Unit 8 Innovation and Commercialisation- Fordway

UNIT 8. INNOVATION AND COMMERCIALISATION
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Table of contents
Introduction........................................................................................................... 3
Task 1: .................................................................................................................. 4
LO1: Explaining the context for innovation and determining the difference
between invention and innovation.........................................................................4
P1: Importance of innovation in an organisation...................................................4
P2: Explaining the effect of organisational vision, leadership, culture and
teamwork on innovation and commercialisation to employees of FORDWAY .......5
Task 2: ................................................................................................................. 7
LO2: Types of innovation to employees of Fordway..............................................7
P3: Explaining the 4Ps of innovation funnel to examine and shaping innovative
ideas to employees of FORDWAY...........................................................................7
P4: Explaining the process of developing frugal innovation in Fordway ...............8
Task 3: ................................................................................................................ 10
LO3: Process of commercialising innovation in Fordway in market with practical
examples: ........................................................................................................... 10
P5: Discussing the importance of the commercial funnel and the application of
New Product Development (NPD) processing for commercialisation to employees
of Fordway .......................................................................................................... 10
P6. Building an Innovation Business Case including ways to access funding.......11
Task 4: ................................................................................................................ 11
LO4: Analysing the range of methods for protecting ideas and understanding
their advantages and disadvantages...................................................................11
P7: Evaluating the different tools that organisations can use to develop, retain
and protect knowledge and intellectual property................................................11
Conclusion ......................................................................................................... 13
Appendix 1: Innovation Funnel ..........................................................................16
Appendix 2: Commercial Funnel .........................................................................16
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Introduction
The contemporary complex global scenario demands that the organisations follow the
policy of innovation based on the demands and the changing demands of the customers. The
organisation must design the product line and the organisational process in a manner that will
allow them to gain competitive advantages against the other organisations working in the
market. The process of innovation is highly important for the SME`S which do not have a
huge organisational process. The organisation needs to be more appropriate in their product
line and deal the customer demands in an innovated manner that reduces the chance of being
repetitive in their products.
The process of innovation however needs to be conceptualised by the organisation
after properly analysing the market and the demands and preferences of the customers. The
proper commercialisation of the innovation process determines how successful the innovation
of the organisation is. As the CEO of FORDWAY a SME dealing with the process of
providing the technological solutions to other organisations it is important to follow the
policy of innovation in the services and the products. The assignment aims at defining the
ways in which FORDWAY can use the policy of innovation in gaining the utmost quality
performance from the employees.
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Task 1:
LO1: Explaining the context for innovation and determining the difference between
invention and innovation
P1: Importance of innovation in an organisation
The process of evolving new processes and ideas in meeting the demands and the
designs of the customers can be defined as innovation. The main aim of the process of
innovation is to as mentioned by van Hemert et al. (2013, p.440) the process of innovation
includes the process of utilising specific ideas, information and imaginations practically and
designing new products that can meet the actual demands of the customers.
Innovation is often confused with invention. The case study reveals how Apple Inc.
brought revolution in mp3 player business with the introduction of iPod. The market already
had mp3 players, but Apple re-sized it and increased the storage. This was a simple idea that
helped differentiating their music player from the other music players in the market. Music
player was an invention that was made long back.
However, Apple’s idea of actual innovation refers at creating differences or
implementing the invention differently. The planned small-scale industry is suggested to
focus more in innovation rather than invention. As far as business point of view is concerned,
any small-scale industry needs to do something new with their products and services. The
employees play an important role in this context. It is suggested after this research that every
employee needs to be listened by the organisation. The reason backing this suggestion is that
any idea can fuel the business of an organisation. More the ideas more are the chances of
improvement.
The innovation will directly affect the lives of the people working in such an
organisation because the more the company profits, more turns the hike in the careers of the
respective employees. The success of the innovation process further depends of the initiative
of the employees to implement the new innovative ideas. The employees of the organisation
need to be aware of the process and the possible effect it has on the customers.
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