Innovation and Commercialisation: Challenges and Strategies

``
Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
1.1: Innovation vs Invention............................................................................................................3
a) Meaning of Innovation & Commercialisation taken in consideration challenges for small
business...................................................................................................................................3
b) Meaning of Invention and its Creation...............................................................................4
c) Converting of Invention in Innovation and sources of Innovation....................................5
1.2: Innovation Management:.........................................................................................................5
a) Creation of a structure & culture of Innovation and understanding of difference between
invention and Innovation........................................................................................................5
b) Developing Innovation Vision & Leadership, Innovation Networks and Entrepreneurial
teams.......................................................................................................................................6
2.1 Different types of innovation.....................................................................................................7
a) Innovation funnel for managing new solution...................................................................7
b) Different type of innovation with a focus on incremental and disruptive innovation with
exploring of pros and cons of approaches..............................................................................8
c) 4Ps and innovation space strategy....................................................................................10
d) Frugal innovation with response to necessity vs market driven innovation....................10
3.0 Process of commercialising innovation..........................................................................12
4.0 Evaluation of various methods for protection of ideas based on intellectual property rights
with their benefits & disadvantages.....................................................................................13
CONCLUSION..............................................................................................................................14
REFERNCES.................................................................................................................................15

INTRODUCTION
Innovation and commercialisation are two business aspects which are always occurring
together. Commercialising a innovation is most important aspect that is used by companies for
achievement of social benefits (Christensen, Raynorand McDonald, 2015). There are many
influences that have a impact on commercial success of a business. Present report is based on
Bigbelly smart solution for cities. This is a waste management company and is having
specialisation in recycling and management of waste. It was founded in year 2003 and has a goal
of managing waste and having effective process of waste collection. Big Belly is bringing a new
innovation in their exiting process where this company will be using their collected waste for
converting it into manure and then there is further planning to do horticulture. This attempt will
help in innovation and at same time contribution towards environment. In present report there is
a discussion of meaning of innovation and its comparison with invention. Management of
innovation is also discussed, vision, leadership and innovation networks are further discussed in
the report.
1.1: Innovation vs Invention
a) Meaning of Innovation & Commercialisation taken in consideration challenges for small
business
Innovation is a term having relation with creation of new ideas, technologies and
process. Their application is done for adding of new value to the exiting product or service by a
organisation (Lusch and Nambisan, 2015). In present scenario, the innovation for small
organisations is a big challenge as they posses limited amount of resources hence, they have to
make maximum output from available limited amount of resources.
In present report, there is a explanation of how unique and creative ideas can be used as
a part of innovation in organisation.
Commercialisation is a process in which there is a transformation of ideas, invention
and knowledge for earning of more wealth by businesses, individuals and society (Azar and
Ciabuschi, 2017). This aspect is related to motives of a organisation for earning of higher profits.
Challenges for small business:

With regards to Innovations and invention there are some challenges faced by small
business as discussed below :
Here are some of the challenges faced by small business:
1) Finding Customer: It is very important to attract customers for the process of increasing
sales of a organisation. Various marketings strategies can be used for the purpose of
attraction of customers. Such as growing use of digital media platforms is used by
hospitality organisation such as Marriott hotel UK etc. for the purpose of attracting
customers.
2)Hiring Talented People: To have a competent workforce is one of the essential requirement
for having smooth functioning in a organisation. Such as organisation are making use of
providing attractive salary packages and incentives in order to attract moper skilled
workforce.
3) Lead Generation: There are many process that can be used for generation of sales it includes
making the target customers aware by organisation of various marketing campaigns. Gfor
examples, there has been use of marketing campaign by companies such as Aldi which is
helping them in attracting of customers and making them aware of various product and
services that are being offered by the organisation (Kahn, 2018).
Current offerings are successful: If for any small business present position is quite satisfactory
then it becomes very difficult for a company to make any further innovation. In case of
organisational targets are achieved then it becomes very difficult for making efforts for
further improvement or working on objectives (Weisburd and Braga, eds., 2019). For
example in Tesco, present offerings are satisfactory for their customers this leads to
companies feeling that there is no requirement for any type of innovation to improve their
service level.

No motivation: Motivation is a key for working towards innovation or building up of diverse
teams that can help organisation in achievement of their objectives (Doherty, and
Morgan,2016). There can be situation where no motivation for employees can act as a
barrier for organisation to introduced or implement any new innovation. Many times
organisation is not able to have a motivated workforce so they are not willing to implement
a new innovation in the organisation.
b) Meaning of Invention and its Creation
Invention basically denotes to physical creation of a new concept or idea. This tool is
used for creation of a new idea which is commercially viable. Invention cannot take place
without creativity.
Invention can be created from anywhere many times it is regarded that necessity of
anything leads to invention. There is a problem and for developing its solution there is a
requirement that society are facing some problems or issues and for solving them there is a
requirement of some new invention. The process of invention is developed with overall changes
made in exiting product or making modifications in new process. This will help in creation of
innovation in a organisation. Innovation of new process being bought by organisation by addition
of some new steps in their exiting process (Van der Have and Rubalcaba, 2016). That can be in
any form such as a restaurant can make use of their fruits and vegetable wastes related to use of
waste as a manure for horticulture practises. This innovation will result into increase in
percentage of revenue and will also be helpful in fulfilment of corporate social responsibility buy
this organisation.
c) Converting of Invention in Innovation and sources of Innovation
There is a quest by many companies in which they are willing to convert their invention
into innovation with help of various commercialized products. There is use of research labs,
capital and other resources so that invention can be converted into innovation.
Sources of Innovation: