Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in business and how it shapes the success of an organization. It explores the 4Ps of innovation and the use of the innovation funnel. It also discusses the developments in frugal innovation and the process of new product development.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Innovation and its importance to business with differentiating the invention.................3
P2 Brief explain how organisational vision, culture and teamwork shape innovation and
commercialisation...................................................................................................................5
LO2..................................................................................................................................................6
P3 4Ps of innovation and use of innovation funnel................................................................6
P4 Developments in frugal innovation...................................................................................8
LO 3.................................................................................................................................................8
P5 Importance of commercial funnel and the process of new product development.............8
P6 Innovation business case for organization including numerous source of funds...........10
LO 4...............................................................................................................................................11
P7 tool to secure intellectual property for longer period.....................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation can be said as the wider segment of utilising and practising different and
unique alternatives for the existing process or article. Innovation is the core part of any
organisation to work effectively and to deal with all the extremal pressure. Thus the innovative
approaches in company can be significantly used as the tool to enhance the standards of sale and
probability (Hohenberg and Homburg, 2019). All the activities and tasks that takes place in the
organisation to achieve the goals and objectives of earning more and more of revenue. This
whole process is interlinked on the factors of bringing a new product or services in the market
and selling the offerings to earn effective share of profit in the form of income. The income of
the firm can be increased by the effective us of innovative tools in the operations. While this
procedure of selling goods and making the money through shares of revenue is denoted with the
term Commercialisation. Commercialisation includes all the transactions that takes place among
seller companies and buying individual.
The project is based on the element of innovation that are essentially beneficial to the
commercialisation of company. Here the report is prepared on the key element of Big Belly it is
a renowned waste management company in the United Kingdoms. These elements determine the
application in innovative tools in the business .The report will include the differentiation of
innovation and invention along with that it further elaborate the whole process of innovation in
regards of Big Belly.
LO 1
P1 Innovation and its importance to business with differentiating the invention.
Innovation
The innovation is considered as the introduction of any new idea, method, or style in the
process of an organisation. That leads to certain positive modification in its products and
services. It is accomplished to increase the goodwill of the respective company among its
consumer section as well as to enhance the consumer satisfaction by the offerings that are being
served by the company (Olson and Cohen, 2019). In regards to this big belly company seeks to
use various techniques and tools under the parameters of varied innovation. This kind of
innovative approach in the operations and performance of the company enables it to grab the
large portion of potential market. It does also attracts to the young and upcoming generation by

adapting certain smart and innovative tasks in the activities. In addition to that the new and
innovative technology provide solutions to traditional set of problems and gives the diversified
easy methods of work. This manner of organisation influences the elder generation to interact
more with Big Belly and its subsidiaries. The certain significances of innovation in relation to
Big Belly is as follows :-
Enhanced market share: Big-belly certainly use the form of adaption of innovation
techniques within their offerings this helps in to capture a wide ratio of market. The continuous
research to implement innovation in the process of company enables a company to get
acknowledged with the facts and feedbacks of people in the market. This achievement is used to
modify the products and services according to the need and demand of respective customer base.
To gain competitive advantages: the competitive rivalry of the firm is quite impulsive, thus the
certain approaches of innovative tact can handle the adverse and non profitable condition
effectively. The need of the consumers and the upcoming transformations in trend of the
consumer market is also studied before implementation of the innovative technique in the
product and services of company. Thus it will also help in to understanding the market
conditions way before the competitors of Big Belly and that will ultimately hand over the large
share of market by back falling of the other competitive firms.
Invention
Invention is considered as the successfully experimentation of those activities which
fulfil the gap of necessities and demand in such a way to accomplish the higher sales and
demands of the consumers . As it is stated that the crucial necessities of any thing are solely
responsible for the origin of any new invention. Inventions are carried out as a tool that is
needed to simplify any critical activity or to overcome certain barriers form respective tasks. The
importance of invention in relation to Big Belly company is discussed as hereby :-
The company gets huge level of opportunities by using the certain invention to carry out
its tasks and operations. These opportunities will help it into understanding the market scenario
as well as to grab the maximum proportion of customer segment. The inventions that are being
utilised by Big Belly is its anti radiation poly bags that can store the industrial garbage without
harming the external environment. Another invention that is proving itself as the most effective

