INNOVATION AND COMMERCIALIZATION REPORT: Bigbelly Smart Solutions

This report provides a comprehensive analysis of innovation and commercialization strategies, using Bigbelly, a smart waste solutions company, as a case study. The report begins by defining innovation and its importance compared to invention, highlighting the roles of leadership, organizational vision, culture, and teamwork in shaping innovative ideas. It explores various sources of innovation, the 4Ps of innovation (Paradigm, Position, Product, and Process), and the application of the innovation funnel. The study also delves into frugal innovation, its implementation, and its significance for Bigbelly. Furthermore, the report examines the commercialization funnel, new product development processes, the development, retention, and protection of knowledge and intellectual property, and ways to overcome challenges in developing successful innovations. The conclusion summarizes the key findings and provides insights into Bigbelly's approach to innovation and commercialization.

INNOVATION AND
COMMERCIALSATION
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Part 1................................................................................................................................................3
1-Concept of innovation and its importance to companies in comparison with invention.........3
2- Leadership, organizational vision, culture and teamwork can shape innovative idea............3
3- Different source of innovation and how companies can foster & develop an environment as
well as culture of innovation.......................................................................................................4
4- 4Ps of innovation, use of innovation funnel to shape and examine innovation idea..............5
5- Development in frugal innovation and way it is used in firm.................................................6
6- Innovation funnel applied in Bigbelly.....................................................................................7
7- Role of frugal innovation in company.....................................................................................7
8- How innovation is developed, embedded & measured in organization..................................8
Part 2................................................................................................................................................8
1-Importance of commercial funnel and application of new product development processing..8
2-Innovation business case..........................................................................................................9
3- Different tools that Bigbelly will use to develop, retain and protect knowledge &
intellectual property...................................................................................................................10
4- Evaluation of different tools in context of company and wider business environment........10
5- Nature of innovation and how firm can overcome challenges to develop successful
innovation..................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation and commercialization are the most essential part of business as it helps to
enhance performance of companies. Every firm deal with innovation which leads their
development and growth. Commercialization introduced innovated goods in market and
innovation create innovated products for companies which they can used to gain attention of new
consumers. The current report is based on Big-Belly company, who is known as leader of smart
recycling and waste solutions for public areas. This study explains concept of innovation, its
importance to firms in comparison with invention and define contribution of vision, leadership,
teamwork and culture of organization to shape innovative ideas.
Furthermore, this assessment examines different source of innovation, 4ps of innovation
and use of innovation funnel as well as frugal innovation inn context of company. This study
explains the role of frugal innovation, significance of commercial funnel, NPD for
commercialization of innovation within organization. Moreover, this report justified different
tools use to protect, retain & develop knowledge and IP. It also clarified the ways firm can use to
overcome challenges faced while implementing and developing innovation.
PART 1
1-Concept of innovation and its importance to companies in comparison with invention
Innovation refer to the alteration of inventing services and goods; within it no invention
takes places only current items gets improved. It refers to an essential contribution to pre-
existing things and procedures to improve their characteristics. Innovation is the procedure of
translating a concept into products that creates value for which number of people will ready pay.
Innovation is very essential in context of firm as it help to grow business rather than
before. For businesses, innovation is the source of implementing new ideas, creating dynamic
items and improving services in effective manner. This concept act as catalyst that can make
companies grow and can support them adapt in marketplace. Innovation is more important in
term of profits instead of invention, it refer to production of new items. Innovation is about
making new things or make new changes within existing things; it does not require to much
investment (Kotilainen and et.al., 2019). But on the other hand, to make invention it needed extra
efforts and require a lot of money to make it successful. Innovation within firm’s act as
techniques of retention that companies can be used to achieve further growth, instead of
invention.
2- Leadership, organizational vision, culture and teamwork can shape innovative idea
Innovation in modern meaning is a new idea, imaginations and creative thoughts in form
of method. Development of new idea is the main motive of innovation; the innovative ideas of
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companies make them able to set positive image within marketplace and also permits enhance
consumer base. For example, Bigbelly firm can make innovation in their exiting waste
management system in which organizational vision, team work and business culture play vital
role in shaping it.
Organizational vision helps to shape innovative idea effectively, according to the clear
vision all the worker works towards achieving innovative concept, they work hard to make it
successful. Firm vision decided the business growth and innovations range after that idea will be
done easily.
Along with it, leadership also play crucial role in shaping innovative ideas as it helps to
organize a firm according to the goal and objective rely on innovative concept. With effective
leadership style leaders led a team and guide them how to implement new idea in real world.
Organizational culture can shape innovative ideas, as it defines what way goods will be
produced to be innovative and in what way their commercialization gets impacted. Positive
organizational culture aggregate values and attitudes of workers, that encourage them to make
and manage innovative ideas effectively.
