Report on Innovation and Commercialization: BAJ Shop Ltd Analysis

This report explores innovation and commercialization strategies, focusing on BAJ Shop Ltd, a company specializing in jewelry. It discusses how organizations can source and foster innovation, highlighting methods such as empowering employees, encouraging risk-taking, providing brainstorming spaces, and rewarding contributions. The report differentiates between incremental, architectural, disruptive, and radical innovation, explaining their implementation within organizations. A detailed business case is presented, outlining the risks, benefits, and funding options for innovation at BAJ Shop Ltd. Finally, it evaluates tools for developing, retaining, and protecting intellectual property, emphasizing the importance of these strategies for organizational growth and competitive advantage. The report concludes by reinforcing the significance of innovation and commercialization for business success.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Discussing the way where different organisation can source along with foster innovation
through using different examples...........................................................................................3
Differentiating between various types of innovation along with how they processed within
organisation............................................................................................................................5
Producing a detailed business case in relation to innovating which comprises of risks, benefits
and ways for accessing funding..............................................................................................6
Evaluation of differential tools which can be used by organisation for developing, retaining
and protecting intellectual property .......................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation refers to process of introducing new business which are effective and may lead to
create better and effective business ideas which are effective and may lead to increase better
value to business (Aarikka-Stenroos and Et. Al., 2017). This is the one that may influence better
and effective response that are associated with taking care of new product in the market may help
in increasing higher profitability for the business organisation. This include coming up with new
ideas that may help in getting better opportunity to provide better implementation of effective
product through the business organisation for create better value with better output. Here,
commercialisation is introduced which include the method of using innovative product in the
market through processes and services. In this, BAJ shop Ltd along with different organisation
can foster the information and different type of innovation which can be process within the
organisation. This has been started by university students three years ago and they essentially
deals with rings, bracelets as well as chains at their outlets at London.
This project report covers the risks and benefits of innovation for organisation as well as
ways for funding their innovative practices. This also covers knowledge towards retention and
protection of intellectual property.
MAIN BODY
Discussing the way where different organisation can source along with foster innovation through
using different examples
BAJ shop Ltd is considered as effective and leading organisation which is bringing
innovative practices which allows them to achieve better organisational development that can
help to expand their operations. There is need to provide better use of the skill, knowledge and
through that can help to achieve better innovation in the business (Asgari, Zakery and Pishvaee,
2021). Here, it is essential to increase employee efficiency that may include employee creativity
and organisational work. These need to include and improve that can enable organisation to work
effectively towards the innovative idea and help in achieving better market to enhance the
profitability. There are different ways which can be effective and organisation may use those for
fostering and sourcing innovation that are going to be discussed further.
Enabling an employee to play role of designer- Organization should encourage all their
employees to take part in sharing different ideas and use those to think in different manner which

can enable to provide better creative response which can be effective for the organisation and
help in getting better help to use the internal resources and structure for the creativity (Colombo
and Et. Al., 2017). This can also help employee of the organisation to think differently which can
use those to make new innovation and enable to use their mind for the better and creative
thoughts for the organisation. This can enable to provide better understanding about using their
mind for the creative thinking and allow to make some innovative product for high profit of the
organisation.
Encouraging employee to enhance their boundaries- This is the one where organisation
should encourage their employee that can enable them to think differently and take some risk.
This is an effective way that can allow employee to get some different and creative idea for the
innovative product. This can also help in making higher market that can allow to provide better
response towards making and effective management for the company (GHASEMINEJAD, 2017)
(Lim, Darley and Marion, 2017). Owners of BAJ Shop Ltd should provide better and effective
way that are effective and may help to employee to implement those for the innovative ideas for
the business.
Providing recreational area for employee to brainstorm- Organisation should provide a
separate area which can be effective and may help in getting better support to employee where
they can sit in group and think on some specific topic (McPhee, Giones and Dutta, 2019).
Through sharing their ideas with each other can help to generate some new idea which can be
creative and allow organisation to achieve some new product idea which are different from other
organisation or in the market. This area can also help them to get better relaxation and enable to
enhance their thought process. This can help to increase their thinking skills and provide better
aspect of innovative idea which are needed by the organisation to make better profit through
implementing those ideas in their product for better business and higher profitability.
Company should reward their employee for contributing in organisational
development- Organisation should play an important role in dealing with better and effective
motivation for their employee. This can also help employee to boost their motivation.
Organisation should reward their employee which can allow to create some motivation within
other to work effectively and make better response through their performance. This can allow
organisation to possess productive employee that can be effective to get better help in achieving
better response towards making high business (Min, Vonortas and Kim, 2019). Here,

