Innovation and Commercialisation Strategies for Atex Media Report

This report provides a comprehensive analysis of innovation and commercialisation strategies, focusing on Atex Media, a UK-based software solutions provider. The report begins by defining innovation and its importance, contrasting it with invention, and then explores how organisational vision, leadership, culture, and teamwork contribute to fostering innovation. It delves into the 4Ps of innovation (product, process, position, and paradigm) and the use of the innovation funnel to shape ideas. Frugal innovation is also discussed. The report then examines the commercial funnel and the application of New Product Development (NPD) processes. It includes a business case for innovation at Atex Media, addressing funding access, and concludes by evaluating tools used to retain, develop, and protect intellectual property. The report uses examples and case studies to illustrate key concepts and provide practical insights into the challenges and opportunities of innovation and commercialisation within the software industry.

Innovation And
Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining innovation, its importance and the difference between innovation and invention...1
P2 Explaining how organisational vision, leadership, culture and teamwork help in innovation.. .3
TASK 2............................................................................................................................................4
P3 Explaining 4P's of innovation and the use of innovation funnel to shape innovative ideas in
Atex media..................................................................................................................................4
P4 Explaining developing frugal innovation...............................................................................6
TASK 3............................................................................................................................................7
P5 Explaining importance of commercial funnel and the application of New Product
Development NPD processing for commercialisation in Atex media........................................7
P6 Building innovation business case for Atex media including ways to access funding..........8
TASK 4............................................................................................................................................9
P7 Evaluating different tools used by Atex media to retain, develop, and protect intellectual
property.......................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is a process or action to change an existing idea, method or product
any transformation or revolution in any form of ideas. The innovation is mainly in the
way of technological or betterment in the use of applications to met the new
requirements is also called innovation. But invention is viewed as a completely
developing new ideas, methods and product like the invention of fire, wood or
computer etc., As in today's rapidly changing era innovation and commercialisation is
of the utmost importance to every organisation of world whether small or big
enterprises. It is important for the employees of the organisation to know how vision,
leadership, culture and teamwork can help in innovation and commercialisation. In the
following report about Atex media is UK's leading Small business enterprise of
software selling solutions for media rich industries. In Atex media the innovation is
much of use a sit enable the company to make more user friendly software.
TASK 1
P1 Explaining innovation, its importance and the difference between innovation and
invention.
[Source:Importance of Innovation. 2017]
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Innovation is used to describe the technological changes or advancements in
world relating to any idea, product or method which human are following and now
want to change. It is defined as something original or already in to existence but now
in a more effective and efficient manner. All the technological advancements whether
in the field of science, economics, mathematics, business or any other are always
termed as innovation (Acharya and Xu, 2017.). Innovation is different from invention
as invention means creation of something new concept, ideas, product or methods
which before are not into existence. As Atex media also need to do innovation for the
grow of its business if the business is not giving anything new to its customer then
customer will stop buying the product or the demand of products will go down.
Innovation is defined as exploiting new ideas which leads to creation of a new
product, process and service. Innovation is importance for Atex media for the
following reasons for the employees.
 Increasing competition- as pressure is increasing day by day in the software
industries of new and existing competitors and that of changing market due to
globalization. The competitors of Atex media are getting smarter, faster and
hitting many new markets with new and exciting products and services. Atex
media also need to grow in terms of innovation just like its competitors to
explore new and different markets.
 Increasing globalization- whole world is now shrinking because of
globalization and now it is been considered as a “one global market”. So the
competitors of Atex media is not just limited to UK but worldwide as well
(Aghion, VanReenen and Zingales, 2013.). National boundaries are now just falling
apart where business is concerned companies big or small are having their access
through the globe.
 Increasing customer expectations- as customers of Atex media are increasing
day by day their demand is also rising and their expectations of always
requiring something new is increasing. Now the customer does not want any
obsolete or mediocre products or services they always want something new and
innovative.