Teamwork helps in growth and success of business; it increases the productivity of
companies and contribute in shaping innovative ideas, ability of team will implement innovation
and innovative idea efficiently (Ratten, 2019).
3- Different source of innovation and how companies can foster & develop an environment as
well as culture of innovation
Unexpected occurrences-
It is considered as one of the easiest sources of innovation, it can be found in best manner
when innovation is considered as unexpected from everyone thoughts. Unpredicted or
Unexcepted innovative ideas will create more profit for firm, it helps to increase businesses
growth, it will be an essential source of innovation chances, that is beneficial in term of longer-
term success.
Procedure needs-
The needs of development and improvement process is another source of innovation, it
drives people and companies towards innovation which is beneficial for them as help to generate
more revenue.
Incongruities-
Incongruity between outcomes and expectations can also open up possibilities for
innovation. It means how organization can make sense to fit innovation system in their
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operations process (Ardito and et.al., 2019).
Demographic changes-
Demographics decide that which and where goods and services must be innovated in
market, areas decades’ accessibility of goods. Demographic changes are the key driver of
innovation, that drives firms to make changes in their existing products according to the change.
New Knowledge-
By gaining knowledge and developing new understand about market provides idea in
context of innovation, which help to satisfy the needs of consumers.
Bigbelly can develop culture and environment of innovation by following above sources
of innovation, this culture can be drawn out by working it with accordant to market needs as well
as standards.
4- 4Ps of innovation, use of innovation funnel to shape and examine innovation idea
Paradigm-
It is planned procedure by which firms faces modifications of being taken innovative idea
and thinking of how company do all jobs, in term of doing work by facing new threats and
obstacles. Paradigm establishes what enterprise must do to make innovation or changes in their
existing goods (Pedersen, Gwozdz and Hvass, 2018).
Position-
It is another area of innovation sector; position decides that how Bigbelly frames their
services or goods in front of market. Firm wanted to achieve their position in market by offering
the best and useful recycling solutions for public spaces.
Product-
It is the main thing which is offered to target market by firm, it will be valuable to
businesses, when products are capable to add value for Bigbelly. In case of Bigbelly, when they
provide its best solutions to consumers, then it will be capable to add value to firm by adding
competitive benefits.
Process-
After dealing with product and paradigm innovation P’s, procedures of goods supply,
hiring workers and workflow are all included in this procedure (Michaelis and Markham, 2017).
This P, in terms of innovation refer to the crafting of process for making it efficient and cheaper
for customers and workers, it impacts positively on overall business performance.
Innovation funnel-
It describes the procedure to develop or create goods, as its name indicate funnel define
whole process to make and meeting marketing needs of services and products.
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Figure 1Innovation Funnel
(Source: Innovation Funnel stages, 2018)
To shape innovative idea, innovation funnel is used by following their stages, described
in above illustration. For example, Bigbelly in order to shape and examine innovative idea will
collect as many ideas as possible. In doing so, they can expand knowledge and accessibility of
information. In second stage, the ideas that company has developed in above stages are screened
by professionals and then chose the best one among number of innovative ideas. In screening
procedure firm match ideas with their business goals to check whether they had added value or
not. After selecting and establishing the effective ideas, assets will be allocated to most viable
plans as well as opportunities (Eskelinen and et.al., 2017). At last phase, Bigbelly assure that
chosen idea are tuned to business objectives that were drawn up when they were started. The
testing of idea is very essential to assure the benefits company will gain after implementing
innovative idea, it helps to shape it in better way.
5- Development in frugal innovation and way it is used in firm
Frugal innovation is considered as process of invent of goods or services idea in context
of Bigbelly. It refers to the reduction of unessential cost and manufacture of invaluable products
in order to achieve high income or profitability. Frugal innovation is quite beneficial for
company as it helps to reduces complexity of innovation and helps in many ways such as provide
maximum profit from few resources to reach sustainability and remove voids of business.
Mostly, it works on bottom to top approach in contrary to top to bottom way of standard
innovation (Melkas, Oikarinen and Pekkarinen, 2019). This is so because it caters more
reliability of goods and Bigbelly attain higher number of consumers form minimum assets. It can
be used in context of chosen firm, by implementing frugal innovation process. It caters
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importance for service and goods by moving to lower level to customers and it acts as a
procedure of reducing cost of goods and complexity of production by which items is reached to
people and it is not good for sophisticated clients because they are not happy in complex
procedures. Through this concept, non-essential features are removed within service system of
Bigbelly in order to achieve better results and provide exact demand of consumers.
