or governed by several kind of roles and policies along with
regulations from governmental bodies. In regards with Big Belly is used by them to introduce
invention along with innovation.
Industrial Design: It consist so many colour, shape, patterns and size of firm for
protecting or maintaining overall government regulations or rules. Herein, industrial design is
segmented within 2 categories such as registered or unregistered by which firms are able to take
appropriate decision towards operating business designs in an effective manner.
Trademarks: In this intellectual property rights, it includes so many logos, symbols and
signs. These type of trademarks are used by firms for identifying several goods and services at
marketplace. Therefore, each and every product should have heterogeneous, symbols or logos
that makes product different from another. In the other hand, some of the business firm are using
duplicate logos to develop their own brand. Thus, it is necessary for respective firm to use such
kind of logo in a proper way.
From the above given intellectual property rights, it has been analysed that Big Belly
should use patent rights in order to achieve targeted goals through protecting their firm's logo
and work in an effective manner. On the other side, if they regularly follow these sorts of rights
they can manage their goodwill and protect themselves from any hurdles. Therefore, it is
essential for respective firm to carried out such kind of ways so that they can make them
attractive from others for customers as well and able to accomplish their desired goals within the
competitive advantages. Thus, it increase firms value of probability of their business towards
recycling goods from wastage and can achieve targeted goals in an appropriate manner.
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CONCLUSION
As per the above mentioned report it has been analysed that, innovation refers to the
different types of new ideas with innovation and commercialisation plays important role to
achieve targeted goals in an effective manner. Through understanding different types of concept
mission, vision and objectives should understand by firms always. Through implementing on so
many ways of innovation can develop best ways of attainment of targeted goals on time. As per
the report there are so many changes within firm through applying innovative things positively.
On the other hand there are 4P'S of innovation funnel that helps business to make unique method
of achievement of targeted goals. Therefore, it is easy for firms to use intellectual property rights
by which they can protect their brand identity and achieve better results. Lastly, some of business
operations activities has been covered so that they firm can run their business with success.
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