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 Advancing technology- the market today is all about innovation and changes
in the old way of living which technology make it bigger and better. Until the
past few years only large companies were having the technological
advancements but now small scale enterprise like Atex media are giving them
competitions.
 Changing work force demographics- work force diversity includes the
difference in race, ethnicity, age, nationality and gender different work force
are working in Atex media this also require the innovation in the technology.
P2 Explaining how organisational vision, leadership, culture and teamwork help in
innovation.
For any company to be successful it need to have a very clear vision of the
goals and objective which help them to guide the vision of commercialisation.
Innovation is not dependent on the participation of high ranking executives but on any
employee who are ultimately is involved in the innovation of that product. For
innovation and commercialisation it is important that organisation goals, vision,
leadership, culture and teamwork is done.
Trust yourself enough to trust others- innovation is the break down of the old
rules and creating new one which means that all team member must become
more transparent from each other (Camagni, 2017). Atex media should also
trust its objective which needs to be achieved ans then make their employees to
believe in the objective which built up the relationship between them.
Collaborate and discover- the organisational goal and individual goals must be
collaborated in Atex media so that innovation can take place in the process or
software. Then discover how to work or function with those goals as is done in
Apple Inc., and Virgin group.
Communicate to learn- strong communication built up strong teams and
organisation in the future. Communication means constantly learning from
each other's idea and planting the seeds of future innovations. Atex media also
believes in strong communication between them and their employees.
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Courageous change agent- change or innovation is the main essence of any
organisation success and adopting these changes as soon is also important for
Atex media. The team leader should first be open towards the changes in
surrounding and then help employee to do so.
Course correct to perfect- it helps the people to adapt the new environment, to
showcase their abilities and skills sets to new people and personality in
different situations (Garud and Turunen, 2017.). This lead to the innovation of
the existing idea which make in turn forms a part of new technology.
TASK 2
P3 Explaining 4P's of innovation and the use of innovation funnel to shape innovative
ideas in Atex media.
As for Atex media innovation is very importance as they always need to give
new software to many big company's and those companies being the clients of Atex
media want the software to be innovative. For Atex media 4P's of innovation are
important as the successful innovation is essential about positive change to be brought
in Atex media. These 4P's are product innovation, process innovation, position
innovation and paradigm innovation.
Product innovation- this is the main innovation done by any organisation
which means bringing changes in product or of service. DM.core was that one
type of product innovation by Atex media with having 100% Java technology
and No SQL back end content which acts as the mobile content as well. The
product innovation must always help Atex media in achieving the
organisational goals.
Process innovation- through process of which the products are made and
delivered to customers should be also innovative so that the clients of Atex
media can get the product in a better way (Gawer and Cusumano, 2014). By
improving the process organisation enhance the effectiveness and efficiency and
making quality product like innovative process of DM.desk.
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Position innovation- re positioning of perception of an existing product or of
service or process in a specific context. This innovation helps Atex media in
changing the mindset of customer and clients about their products and services.
Paradigm innovation- is based on the innovations which relates to mental
models which shape Atex media what it actually is it concern with the changes
mainly radical in the way something is done in the organisation.
The steps used to develop a process or product in innovation is known as innovation
funnel. The purpose of all the innovation are to create processes or products that meet
market in manufacture or economic forms. The innovation funnel is a three steps
process while developing a product or service.
[Source: Innovation funnel.2017.]
The wide mouth of funnel- this stage is organisational increase in knowledge
and information base the aim of this stage is to collect as many ideas as
possible. If Atex media is having many ideas then it can produce more number
of products and services after collecting as many information as available. The
information can be gathered from competitors, research, university
connections, existing partners or institutes (Gember-Jacobson et.nl, 2014). Atex
media must be having a clear perspective of the firms objective and also need to have
reasonable understanding of capabilities.