6- Innovation funnel applied in Bigbelly
Innovation funnel can use in Bigbelly firm as it helps to shape its innovative idea in the
future. It includes three major phases in journey of modified services or other things, company
collect more info about goods innovation, and gather more ideas opens and creates many chances
for product innovation (Khan, 2018). It will be applied in Bigbelly firm by following their
stages, for example in next step concern about segmentation of gathered idea that means
screening of collected innovative ideas. Furthermore, in last major phase chosen idea will deliver
firm services effectively and meet their overall business objectives for which company
established. By applying the innovation funnel steps within business, Bigbelly can able to reduce
time to market, improve product development productivity, obtain significant ROI and increase
their revenue rather than before.
7- Role of frugal innovation in company
Frugal innovation is unique and different from all other innovation procedures such as
innovation funnel. It named as frugal because it is not confined with specific consumers but pick
up wide range of users from lowest resources. Many firms whether it is small or medium size
using frugal innovation because it helps to attain increased profit for them. This type of
innovation is specifically relevant to growing markets as it emphasises company ability to create
high end technology services with low costs to meet market situation and demand of nation. It
plays vital role in context of Bigbelly company as by taking care of each of elements of frugal
innovation, firm further strives to reduce difficulties within their marketing and delivering
practices to practitioners (Shibin and et.al., 2018). It is quite beneficial for organization as it
permits management with a quality of services or goods to compete effectively with cheaper
manufactures as it makes a good item more affordable. The role of this innovation in company is
to increase growth of business and cutting funds to reduce debt in developed economies. It is
really very amazing and innovative procedure; frugal innovation develops high profitability for
firm by covering wider rang of people with lost cots and also by minimum resources with better
quality. By implementing this innovation within business, Bigbelly can obtain better
opportunities as they can identify unessential things and cut it down that save money and efforts,
so it can be said that frugal innovation played the most essential role in increasing profitability as
well as productivity.
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8- How innovation is developed, embedded & measured in organization
Waste and recycling solutions innovation is very important because in further period
Bigbelly firm required innovation in their old systems and needs changes of web-based platforms
systems. However, to develop innovation first firm need to applied on its services and at last it
can be measured in commercialization step so that organization gets maximum profit margin
from it. Innovation within business is effectively developed by understanding the needs of it and
encourage workers to think about innovative ideas. By motivating staff and encouraging them
company is able to develop an innovation or create innovative idea.
Furthermore, to implanted innovation in firm it is very essential to follow the steps such
as set aside time to think and the make personal aims. By encouraging collaboration and
conversation, the management of Bigbelly embedded innovation efficiently within business as it
helps to gain competitive advantages and generate revenue more than its competitors. With high
aim and effective collaboration, company implement innovation that provide full satisfaction to
consumer (Brierley and Kondos, 2016). Be creative thinking, embedding innovation and
collaboration into core of business and including it to company, management workers daily work
activities, will assure that they seen as being someone who adds value to firm as well as making
it easier to complete tasks, and reach own professional objectives.
Moreover, to measure innovation after development and embedding Bigbelly can identify
how many ideas per month they get from all of their workers. By obtaining range of innovative
ideas, firm always be kept at top within marketplace.
PART 2
1-Importance of commercial funnel and application of new product development processing
Commercial funnel will use to demonstrates journey of target consumers towards
purchases of products or services of Bigbelly. It is accountable to visually represent client’s
journey there by depicting their sales procedures, which begin from awareness to action.
Commercial funnel act as revenue funnel thereby depicting different ideas that shows it
importance for company, ideas relate to beginning of sale where a wide proportion of consumers
are related and how they tend to obtain smaller during period of purchase. It is very essential in
Bigbelly specially when it come in context of profitability which lead in their business growth
effectively. Another name of this funnel is sales funnel, which includes procedure by which
company generate leads and engage more people with purchase.
New product development processing-
Idea generation-
Idea generation is very essential before implementing innovation in existing products.
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Firm encourage workers to develop innovative idea and provide the best one.
Idea screening-
After developing idea, management chose the better one among range of ideas and screen
its effectiveness and benefits in term of business growth.
Concept development and testing-
The chosen concept or innovative idea was developed and then tested by professionals
who are able to determine issues or any problems with it (Shibin and et.al., 2018).
Marketing strategy development-
Before introducing innovative product or services in market firm make marketing
strategy that help to generate its awareness within marketplace effectively.
Product development-
After completing the above stages, the innovative idea is being implemented and now
good is developed and produced for consumers.
Commercialisation-
After passing all above phases, now company launch product in market that increase its
sales rather than before.
