Innovation and Commercialization Strategies for Cobra Biologics

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Innovation and Commercialization
(Cobra Biologics private ltd. Company)
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Table of Contents
INTRODUCTION.........................................................................................................................................3
EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE DIFFERENCE BETWEEN
INVENTION AND INNOVATION:-...........................................................................................................3
IMPORTANCE TO THE ORGANIZATION IN COMPARISION ITH THE INVENTION:-...................4
ORGANIZATIONAL VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN SHAPE
INNOVATION AND COMMERCIALIZATION:-......................................................................................5
DIFFERENCE BETWEEN THE INNOVATION AND INVENTION, THE GIVEN FIGURE BELOW
WILL DISCUSS THIS SO IT CAN BE UNDERSTOOD EASILY............................................................5
DIFFERENT TYPE OF INNOVATION.......................................................................................................7
EXPLAIN THE 4P’S OF THE INNOVATION AND EXPLAIN THE USE OF THE FUNNEL TO
EXAMINE AND SHAPE INNOVATION IDEAS:-..................................................................................10
EXPLAIN THE DEVELOPMENTS IN FRUGAL INNOVATIONS WITH THE EXAMPLES:-...........11
PROCESS REQUIRED TO COMMERCIALIZE INNOVATION:-..........................................................11
CONCLUSION:-.........................................................................................................................................12
REFERENCES:-..........................................................................................................................................14
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INTRODUCTION
Innovation means the new idea, creative thoughts, new thinking, and imagination in the form of
device or method. Innovation is also playing a very crucial role in the organization for giving
new things to the organization (Cobra Biologics, 2019). Innovation is related to the invention but
not the same as invention. According to the Heintz (2013), innovation is the process which meets
the new requirements of the organization, whenever the new things created at that time the
innovation process is used by the Organization. Innovation comes to a better solution for the
organization. Innovation can be done by any person who has new ideas, thoughts, thinking to
create ideas for the Modern era. Innovation is the process which creates the outcomes which is
new or which have the value. Innovation is one of the positive financial and organizational
growths resulting from your ability to develop new things for the organization. The procedure of
translating the thoughts, idea, and imagination into the best part which is very helpful the
customer will give something is known as the Innovation. According to the Sambrook (2009), in
other words, Innovation is the best things for the output where the person gives new ideas,
thoughts to the organization.
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EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE
DIFFERENCE BETWEEN INVENTION AND INNOVATION:-
INNOVATION:-
It gives the new output of the ideas, thoughts, and the imagination of a person. Innovation is the
process of converting the imagination part to the output of the organization. According to the
Kanter (2014), Innovation includes the original views and use of the creative for the modern era,
of the new ideas into the new market.
By the given figure below the person can understand the characteristics of the Innovation:-
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IMPORTANCE TO THE ORGANIZATION IN COMPARISON WITH THE
INVENTION
Innovation is the part of the ideas, thoughts, imagination etc., which is very crucial; role in the
organization (Cobra Biologics 2019). Innovation and Invention are not same fully but
somewhere they are the same. Now innovation becomes an attractive part of the organization
where an employee can filthier ideas for the implementation in the existing products,
technologies etc. According to the Subramanian (2010), invention means which has never done
before and innovation means done on the first time in the existing one only not the new one. So
the importance of innovation is relevant to the invention.
ORGANIZATIONAL VISION, LEADERSHIP, CULTURE AND
TEAMWORK CAN SHAPE INNOVATION AND
COMMERCIALIZATION:-
VISION:-Vision means the goals, targets which have been active in the future for the
organization (Cobra Biologic, 2019). According to the Howell (2013), aspirational descriptions
of what an organization would like to achieve or accomplish in the mid-term or the long term,
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whenever it will not achieve than the Innovation and Commercialization helps the organization
to get the new technologies so it will achieve easily.
LEADERSHIP:-Leadership means where a person has their followers or the subordinates in the
organization. The leader is that person become who is creative, skilled, having the thoughts,
innovative ideas and that can help more in the organization which is known as the innovation
(Barnett, 2012).
