Innovation and Commercialisation Report: Business Strategies

This report delves into the concepts of innovation and commercialization, examining their significance for organizational success. It analyzes the importance of innovation compared to invention, and explores how teamwork, vision, culture, and leadership shape commercialism. The report discusses the innovation funnel, the 4Ps of innovation, and the development and application of frugal innovation. Furthermore, it covers the value of the commercial funnel, the application of new product development, and the creation of an innovation business case. Finally, it examines tools for protecting and retaining knowledge and intellectual property, providing a comprehensive overview of business development strategies. The report uses Unicorn grocery as a case study to illustrate the concepts.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation for an organisation and its comparison with invention................1
P2 Teamwork, vision, culture, leadership can be shape commercialism and innovation...........2
TASK 2............................................................................................................................................4
P3 Innovation funnel and 4P's of innovation..............................................................................4
P4 Development of frugal innovation and its uses .....................................................................5
TASK 3............................................................................................................................................6
P5 Value of commercial funnel and application of new product development..........................6
P6 Innovation business case........................................................................................................8
TASK 4............................................................................................................................................9
P7 Tools to develop protect and retain knowledge and intellectual property.............................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a process of developing new ideas to produce fresh product and services
thus help to organisation develop differential goods in order to compete competitors as well as
taking competitive benefits in long period of time. Innovation is a transformational process in
which ideas convert into reality to achieve goals, objectives in limited period of time. It must be
replicable in economical cost and satisfy a specific consumers needs. Creativity has includes
deliberate utilization of data or information of market to develop new ideas, initiatives,
imagination and deliver higher quality commodities (Aarikka-Stenroos and Sandberg, 2012). In
this report select Unicorn grocery which are running their business activities at small scale. It is
a co- operation grocery established in the year of 1996 located in United Kingdom. In this
company approx 70 peoples have worked with annual turnover of £ 7 million. In this assignment
covers importance of innovation as compare to invention and 4P's of creativity. Also covers
frugal innovation and benefits of commercial funnel with application of new product
development.
TASK 1
P1 Importance of innovation for an organisation and its comparison with invention
Innovation: Creativity is a process of introduction of something new or innovative that
help to satisfy particular need of clients in an effective ways. It is idea, method and process to
converting thought into reality. Through this producer, they are able to manufacturing creative
goods and services to attract large number of consumers thus help to achieve sustainability in
long period of time (Bagchi-Sen, 2013). Some importance of innovation are explain as follows:
 Innovation may help to competing task in appropriate ways for get high market position
as well as clients toward organisation goods and services.
 With the help of innovation, management can identify path of success with unique and
novel working operation that can assist in meeting target, goals in limited period of time.
 By assistance of innovation, firm may develop new brand in which lot of new buyers has
attract toward commodities.
 Through this, firm are able to get core competences which develop differenced product
and services as compare to rivalries in the same industry.
1

 Creativity has stands for various coordination apart from competitors in the same industry
(Bogers and West, 2015). Innovation may help to achieve competitive benefits as compare to their competitors at
market place.
Invention: It is process of developing new ideas which are not be used by any other organisation.
Invention is a completely fresh thought of completing task in an appropriate ways as well as
help to make differentiated goods and services as compare to competitors. The main difference
between innovation and invention are explain as follows:
Innovation Invention
 It is a process of up- gradation and new
variations in existing goods and
services.
 Innovation is a modification procedure.
 It is a ideas of adding some new feature
in current product to attract large
number of consumers.
 In this process of brand new
development of technology that has
addresses particular wants as well as
desires of potential clients (Bogers and
West, 2014).
 In invention firm are get completely
new working ideas which can not be
using before.
 Unique and novel process of work that
help to run business activities
effectually.
So that, Unicorn grocery has implemented innovative idea of working at work place in
order to operate enterprise activities effectively. From this, they are get some valuable feedback
from their consumers in order to make modification in existing goods and services. It can help to
meet high customer's satisfaction in long period of time. Regular creativity has make positive
and enhance goodwill of firm at market place (Ettlie and Rosenthal, 2012). For example, Apple
is a used innovation strategies on continuous basis to develop higher technical commodities as
compare to their rivalries in the same industry.
2