2-Innovation business case
In order to sustain for longer within competitive business world, Bigbelly had to innovate
something within their existing services, they had to invest more funding for conducting market
research that help them while innovation process. Waste and recycling solution are the services
of company, in which they can make innovation, for example with help of implementing waste
detector they can detect recyclable things effectively (Eskelinen and et.al., 2017). To measure
overall effectiveness of this innovation, Bigbelly make a small test using conducting market
research as it makes them able to get information about innovation benefits. For making is
successful, firm had to invest big amount for which they need to find out the right and
appropriate way to access funding.
Innovative business case stages-
Vision-
The vision of Big-belly firm is to reduce waste by providing solutions related to it.
Mission-
The mission of organization is to cater most advanced and cost effective waste
management solutions that is beneficial for environment safety and sustainability.
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Objective-
The objective of organization is to constantly evolve their technology, waste management
solutions and product channels to develop a remarkable shift modification in recent waste
collection procedure to develop cleaner and smarter cities.
STP-
Segmentation-
BigBelly company can use Psychographic and behavioural segmentation strategy in
context of business case, that help to target consumers accordingly.
Targeting-
Organization target those people who are able to understand services of Bigbelly and its
importance in their life. They target consumers who are more concern about sustainable
environment.
Positioning-
In order to set position of new services within market place company provide it with low
cost, that consumer perceive as valuable things.
SWOT analysis-
Strength-
The strength of Big-belly company is their services, it is one of the leading wastes and
recycling solution provider in the world.
Weakness-
Lack of online presence is the weak point of organization that impact on its business and
brand reputation within marketplace.
Opportunity-
Technology advancement is the great opportunity for company that they can utilize in
business growth as well success, it is quite beneficial for Big belly because its business is based
on technologies and advanced systems.
Threat-
Lack of knowledge and skills of workers posses threat for company which directly impact
on its business productivity rather than its competitors.
Porter’s Five forces model-
Bargaining power of suppliers-
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The bargaining power of suppliers is medium, because Big belly company use few
suppliers for collecting materials related to their services, which gives them low power to switch
and increase cost of items.
Bargaining power of buyers-
Power of consumers is high, because they can low down the cost of services, the number
of customers in market who use recycling solution are less that gives power to company buyers
to change pricing patter.
Threat of substitute services-
Threat of this force is low, because there is not substitute of services offered by BigBelly
available in market that customers can use.
Threat of new entrance-
Threat of new entrance is high, Due to changing needs and concern of customers as well
as government many companies drive towards sustainability and attempt to expand their
business within new place that threaten Big-Belly and will impact on their profit margin.
Competition among existing rivals-
The competitive rivalry is high among existing companies, Big belly affected due to
highly competitive environment because every company try to gain competitive benefits and for
this, they can develop different strategies.
Budget-
Resources Cost
Market research 50
Hiring 125
Training 100
Technology implementation 300
Marketing activities 200
Total 775
Ways to access funding-
Bank- when firm chose this way, they can get funds by apply application for bank loan, it is the
best way to access fund that make innovation successful.
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Family- by taking loan from family members or borrow from them Bigbelly company get funds
require for implementing innovative idea.
Strategies-
In order to cater their advanced services to people Bigbelly company can use the best
segmentation strategy, target people who are highly interested regarding environmental
sustainability. They can promote their services through social media channel that help to generate
awareness about services in fastest way that drive consumers towards them.
3- Different tools that Bigbelly will use to develop, retain and protect knowledge & intellectual
property
Patent-
It is the property right of inventor, patent is useful and non-obvious invention, used to
protect intellectual property for longer period. In any nation where protection is sought, this toll
is territorial and meaning that one can apply for patent protection (Modic and Damij, 2018).
Bigbelly company can use patent to protect their services and other things from its competitors,
it helps to stop someone else from using invention without permission.
Copyright-
It is another tool use to retain and protect IP by Bigbelly, it is an impeccable way that
helps firm to secure their innovation or invention from others. It granted only for business owner
to reproduce things. It protects owner benefits in form of economic rights that entitles inventor to
practice control over used of their products.
Trademark-
A design, expression and sign that determines goods or services of specific source is
called trademarks. This tool can use by Bigbelly for tagline, business name and captions, by
using trademark company can build its goodwill and trust among consumers.
In context of firm, Copyright and patient tool is quite beneficial it saves the invention of
company from being stolen by its competitors without approval. In addition to it, before adopting
these tools firm need to follow legal formalities and requirement (Parr, 2018). By maintaining
these legal requirements and formalities organization can use trademark and patent options for its
business.
4- Evaluation of different tools in context of company and wider business environment
A government authority conferring a right for set time, especially sole right to exclude
others from invention, selling and using is called patent. It helps company protect its intellectual
property and important resources by government problems right allowing them to make & sell
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