Comprehensive Innovation and Commercialization Analysis for 4Com PLC

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on 4Com PLC, a UK-based telecommunications service provider. It explores the significance of innovation compared to invention, emphasizing organizational leadership, vision, teamwork, and culture's role in shaping innovation and commercialization. The report delves into the 4Ps of innovation, the innovation funnel, and frugal innovation developments. It highlights the importance of the commercial funnel and the applicability of NPD for commercializing innovation, along with an innovative business case examining various funding assessment methods. Furthermore, it addresses tools for developing, protecting, and retaining intellectual property rights. The report concludes with a summary of key findings and recommendations for 4Com PLC's continued success in a competitive market.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1) Innovation and determine its significance to organisations in comparison with invention..1
P2) Organisational leadership, vision, teamwork and culture shapes innovation and
commercialization.......................................................................................................................3
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of the innovation funnel..............................................................4
P4 Developments in frugal innovation.......................................................................................5
TASK 3............................................................................................................................................5
P5 Importance of commercial funnel and applicability of NPD for commercialising
innovation....................................................................................................................................5
P6 Innovative business case with various suitable ways to assess funding................................7
TASK 4............................................................................................................................................8
P7 Various tools that an organisation could use to develop, protect and retain knowledge of
intellectual property right............................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is a major thing which need to understand and adopt in every business which
facilitate and support to gain competitive advantage. It is essential to include this aspect by
managers and management in an appropriate and suitable frame so that better and appropriate
results could be derive (Breznitz and Etzkowitz, 2017). This project is based on 4Com PLC
which is one of a famous telecommunication service provider in UK whom work focused on
more and more innovation so that better suited results could be drawn. This project involves
about context of innovation and will also signifies about difference between innovation and
invention. Along with this, it will also prescribe about differ kinds of innovation which enable in
better suited work. Moreover, management need a process of commercialise innovation which
further assist in better results. All these sections will going to interpret in this project for gaining
better and appropriate outcome.
TASK 1
P1) Innovation and determine its significance to organisations in comparison with invention
Innovation can be considered as an essential process which involves generation of new
ideas that are effective in meeting the needs and wants of customers at market place. This also
consist to be an essential part of business organisation as it helps in increasing the performance
and profitability of firm at market place (Chun and et. al., 2015). It can also be refers as the
thoughts which are essential in providing proper solution for the issues that are faced by buyers.
Alteration can be described as the modification of products that are effective for each business
organisation as to gaining attention of large number of customers towards the firm or its offered
goods and services. The means of innovation is to create new features in the available products
and services of firm as to fulfilling the desires of potential buyers. Organisations are concern on
adopting various tools and technologies as to implementing new ideas and thoughts into
significant action. Innovation is essential for organisational growth, some importance of
innovation are described as below:
 Innovation plays a crucial role at work place as it is essential for each small as well as
large business organisation is to implement new ideas and thoughts in respect to attaining
high growth at market place.
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 Innovation provide a significant direction to the organisation or its higher authority to
create a well reputed image at market place as it create value in attaining competitive
edge.
 This also plays an effective role in maintaining the brand image of firm in order to
conducting its business operations for long time. Innovation is also effective in providing a new direction for producing more goods and
services as per the changing needs and wants of customers.
Difference between innovation and invention is evaluated as below:
Innovation Invention
Innovation is refers as the implementation of
new ideas and thoughts at work place in order
to enhancing organisational performance and
productivity.
It considered as the discovery of new
techniques, tools, methods and technologies
that are effective in operation and function of
new things that has never been applied by any
business firm.
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It is process of creating for existing goods and
services.
It is effective in introducing new products at
market place that helps in meeting with new
demand and need of customers.
In this various activities are performed on the
available goods and services in respect to
creating them more effective in nature.
Organisations are focused on recruiting
talented people at work place as to designing
new goods and services.
P2) Organisational leadership, vision, teamwork and culture shapes innovation and
commercialization.
In this modern era each business organisations are focused on making innovation in the
goods and services that are offered by the firm to their significant buyers. The basic purpose of
each business organisation is top fulfilling the basic desires of firm in order to attaining higher
position at market place (Datta, Mukherjee and Jessup, 2015). Team work, vision, culture and
leadership plays various important role in an organisation. These all can change the form of
innovation. These all are effective in creating a smooth direction for completion of organisational
activities. As a small business organisation 4Com Plc has small number of employees who are
contributing their vast efforts at work place. Vision: This consist to be a predetermined statement which helps in conducting all
business operations in well planned and effective manner. These are also considered to be
long term objectives which helps in conducting all business operation for long time. As a
telecommunication company the basic vision of 4Com Plc is to expand its basic operation
at wide area as to gaining high growth and success at market place. The company is
concern on using new and advanced technology as to increase the process calling as well
as internet services from which people will get connected with each other. Leadership: Leaders plays most effective part within an organisation. The major duty of
leaders and managers is to encourage employees in order to contributing their significant
efforts in organisational growth and success (Ghimire and et. al., 2015). Leaders helps in
assisting the employees towards right direction at to reaching at desired goals and
objectives. In this type of organisation leaders follow demographic leadership style as to
taking effective decision or organisational growth.