organisation should increase salary or provide different monitory aware that can help to motive
employee and encourage them to get better response towards the creativity level that may help in
booting for getting such rewards.
Held contest or activity randomly- This is effective to check organisational employee IQ
level and their thinking and creativity level that may influence them to enhance their knowledge
and performance on regular basis. This can help to improve employee productivity. This can also
enable organisation to increase the productivity and provide better outcomes to the organisation.
This can also allow to improve skills and knowledge of every individual employee.
Examples- There is qualitative products which should be provided at the affordable and
reasonable cost which can be effective to increase the organisational revenue like electric
batteries, portable chargers and other.
BAJ shop Ltd should also implement the policy which can allow to reward their employee
through considering the effective and creative thinking that can allow to execute the creative
thoughts along with ideas that can help in organisational growth and development.
Differentiating between various types of innovation along with how they processed within
organisation
Implementation of new along with creative ideas can help in creative practices which
include qualitative product of the innovation. There are some of the innovation which can lead to
create better and effective response towards product innovation, processes and services within
organisation which are going to be discussed further.
Incremental innovation- There is verification along with examination of the incremental
innovation where organisation include the use of existing technology and may influence market
through offering advanced use of technology and design along with extra features within their
design (Min, Kim and Sawng, 2020). Here, BAJ organisation should provide their product
through making some innovation in their design and feature which can allow to attract large
number of customer base which are associated with provide better implementation of better and
effective response for the motivation of employee.
Architectural Innovation- This is the one in which there is need to get ensure about
implementing the innovation in the jewellery products. This can enable organisation to attract
large number of customer base which are associated with increasing the organisational
productivity along with profitability. Through including architectural innovation in the product

can lead to create large number of attraction which are associated with providing better and
effective response which are increase the customer base along with organisational business.
Disruptive innovation- Such type of innovation can be highly effective for the BAJ shop
Ltd that can allow to provide better and effective response and may influence in effective way
about taking care of innovation in better way. This can include using their innovation to catch the
market from lower to gain higher benefits. This can help the organisation to get one better step
that can attract and make large customer base for the higher business (Narimani and Vaezi,
2017). This can allow to cover the existing market in less time and use the innovation can allow
to increase their customer base in less time which allow to make higher profit by the
organisation.
Radical innovation- This is the type of innovation that are used very less and may
include various business models, services, processes along with techniques for market
innovation. Through using this radical innovation can lead to create high impact on the product
which are associated with BAJ shop Ltd where they should produce their product with more
innovation through improving and modifying including better new solution for the business.
Here, process of innovation may include better and effective implementation of new and
creative ideas that are effective and can lead to make some better product in the jewellery
product for improving the product in more efficient way that can allow to attract large number of
customer base for the higher profitability of the organisation. Here, process of innovation may
include better and effective response through making some changes in the existing knowledge
that can be implemented in the marketable solutions. Through generation creative idea can allow
BAJ shop Ltd to get better and effective use of innovation in their product for attracting large
number of customer base for higher profitability. Through making innovation in the existing
manufacturing process can allow to provide better opportunity to make high profit (Novikov and
Arbelaez-Campillo, 2021).
Incremental innovation can be proceeded in BAJ Shop Ltd through gaining proper
insights regarding competitor's products and customer demands. Owners of BAJ Shop Ltd have
gained knowledge regarding market dynamics as well as customer perspectives for initiating
their innovative practices in an effective manner. They have also used advanced technology for
developing unique designs of their jewellery.

Producing a detailed business case in relation to innovating which comprises of risks, benefits
and ways for accessing funding
An innovative business case helps in evaluating the actions which are undertaken by
organisation. It majorly consisted of rationale regarding bringing the innovation. Fundamental
aim of this business case is to stack up whether proposed idea of innovation is worthy or not.
This business case is required to be reliable, credible as well as transparent in order to make it
effective. Business case in relevance with BAJ Shop Ltd regarding their risks, benefits and ways
for accessing funding is as follows:
Purpose for innovation business case
Owners of BAJ Shop Ltd are willing to bring innovative practices in order to gain
competitive advantage over their competitors in an effective manner. For this, they have bought a
new technology which can make unique jewellery designs in a strategic manner and also provide
them extra profits.
Summary of the opportunity
Owners of BAJ Group Ltd have the opportunity for bringing innovation as by using new
technology they can cut down their cost and offers the products on a low prices to their
customers. This practice will help them to engage and retain their customers as well as gain
competitive advantage as compared to their competitors, H Samuels.
Customer needs
It is imperative for business houses to bring innovative practices by keeping diverse
customer needs in mind (Rainville, 2017). Owners of BAJ Shop Ltd are bringing their unique
and innovative products by keeping customer's perspective in mind. They have adopted different
technology which helps them to provide their products at comparatively low prices.
Market attractiveness
It is crucial for organisational managers to assess the attractiveness of market in which
they are operating (Sløk-Madsen, Ritter and Sornn-Friese, 2017). In order to assess attractiveness
as well as competitiveness of marketplace, it is imperative for owners of BAJ Shop Ltd to
evaluate varied forces such as political, economical, technological, environmental, legal and
technological aspects. They should assess political stability and formulated business policies in
regards with their organisational operations. They are following environmental laws and making
compliance with legislations which helps them in save their funds as well as bringing