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The narrowing segment of funnel- all ideas which Atex media has generated
in the first step will go through screening whether the ideas collected are
matching with the goals of organisation or not. After this Atex media will carry
out the assessment of returns and risks to decide whether the selected idea is
good or not. In this part resource allocation is very important and they are
allocated to most promising and attractive opportunity.
The narrow segment of funnel- Atex media will ensure that the idea selected
in the last process are same as the objective of the company then the product is
set to be released in the market at this stage. This model always select the safe
idea and that which is matching with organisational objective. The funnel
system of innovation is easy to adopt by Ate media as the resources are easily
available. This system discourages the creativity of employee as is only taking
the risk factor not creativity.
P4 Explaining developing frugal innovation.
Frugal innovation mean removal of non essential features from a durable goods
like a car or mobile phones in order to sell them in developing countries and removal
of the complexity cost of goods and production (Guttentag, 2015.). One of the cause of
frugal innovation is rising income level in developing countries and globalization these
products are not mainly of inferior quality but provided cheaply. Frugal innovation is not just
limited to durable goods but also extended to the service sector like mobile banking, off grid
electricity and all the life changing technology. The best example is that of the worlds global
leader in the mobile phone industry i.e. Apple Inc. it first launched its iPhone 1s in the year
2007 and form that model of iPhone it is almost every year launching its s-series phones.
From iPhone 1s in year 2007 to iPhone 8s and 8s plus in year 2017 it is regularly using the
frugal innovation year to year removing all the non essential features. Every iPhone series
model of Apple is some way or the other different from on another. IPhone 1s was having a
charging cable to get the mobile phone charged but a company does not found charger
necessary so it innovated iPhone 8s as wireless charging system in it.
Alike Apple Inc., Atex media can also bring the frugal innovation in the
products it produces for its client by announcing the launch of Atex Engage a new
product to deliver web tools for social interaction and online audience engagement.
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By this product Atex media can easily connect to its client with the social interaction
means and can engage with customer on online basis (Jain et.nl, 2013.). Atex media can
also develop frugal innovation by removing all the non essential features from the software
available in market. With the help of frugal innovation Atex media could lower down its cost
of producing software and thus cutting down the prices of products.
TASK 3
P5 Explaining importance of commercial funnel and the application of New Product
Development NPD processing for commercialisation in Atex media.
When a new product or production method is introduced into commerce or
made available is market then it is known as commercialisation. It does not simply
mean innovation of any product or idea but is meant by bring that idea or product in to
the market so that the mass can use it for their use. If any innovation is not practically
possible then it is of no use to the market and only limited to the research and
development laboratory.
Commercial funnel is the process of commercialisation of any product from the
laboratory to the market or customer's home. It is a four steps process which include
awareness, interest, decision and action.
Awareness- bringing awareness in the people through content marketing, email
campaign, social media marketing and all other avenues. It is stage where the
customer's using any product have determined with any problem with it and
start finding the solution for the problem.
Interest- at this stage the customer's having problem has found the solution by
knowing about the organisation engage with organisation and ask them
question regarding the product.
Decision- after customer has become aware of organisation then its time for
them to take a decision whether to still go with that product or adopt a new one.
The process may involved sales offer and further research into different options
presented by that organisation.
Action- this is the last stage of funnel where customer decide to purchase the
product and to leave the present on or to stay with the present product only.
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New Product Development is the complete process of bringing of new
product into market means the whole transformation of market opportunity into the
product which is available for sale (Kogan et.nl, 2017). New product development include
both the tangible i.e. goods and intangible i.e. services in its process. For commercialisation
in Atex media it is vital to explain the importance of both commercial funnel and new
product development. As in Atex media it is clients need to improve software which they are
using which is possible only when Atex media understand how they can introduce new
product in the existing or new market. If Atex media has done the commercial funnel process
then it can understand where its clients or customers are facing problem with its software and
then get the product developed in a new way.
P6 Building innovation business case for Atex media including ways to access
funding
In innovation the hardest job is to built an innovation business case as all the
information taken from the market can not be as perfect as organisation want it to be.