P2 Teamwork, vision, culture, leadership can be shape commercialism and innovation
With in an organisation, management has develop action of plan for implemented
commercialisation and innovation at work place in order to complete work in appropriate ways
and meet clients satisfaction to operate entire business activities effectively. So that, they are
develop vision, cultural, leadership, teamwork, to shape commercialism and manager used
innovation strategy to manage, control them to achieve target in given time frame significantly.
Vision and mission are tactic which helps administration to design system and organise resources
that is funds, material and manpower adequately.
Vision: Owner of the company has set vision which help management of select right path
of completing work. It is a goals and objectives that may provokes management to produce novel
ideas as well as thought to higher profits of institution by formulating new action of plan for it
(Gambardella and McGahan, 2013). They are used innovation when it should be mention in their
vision statement but some time vision has includes restriction implementing modern technology
in their work place for example, old traditional method of develop produce like 'khadi' can not
want to execute new techniques in goods.
Leadership: Unicorn has select leadership strategies according to situation so that they
are able to identify problem and make alternative solution in order to achieve target market in
limited period of time appropriately. Management has develop creativity plan and leaders of all
team has implemented this action into work place by influencing members behaviour,
perception, attitude, motivation factor, thinking and many others in order to completing task by
creative ways. So that, leadership style may shape innovation and firm has achieve goals and
objectives in specific time period.
Teamwork: In current business environment, enterprise has work in dynamic working
situation where no one signal people are able to achieve goals in given time, they are want a
team for new innovative ideas to completing task effectively. So that, management of Unicorn
has make several team and assigning activities to each one group according to aim of its
development (Godin, B., 2012). Thus help to provide various kind of innovative thought to
completing activity and commercialisation of new product at market.
Culture: Social culture environment of the company has effected organisation
performance and market position. So that, it is management responsibilities to appreciated
employees innovation action of completing work. Through this, they are motivated them and
3

overall performance are increase thus help to achieve goals and objectives in limited period of
time.
Administration of Unicorn grocery frame vision and mission statement which helps them
to make company function adequately. Besides this, goals and objectives are provided by
management to members to make staff perform tasks effectively. This benefits management to
implement innovation and execute operations in commercial manner.
TASK 2
P3 Innovation funnel and 4P's of innovation
Innovation Funnel: It can be define as steps taken by management to manufacturing new
goods and services in order to get new market segment for selling existing product. Manager of
the company use funnel with the aim of development of project by taking idea with the concept
of reality in which they are converting their thought into actuality to meet particular demand of
clients (Huizingh, 2013).
4P's of innovation has similar as marketing mix elements but it has different tool that are
explain pattern of modernness. Unicorn grocery has implemented four P's of innovation at their
work place to understand market more deep and promoting their commodities with in the nation
by executing as well as formulating action of plan that help to adopting modification or change.
4P's innovation was founded by John Bessant and Joe Tidd which are explain in detail as
follows:
(Sources: Four P's of innovation, 2016)
4
Illustration 1: 4 P's of innovation

Product innovation: In this, Organisation has make separate department with the name of
research and development. Through this, firm are able to produce commodities and services with
innovative feature, techniques, technology etc. thus help to attract large number of clients toward
company goods. By this, they are manufacturing differentiate commodities as compare to
competitors to achieve goals, objectives in limited period of time.
Process innovation: It can be define as 'how work should be completed'. It mean process
of completing task appropriately. Management of Unicorn grocery has appreciating creative
work process thus enhance employees satisfaction, motivation, perception etc. (Kim and et. al.,
2014). Manager has introducing some techniques and method to add modification or change
current working style that ultimately help organisation to create more efficient pattern of
completing task that enable firm to get higher market share as well as profitability.
Position: It mean, process of implementing information and brand image in consumers
subconscious mind. Through this, firm are able to build strong positive brand image in
consumers mind thus help to get effective mouth publicity that help to achieve long term
sustainability and profitability. In the other word, when new changes are using for enhancement
of industry position as compare to rivalries of product.
Paradigm: It is modification process of doing something by an organisation. It could be
anything which are requirement of market clients. Paradigm has a activities of association like
goods operations techniques, supply chain management method, manufacturing process and
many more (Lindič and et. al., 2015). For example, Virgin as well as Apple both are upgrading
supply chain management instrumentation to increase direct sells of phone and its covers
heading of innovation paradigm.
P4 Development of frugal innovation and its uses
Entrepreneur of each organisation formulate statement which define management goals
and objectives require to be accomplished by them. Executive of Unicorn grocery have want to
take position in market, for this they are enhance employees skills and knowledge by which
seniors are able to improve members perform tasks effectively and attain targets within specified
time frame.
Frugal innovation: It is process of engineering that are reducing cost of product and
complexity in their manufacturing work. In other words, procedure of removing unnecessary
feature from existing product in order to reduce production cost which help to produce goods and
5

