Innovation and Commercialisation: Driving Business Growth and Strategy

This report delves into the critical concepts of innovation and commercialization, exploring their significance for organizational growth and competitiveness. It begins by differentiating innovation from invention, emphasizing the role of vision, leadership, culture, and teamwork in shaping innovation within a company. The report then examines the 4Ps of innovation (product, process, position, and paradigm), the innovation funnel, and frugal innovations, providing real-world examples. Furthermore, it explains the commercial funnel and the application of New Product Development (NDP) for commercial innovation. The report also covers building an innovation business case, including ways to access funding, and discusses tools used by organizations to develop, retain, and protect knowledge and intellectual property. The study uses examples of companies like Dyson and Toyota to illustrate key points and strategies.

Innovation and
Commercialisation
1

2

Table of Contents
INTRODUCTION ..........................................................................................................................3
P1 Explaining innovation and determining its importance to organisation in comparison with
invention.................................................................................................................................3
P2 Explaining that how company shaping innovation and commercialisation by vision,
leadership, culture and teamwork...........................................................................................5
LO 2 ................................................................................................................................................7
P3 Explaining the 4ps of innovation and explaining the use of innovation funnel to examine
and shape innovative ideas.....................................................................................................7
P4 Explaining developments in frugal innovations in frugal innovations and provide example
of how it is used in an organisational.....................................................................................9
P5 Explaining the importance of the commercial funnel and the application of NDP for
commercial innovation.........................................................................................................10
LO 3.................................................................................................................................................1
P6 Build an innovation business case for an organisation with include ways to access funding
................................................................................................................................................1
LO 4.................................................................................................................................................3
P7 Different tools used by the organisation to develop, retain and protect knowledge and
intellectual property................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7
3

INTRODUCTION
Managing innovation and invention is the two most necessary creative thing that affect
the whole business organisation goals and makes company more effective. Innovation and
commercialisation is the best process to develop the company image in front of the company. is
the necessary concept of the company New idea can originate from an improvement of an
existing idea or something from scratch. For example of many organisation who constantly
develop the new concept of new ideas that is Apple. Apple technology is the best example of
innovation and invention. Innovation Innovation and commercialisation is the process to promote
the company engaging development growth for the company. Innovation and commercialisation
is the concept which is taught buy different practising innovators. Innovation is important for the
organisation to develop the new product or services for the company stability. Involves the
generation of globally novel idea. Study will be taking Dyson and Toyota company will be
taking into action. Moreover, study will be discussing the importance of innovation and
comparison with invention.
P1 Explaining innovation and determining its importance to organisation in comparison with
invention.
Innovation is the most essential process for the company who deals with high ranging
market. Innovators in the business world creates new products, methods and ideas (Adams and
et.al., 2016). This process makes the new long term market opportunity to develop the new
emerging growth in the long term growth channel. Innovation gives opportunity to the company
to develop the productive functional goals and effective working outputs for the betterment. Such
as Toyota launch its new creation that is Toyota Hybrid which is more creative and fabulous in
looking wise. Company launching fresh digital system within the car to make customers more
technological advanced and efficient. launching car has been taken attractive features to get
potential customers. The Corolla range's TNGA GA-C platform guarantees a more rewarding
driving experience, further this will more helping or presenting the advanced features to make
new innovation for the potential customers. Companies has to take innovative ideas and steps to
enable the customer needs and market demand (Amabile and Pratt, 2016). In order to achieve
those creative development ideas company getting these following outcomes such as given
below:
4