The organisation majorly want to know issues, reducing the noise and distractions and
then making professional case for the business.
Reducing uncertainties- for many of the business ideas it is very importance that they
are very accurate as all the unwanted ideas which are awful get lost along the way in
more structured organisation. As for a business case to be innovative it is important
that all the uncertainties carried out with the idea are wash out. To built an innovative
business case for Atex media the ways are.
Problem to be solved- first step is to identify where customers are getting
problem in Atex media or why does the software available is not a per the
requirement of customer.
The solution- then taking out the solution of the identified problem with the
software (Norman and Verganti, 2014). Solution should always be customer
centric so that is affect the customer not Atex media.
Why solution is innovative- it is necessary that the solution which Atex media
found should be different form the previous one and must be innovative as well
if not the customer will certainly not like it.
Customer reach- this innovative solution should be in the reach of customer
so that the can easily find it new from the previous one.
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Design and development plans- after all research of the business case the
development and designing of the plan is also required which shows Atex
media how to implement the plan or strategy.
The main question still remain as from where and how to arrange the funds for
the required plan or innovation. The investment can be done from the public in the
form of issuing of share in the market. The resources can be get arranged also by
taking loan or advancement of fund from any financial institutes.
TASK 4
P7 Evaluating different tools used by Atex media to retain, develop, and protect
intellectual property.
Intellectual property means the creativity of human mind which include
inventions, literary and artistic works, symbols, names and images used in commerce.
Intellectual property rights have been given to the person involved in the creation of
that inventions for a certain period (Acharya and Xu, 2017). Intellectual property rights
include trademarks, copyrights, patents and trade secrets. Atex media as a software
development company obviously require that its inventions or creations to be protected and
retained by any kind of theft from any other company. Legally every governments of the
countries all around the world has formed laws regarding the protection of these intellectual
property. There are mainly four tools which are used by Atex media to retain, develop and
protect the intellectual property.
Copyrights- with this protection only holder or maker of that property has
exclusive rights to modify, distribute, perform, create, display and copy the
work done by holder. Copyrights protect authorship like literary works, music,
dramatic works, architectural works, pictorial and graphic works, computer
software etc. Atex media can register its copyrights of software with the UK
copyright office and it exists from the moment work is registered.
Patents- it grants the property rights on the invention and allowing the patent
holder from excluding others from selling or using the invention which lasts till
20 years.
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Trademarks- it is a mark that distinguishes the product under patents form that
of its competitors Atex media can use it to make the customer recognize their
product and that of others.
Trade secrets- is a formula or process that Atex media keep private to give
software a business advantage over its competitors. It includes soda formulas,
customer list, survey results and computer algorithms.
CONCLUSION
From the above report is has been concluded that the for any business to grow
and retain in the market innovation and commercialisation is very essential. As
without this customer's would certainly not like the product of any company and may
switch on to the other. Atex media a well known UK based software development
company in which innovation is very frequently taking place after a tough competition
in the software industry. All the types of innovation which Atex media is doing is
important to be get registered under the Intellectual property rights act to protect it
from the competitors.
REFERENCES
Books and journals
Acharya, V. and Xu, Z., 2017. Financial dependence and innovation: The case of
public versus private firms. Journal of Financial Economics. 124(2). pp.223-
243.
Aghion, P., Van Reenen, J. and Zingales, L., 2013. Innovation and institutional
ownership. The American Economic Review. 103(1). pp.277-304.
Barrett, M., Davidson, E., Prabhu, J. and Vargo, S.L., 2015. Service innovation in
the digital age: key contributions and future directions. MIS quarterly. 39(1).
pp.135-154.
Camagni, R., 2017. Technological change, uncertainty and innovation networks:
towards a dynamic theory of economic space. In Seminal Studies in Regional
and Urban Economics (pp. 65-92). Springer, Cham.
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