Innovation and Commercialisation: Report on Big Belly Company

This report delves into the concepts of innovation and commercialisation, examining their significance and practical application within a business context. It explores the differences between innovation and invention, highlighting the importance of organizational vision, leadership, culture, and teamwork in fostering innovative ideas. The report analyzes various sources of innovation and their impact on developing an innovative environment, with a focus on frugal innovation. It then outlines the commercial funnel, New Product Development (NPD) process, and commercialization strategies, using Big Belly as a case study. A detailed analysis of Big Belly's innovative waste management solutions is provided, including product effectiveness and funding sources. The report concludes by describing tools for developing and protecting knowledge and intellectual property rights, providing a comprehensive overview of innovation management and commercialization strategies.

INNOVATION AND
COMMERCIAISATIO
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the concept of innovation and analyse its importance in comparison to invention..1
P2 Explain how Organisational vision, leadership, culture and teamwork can shape innovative
ideas.............................................................................................................................................3
TASK 2............................................................................................................................................4
P3 Analyse various sources of innovation and how it is helpful in developing the environment
and culture of innovation............................................................................................................4
P4 Explain the development of frugal innovation.......................................................................5
TASK 3 ...........................................................................................................................................6
P5 Describe commercial funnel and explain NPD(New Development Process) and
commercialisation of innovation in relation with BIG BELLY..................................................6
P6 Examine a case study in relevance with BIG BELLY and analyse its innovative product
effectiveness and sources of funding..........................................................................................8
TASK 4............................................................................................................................................9
P7 Describe the tools which assist firm in developing, protecting knowledge and intellectual
property rights.............................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation refers to the modern procedure that involves the development of new ideas,
imaginations & thoughts for making changes and various modifications are done. It happens for
improvement to make the better solutions which fulfil new requirements in existing products and
services. It is concerned with developing new opportunities and ideas for assess the examine of
products within the marketing environment. In spite of this, commercialisation refers to the
launching of new products and services at business enterprise. In addition to this, it is important
for company so that they could succeed in future and survive in market for long time. In context
to Big Belly it deals in smart waste and recycling those waste in public places. Recently, this
company is develop in smart waste material in order to prevent garbage and also provides
safekeeping for the growth in the future(Garnier, 2019). It could evolve the innovative and
creative products within a wider scope. This report includes innovation of new products in first
part and further second part includes commercial funnel of products in such a way to prevent
rational property of company.
TASK 1
P1 Explain the concept of innovation and analyse their importance in comparison to invention
Innovation: It is defined as the method which it is develop to form changes and
improvement within the existing products and services so that it could affect the growth of a
company. In assistance to this, there are many elements which are helpful in convey the
advancement operations of innovation which involves creative thoughts in order to be utilise the
strength of a company. It involves making an ideas or developing services that generates the
beliefs for its customers (Chan, and Srivastava, 2019).
Invention: It refers to the process through which it is very essential in providing new
ideas and creativity to place into the activities and also ascertained the another form of
processing the new product. It happens only when the new thoughts and opinion arise into the
mind of people and further those opinions are changed into the finished product. In addition to
this, it appraise the research programmes within the market for reasoned as the longer process.
Comparison among innovation and invention
Basis Innovation Invention
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Motive It main motive to create
profitability and productivity
within the present products in
order to achieve its goals and
objectives.
Its main goal is to introduce
the new innovative products to
their expected customers.
Appearance It appears only when a
company examine its
productivity that they do not
have enough competitors for
the success in the business.
(Jarchow 2018).
It occurs when an idea and
their opinions get into the
mind of individuals that results
into the final products that is
helpful in fulfilling the needs
and wants of the customers.
Innovation plays a significant role in growth and success of a company. In assistance to
this, perception is very helpful in developing and rising the suitable relation. Further, the
evolvement of innovation and new ideas in an organisation in order to fulfil the requirements of
few kinds of beliefs which could displays the hazards and challenges. The importance of
innovation is discussed as follows:
 Specific selling point(USP): With the analysing the various competitors that are
available in the market to increase the high competition in business enterprise in relation
to Big Belly company. This company uses several creativity techniques for sale their
products and services which involves completely specific in such a way it kept five times
more stock of waste material. In assistance to this, this company has recently launched
the technique of keeping the direct garbage in-spite of alarm which create noise pollution.