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 Team Work: This is the most effective tool for each business organisation as it helps in
establishing coordination among employees which helps in performing various business
operation in effective and smooth manner (Ke and et. al., 2015). In a small business
organisation such as 4Com Plc managers are concern on encouraging employees for
performing business operations in teams because teams are effective in performing
tedious task in effective and efficient way. Training helps in increasing the moral of
employees at work place.
 Culture: This factors significantly impacted on commercialisation and innovation. As a
well known telecommunication company 4Com Plc collect large amount of data and
information from the different department of firm in order to better implementation of
strategy at work place. Different dimensions that are related with technology are adopted
by firm for effective utilisation of resources in well planned and systematic manner.
TASK 2
P3 4Ps of innovation and use of the innovation funnel
Innovation is an important part in each business organisation as to achieving high
attention of people towards the firm and its offered goods and services. The needs and wants of
customers are rapidly change as per the change arises in new market trend. This has a direct
influence on choice and preference of customers as each individual is widely concern on
consuming most attractive and innovative product. As a popular small telecommunication
company 4Com Plc is focused on creating innovative alteration in the goods and services of firm
in respect to attain higher profitability at market place. The 4 P's of innovation is evaluated as
below:
Product Perspective: It considered as the introduction session of new products and services that
are offered at market place. In this section effective improvement are made in the existing goods
and services of firm (Ke and et. al., 2015). 4Com Plc is concern on introducing new and
innovative goods at market place as to satisfying the changing needs and wants of people at
market place. In this process production, finance, operations, marketing all departments are
working together as to developing more innovative ideas for product development.
Process perspective: This is the 2nd stage in innovation process and plays a vast role in
improving the quality and standard of organisational products and services. 4Com Plc is concern
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on adopting most suitable and effective tool as to enhancing the productivity of firm. This craete
vale in improving the sales and revenue of firm.
Position Perspective: In this, it is necessary for 4 com plc to re- position the existing goods and
services where the demand and sales of products are high. Technology, process and innovative
ideas plays essential role in attaining high growth and profitability in an effective manner.
Effective changes in the process of manufacturing process helps in positioned the good at right
market place.
Paradigm Perspective: It refers as a continuous functioning of any product and services at
market area. When company add some new and advance feature in their goods than it create
value for companies growth. New ideas doesn't change the products it is just addition of new
feature in their products.
P4 Developments in frugal innovation
It can be considered as an effective procedure of reducing problems and minimizing the
cost of production (Ke and et. al., 2016). This helps in minimizing the issues, conflicts,
complexities of firm. It is significantly helps in reducing the non-essential and less important
elements from the goods and services. These non essential elements are directly impacted on the
growth and success of firm. Company faces various issue s and complexities at the time of
introducing new products and services at market place. The choice and preference of each
individual is different from each other so it is the basic duty of firm to analyse the market and its
requirement in order to developing new and effective goods that helps in satisfying the needs and
wants of people. It is a process which helps in reducing the non essential elements from the firm
that are not useful for firm as well as customers. With the help of frugal innovation small
business firm such as 4Com Plc implement various new and advance features in their calling
process through the help of limited resources. The basic objective of frugal innovation is to
minimising the wastage form the manufacturing process.
TASK 3
P5 Importance of commercial funnel and applicability of NPD for commercialising innovation
Commercialisation is a process of making product and service available to target number
of individual. It also signifies as the sales funnel which enable an association to maximise their
sales and revenue and reach to wide range of users in a suitable and appropriate frame. It solely
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focus on maximisation of customer value through product and services by adding some more
essentials into it (Khan and et. al., 2015) . Thus, before commencing any innovation into
business, it is essential to work and manage innovation.
Commercial funnel is important for 4Com PLC as it includes several stages which
depicts as follow;
 Awareness: It enable in creating awareness of product and services at wide level which
facilitate and support in enhancing of profit and growth. 4Com PLC need to implement
commercial funnel at the time of innovation so that they become able to create awareness
about their product and services to target user for maximising sales
 Consideration: Along with this, another section is to estimated about the interest of target
respondents. For this aspect, management need to determine their previous records in
consideration so that better and suitable working get promoted in order to maximise
efficiency and effectiveness for betterment
 Decision: Although, by assessing interest and consideration about product and services,
business managers start lead to derive and take beneficial decision or judgement for such
aspect.
