Innovation and Commercialization Case Study

UNIT 8
INNOVATION AND COMERCIALISATION
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Table of Contents
Introduction .......................................................................................................... 3
Task 1.................................................................................................................... 4
LO 1: Explaining the context for innovation and determine the difference
between invention and innovation.........................................................................4
P1 Explaining innovation and its importance to employees of your chosen
organisations, with examples from the given case study in comparison with
invention ............................................................................................................... 4
P2 Explaining to employees of your chosen organisation how organisational
vision, leadership, culture and teamwork can shape innovation and
commercialisation, with supporting references from the given case study ..........6
Task 2 ................................................................................................................... 7
LO2: Explaining the different type of innovation to employees of your chosen
organisation........................................................................................................... 7
P3 Explaining the 4Ps of innovation and the use of the innovation funnel to
examine and shape innovative ideas to employees of your organisation, with
supporting evidence from the given case..............................................................7
Task 3 ................................................................................................................. 10
P5 Explaining the importance of the commercial funnel and the application of
New Product Development (NPD) processing for commercialisation to employees
of your chosen organisation, with practical examples where necessary.............10
P6Building an innovation Business Case for your chosen organisation, including
ways to access funding, as with the two businesses in the case study...............11
Task 4 ................................................................................................................. 12
LO4 Evaluating the range of methods for protecting ideas and understand their
advantages and disadvantages...........................................................................12
P7 Evaluating the different tools that the chosen organisation can use to
develop, retain and protect knowledge and intellectual property with practical
examples where necessary.................................................................................. 12
Conclusion .......................................................................................................... 14
Reference List...................................................................................................... 15
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Introduction
In this highly competitive world, business organisation incorporates various
techniques in order to compete with the other business organisations. Innovation is one such
technique that involves improving the marketing process of the organisation by many
methods like improving the quality of the products, by improving the services provided by
the organisation etc. In this assignment, the learner is playing the role of the CEO of an SME
organisation named as Sixteen South, which is an UK based organisation, will explain the
importance of innovation and the process of commercialisation. For explaining these
processes, the assignment has also taken the example of Apple and Virgin Group
companies. The assignment will also explain how this process of innovation can be used for
satisfying not only the stakeholders, but also the employees those who work for the growth of
the company.
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Figure 1: Logo of Sixteen South
(Source: Sixteensouth.tv, 2016)
Task 1
LO 1: Explaining the context for innovation and determine the difference between
invention and innovation
P1 Explaining innovation and its importance to employees of your chosen organisations, with
examples from the given case study in comparison with invention
The growing and developing world gives rise to many organisations in order to
balance the economic structure of the society. This greater rise in the number of the
organisations leads to huge competition within the business organisation. In the opinion of
Baycan (2013, p.45), each business organisation, work hard, in order to attain the superior
position in the field of competitive business world. Innovation is one such marketing
technique that is used by the business organisations in order to attain the pioneer position in
the competitive marketing world. Innovation refers to the improvement that a business
organisation does, either in the products or in the services provided by the organisation. In the
opinion of Bejou and Palmer (2013, p.52), innovation or creative improvement is very
important for the organisation to maintain their position in the world of competitive business.
Innovation done by the organisation helps the organisation to attract the attention of
the customers to connect with the organisation. Moreover, innovation also encourages the
customers to be the permanent stakeholders of the organisation, and promote the growth and
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