Innovation and Commercialization Strategies: A Business Report

This report delves into the critical aspects of innovation and commercialization in the global market. It emphasizes the importance of innovation for organizational growth and market competitiveness, contrasting innovation with invention. The report explores key factors shaping innovation and commercialization, such as leadership, vision, culture, and teamwork. It includes product analysis, the application of the innovation funnel, and the concept of frugal innovation, exemplified by Nokia 1100 and 3M's 'eureka' product. Furthermore, it discusses the significance of the commercial funnel and the application of New Product Development (NPD). The report presents a business case study focusing on 3M's 'eureka' air purifier, highlighting its role in addressing air pollution. Finally, it covers tools for protecting intellectual property, such as patents, and concludes by summarizing the benefits of innovation for creating a safer working environment. The report references academic sources to support its analysis.

INNOVATION AND
COMMERCIALISATI
ON

TABLE OF CONTENT
INTRODUCTION
MAIN BODY
CONCLUSION
REFERENCES

INTRODUCTION
In the global market, the innovation of new and latest technology is
important. Not only establishing the new technology, making a
possible way to reach out to the new innovation and making it
possible to happen in the market. In this fast changing technical
environment, every company needs to innovate some new ideas on
the daily basis. The commercialisation is the part of making the new
innovation successful in the market. It is the process or path by
which the new innovation or idea can get implemented.

Comparison between
Innovation and invention
Innovation Invention
Innovation is important as it gives a
fundamental growth to the organizations
and to create a deemed position in the
market. Innovation helps us to stand out of
the market which helps in maintaining new
customers which generate awareness in the
market. Economic growth helps in the
increase in the market value. Market can be
attained by two methods first to increase the
number of inputs which can increase
productivity process. Second is to come up
with new ideas to get more output.
It is a method to invent something for the
benefits of people. Invention is a product
development process which helps in the
development of product for the betterment
of mankind. Innovation always produces a
result which can be product, process or
machine.

P2 Factors that shape
innovation and
commercialization• Leadership
• Vision
• Culture
• Team-work

P3 Product analysis and use of
innovation funnel
Product
Process
Position
Paradigm

P4.Development in Frugal
Innovation
Frugal innovation refers to the reduction of complexity of the work
and reduction in the cost of goods and services which provides
durable goods in the market. The durability is improved and the
product life cycle is increased(Laurell, 2018.). This aims to create a
thin margin of profits. Globalization and more income generation in
developing countries may drive frugal innovation. These are made
to provide a durable product in the market which can be used for
the lifetime. Its value can be used which provides a satisfactory
result to the customers. One such example was Nokia 1100 which
was a frugal innovation which was developed by Nokia in order to
cover market. 3M uses this strategy to conquer the market with
their product 'eureka' which aims to capture the market and to
generate a market value of the organization.

P5 Importance of commercial
funnel and application of NPD
Commercial funnel refers to the visual pathway taken up by the
customers which are generate by the customers as they move
towards purchasing the product. This helps companies to
understand the products and improve the marketing strategy which
is seen by the sales process as the product flows in the market.
Commercial funnel helps in the development of the strategies which
helps in the development of the sales process. It is important as it
helps the organization in analyzing the size of the customers.

P6 Business case
Executive summary-
This study includes the study about the product which is developed
by 3M which is names as 'eureka' it was build with the aim to
generate awareness for the air purifier which is the emerging
problem which are faced by many of the developed countries. This
product aims to create a safe working environment which is
concerned with the air pollution.

P7 Tools to retain, protect
knowledge and intellectual
propertyPatent: For a new innovation there exist a strategy which help in the
reserving the rights of the customer as well as other investors
which helps in the preserving the originality of the invention. This
helps in the prevention of data within the originality context. Patent
is used so that no other person can use the invention generated by
the inventor. Its advantages is that your work is recognised by
inventors name not by any other names. Invention cannot be lost or
theft by any other person.

CONCLUSION
This study concludes the innovation a bloom to the society which
provides us towards a safe working environment. What innovation is
explained in this study with the example of on organization 3M
which innovates a product 'eureka' which is an air purifier. How
leadership approaches improvise vision is explained in this study.
with the strategic approach towards the product which can help in
strategic marketing management of the product

references
Al-Mubaraki and et.al., 2015. Measuring innovation: the use of
indicators in developed countries. World Journal of
Entrepreneurship, Management and Sustainable Development.
11(3). pp.220-230.
Angelidou, and et.al., 2015. Intelligent Transport Systems: Global
Communities of Interest for technology commercialization and
innovation. NICT for Transport: Opportunities and Threats, pp.226-
248.