All these steps of commercial funnel need to implement or include by the 4Com PLC in
their work when they are going to modernise their work by launching 4G services. With these
aspects, all essential steps and consideration which included in the new product development
mentioned as follow so that effective and appropriate implementation of services could be done: Idea generation: Whenever any new product or services get introduce at target market it
start with composition of a new idea (Kuratko and Hoskinson, 2016). 4Com PLC have to
generate their idea regarding new service innovation which specify about manufacturing
of new 5G handsets. Screening the idea: Once this planning process or idea get generated then it need to
screening by analysing all its benefits and drawbacks. This enable firm to grow and
develop properly and effectively so that better associated outcome could be frame. Testing: Although without consumer responses, launching of a product never get worth
towards a business (Koirala and et. al., 2016) . 4Com PLC have to start testing about their
new product and evaluate service users aspects by testing them
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 Analysis: Once all related things and factors get done regarding product and services then
management need to analyse the attribute of their targeted market. This enable in make
smooth functioning and process of judgement so that better related aspects could be
drawn in a beneficial manner Product development: Once all analysis and testing get perform by 4Com PLC then
product development stage get initiated but only on the basis of positive responses. 4Com
PLC need to execute their plan if analysis and testing stages get successfully operated
 Commercialisation and launching: The last section after positive and appropriate steps
is commercialisation and launching of product and services. 4Com PLC have to work on
their innovation once each and every commencement get done.
P6 Innovative business case with various suitable ways to assess funding
Every innovation or a project need sufficient fund to operate and execute in a beneficial
manner. It is important for an organisation to create appropriate business case which could be
presented in front of investors so that they lead to provide money to execute such operations
properly. 4Com PLC have created a suitable business case for their working which enable them
to execute all operations properly. Thus, define issue or problem in regards with innovative
business case stated as follow:
4Com PLC is one of a small telecommunication provider in UK and they have good market
base over there. Now, business wants to maximise their services by launching 5G handset and
services which enable their users to get transform with this rapid changing world as well as gain
effective service experience. The mission statement which proclaimed for this innovation is:
“To implement appropriate innovation for making service user experience more effective”
For estimating the cost benefit analysis, there is a need to utilise fund properly and effectively
as well as need to execute such task with in next one year. Along with this, management also
want to commercialise their work in other market sections as well so that better and suitable
gains could be done.
Thus, to implement this section, management need sufficient money. Thus, organisation
evaluate several number of aspects which enable and support in order to access fund. Hence,
various sources to access funding for 4Com PLC stated as follow:
 Internal sources of fund: This describe and define all such sources for funding which
assess and underpin from with in an association (Pan and et. al., 2016). The chances of
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utilisation of internal sources of fund are relatively low as compared to external sources
of fund. For 4Com PLC, evaluated internal sources of funding are:
◦ They could plough back profit into their business which could enable and restrict
them to depend on debt equity. A major thing is equity for each and every association
whether they are small or large in frame
◦ Sale out all such assets which could be converted into cash easily. This enable them
to enhance and support in order to access fund. Thus, chances of better and suitable
gain get extended with the project and business could be based on equity more as
compared to debt
 External sources of fund: Another sources of fund is external in which management
could arrange money from outside the business (Liao and et. al., 2016). Such finance
consider as debt financing for a company in which repayment is must.
◦ One of a major source of fund is loan from banks in which interest usually get
charged. Management need to determine each and every bank interest rate properly
and choose the best option from where they are going to arrange money
◦ Business angels are such investors whom arrange sufficient money for all new
organisations as well as for one whom want to introduce something new to market
area.
Out of all these sources, 4Com PLC need to determine and evaluate the best source of finance
and utilise it in an appropriate and suitable frame so that better associated results could be drawn.
TASK 4
P7 Various tools that an organisation could use to develop, protect and retain knowledge of
intellectual property right
Intellectual property signifies as such rights which a owner could use to protect their
innovation in an appropriate frame. It is a result of creativity which need to understand by
business managers properly so that better and sufficient working get done. There are various
tools associated with IP which define as follow:
 Copyright: This act signifies that whenever a innovation lead to take place then apart
from owner no body have a right to use it (Paudel, Xiao and Yan, 2015). Thus, copyright
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enable many things to maintain things original in frame which assist in better and
appropriate working
 Patent: Another right which assist with original formulation of product and service is
patent right. Each and every consideration are patent in frame which none of a person
lead to use it (Paradkar, Knight and Hansen, 2015). Thus, management need to
understand this section as well for better and effective working
These are several tools which associated for managing and protecting the IP so that better and
appropriate results could be drawn. This will enable in perform well as well as chances of
duplication and harm of image of a company get reduces.
CONCLUSION
It get concluded from the project that innovation play an effective role in growth and
development of a business. Innovation and invention both are differ from each other which need
to understand by business managers as well. Along with this, vision, mission, team and
leadership always shape an association to grow and get develop. Moreover, there are differ kinds
of innovation always get articulated which facilitate to perform things properly. Although,
business managers also determine a definite process to commercialise their innovation which
further assist in launching goods and services properly.
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REFERENCES
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Emerald Group Publishing.
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