innovations in a strategic manner. They ought to create social media presence for marketing their
products in order to make their reach to massive number of customers.
Key risks which can be faced by BAJ Shop Ltd
Dynamic market trends- Fluctuations in market trends can poses as risk for
organisations especially which are planning for bringing innovative products in a significant
manner (Symeonidou, Bruneel and Autio, 2017). In relevance with BAJ Shop Ltd, UK market is
become very common and practice of imitation is increasing which led to lowering the profit
margins of company. Owners of BAJ Shop Ltd are also facing the risk of imitation and changing
market dynamics.
Economic risk- Business world is suffering from after effects of covid pandemic on a
global scale. BAJ Shop Ltd has also suffered with this global international crisis which poses as
a risk at their innovative practices in a strategic manner.
Lack of digitalised technologies- Owners of BAJ Shop Ltd have not created their social
presence through digitalised ways in an effective manner. They are only indulging on word-of-
mouth technique for marketing their products. Whereas, there are companies who are
transforming their operations in digitalised manner for gaining competitive advantage. This
practice poses as a risk for BAJ Shop Ltd and there is a need for them to adopt digitalisation
practices for better innovations.
Benefits can be gained by BAJ Shop Ltd
Business organisations gain varied benefits through bringing innovative practices in a
strategic manner (Tianyi, 2021). Through adopting innovative practices in their business
operations, owners of BAJ Shop Ltd can gain benefits in regards with improvising their
productivity face competitive environment and enhance their profitability in an effective manner.
Through this, brand recognition as well as value can also be enlightened in front of public in a
strategic manner.
Ways for access funding
Bootstrapping is described as a procedure of using existing resources like personal
savings, space and other related aspects for expanding the business operations in an effective
manner. This method best suits to entrepreneur who have to start-up their business.

Angel Investors- This source is concerned with asking for funds from effluent investors
in exchange for an equity stake. Through this, company has to share their controlling rights with
their investors and provides them opportunity for making critical decisions.
Bank Loan- Under this way of funding, bank provides support to businesses by
providing them loan for expanding their operations or for a long term success. This is the easiest
way for access funds as proper documentation has to be prepared for assessing this type.
From the above ways of funding, owners of BAJ Shop Ltd can assess back loan as they
can easily get this in exchange for specified rate of interest. They also have taken a back loan
which helps them to have understanding to assess funds in an easy manner.
Evaluation of differential tools which can be used by organisation for developing, retaining and
protecting intellectual property
Intellectual property rights is described as a category which essentially comprises of
intangible creations in regards with human intellect (Wang, Phillips and Yang 2021). It is
considered as important for business organisations as it aid them in developing as well as
maintaining long term revenue streams of an establishment as well as enhance shareholder's
values. It also assist establishments in protecting and retaining the technological innovations for
securing competitive edge. Varied intellectual property rights which needs to be undertaken by
owners of BAJ Shop Ltd for protecting their innovative practices are as follows:
Trade secrets- These intellectual property rights are used for unique and confidential
knowledge in relation to an organisation. This unique information should be valuable for
company as it offers them to secure a competitive edge. It protects the company from imitating
their innovative processes and products. In relation to BAJ Shop Ltd, owners can apply for
taking protection for their trade secrets regarding their innovative processes which will help them
to design their unique jewellery.
Patents- It is an exclusive right which is provided to an establishment in regards with a
product or method which is not used by any other company. This intellectual property rights help
inventor to protect their idea or innovative product. This protection can be taken for a specified
period of time which is to be renewed after the expiry. This should be considered by owners of
BAJ Shop Ltd for protecting their unique jewellery designs. This practice can also help them to
mitigate the risk of imitation of their products in Chinese market.

Through adopting this practices, owners of BAJ Shop Ltd can retain and protect their
innovative practices in an effective manner. This can be undertaken by owners of BAJ Shop Ltd
at the time of development of innovative processes and products. Apart from these, owners of
BAJ Shop Ltd can undertake the design protection which can be used by them for protecting
their products from emulation. This also offers them a position to secure their competitive edge
and being ahead of their competitors in a strategic manner.
CONCLUSION
From the above mentioned information, it has been concluded that it is imperative for
business to design their operations in an innovative manner. Commercialisation plays an
important role in dealing with innovative product which should go to market to make the profit
for the organisation. Commercialisation process includes the process of innovation which are
effective for the creative ideas, monetary input and inventions to the market. Incremental
innovation is considered as upgrading or improving small things in a product, service or process
in an effective manner. Whereas, disruptive innovative practices are considered as bringing
powerful and different changes in regards with products or services. Knowledge regarding
intellectual property rights are considered as important for organisational managers to retain and
protect their innovative practices. It is imperative for organisational managers to bring
innovations in their products and processes in a constant basis.

REFERENCES
Books and Journals
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consequences on commercialization performance in small and medium-sized
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Generation to Commercialization and Diffusion of the Idea.
Lim, J. S., Darley, W. K. and Marion, D., 2017. Market orientation, innovation
commercialization capability and firm performance relationships: the moderating role of
supply chain influence. Journal of Business & Industrial Marketing.
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entrepreneurship. Technology Innovation Management Review. 9(1). pp.3-8.
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Rainville, A., 2017. Standards in green public procurement–A framework to enhance
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