 Maximizing high rate of return on investment to shareholder
 effectively achieving business growth goals.
 Increasing the productivity and thereby increasing the profitability.
Importance of innovation for the organisation
Grow its leaps and bounds : As per the research, innovation is very important for the
company growth. Businesses that innovate are able to scale up and add more employees for the
further expansion and growth (Bason, 2018). Innovation is easier to grow, regardless of the size
of the business. Such as Apple, they always invent some new innovative features to develop the
company image and long term stability growth.
The right innovation will allow to offer something unique to the customers. For top
innovators customers are always looking for theme towards to analyse some new potential goals
and targets.
Meet Customer needs
another important reason for which innovation is very important for the company to full
fill their best outcome results and growth (Berry and Berry, 2018). Apart from that, customer
needs is dynamic in nature, they always been changing as per the current trend. It helps to grow
the different market needs and best product outcomes and growth. For example, Dyson
Engineers has made new innovative Vacuums for flying Machines. It helps to develop the new
emerging and effective development growth.
Maximising globalization connectivity
Innovation is very necessary for the company to develop the new emerging trend or
connectivity with global market (Bhatti and et.al., 2018). Innovation has always been providing
company new future and new opportunity to growth in the completing market.
Invention
Invention is the another term which creates superiors quality of products and services
which is based on new concepts or ideas. The best example of invention is one and only IBM. It
is the only reason to established the best ideological and effective charges to make the best
productive nature and long term goals and best effective and developing results (Dees, 2017).
It helps to create the new emerging market opportunity and best product outcome goals in
order to keep the company image sustained and challenging. Invention is the process based on
new concept which has been created by new idea. On the other hand, innovation has done with
5

existing invention (Dodge, R. and et.al., 2017). Without innovation invention cannot exits. It
affects the best outcome results and also affect the best productive outcomes and goals. For
example, Dyson is the best company of selling household appliances such as Vacuum cleaners,
bladeless fans, heater and hair dryers. These all are their own invention and creativity towards
making new techniques and new launching ideas and goals. Moreover, it brings new advanced
technology and growth in order to meet out the best inventions as well. New advanced
technology has been given new future to the companies.
Invention Innovation
Definition : Invention is the process where
company has launching new ideas, concept,
process or devise. Some of the examples of
invention is press, electricity, telephone etc.
Definition : Innovation is the process to
introduce newer or some better features
solution that meet out the customer needs
and wants (Jayaram and Vickery 2018). For
example of innovation is tablet, flat screen
TV etc.
Elements : Invention required to some skills,
knowledge and financial aid.
Elements : Innovation required some
specific elements such as market needs,
knowledge, creativity and new latest trends.
Example : Invention is just to make new product
which has never been invented before. For
example, computers, artificial intelligence.
Examples: Innovation is the process which
innovate the new features from existing
things like laptops etc.
P2 Explaining that how company shaping innovation and commercialisation by vision,
leadership, culture and teamwork
Company management, employees their goals and objectives decides the company future
stability in the market. Company always pre decided the objectives, vision, goals on which they
work upon with strategies or innovative business plan. All kinds of business services and
companies having same objectives is that to maintained their position in the competitive market.
For that, they have to launch different kinds of services and growth for the company to keep
maintained the proper result goals an best different kinds of market opportunity (Kang, Burdon
6

and Mooney, 2019). On the other hand, vision, objective, culture, leadership and other all are the
some kinds of different activities and goals to make the best outcome results. Successful
organisation has always having good culture, leadership and company vision. It helps all to make
effective working outcome and best developing goals. Overall, it helps to sustained the best
outcome results in order to meet out the best form of goals. Culture plays the most important role
for the development of best developing results. Virtual all companies required to innovate
company culture and team performance in order to develop the ideas and effective product
outcomes and growth. Overall, it brings new developing result outcomes in order to meet out the
best developing result oriented. In order to meet out the best developing result. In order to meet
out the best developing effective outcomes. It makes the best outcomes in order to make the best
outcome goals.
New creative and new developing ideological make the best outcome goals. Overall,
teamwork and leadership styles to make the best outcome result goals. In order to meet out the
results and more growing developing result outcomes.
Vision : Vision of the company defines that weather they approachable to the company
or not. Vision of the company should be most attractive and developing towards the best growing
performance goals to get the best ideas and developing results.
Leadership : leaders are the pillar for the company who make good and healthy
environment within the working culture. Besides, leaders also known for motivating the
company employees towards productive work (Mazzola, Perrone and Handfield, 2018). Such as
Toyota having Sharpe and creative leaders who generate new energy between employees to
create some new ideas and creation.
Effective leader recognizes the upcoming challenges and employee’s behaviour towards
the new development and effective growth. Apart from that, it helps to regenerate the new
developing growth for the new emerging markets. Leaders fosters a commitments from the team
to embrace an innovation mind-set where employees learns to apply the difference technologies
and growth. Creating an innovation culture through effective leadership. Moreover, it brings new
effective targets that affect the new developing goals and new emerging trends.
New emerging trends and new market opportunity and effective leading targets and best
outcome results. Leaders also create new and productive outcomes to make the best and new
developing result outcomes.
7

