Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Innovation and its importance to organizations in comparison with invention...........................1
Ways in which organisational vision, leadership, culture and teamwork can shape innovative
ideas.............................................................................................................................................2
Different sources of innovation and ways in which organisations can foster and develop an
environment and culture of innovation (M)-50...........................................................................3
4Ps of innovation, use of the innovation funnel to examine and shape innovation ideas............3
Developments in frugal innovation and ways in which it is used in an organisation context.....5
Innovation funnel in an organizational context (M)....................................................................5
Frugal innovation in an organizational context (M)....................................................................5
PART 2 ...........................................................................................................................................6
Description on the significance of commercial funnel and application of new product
development.................................................................................................................................6
Big-belly innovation case............................................................................................................7
Herein, the estimates budget for undertaking the innovation will be as £1000. .........................8
Define tools to retain and protect knowledge..............................................................................8
Define support evidence based on evaluation on different tools relates with business
environment.................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is predominately the procedure of creating and formulating the new ideas,
products, process as well as services. In the nutshell, Innovation is one of the major aspect
through which organization is able to build the new creative ideas, products for gaining
competitive advantage. The main purpose of the report is to study the importance of innovation
in Bigbelly and its uses for organization.
Bigbelly is basically the solar-powered, rubbish-compacting bin. This bin was actually
designed by Seahorse Power in Needham, Massachusetts with main objective of decreasing
consumption of fossil fuel.
This report gives a brief about importance of innovation and invention, ways in which
organisational culture, teamwork and leadership can shape innovation, innovation 4P's and
importance of the innovation funnel and developments within frugal innovation,
PART 1
Innovation and its importance to organizations in comparison with invention
Innovation can be defined as a process of creating, implementing and developing a new
product, process or service in order to bring improvement within them, enhance their
effectiveness and gain competitive advantage. Innovation is a kind of new idea, imagination,
thought in form of a method or a device. Whereas is simply a unique method or a process of
inventing something.
Innovation is one of the most important factors that every organization should focus on in
order to satisfy customer’s needs, enhance their satisfaction and increase their overall customer
base in order to gain competitive advantage. There are two main types of innovations that can
help an organization to enhance their customer base and gain competitive advantage. First type
of innovation is evolutionary innovation that focuses on bringing positive changes or
improvement within current product, service or process. Second is revolutionary innovation, it is
also known as discontinuous innovation. This innovation can either help the organization to
achieve their target or sometime it can also be disruptive. There are various kinds of market risk
that are associated with this innovation that an organization need to focus on in order to satisfy
their target market needs and requirements in an effective manner (Purchase, Kum and Olaru,
2017).
Importance of innovation for organization as compared to invention
1

If innovation is compared to invention then it can be said that invention is
something about developing ideas. It is not important that invention is replicable but it is
extremely important for innovation to be replicable as well as feasible as it helps in
adding value to customer’s life. It is not important that an invention will be useful or
beneficial for the customers or will be useful in future but invention is extremely
important for the organizations more than invention as it not only helps in gaining
advantage but it also helps in fulfilling customers needs, demands and desires in an
appropriate manner. In terms of cost as well innovation is much beneficial and it is not
important that an inventio done will be useful for people so it might be waste of money
but innovation is done as per the needs of people so in terms of cost it is much useful and
profitable.
Bigbelly is a US based organization and world leader in smart waste & recycling system
through innovation. Bigbelly’s product innovation are quite accessible, robust and is
customizable. Innovating thinking and bringing innovation within their products has not only
help them to become world leader in recycling and smart waste system but has also helped the
organization to enhance their customer base as well as has also helped in fulfilling needs of their
customers. By provision of these smart bins, many cities have been able to reduce waste in a
better manner. It is important for Bigbelly to bring continuous improvement or innovation within
their current products in order to expands their business. So, it can be said that innovation is
extremely important for Bigbelly in organizational point of view as it would help them to bring
creative development within their current products and services, reinforce their brand and many
more (Libaers, Hicks and Porter, 2016).
Ways in which organisational culture, teamwork and leadership can shape innovative ideas
In order to archive success most of the organizations depends upon their organisational
vision, leadership, culture and teamwork. Organization’s mission helps in understanding
existence of a company but their vision helps their employees to understand their roles within the
organizations, responsibilities they need to fulfil and goals or objectives they need to achieve.
Organizational vision: Organizational vision helps in explaining what the company wants
to become in future which further helps them to direct their employees towards their desired
goals and objectives. In order to become an innovative organization, it is extremely important for
the company to develop an innovation vision which will further help them as well as their
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