CULTURE: -According to the Terblanche (2015), culture means the behaviour of the
organization where the employees playing a big role because the culture is created by the
employee. In the part of the innovation, the culture can change the organizational goals of the
future.
TEAMWORK:-Team work means where the n numbers of the ideas take place by the different
employees, not by the same employees. Team means where the group of employees are working
together to achieve the desired goals (Gawer, et al. 2012).
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DIFFERENCE BETWEEN THE INNOVATION AND INVENTION, THE
GIVEN FIGURE BELOW WILL DISCUSS THIS SO IT CAN BE
UNDERSTOOD EASILY
MEANING:-It is coming off an idea for the outcome of the products which has been done
before while the Innovation is the idea, thoughts, imagination which implies on the first time of
the invention. According to Lincoln (2010), Invention is playing a very crucial role for the
products and after applying or implementing the ideas into the invention it is converted into the
innovation.
WHAT IS IT:-Invention is the process where the products manufactured the first time which
has never been seen before that and Innovation is the process which is directly related to the
Invention because after invention only the implementation can be done? Implementation is only
done to the existing products which are converted into the innovation.
CONCEPT:-Invention is the process where the original ideas come out of any employees. It is
the process where the person is allowed to show gives the participants to their ideas to the
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organization (Cobra Biologics, 2019) and Innovation means the giving the new ideas, covering
the thoughts, for the existing products not for the manufactured products.
SKILLS:-This is the part where the organization needs the help of the skilled employees who
can give better ideas for doing the new things or in other words in this the part skills is require
which is related to the Scientific and In the innovation part the skills is required which is related
to the marketing, technical and strategic, by this the skills can be measured in both the parts of
the organization.
OCCURS WHEN:-In this part it is discussed when the Invention and Innovation occur when
the organization has used these parts. In the invention, there is the participation of the scientific
reason and in the Innovation occurs for the participation, where the new improvements are
required for the products, or for the organization. In this, these two parts are playing a very
crucial role in the organization and for the products as well. Occurs takes the part when there
something is a requirement for the organization or for the products as well.
CONCERNED WITH:- It is relevant to the product which is very helpful for the organization
for the profit of the organization In this, the organization gives their ideas only to the particular
products while Innovation is the process of taking the decision or improving the ideas which are
related to the products or for the organization. Innovation means to add something to the existing
one which is created by the invention. Innovation depends on the part of the invention.
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DIFFERENT TYPE OF INNOVATION
By the given figure below the person can understand the kinds of the Innovation:-
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There are four kinds of Innovation, they are:-
 Sustaining
 Disruptive
 New Market
 Integrative
SUSTAINING:-This is the first type of Innovation where it can give the happiness of the
customers, by covering the needs of the customers and satisfying the needs of them. It is very
helpful to know about the economic value, markets value, needs of the customers. Sustaining
means the, where the people join the organization for the job and make the customers happy or
satisfying than with their products. Sometimes the customers become irritated with the products
of the organisation which comes in the market.
MARKET=PEOPLE + JOB TO BE DONE
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In this there is the main focus to the customers where the customers can fulfil their needs by the
products, this is the part of the customers where the ideas are also created customers and by the
markets, what kind of the trend is going on into markets, what the customers like more.
DISRUPTIVE INNOVATION:-In this part of the business compare the structure of the firms
from the ancient one to the new one which one is perfect for the markets. According to Clayton
Christian (1980), defined that the decisions which have been taken by the managers for the
organization is helpful or not. In this, the new products are launched on the daily basis which is
highly rated for the customers so the existing products decline the rates of the products as
compared to the new products as well, so it highly sell and it is the biggest part of the innovation.
In this, the part of the new markets is playing a very crucial role as compare to the existing one
because the new products enter into the markets so they have their different function with the
good quality which attracts the customers easily.
NEWMARKET:-In this part the organization have different kind opportunities for the
innovation where they can change their strategy in the market for selling the products. According
to the Kriko (2015), this is the important type of innovation where they change the existing
products into the new products and sell into the different markets for spreading expanding the
business. In this, the organization is modifying the products so the organization can sell the
products into the different markets easily because if the organization depends on the same
products in the market at that time the organization cannot move to the other part or for the other
products which can sell into the different markets.