Culture
It is the another element and component that helps to make innovative ideas and goals. It
helps to generate new developing results and goals. Moreover, it brings new managing and
effective service growth. Culture influenced working environment of the company that motivates
people or might be demotivated as well. It depends upon the best productive idea that generate
new developing goals and best outcomes as well (Muls and et.al., 2015). There are two types of
culture positive and negative culture. Both influenced business environment into different
manner. Positive culture always encourages employees towards the positive manner. Besides,
negative culture influenced people into wrongful path.
Team work
Team work is the most important element which shape innovation and commercialisation
within the company structure. Team work reflect the team building and the leaders who holds the
best team within the company. It affects the best outcomes for the people who makes the best
approachable ideas. New or productive team leaders are always being creating new thoughts,
sharing new thoughts and ideas. With the help of those creative minds. Company get new
product development.
LO 2
P3 Explaining the 4ps of innovation and explaining the use of innovation funnel to examine and
shape innovative ideas.
Innovation is the vital process for the business stability and developing new thoughts and
ideas to meet the needs of the customers. Innovation mix consist some elements and components
to develop the new emerging and competitive environment. Innovative process can improve and
bring the business. Innovation mix consist Paradigm, Product, Position and Process in not to be
mistaken with the market mix and its other 4Ps. Product, place, promotion and public relations.
It makes the best outcome goals and best productive and make the best outcome results
and goals. Innovation is often in the eye of the beholder, on the another hand new innovation
discover the new emerging market to make the best outcome goals. Innovation can also focuses
on the processes that products created or delivered (Kang, Burdon and Mooney, 2019). There are
four types of innovation that makes the best product outcomes.
8

Product Innovation
product innovation is the first innovation mix under which company originate new
product development planning as per the demands and needs of the customers. New product
enhances the company image and popularity within the market. There is huge competition in the
market in auto mobile sector. In order to resist in the competitive market, Toyota has to make
new idea and launch new car in the market with new features and services. The main aims of the
company are to make the output result and new product development channel in order to meet
out the best product goals and target (Sharmelly and Ray, 2016). Product innovation is the most
essential process for the companies that helps to motivate the best possible action plan in order to
meet out the company objectives. Moreover, product innovation which helps to achieve the
customer needs and wants. For example, Now Toyota launch new car series which is affordable
for the middle class families.
Process Innovation
Process innovation is the another innovative mix which play a most vital role in the
company development. Process innovation main focuses on the processes through products are
created or delivered. Process must be secured and effective in order to meet out the customer
needs and wants. It affects the new emerging and best outcome results and goals. Examples pf
process innovations that have had a positive effect on the humanitarian sector are the increasing
stockpiling of goods in strategic locations. In the process innovation, company needs to take care
of the raw material, ensure that all machineries are doing well. Weather it is related to the public
and managing effective business growth (Weyrauch and Herstatt, 2017). Apart from that, it help
to sustained the long lasting results and best productive action to ensure the all processing task.
Another factor that needs to be ensure by the company that, weather work is going well or not.
Apart from that, organisations also ensure about the monitoring process to ensure the proper
working.
Position Innovation
it is the another distinctive innovation mix which focusses on the re-positioning of the
product or the company as well. Position helps to identify that where company needs to make
efforts and how to get the back the real position of the company. Position of the company will
enhance the productivity and effective task full growth in order to develop the best productive
outcomes. Overall, position is the chance for the company to get new opportunity to deal with
9