 Constant changes: This element is very essential for a company to provide the
reinforcement of products and services of an organisation. Further, this is associated with
the goods and their existing environment which is impulsive in nature(Chan, 2019).With
reference to Big Belly this company is develop with several changes in its existing
products to the new with many innovations in order to be helpful for the company and
their team members for increase in productivity.
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P2 Briefly explain how Organisational vision, leadership, culture and teamwork could form
innovative ideas
Innovation refers to process through which a company could easily achieve their goals
and objectives in order to increase the growth and success in the future. There are various factors
which are involved and thus help in a company which are discussed as follows:
 Organisational vision: It refers to the goals and objectives which are evolved in
performing various ideas which are already fixed through an organisation. In context to,
Big Belly personnel plays a important role in formation of innovative ideas. This
company could study the innovations by separation of noise alarm and also provides the
the collection of waste material. Organisational vision is to make the appropriate
endeavour in such a way to get rid of garbage from all over the world and also noise
pollution(Schilling, 2016).
 Leadership: It represents the leader of a company which provides the directions and
guides that selects the appropriate mode of leadership for the innovation which is
determined as a situational leadership. In context to Big Belly this is organised while
assigning their own duties and responsibilities. For attaining the vision of a company the
leaders could apply leadership style for motivating their employees for specific and
creative products in order to achieve the growth of a company. When the employees get
motivated they could accomplish new and innovative products. This results in
advertising of products for selling in order to raise the goodwill of a company.
 Culture: It involves offering of services in the business environment in such a way to
create the personal identity. It represents the beliefs through which a company modulate,
Big Belly company would be negotiable while processing of new products and services.
In addition to this, it is useful in attaining the competitive advancement to increase more
competition within the market. It could also increase in productivity and profitability of
a company. For this, it would attain the goals and objectives with increase in the
competition of its market structure. When the innovation is done it involves the
advertisement of particular product for selling in order to increase the profitability of a
company(Tiedemann,, 2020).
 Teamwork: it refers to the surroundings in which employees of a company which could
achieve predefined goals and objectives. The team members of an organisation aim is to
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success which could results in the cooperation and coordination between the employees.
With reference to Big Belly company it could perform the team in such a way to achieve
the goals in an efficient way that lead to useful in preventing disputes between the
employees of a company. It further involves the impressive team which is very helpful
in rising the choice of work and also complete the work in proper time manner
(Mazzarol, 2020). Proper teamwork is done through coordination among the employees
and members of staff in a company which could attain the goals and objectives in a
efficient and effective manner.
TASK 2
P3 Analyse various sources of innovation and how it is helpful in developing the environment
and culture of innovation
A company utilise the innovation and required the available resources that helps in
innovating new products in a appropriate way. Further, innovations which are done in the
improvement of new products within the existing which involves various things in unanticipated
innovation that exist within the market. In addition to this, it also shows innovation which is
useful in developing new ideas. It includes the changes of their mind while launching of new
products that requires appropriate knowledge within the market environment.
4P's of innovation and their use of innovation funnel
 Product: It refers to fundamental factor which is helpful in shaping the new things and
also supply to potential customers. With reference to Big Belly this company has
developed the garbage container just to cut down the technique of noise pollution. They
could satisfy the needs and wants in according with the creating measure of a company.
 Process: This element refers to the process of evolution of product (Mazzarol,2019).
With reference to Big Belly, this company could provide the garbage container for
avoiding noise pollution. Further, it also helps by using unique technique in order to save
time and get rid of noise.
 Position: This describes the products which are all depends upon the competitors so that
they could supply same type of products within the market environment. In relation to
Big Belly this company cut garbage and change the waste into recycle artistic.
