Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Mention about innovation and identify its value for a business firm as compared to
invention .....................................................................................................................................1
P2 Define how culture, teamwork, vision and leadership in an organisation shapes innovation
and commercialising ..................................................................................................................2
TASK 2............................................................................................................................................3
P3 Mention about 4Ps of innovation and define the usage of innovation funnel in shaping and
examine innovative ideas............................................................................................................3
P4 Define developments of frugal innovation and discuss examples of using it in
organisational context ................................................................................................................4
TASK 3............................................................................................................................................5
P5 Define the value of commercial funnel and applications in context with new product
development process for commercialisation...............................................................................5
P6 Prepare an appropriate business case for a business firm, involving methods to access
funds ...........................................................................................................................................7
TASK 4............................................................................................................................................8
P7 Discuss about various tools that can be used by a company to retain, develop and protect
intellectual property of an organisation ......................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation is referred as the tactics to introduce new services and products in
marketplace so that changing needs and requirements of customers can be tackled in a proper
manner. Innovation assists in improving the existing features of a product due to which varying
needs of customers are satisfied efficiently (Bagno and et. al., 2017). Commercialisation is
defined as the procedure to popularise a service or product in front so customers so that
maximised sales can be earned. This also involves timely manufacturing and delivering of goods
in market so that high advantage can be gained. This project is prepared in relation with
Samsung which is a South Korean company, headquartered in Seoul, South Korea. At present,
company is successfully operating in global context and employs around 321,000 employees.
This assignment is going to cover about differences among innovation and invention along with
role of culture, teamwork, leadership and vision in shaping commercialisation & innovation.
Concept of frugal innovation, commercial funnel, New product development is discussed so that
an innovative product can be produced. At last, Innovative business case and ways to retain
knowledge in an organisation are discussed.
TASK 1
P1 Mention about innovation and identify its value for a business firm as compared to invention
Innovation is referred as the application of new concepts and thoughts that are essential to
a company so that wide advantage against rivals can be attained properly. By adopting
innovation, an organisation can achieve high profits and advantages by offering unique products
to their customers (Bianchi and et. al., 2012). Invention is stated as production of a product for
the first time by any business organisation or individual person. Inventive products are never
used by any person before but innovative products are new only for a company. People may have
use them under different brand name or trademark. Benefits of innovation to Samsung are stated
below:
 By innovation, attention from maximum number of people can be achieved so that high
profits and revenues can be earned.
 Innovation assist in differentiation of products by which a firm can gain high advantage
over rivals in retaining customer base.
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Difference in innovation and invention
Innovation Invention
 It is referred as adding a new aspect in
existing product line of company.
 It is concerned with manufacturing of a
new product which is never produced
by an organisation or people.
 Innovation requires multiple skills like
technical, marketing and technical
skills.
 To invent new products, only scientific
skills are needed.
P2 Define how culture, teamwork, vision and leadership in an organisation shapes innovation
and commercialising
Aspects like organisational culture, teamwork, leadership and vision have a major role in
shaping up commercialisation and innovation for a business firm. These aspects in context with
Samsung are stated below:
 Culture: According to Handy, there are four kind of culture i.e. task, role, power and
person culture. These cultures have their own merits and demerits. In case of Samsung,
appropriate cultures like task culture or role culture will benefits the employee of
company to work as per their expertise so that productive results can be gained. This will
help the employees of Samsung to work comfortably due to which they will be able to
innovate new concepts and ideas properly (Block and et. al., 2016).
 Leadership: Innovation in an organisation depends upon the guidance and direction of a
leader or manager. In case of Samsung, if leader will be supportive in nature and allows
the employees to share their ideas, it will benefits the company in generating new ideas
on a regular basis due to which carrying out activities like innovation and
commercialisation will be easy. In this context, leader of Samsung can adopt democratic
leadership.
 Teamwork: With the help of teamwork, complex situations can be simplified and new
ideas can be developed so that innovation of new products and their commercialisation
can be carried out in a proper manner. In this context, with the help of models like
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