tool for the enhanced profitability of the firm is the recyclable products. The company offers a
wide range of recycled and recyclable products, which is inclusive of garbage bins, carry bags,
storing containers, sheets etc.
The differentiation between innovation and invention are discussed as under:
Particulars Invention Innovation
Meaning It means to bring something
really unique and totally new
product or technique in the
market.
In the innovation segment one
single meaning can complete
its definition that would be
about making limited and
additional changes in tge
existing range of products.
Required skills With the help of basics skill as
and techniques the invention
can be performed.
While to accomplish the
innovation in a firm's
operations must be a master in
the marketing, management
and other relevant factors.
P2 Brief explain how organisational vision, culture and teamwork shape innovation and
commercialisation
Both the factors innovation and commercialisation are the integral part of the
organisation and its workings. The business of Big Belly is planning to expand more in the
global market shares (Latif and et. al., 2019). Thus the innovative approaches in the organisation
can be used as a tool for the development of its operational procedures whereas the
commercialisation that takes place in regard to the organisation is well enabled with the power
to help the organisation in securing its earnings as well as to enhance the productivity and higher
standards of organisation by incurring more and more of funds in the operational process. Thus
it all became necessary for the management of Big Belly to understand the tactics of how the
vision, culture and teamwork formulates the policies and principles of innovation and
commercialisation.

Vision : Big Belly is the well renowned waste management company of United Kingdom
that has a vision to become the leading organisation in the respective sector of operations. Along
with that the company also visualise itself as the top most company to maintain the cleanlinesses
in its nation. Thus the visions of the enterprises enforces the firm to use certain innovative ideas
and planning to significantly accomplish the objectives of its vision.
Culture: This involves, beliefs, assumptions etc. which states that governs, how staff
members behave and accomplish their work. Culture is essential for Big-belly to make
innovation in their goods and services because it undertakes certain aspects like, communication,
ownership, leadership and so on .
Leadership: Democratic leadership style is used by Beg-belly in order to mange their
business across the globe. Employees are invited in the decision making process so that from the
pool of innovative idea best one can be selected so as to gain productive outcomes
Teamwork: The effective skills of each and every employees in a team determines the
success and failure rate of operations that they perform, in the wide concept of organisation. The
management of Big Belly provides a defined set of interacting and development programme to
every employee that would help in enchaining the motivation and skills to do the associated tasks
efficiently. This would help in to maintaining an effective balance in the commercial activities of
business.
LO2
P3 4Ps of innovation and use of innovation funnel
The 4 P s of innovation mix determines the elements of innovation that helps a firm to
apply the innovative approaches and evaluate them in the operational time period (Chen and
Vanhaverbeke, 2019). The 4 P s of are devised by John Bessant and Joe Tidd with a view to
give a proper framework for the industries, by which they can explore all the aspects of
operations and process to get the most appropriate innovative approach to implicate them within
the operational level of organisation. The 4 Ps are here described in relation to Big Belly as
follows :-
Positioning innovation: The positioning innovation is refereed as to the right placement of the
product on to the right market share. The right market share will serves as the effective place to

position the offerings. In regards to Big belly it can be understy6ood that the company is placing
the environmental friendly garbage bins in the parks and nature related places. This will
influence the consumer segment of company as the innovative thinking of company will attract
the potential individuals that would drive them to try the offerings of Big Belly once in a life
time.
Process Innovation: The process element determines the overall stages of process that
are being carried out by the firm. It focuses on the adaption of new and feasible innovations the
second P of innovation mix encompasses all the new ideas and effective process tools rather then
considering about the structure or actual pattern of process. Here the Big Belly is planning to use
the automated techniques of waste segregation as this will increase the hygiene and minimise the
excess time consumption.
Product Innovation: The product innovation is associated with the total incorporation of
the product this determines the use and implication of innovative approaches in the production of
new product or to introduce as whole new range of offerings that can fulfil the market gap. Big
Belly is executing a plan to install the artificial interference equipped waste management gadgets
that have the facility of auto cleaning the garbage containers in busy areas of London.
Paradigm innovation: The paradigm innovation is the last P of innovation mix that
emphasises on the overall procedures, tasks and operations in the organisation. It is keen upon
the basics of facilitating those changes that will equip the process innovative production on to
most effective level. Big Belly is transforming the operation of garbage container manufacture
with traditional use of collecting the waste. This approch will save the most of time and give a
efficient support of local public.
Innovation funnel: This consists of the stages as well as the methodology put to use with
a view to introduce a new offering in market place. Innovation funnel is taken into use by the
companies across the globe with a view to derive positive outcomes out of the innovative
product or service. This helps in devising a systematic plan within the procedure of operation.
Idea generation: This stage is denoted as the discovery of an idea the plan on which the
whole process will be designed accordingly.
Concept investigation: This step will analyse all the operations and tasks and interrelate
them with the main aims and targets of the organisation.