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 Paradigm: It refers to the process through which a company changes its products to
modify as it could create new ideas and also shows to execute in right manner in such a
way to look new challenges. In context to Big Belly this company could evolve
appropriate standard for individual competitors and also form various changes in the
business for development of new idea within the market environment (Pynnönen,2019).
P4 Describe the development of frugal innovation
This process of frugal innovation is helpful in rising the idea of redesigning and get rid of
noise pollution. It further involves examine of difficulties and also evolve the business enterprise
in regardance with modify of products to adopt high market share. In addition to this, this type of
innovation is very useful in reduction of waste material and further it also helps in recycling of
products by acquiring appropriate profits. In addition to this, the creation of products which
implies pollution free environment and also decrease the noise pollution. The also involves
impressive ideas with appropriate manufacture that is helpful in evolution of products.
Application of innovation funnel in Big Belly
It represents the launching of new product and also justify the total presentation which
includes the services which are offered in a efficient way. It further accent on the evolution of
plans and then change over into processing plans. There are some elements which are described
as under:
 Research: It is a basic footstep which has earlier introduces a product within the market
environment. In addition to this, every organisation requires to manage the research
programme which is bothered with the needs of customers. It further study the
performance level of competitors within the existing market(Sharpe,2020).
 Development: When examine the market conditions further it involves the development
which is determined as the second stage according to its demand within the market. In
addition to this, the products and services which are designed and formed in accordant to
their needs and wants of customers. For example, the development of alarm noise of
garbage container lead to high cost. In context to Big Belly it would innovate some
standards which include garbage that is pollution free without any noise.
 Shipping of products: It is the final phase which represents the procedure of shipping so
that they could refer a process of shifting the products and services from one spot to
other in order to target the existing market. Hence, it further involves various services
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like transportation and their capability for doing the work. It involves such as
transportation, transferring of products from one place to another.
TASK 3
P5 Describe commercial funnel and explain NPD(New Development Process) and
commercialisation of innovation in relation with BIG BELLY
Market is dynamic and flexible in nature so it is crucial for organisation to analyses
changing activities and trends. Commercialisation is a term used when when a new product or
new creation is introduced by organisation or individual. This is mostly used when there is a
requirement or need of change in market. Leads and prospect both are important in business to
generate sales. So, commercial funnel is used as sales process by firm to guide the customers in
purchasing process(Ahmadi,2016). This commercial/sales funnel is necessary for entities to go
through which helps in determining behaviour of customers. BIG BELLY is always active
towards innovation and new creation in market and provides smart solution to public and
customers. A new product has been presented by company; FIRF solution.
Importance of commercial funnel-
 Determining switching behaviour- This sales/ commercial funnel helps in determining
as well as analysing customers behaviour in and perception regarding the product.
 Strategies and tactics- Business need strategies to tackle their rivals and competitors in
market. So, this funnel assist firms in formulating new strategies in business.
Commercial funnel is process so it has four sections which are discussed below-
 Awareness- This states that firm needs marketing for business to attract customers.
Sales of the product cannot generated until awareness of the brand. In context to BIG
BELLY, company can use promotional and advertising tools to create a brand awareness.
 Interest Action- Interest is important for both customers as well as business. In this
section, customer take interest but are not confident about need and requirement of
product. So, firm can develop interest of prospect by providing them offers and benefits
according to product specifications and traits (Papageorgiadis, 2020).
 Decision- Products are heterogeneous in nature and presence of alternatives may affect
customers decision as well as behaviour. Thus, it is the duty firm to engage its customers
in sales process by pushing customers decisions and behaviour towards the product.
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 Action- Further comes the action in which certain activities take place such payment
procedures, after sale service etc. This is stage when prospect are converted into actual
customers. At this aspects a positive relationship is maintained between both firm as well
as customers. This assist in increasing goodwill of entity and attraction of customers and
leads.
So, analysis and understanding of sales process is important to smoothly run the business and
maintain relationship between both firm as well as customers(Gentile, 2020).