the challenges. It gives better environment and make the organisation more powerful and
effective.
Paradigm Innovation
It is the another Innovation Mix which is Paradigm that defines or redefines the dominant
of an organisation or entire sector. This innovation style has based on innovation which relates to
the mental models which shape what an organisation or business is about. Henry ford provides a
the quote, when talking about the development of the model or the car status. This affect the long
term and best productive goals in order to meet out the best developing results and growth.
P4 Explaining developments in frugal innovations in frugal innovations and provide example of
how it is used in an organisational.
Frugal innovations discover new business models, reconfigures value chains and
reconfigures value chains and redesigns products. Frugal innovations is a concept that argues
businesses to respond to limitations in resources whether financial material or institutional and
turn these constraints into innovative idea and practical solutions. It is the another most
productive and effective work items and which is very much effective.
10
Illustration 1: Innovation Four P's
(Source : The 4 Ps of Innovation 2010)

Frugal innovations mainly originated in the context of emerging markets. Overall, frugal
innovation is the process where company has to launch new product to beat the market
competition. In this way, company needs to meet the customer demand which is useful to make
the developing result outcomes.
Frugal is the concept based term which is urges businesses to respond to limitation for the
development of new concept and best effective purpose (Wipulanusat, Panuwatwanich and
Stewart, 2018). Overall, it helps to developed the new concept and new based market to affect
the long term business.
Frugal innovations is the process to maintained the sustainability development that saves
valuable resources and energy. Apart from that, it affects the long term growth in the
development of new emerging market opportunity. Examples, it is necessary and best making
targets. Overall, this principle been the applied by the most effective learning targets.
Frugal by its definition means to be sparing or simplistic, it is the realistic and managing
developing goals in order to meet out the best source and effective developing result outcomes.
Frugal innovations are based upon supplying a need to the public based upon the based
objective matter.
P5 Explaining the importance of the commercial funnel and the application of NDP for
commercial innovation.
Commercial funnel is the process of or the journey of product and services towards the
purchase of a service or products. Commercialisation funnel is the process and consisting some
points to be developed such as opinion, consideration, awareness, preferences and of all
purchase. Company is responsible to complete is the best outcome source and best effective
process. Commercialisation funnel also known as sales funnel to make the best sales profit
outcomes from the study and goals. Moreover, it bringing new opportunity for the development
targets in order to meet out the best outcome results to beat the market competition level.
New Product development applications
New product development is the process or goals to make the best outcome results and
growth in the business performance. New product development is the journey. Its the road which
leads to the actual product and then actual product to the market. Every product or services has to
follows the some set of structure in order to meet out the best outcomes.
Idea Generation
11

it is the first initial stage of the NDP process to determine the product idea and market
research to produce new concept or theory. Ideas come from many of the resources it comes
from employer, employees, managers, leaders. Idea generation is the most challenging stage
where company needs to research market and making new developing and impactful idea
generated charges. Overall, it also required the most developing result outcomes and-new
developing areas. Manager of The Toyota should needs to research the market and the needs and
wants of the customers (Thompson, 2017).
Idea screening
Idea screening is the next process or source of new product development which involves
findings good and feasible idea discussing with the company values. Apart from that, idea a
screening includes some facts such as company strength, company weaknesses, customer needs
and ongoing trends etc.
Concept developments and testing
In this stage organisation develops the new sources towards the new process goals. A
concept is a detailed strategy or blueprint version of the idea.
Business analysis development
The testing result help to analysis the next process and developing goals. Besides,
business analysis development marketing development strategies that will be used. Estimated
product profitability that weather the idea is according to goal or not (West and Bogers, 2014).
Product Development
it is the stage where company launched the product or services finally. It is the best stage
to introduce new services in the market as per the needs and wants of the organisation market
growth.
Test Marketing
In this step where company test the process of marketing phase. Customer feedback are
needs to be collected in order to check the product availability growth.
Commercialisation
In this process where company finally launch the product into the market. In this process
company make efforts to launch the product with the helps of some promotional activities.
12