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UNIT 8. Innovation And Commercialisation | Concept

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Added on  2020-01-16

UNIT 8. Innovation And Commercialisation | Concept

   Added on 2020-01-16

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UNIT 8. INNOVATION AND COMMERCIALISATION1
UNIT 8. Innovation And Commercialisation | Concept_1
Table of ContentsIntroduction................................................................................................................................3Task 1.........................................................................................................................................4LO1. Explaining the context for innovation and determining the difference between inventionand innovation............................................................................................................................4P1. Explaining innovation and its importance to employees.....................................................4P2. Explaining to the employees how organisational vision, leadership, culture and teamworkcan shape innovation and commercialization............................................................................5Task 2.........................................................................................................................................6LO2. Explaining the different types of innovation to employees..............................................6P3. Explaining the 4Ps of innovation and the use of the innovation funnel to examine andshape innovative ideas to employees of Infectious Media.........................................................6P4. Explaining how the organisation can develop frugal innovation.........................................7Task 3.........................................................................................................................................9LO3. Discussing the process required commercializing innovation..........................................9P5. Explaining the importance of the commercial funnel and the application of New ProductDevelopment processing for commercialisation to employees..................................................9P6. Building an Innovation Business Case including ways to access funding........................10Task 4.......................................................................................................................................12LO4. Evaluating the range of methods for protecting ideas and understanding theiradvantages and disadvantages..................................................................................................12P7. Evaluating the different tools that can be used to develop, retain and protect knowledgeand intellectual property...........................................................................................................12Conclusion................................................................................................................................13Reference List:.........................................................................................................................142
UNIT 8. Innovation And Commercialisation | Concept_2
IntroductionA company’s vision should always be focused on innovation and commercialisation.Innovation is a method to develop a new application of the existing product. This innovationcan include the older application with new methodologies in the new device. Innovation willbe possible only when there is a proper scientific research, technical verification, marketsurvey, and study of the product. Along with this, analysis of the process, manufacturing andmarketing to an extent are also carried out to support the application of the innovation. Commercialisation refers to the profit making from the innovation through the saleand the use of the product. If there are more innovation and invention, then thecommercialisation by the firms can gain a high competitive advantage in the market. In thisassignment, Infectious Media, a small SME in the UK, is taken to understand the concept ofinnovation and commercialisation. It is a programmatic agency operating system, where itprovides flexible access and customisation, which requires successful delivery of the givendata. The company connects the data to the Impression desk to unlock the audiences andinsights. This data platform allows combining with second and third party data from tangiblesegments. Rigorous application of new methodologies helps to improve the result.Figure 1: Logo of Infectious Media(Source: Infectiousmedia.com, 2016)3
UNIT 8. Innovation And Commercialisation | Concept_3
Task 1LO1. Explaining the context for innovation and determining the difference betweeninvention and innovationP1. Explaining innovation and its importance to employees Innovation refers to something new or a change that is made to the existing product,idea or field. In the business sector, it means the implementation of the new ideas, creatingsome dynamic product on the current services. Innovation is a catalyst for growth in themarketplace, opines Urbancová (2013, p.57). It can also mean changing the business cycle todeliver better products and services. Successful innovations should be inbuilt part of abusiness strategy because the culture of innovation leads to innovative thinking. Innovationalso increases likeliness in the business which will have better productivity and performance.The useful ideas of innovation are the result of creativity, which is a prerequisite forinnovation. Creativity provides some new ideas for the improvement in quality andinnovation puts these ideas into action. One major importance of innovation is that it creates acompetitive advantage in the market. In today’s fast advancing global economy it is crucial tohave the best ideas and capabilities around the world. Consumers often see the innovation asit adds value to the company or product (Zakic, Jovanovic and Stamatovic, 2008). Anotherimportance of innovation is to establish the best method of business. Every organisation hassome unique properties, sector specific issues and business objectives. It is necessary toanalyse specific needs and process to complement the business goals. For example,considering the hospitality sector, an organization operating in this sector would require theemployees to be efficient in customer service skills. It will also have specific need ofadopting novel ways of satisfying the customers through its service delivery methods.Therefore, the business goals can only be complemented once these needs are analysed. In 2001, Apple had invented an iPod, which has a lot of capacity to hold songs in thesmallest physical space (Apple (United Kingdom), 2016). Virgin group in the UK, which hasa huge number of departments, has invented a lot of product and services (Virgin, 2016).Invention means creation or the introduction of the process for the first time whereasinnovation means improvement or making a significant contribution to an existing product.The only invention is not the process to commercialise in the market; innovation is alsorequired for giving the best options to the customers. If the customers get monotonous4
UNIT 8. Innovation And Commercialisation | Concept_4

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