Unit 8 Innovation and Commercialisation- Example
Added on 2020-01-28
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UNIT 8INNOVATION AND COMMERCIALISATION1
Table of ContentsIntroduction................................................................................................................................3Task 1.........................................................................................................................................4LO1: Explaining the context for innovation and determining the difference between inventionand innovation:...........................................................................................................................4P1: Explain innovation and its importance to employees of Backbone Connect, withexamples from the given case study in comparison with invention:.........................................4P2: Explain to employees of Backbone connect how organisational vision, leadership, cultureand teamwork can shape innovation and commercialisation, with supporting references fromthe given case study:..................................................................................................................5Task 2.........................................................................................................................................6LO2: Explain the different types of innovation to employees of Backbone Connect:..............6P3: Explaining the 4Ps of innovation funnel to examine and shaping innovative ideas toemployees of Backbone Connect:..............................................................................................6P4: Explaining how Backbone Connect can develop frugal innovation....................................7Task 3.........................................................................................................................................8LO3: Discussing the process required to commercialise innovation in Backbone Connect inmarket with practical examples:.................................................................................................8P5: Explaining the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation to employees of Backbone Connect:.8P6. Building an Innovation Business Case including ways to access funding:.........................9Task 4:......................................................................................................................................10LO 4: Evaluating the range of methods for protecting ideas and understanding theiradvantages and disadvantages..................................................................................................10P7 Evaluating the different tools that Backbone Connect Company can use to develop, retainand protect knowledge and intellectual property with practical examples where necessary...10Conclusion................................................................................................................................11Reference List:.........................................................................................................................122
IntroductionThe innovation and commercialisation is for those organisations who intend to bringinnovations to their company. Innovation is often misunderstood as invention but there is lotof difference between the two. Invention is defined as the creation of a product or a processfor the first time while innovation is related to improving an existing product or process. Theinnovations may include technological, engineering, design and scientific components andcan arise from identifying and researching the problems related to the organisations that needto be solved. In today’s competitive market, different organisations are very critical ininnovating their processes and products in order to remain competitive in the market. In this scenario, the learner is appointed as the CEO of a small organisation (SME)naming Backbone Connect Company and responsible to embed commercialisation andinnovation in this company culture within next 9-12 months in order to the benefit ofBackbone Connect Company. For this, the learner will undertake several methods likeexplaining the context for innovation and determining the difference between invention andinnovation, elaborating the different types of innovations, discussing the process required tocommercialise innovation, and evaluating the range of methods for protecting ideas and alsounderstanding their advantages and disadvantages.3
Task 1LO1: Explaining the context for innovation and determining the difference betweeninvention and innovation:P1: Explain innovation and its importance to employees of Backbone Connect, withexamples from the given case study in comparison with invention:Annacchino (2007, p.554), opined that, innovation is breaking away from old ideas andconventions and converting ideas into execution, which results in beautiful products that canchange a particular way of thinking. The needs of innovation arise from the increasingdemand of customers who become bored with old products or conventional concepts.Therefore, innovation always aims at the mental satisfaction of the customers though it willbe not unwise to comment that most of the innovations were the brainchild of world-changingthoughts, which has nothing to do with consumer satisfaction. The companies simply wantedto make the world a better place to live and for that, they invented products, which will caterthe productive needs of the consumers. So, it is clear that an innovation always has aparticular purpose and that purpose is often giving the world an easier and better way to live.Another point should be made here that innovation could often be something that was nottotally unknown to the community. The very concept of the invented product may exist. Inthe words of Bicen and Johnson (2015, p.280), innovation tries to simplify the concept bygiving it a revolutionary touch. The upside down change in the aspect of the particularproduct requires a great amount of imaginative power from the creator, who may be a personor a company but the creator should have that vision to look into the future and should clearlyunderstand people’s demand. Backbone Connect is a Tech-based SME, based in UK, which was founded in 2008.The company provides internet access, wide area networks, and colocation services to thebusiness farms of UK. It is also one of the fastest growing data centre partner farm in centralLondon. The company operates through a number of Tier III data centres in the UnitedKingdom, which includes Level 3 data centres in Central London. It also operates throughGlobal Switch 1 and 2. As there are a large number of tech-based SMEs that are speeding uptheir business in London, our company should not cease its creative and innovative ideasbecause that will help the company to keep its business alive in the market and will help the4
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