Innovation and Commercialisation

INNOVATION AND COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Innovation and its importance................................................................................................1
P2 Factors that shape innovation and commercialization............................................................2
LO2..................................................................................................................................................3
P3 Product analysis and use of innovation funnel:......................................................................3
P4 Development in Frugal Innovation.........................................................................................5
LO3..................................................................................................................................................5
P5 Importance of commercial funnel and application of NPD....................................................5
P6 Business case:.........................................................................................................................8
LO4..................................................................................................................................................9
P7 Tools to retain, protect knowledge and intellectual property.................................................9
CONCLUSION:............................................................................................................................10
REFERENCS.................................................................................................................................11

INTRODUCTION
Innovation is the process of making changes in existing activities to make it better. Each
firm aims to implement new ideas that may business in growing well in the market. The
commercialisation is the part of making the new innovation successful in the market. It is the
process or path by which the new innovation or idea can get implemented and firm can take
advantage of it.
3 M is planning to make innovation to raise performance of business unit in significant
manner. 3M is the Minnesota Mining and Manufacturing Company. It is American multinational
company with more than 60,000 products. Present assignment will explain importance of
innovation and will describe difference between innovation and invention. Study will evaluate
factors that shape innovation. In addition, report will highlight 4Ps of innovation and will
explain stages of new product development.
LO1
P1 Innovation and its importance
Innovation can be defined as creation of new ideas and thoughts which can bring
significant change in the modern world. Innovations can be for product, process, services etc. All
kinds of innovations are helpful in improving performance of business in effective manner.
Innovation can be described as process that ensure to uncover various ways that may help in
improving things in significant manner and giving positive results to firm. Innovation aims to
create a meaningful impact in the market (Al-Mubaraki and et.al., 2015). Innovation is helpful in
creating opportunities for firm because companies can solve business problems by making
necessary changes in working practices and can gain success in market.
Importance of innovation:
Innovation is important as it gives a fundamental growth to the organisations and aid in
creating a deemed position in the market. Innovation helps enterprises to stand out of the market
for longer duration and gathering attention of potential or new buyers. Economic growth helps in
increasing market value of business. Market can be attained by two methods first to increase the
number of inputs which can increase productivity process. Second is to come up with new ideas
to get more output. Innovation generates new employment opportunities which helps in the
generation of various position and to generate awareness between people. Technological
innovations have increased the new opportunities for the entities which have helped them to
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overcome many barriers. Innovation has helped to connect with people and create a feasible
working and understanding among people(Angelidou and et.al., 2015). As 3M wants to raise its
profit hence planning to make technological innovation at workplace. This can aid the
organisation in making connection with new customers and offering immediate services to wide
range of consumers that may help firm in generating more profit and reducing human errors.
Invention is a method to invent something for the benefits of people. Invention is a
product development process which helps in the development of product for the betterment of
mankind. Innovation always produces a result which can be product, process or machine.
Innovation means creating something new on the base of existing market which can help
for the betterment of the organization where as invention making changes in existing process so
to gain more opportunities. Innovation is important aspect in every organization which can help
in the development of new products and services which can help to cope up with the market and
create an awareness of the organization. Invention is important so as to attract new customers
and create an awareness in the customers.
P2 Factors that shape innovation and commercialization
Factors which shape innovation and commercialization are:
 Leadership: Leaders of 3M have a good leadership skills that helps to develop a better
future practice by creating sense of good working culture (Ghahramani, 2016).
Leadership can build a sense of improved working in the minds of the workers. A good
leader can help in creating a good team by providing proper guidance. Managers of 3M
guides the employees in the right manner which helps them in achieving the tasks easily
and creating a good working atmosphere. Good leader encourage workers and they share
their ideas that helps in making effective changes at workplace for the betterment of
company. A good leader always motivates and support employees, leaders of 3M always
supports the workers so that they accept technological innovation and work better. This
leads to commercialization which helps 3M to maintain a good image in the market.
 Vision: Vision can help 3M in working in a right direction, if the visions of the
organisations is clear it will lead to better working atmosphere in the firm. Vision always
reminds in achieving the goals and objectives of the industry. If company is focused and
vision is clear then it will help them to achieve the targets set up by firm. Before
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