New product development-
New product development process also known as NPD funnel is a process in which firm
introduces new product in market by analysing external and internal factors and is followed in a
systematic manner. Stages/ aspects in this process are discussed below-
 Generating ideas/thoughts- Ideas are important in business which assist firm in
continuity of entity. So, this stage depicts that ideas are generated by market research and
and exploring and identifying opportunities worldwide. In context to Big Belly, they have
introduced an online application and cloud connected smart system/ platform in which
tracking of wastes and services related to recycling of wastes are used by subscribed
customers.
 Idea Screening- After generating several ideas, to adopt which ideas into reality is also
important. To select the most appropriate idea, firm implement brainstorming and group
discussion within the organisation. So, selection is done and best ideas are chosen. Big
Belly chosen the smart application system sop that people use their services in easier
way.
 Testing phase- After selecting of ideas, concept and product is tested which assist in
analysing actual situation of the market. This aspects of NPD is crucial because it makes
business ensure that adopted idea is effective and reliable to achieve the target. So, with
assist of research and development BIG BELLY use testing of product in effective
manner such as by providing free access to smart application system to evaluate the
performance of idea.
 Implementing marketing strategy- In this section target customers as well as market
are evaluated on basis of various variables and factors such as age, gender, standard etc.
BIG BELLY uses strategies to determine these factors. Implementation of strategies and
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developing tactics is crucial to analyse market situation and to be unique from
competitors. So, organisation selected the mass market where waste is spreading at rapid
level and put subscription prices at affordable rate.
 Business Analytics- This is the aspects in which progress, performance, time consumed
at each stage and other figures are determined. In relation with BIG BELLY, they uses
this stage to analyse the manpower resources used in process.
 Product development- Then comes stage in which product is needed to be market and
advertised. BIG BELLY uses various promotional and advertising platforms such as
Facebook, You-tube etc. They also implement campaigns and are socially active which
helps their developing their product at wider level. In new york gallons of wastes is
recycled by Big Belly and this assist them developing product and their online
management system worldwide.
 Test marketing- Further arrives the test marketing of product in which products
prototypes are launched in market to analyse the result. BIG BELLY uses this to evaluate
and determine their product need in market. To effectively use this step firm increases
their product regions so that people become aware about the brand as well as services
used for recycling of waste management.
 Commercialisation- After a brief analysis of above stages then comes the actual
launching of product in market at broad level. In context to BIG BELLY, they adopt this
stage at with assist of their sales and marketing team. commercialisation
So, NPD process assists business in identifying products, progress, errors, opportunities, market
situation and trends as well as also helps in managing time management. BIG BELLY uses this
method to overcome with challenges and competition in market and to tackle with their
competitors as well such as AMCS, Cie Trade etc.
P6 Examine a case study in relevance with BIG BELLY and analyse its innovative product
effectiveness and sources of funding
Executive Summary
Requirement
Big belly was established with aim to eliminate and reduce
as well as recycle the waste worldwide.
Requirement and need are important to analyse in market
and organisation. So, BIG BELLY determine needs of
customers and introduces new methods and products in
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market.
Solution Waste management is necessary to be considered in
society. In context to BIG BELLY, they have introduced a
new product known as FIRF solution which saves time
while going with waste management process. They use and
provide smart solution to customers which assist in healthy
environment(Wang, C).
Consumer Analysis Consumer analysis is important to increase sale of the
product. In context to BIG BELLY, examining consumer
behaviour is easy because organisation provide reliable
product and services which leads to attraction of more
customers.
Funding To carry out activities and operations in business every
firm needs funds and capital. So, BIG BELLY uses
different sources of funds such as bank, financial
institutions etc. Due to organisation goodwill they easily
get funded by other entities and multinational corporation.
Benefits BIG BELLY is providing a healthy environment to public
and is also socially active. Due to its positive environment
and creditability of firm many entities and financial
institution are collaborating with organisation to expand
business (Choi,2019).
The above case study depicts that BIG BELLY is assisting environment to be safe and
secure by eliminating, recycling and removing of waste produced by product and firms. This
objective is achieved by providing smart solution tools and techniques to the market.
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