Feasibility study: The evaluation of given plan to do al,l the operations will be
performed on the aspects of technical, rational and economical
Development stage: This step is associated with the development and growth of the
current product portfolio.
Post release phase: This can be termed as the last step as in this stage where the
organisation collects feedbacks and review from the existing customers.
P4 Developments in frugal innovation
This is the process where the complexities of any offering's process is evaluated in such a
way to minimize them. Frugal innovation is responsible to diminish the error encouraging factors
within the process of production of goods and services. The steps are noted down hereby as
follows :-
 Find opportunity in adversity - The alternatives that Big Belly can certainly emphasise
by using the basics elements of process in the beginning to avoid the rigidity of
operations and to grab the maximum effective outcomes.
 Use less perform more – The second is emphasised on the use of minimal resources and
time and produce more through identifying the most innovative approach.
 Think and act flexibly – The step here is considered as to make the process of frugal
innovation a bit more flexible to be adapted by Big Belly.
 Use simple methods – The more simpler the activities and tasks will be performed the
less chances of error will be faced. The company here can use simple yet effective
approaches in the waste management.
 Include the margin – It is eesential to the firm to add on its margin in the overall
process, in terms of time and and cost. Thus it will be more beneficial and less ineffective
to the firm to earn effectually by performing with excellence.
 Follow your heart – The decision in implementing innovation to the process or whole
tasks should always be determined in the whole consciousness of the manager. As it will
help the management to consider all the aspects of the innovation.

LO 3
P5 Importance of commercial funnel and the process of new product development
The other name of Commercial funnel is sales funnel. It is used by the business
administration in order to transform all the targeted goods and services towards customers.
Management of Big-belly is using it in their working premises in order to examine the business
position in the market as well as to discover the area of improvements (Li, Y. and et. al., 2020).
By doing so competitive advantages against rivalry can be gained easily.
New product development: In this particular case, organization is introducing new
product in the international market. Disgusting steps are covered under new product
development that are illustrated beneath:
Idea generation: Here new idea and development take place. There is no fix place and
time to come up with creative idea in the global market. It is the very first step of NDP. In
regards of Big belly they are coming up with Smart Dustin which can automatically recycle the
wet and dry waste . Till date it is available only in public places. By doing so environment can be
made more neat and clean and can be saved from depletion.
Development concepts: Here, the demand for the Smart Dustin is created in the public
area as well as for the commercial purposes. In this new development stage people are invited in
order to give them practical demonstration regarding how Smart Dustbin recycle both dry and
wet waste and manages wastage in the public area. Apart from this review are collected from the
general public so that idea of Smart Dustbin can be modified and can be made for commercial
use as well. By working on the feedback Big belly is able to make changes in the dustbin so that
this innovative idea can be successfully used for both public and commercial purposes.
Market strategies analysis: The price of the Smart Dustbin prepared by Big-belly is
high. This is the reason it is initially used only in the public places and waste can be managed
properly. Research and development activities are conducted in order to come up with cheapest
way to prepare Smart Dustbin.
Business analysis: The raising globalization is big concern so coming with Smart Dustin
is a positive mark for Big-belly. Waste management in public places is of big concern. This
product will help them to c overcome the problem of wastage management.
Product development: As the demand for Smart Dustbin raises for commercial use
necessary changes will be done in its shape, size, colour and so on. This is done because now it is

prepare according to public places later on it will be designed for commercial use. By this
gradually product development will be done with the parse of time.
Test marketing: Big-belly's Smart Dustin which recycle both wet and dry waste promote
through digital marketing process. This is the best platform to sales volume of the product as
people are more active on social networking sites. As well as are keen interested to purchase
innovative products online. By this huge profit can be maximized.
Commercialisation: It is the last step of NDP where Smart Dustbin is ready for public
use in the market. In the competitive market place Big-belly is has opened many stores in both
online and offline platforms so that targeted customers can easily purchase them according to
their demand. As well as they have enhanced their distribution channels so that Smart Dustbin
can be easily available to the customers.
P6 Innovation business case for organization including numerous source of funds
Innovation business case
Innovation business case can be defined as the written documentation of the manner in
which innovative product or service will be created by organisation to solve the issue faced in the
long run. In this regard, Big Belly is also coming up with a new and innovative product with the
aim of gaining the attention of new clients and providing smart solutions. A detailed description
of the same is given with the help of innovative business case of Big Belly, laid down as
follows:-
Executive Summary: Big Belly is a waste management organisation which provides smart
solutions intended to solve the waste disposal issues faced by people living within the confines
of smart cities. It was found during the year 2003 with the aim of executing transformation
within the confines of waste collection industry that is regarded as one of the least resource
intensive and efficient industries. With the passage of time, this organisation has been
undergoing the issue of steep decline in revenues. There is a dire need for the company to come
up with smart solutions to deal with the issue and enhance its sales.
Mission: To create smart solutions for people living within smart cities
Vision: To become an exemplary organisation for companies functioning within waste
management sector.