INTEGRATIVE:- The main thesis of “Integrative Innovation" is the idea that a market’s ability
to adopt more performance and absorb higher prices will increase according to the number and
value of jobs to be done that have been integrated into one device. The good part about the
Integrative Innovation is that they can co-exist by simply representing two opposing types of
game-changing the innovations.
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EXPLAIN THE 4P’S OF THE INNOVATION AND EXPLAIN THE USE OF
THE FUNNEL TO EXAMINE AND SHAPE INNOVATION IDEAS
PARADIGM:-In this the firms use some innovative ideas to change the root of the business.
The changes may be radical but set in the mind that every change is always positive. What kind
of images will come in the mind, what type of decisions should take for framing the ideas in the
organization?
PRODUCT:-In this, the organization can ask the employees, How the services and products of
the organization (Cobra Biologics, 2019) can be improved in the markets. How can an
organization improve the products and services for this they will take the help of the innovative
ideas.
PROCESS:-This does not only include the preparation of your products and the services. Think
of all these steps, which we have discussed above. How profits can be increased in organizations.
What are the correct rates for the products?
POSITION:-This is the step where the products and the services are framed as per the above
condition. In this part, the goodwill depends. How someone can create the image in the markets?
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ANALYSE ALL YOUR FINDINGS:-This is the last part of the 4P's or this is the combination
of all the above points where the organization gets the information about the products and
services that have been manufactured by the organization is good or not.
EXPLAIN THE DEVELOPMENTS IN FRUGAL INNOVATIONS WITH
THE EXAMPLES:-
The business always wants to reduce the products in the market by the different views which is
very necessary because once the demand increase then the products will increase easily. There is
so many segmentation which increases the demand for the products.
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PROCESS REQUIRED COMMERCIALIZING INNOVATION
There are five steps for covering the process of the commercialization process in the innovation,
they are below:-
1) Business potential and finding it
2) getting the value chain involved
3) Clear roles and responsibilities
4) Risk management
5) Commercialization
BUSINESS POTENTIAL AND FINDING IT:-In the market the organization identify the
needs of the customers, where the organization must fulfil the needs of the customers the thing is
that business must identify the needs of the customers. In this they feel the customers’ needs of
the customers, what actually they want from the organization, the organization will also playing
a very important role in fulfilling the needs of the customers. In the opinion of the right
opportunities can be found by someone in monitoring the market research, needs of the markets,
trends of the markets and about the customer behaviour.
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GETTING AND VALUE CHAIN INVOLVED: - Project of the firm has different views,
opinions, where the organization selects one of them and takes in the use of it. In this part, the
organization can identify the talent, skills, of the employees by the participation of the ideas etc.
CLEAR ROLES AND THE RESPONSIBILITIES:-The roles and the responsibilities of the
organization are of various kinds, where the trust of the employees also can be judged.
Responsibilities are the sectors where all the managers know about the employees of the
organization.
RISK MANAGEMENT:-Whenever the new technologies develop it has the uncertainties to do
because there is no trend of those technologies which directly comes in the new markets. It is
coverage of the risk. Risk is the part where the uncertainties are generated by the environment,
law or any other fields of the market.
COMMERCIALIZATION:-After discussing the points, the organization can analyse and takes
the various steps for improving them. Needs of the customers must be fulfilled on time because
of that only the organization can expand their business which is also the biggest part of the
commercialization because the products are not manufactured or not delivered on the time into
the market then this affects the organization as well as the goodwill of the market.
CONCLUSION
Innovation and Commercialization is the biggest part of the organization (Cobra Biologics), in
the organization, they both are playing a very important role in doing something new in the
organization. The concepts of the new things are moving nowadays very fast so they can achieve
their desired goals. According to the above discussion is totally depending on the case study
which comes in the assignment which is related to the Trade and industry which is relevant to the
innovation and to the invention. In this, there are the four sectors which are divided into the
assignment in the various fields, which includes the 4Ps of the innovation, kinds of innovation
etc.
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