services at economic cost. For example, many UK companies are manufacturing their product
from China for cheep production process that help to achieve low cost commodities to get higher
profitability. Stages of development of frugal innovation are explain as follows:
Additional salient feature in existing goods: Innovation is a process of addition some
new feature in existing product in order to enhance customer's satisfaction in long period of time
(Rafinejad, 2013). Manager of Unicorn is executing frugal creativity at work place for reducing
these salient feature from existing commodities so that they are able to get economic of scale.
Reduce manufacturing cost: By implementing frugal innovation, administration of the
company has get economic goods that help to reduce cost of production resulted they are selling
goods at low price. Through this, enterprise are capable to achieve higher market position and
long term sustainability by offering economic commodities.
Emergence of advance technology in product: Administration of Unicorn has develop
strategies related to execution of advance technology and implemented change at work place that
enhance employees performance and productivity. By this, they are produce new product with
higher techniques to get customer's satisfaction.
Produce durable and reasonable goods: Each one firm want to produce goods at
reasonable prices with higher durability resulted organisation are able to enhance clients
satisfaction in long period of time. Thus help to get higher market position as well as
sustainability as compare to their competitors.
Frugal innovation is a process in which management of the company has follows all or
some of the development procedure which help to achieve goals and objectives in given time
frame (Schoonmaker and Carayannis, 2015). For example, Virgin and Apple group has
personnels all operational work by implemented various creativity techniques or method in order
accomplishment of demand for their consumers which are assisting by coming obsolete
components.
TASK 3
P5 Value of commercial funnel and application of new product development
Funnel is a word that mean implies changes or modification which are occurs by three
ways to make differentiation of current goods. It is a very attractive path to formulating as well
6

as accepting prominent rule and regulation. In firm, several department has work together for
achieve common goals and management decision may effect their work process.
Commercialisation is refer to activity which is conducted by administration to design
system and implement appropriate tools and techniques which benefits firm to deliver items and
services in according to market conditions. Importance of commercial funnel are explain as
follows:
 By implementing commercial funnel, manager has keep focus on consumers satisfaction.
For this, they are getting inquires as well as feedback for clients has make changes
accordingly.
 Company has review their revenue in time to time and make proper adjustments in order
to sell commodities and services. Through this, they are gain higher market position and
profitability (Snow and et. al., 2013).
 Commercial funnel has provide increasing qualified leads and convert it into sales thus
help to rise selling volume.
 By implementation of commercial funnel, organisation has find out new opportunities at
market place. So that, they are reviewing new segmentation, targeting and positioning in
order to get benefits.
 It help to gain projected reasonable objectives and achieve them for external as well as
internal sales.
There are several step of new product development which are used by organisation to
produce goods and services in a systematic manner. Some are explain as follows:
Idea generation: In this step, research and development department has find out
opportunities into market place by analysis citizen needs and wants (Teece, 2014). So that,
marketing manager is conducting market research to identify clients demand and they are
communicating these information with R & D division.
Make list of alternatives: They have make list of all available ideas on priority basis and
list out all advantages as well as disadvantages of its.
Ideas Screening: According to positive and negative points of all thought, management
has select best one idea in order to implementing modification in product and services.
Feasibility analysis: They are recognising whether thought is feasible in nature or not. It
test should be done in on the of finance, market, manpower resources and many others.
7