Need: The people living within smart cities face massive difficulty in relation to waste disposal
and management. Thus, there is a need for a smart solution which can provide assistance to
people in managing the waste so that environment is not put to risk.
Market Opportunity: The waste management industry has a wide scope of growth and
development. This is because people living in smart cities desire of smart solutions to deal with
management of waste in an effective manner. This tends to create opportunity for Big Belly to
generate solutions and meet the needs and demands of people in relation to waste disposal so that
nature is not harmed in any manner.
Solution: Big Belly is coming up with a smart bin which is fitted with AI capability that
enhances its capacity by 5 times. Further, the entity is using cost leadership with a view to
deflate the overall cost of operations of the firm. This will enhance the revenues of Big Belly by
a significant margin.
Research: This organisation is leveraging internal research whereby it is collecting feedbacks
from the staff members in order to give rise to new ideas and concepts. Further, external research
is being applied by Big Belly in order to analyse the market place in an effective manner and
identify the scope of smart bins amidst the extensive competition. This organisation is leveraging
internal research whereby it is collecting feedbacks from the staff members in order to give rise
to new ideas and concepts. Further, external research is being applied by Big Belly in order to
analyse the market place in an effective manner and identify the scope of smart bins amidst the
extensive competition.
Funding: Being a well renowned firm in the confines of waste management industry, Big Belly
has the option to leverage a number of sources for procuring finance. The various sources can be
peer to peer lending, bank loan, retained earnings etc. In this regard, it has been analysed that the
company is acquiring finance via the entailment of bank loan. This source has been selected
looking upon the security involved within this alternative.
Monitoring and Controlling: The launch of new product in market place will be tracked by Big
Belly through the usage of monitoring and controlling techniques such as KPI and
benchmarking. This will assist the organisation in identifying whether or not it has been
successful in accomplishing the pre defined milestones.

LO 4
P7 tool to secure intellectual property for longer period
The intellectual property is considered as the ownership rights on those thoughts or
ideas , concepts etc. which are self generated in the mindset of one self. The intellectual property
includes all those elements which have the physical and non physical attributes and they have
should have been originated through some work of creativity and power of mental ability. Thus it
is most essential to secure these intellectual property in case of implementing the new ideologies
as the innovative approach in operations and process. The following tools can be used in regards
of Big Belly to secure its intellectual property :-
Patents: Patents are a documented authorization which is registered by the governing
authorities of any respective region. The patents are charged against the content of any individual
or of any company. The patent of any special and unique thing can not be used without the
permission of patent holder as well as the permission respective authorities. Thus patent will act
as a security tool for big belly to protect its confidential ideas and concepts from competition.
Advantages – Patent certainly give the right to secure the content as it will help in
protecting the unique innovative –ideologies form competitors of Big Belly.
Disadvantage – The major disadvantage as it is the most time and cost incurring process.
It does not provide the outcomes in a specific time .
Trademark: Trademark is the authorised symbol under which respective company
performs its trading. The trade mark enables a organisation to create its brand image as well as to
protect it products and services from being imitated by any other personnel or trader. The
trademark policy supports the intellectual content and ideologies of Big Belly in such a way to
secure them from any other external competitive sources.
Advantages – the significant approach that prove trade mark different from other as it
does also provide the brand’s effective recognition in the market
Disadvantage - On the other hand the trade mark incurs a heavy amount of funds as the
trade mark registration is a costly process and along with that the print and packaging is also
revised to place the trade mark over the product.
The above discussed tools of intellectual property securing tools enables the organisation
to work and think more clearly being irrespective of the fear to lose the distinctive approaches

and innovative concept of work and gets a support to keep the intellectual property for a longer
course of time.
CONCLUSION
From the above findings it can be acknowledged that innovation is a key aspect with the
help of which an organisation seeks to gain a top positioning in market place. Furthermore, it is
recognised that commercialisation of the innovative product or service helps the entity to gain
the attention of large number of customers and thereby inflate organisational revenues as well as
profits. In addition to this, it can be said that innovation funnel is taken into use by the companies
across the globe with a view to derive positive outcomes out of the innovative product or service.

REFERENCES
Books and Journals