Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
1).................................................................................................................................................3
2).................................................................................................................................................4
3).................................................................................................................................................5
4) ................................................................................................................................................5
5).................................................................................................................................................8
6).................................................................................................................................................9
7) ................................................................................................................................................9
PART 2............................................................................................................................................9
1) ................................................................................................................................................9
2)...............................................................................................................................................11
3)...............................................................................................................................................12
4)...............................................................................................................................................13
5) ..............................................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation relates to new ideas or thoughts or imaginations which help in improving the
devices, processes or methods of doing work which help in meeting the new requirements,
unarticulated needs and existing market needs. Innovation is important for organisations to
survive in the ever-changing market which help it in meeting the needs and wants of customers
and gain a competitive advantage. Commercialisation of innovation is also important so that the
innovative ideas, research or prototypes can be converted into viable products and launched in
the market to be sold profitably. This report is based on Bigbelly which is a solar powered,
rubbish compacting bin manufacturer located in US. The company designs smart waste and
recycling solutions for large public spaces so that solid waster can be efficiently managed in a
more energy-efficient and sustainable manner both economically and environmentally. In this
report difference between innovation and invention, types of innovations, 4Ps of innovation,
innovation funnel, frugal funnel etc. related to innovation in BigBelly will be extensively
discussed. Further the stages of new product development and its commercialisation along with
the ways in which innovation can be protected are also discussed.
PART 1
1)
Invention: It relates to the conception of something new which has never existed in the
market in the form of a device, process or product which help in increasing the convenience of
people. For example: The creation of smart, solar powered, sensor equipped waste and recycling
bins by Bigbelly which helps in reducing waste in an energy-efficient manner. Significance of
invention: It assists businesses in introducing completely new offerings in the market through
which both the customers and company can be benefited (Aloini and et. al., 2015).
Innovation: Through this process the already existing products and services are improved
by adding some special features which increase value for customers in a more profitable manner.
For example: BigBelly is aiming at introducing a feature in its bins through which the organic
waste which includes food leftovers, vegetables etc. can be converted into fertilizers which can
help in increasing soil productivity. Importance of innovation: It helps the companies in
improving their own products by adding more valuable feature in them (Bagno and et. al., 2017).

Also through innovation companies can gain a competitive advantage within the marketplace
over their rivalries which increases its sales.
Difference between invention & innovation
Basis Innovation Invention
Concept Through innovation existing company
goods and services can be improved so
that customer satisfaction can be
enhanced.
It aids in introducing a completely new
product or service so that new demands
of customers can be met.
Skills Research and development, technological
skills, analytical skills etc. are required
for innovation.
Research and development, market
analysis, potential thoughts which can
help in designing new products.
Innovation and commercialisation are both important for companies so that they can
grow and develop in market by introducing new and innovative products that can help in
satisfying the changing needs of customers. Through invention BigBelly has been able to
produce smart dustbins so as to deal with the problem of waste management while through
innovation the company is able to improve and innovate its dustbins to convert organic waste
into fertilizers.
2)
For shaping innovative ideas and promoting them it is important that the organisational
vision, leadership, culture and teamwork encourages innovation: Leadership: It is the ability of leaders which help in guiding, influencing and
encouraging the employees so that they can business in a particular way which assist in
benefiting the organisation (Cui and Wu, 2016). Democratic leadership style used in
Bigbelly helps in promoting integrated working environment where the new and
innovative ideas of employees are valued which help in bringing innovation. Culture: It is the aggregation of shared values, beliefs as well as assumptions that directs
the way in which work is done in company and delegation of tasks among employees
take place. Bigbelly has an organisational culture which help in promotion of new and
innovative thoughts so that improved products can be brought in the market.