Business analyse: In this step, management of identify their own capabilities and
resources to development of new goods and services. So that, they are know their abilities to
implemented innovating ideas at work place.
Product develop: It is a last step in which they are manufacturing commodities and
services according to clients needs and wants (Aarikka-Stenroos and Sandberg, 2012).
P6 Innovation business case
Market survey is technique which is used by management of Unicorn grocery to have
accurate and complete information about needs and wants of people. This advantage superiors to
provide unique and creative products to people; thereby attract customers and position firm
higher than competitors. Various part of innovation business case has detail as follows:
Executive summary: In this step history, product list, management etc. detail has
mention. Unicorn grocery has established in the year 1996 and around 70 workers are working
here. It is small scale organisation which are run their business activities with in the United
Kingdom or local market.
The need: Marketing manager of the company has find out clients needs, demand,
perception, behaviour, attitude and many more accordingly they are produce goods and services
in order to full fill consumers needs effectively in limited period of time.
Solution: Management has find out solution of identified issues and make alternative list
of that thus help to select best method developing commodities. Solution must be feasible in
nature so that they are able to achieve market share and long run sustainability effectively
(Bagchi-Sen, 2013).
Why product is innovative: Company has develop strategies and analysis which kind of
commodities has help to find out why innovation should be required, is any special need of it, if
yes then they are develop action of plan to manufacture creative goods.
Market research: Marketing manager of Unicorn has organising market research to
identify opportunities as well as competitors strategies. Accordingly they are develop their own
action of plan that help them to achieve set goals and objectives in limited period of time
appropriately.
Development and Design: After these all five step in which they are know customer's
needs, market requirement, rivalries plan etc. Accordingly they are develop new commodities
and make design of it that includes colour, size, shape, packaging and many more.
8

Requirement of fund: Management has arrange fund for development of new
commodities and analysis available resources thus help to produce goods effectively.
Expected benefits: In this, Unicorn finds whether future profits should be appraisable or
not thus effected innovation implementation (Bogers and West, 2015).
TASK 4
P7 Tools to develop protect and retain knowledge and intellectual property
Government of United Kingdom has develop several law to provide protection of
innovative product and services which help organisation to invest in research and develop
process in order to get innovative commodities. Some are detail below:
Trademarks: It should protect symbol of an organisation like name, logo, tag line, special
packaging etc. So that, each one firm has manage their own separate identity in front of their
competitors in the same industry.
Copyright: Copyright is an intangible right of something that has make for ventures
between two firms. In this, another enterprise can not copy product, name, brand image,
machinery, etc. of company. If some one do it then it is a punishable offence for each one
individuals.
Patents: It one firm has invent something which are completely new has protected from
others competitors. Patents has covers innovative goods and enterprise are achieve competitive
benefits as compare to their competitors at market place (Bogers and West, 2014).
Trade secrets: If organisation sell their product with the help to others then they make contract of
trade secrets where one firm has save all information with us so that competitors can not utilise
their core competences.
For example, Virgin and Apple has take lot of copyright, patents, trademarks etc. which
help protect their innovative goods with rivalries. For example, Samsung has paid penalty to
Apple for using copy right materials.
CONCLUSION
From the above report it is concluded that innovation has help organisation to get higher
market share as well as long run sustainability. Management of the company has develop
strategies to implementing creative ideas at work place and trained employees to understand
these changes and execute them effectively. Invention is different from innovation because
9

creativity is a process of modification by adding some feature in existing commodities and
services by which they make new market segment for selling current product.
10

REFERENCES
Books & Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2013. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2015. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2014. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp. 440-454.
Gambardella, A. and McGahan, A. M., 2013. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E. K., 2013. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et. al., 2014. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et. al., 2015. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2013. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2015. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. And et. al., 2013. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2014. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
11

Online:
Difference between Invention and Innovation. 2018. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
(Aarikka-Stenroos and Sandberg, 2012)(Bagchi-Sen, 2013)(Bogers and West, 2015)(Bogers and
West, 2014)(Ettlie and Rosenthal, 2012)(Gambardella and McGahan, 2013)(Godin, B., 2012)
(Huizingh, 2013)(Kim and et. al., 2014)(Lindič and et. al., 2015)(Rafinejad, 2013)(Schoonmaker
and Carayannis, 2015)(Snow and et. al., 2013)(Teece, 2014)
12