Unit 8 - Innovation and Commercialisation

Unit 8 - Innovation and Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
SCENARIO 1...................................................................................................................................1
1. Concept of innovation and importance....................................................................................1
2. Explain how organizational vision, leadership, culture and teamwork can shape innovative
idea...............................................................................................................................................1
3. Sources of innovation in Big-belly .........................................................................................3
4. 4Ps of innovation ....................................................................................................................3
5. Explaining developments in the frugal innovation. ................................................................4
6. Analysing and application of the innovation funnel................................................................4
7. Evaluating the role of frugal innovation..................................................................................5
8. Evaluating how an innovation is developed, measured and embedded. .................................6
SCENARIO 2...................................................................................................................................6
Background..................................................................................................................................6
Importance of commercial funnel and the new product development process for innovation....7
New Innovation case of Big-belly with the use of commercial funnel. ......................................9
Protecting intellectual rights of new innovations.......................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is referred to as the implication of creative thoughts, new ideas and
imagination which helps in better application of the solution in order to meet new range of
requirements within the existing market (Weyrauch and Herstatt, 2017). Commercialization is an
effective procedure which is useful in transforming various ideas, inventions and knowledge in
order to attain high degree of wealth for business, individuals and society at a large. This study
will highlight on determining the key difference between innovation and invention. It also helps
in determining different range of innovation. This study also explain development of the frugal
innovation and also determine the application of New product development for processing
innovation and commercialization.
Bigbelly is one of the leading smart waste and recycling solution across the globe. It is
useful in providing right of way platform to the public in order to deliver host communication
infrastructure and smart waste management.
SCENARIO 1
1. Concept of innovation and importance.
Innovation is defined as the process involving development of new products and
processes to make the workings easier. It can be understood as the idea involving modification of
goods or services that are existing in company or market. This enables company in gaining the
competitive advantage. New modifications in the existing products will help organisation in
achieving the success and growth meeting its vision. It add values to the existing products of
company. Innovation for instance developments and evolution of new versions of mobile phones.
Invention on the other hand is referred as the process involving evolution of new idea
that is entirely new. The idea is completely unique and is not existing in the market. It is
concerned with development of new products and services (Mazzucato and Penna, 2016).
Invention requires to have technical and scientific skills. For example invention of mobile
phones.
2. Explain how organizational vision, leadership, culture and teamwork can shape innovative
idea.
An organization vision gives a clear image of working as well as about the goals of the
firms. These clarifications boosts the staff members for the effective performance on time. With
respect of Bigbelly , managers provides the clear vision regarding attain the future goals. Second
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leadership power faces various challenges and try to resolve the problems. They are the one who
tries to understand the culture of the firm as well as treat the people according to boosting the
employees to work smoothly within a team. There are several aspects discussed below
Organization vision –
It can focus on all the futuristic goals as well as objectives to each and every people that
are working within a firm. Bigbelly has a solid vision that can be based on the deep learning
algorithms as well as techniques that are computerized. There are also new sensor fusion
techniques that can be introduced to the new consumers and also the current people.
Organization must well aware regarding consumer preferences as well as demands so that they
are easily think regarding the change that could occur in services in future context.
Leadership-
It is considered as the power that comes through their personality ,experiences as well as
knowledge in a firm. The good team players of the Bigbelly contributes in learning
support,counselling,conflict resolving and so on. The leaders and managers of Bigbelly
understands the needs of the consumers conveniences and also at the same time makes several
strategies to improves the services. These techniques allows to gain high profitability within a
market and also creates a positive image.
Culture-
Bigbelly follows the better working environment where there is no space of
discrimination among the staff members. An environment which is free from discrimination aids
in increasing enthusiasm within workplace (Lundvall, 2016). So workers of Bigbelly gives
their best through supporting each other. Positivity in environment and collaborative behaviour
leads to a creative ideas during the performance of employees in an organization.
Team work- It is the most vital part of the business that boosts the people to work together by
gibing best contribution in all the situations . As the managers of the Bigbelly follows all the
strategies regarding teamwork acquired the desired results that can directly gives contribution
for invention.
Thus all the above function can gives their contribution into commercialization as well
as innovation by different outcomes. Bigbelly should consider all of these activities for
enhancing the market growth as well as innovation in their firm and aids in developing the
potential markets.
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