A Comprehensive Report on Innovation and Commercialization at 4Com Plc

This report provides a detailed analysis of innovation and commercialization strategies within 4Com Plc, a telecommunications company. It begins by defining innovation, differentiating it from invention, and highlighting its significance in the workplace. The report then explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It delves into the 4Ps of innovation (product, process, positioning, and paradigm) and examines the usage of the innovation funnel. Furthermore, the report discusses frugal innovation, its developments, and how 4Com Plc can leverage it to enhance its product offerings and market position. The analysis includes practical examples and strategic recommendations to foster innovation within the company, making it a valuable resource for understanding innovation management in the telecommunications industry. The report emphasizes the importance of adapting to market changes and customer needs through innovative practices.

INNOVATION-AND-
COMMERCIALIZATION

INTRODUCTION
The term innovation is that successful process by which business enterprise can identify
new trends, needs and demands of market. It influence substantial impact on goods, services,
procedures and technical forces of organization. With the help of innovative knowledge and
ideas every enterprise can improve its products, services, infrastructure and way of working.
Also, innovation helps company in surviving in market place for long time period. It involves
technical aspects that is why this function is operated by engineering department. By brining
innovative ideas, managers can improve their existing goods/services and also can attract a huge
number of customers (Styhre and Remneland-Wikhamn, 2016). In present time, innovation is
playing significant role in all business industries as its helps them in leading and existing in
marketplace for last long. This project report is based on 4Com Plc which is located in England,
United Kingdom. It is a telecommunication supplier company. In this project, meaning and types
of innovation and its differentiation with invention has been explained. Along with this, well
defined procedure has discussed to commercialise innovation within organisation. At last,
various techniques has been evaluated for protecting knowledge and ideas.
TASK 1
P1 Meaning of innovation, its significance in workplace and how it is different from invention
Innovation provides various solutions which can help in determining different
requirements, present and future needs of market place. With the help of this, innovative ideas
and knowledge business enterprise can achieve competitive advantage as well. In modern world,
only those companies are surviving in market place which are taking help of innovation as, it
helps them in making their products and services more effective. Also, it helps organizations in
meeting with their customer's needs and demands. Innovative ideas always results in positive
modifications such as high profitability and productivity. Innovation plays a complementary role
in organisational culture because its helps company in translating its innovative ideas into tactile
performance improvements. According to some expert persons, it is most important function of
business managers, public companies and any new established enterprise (Drucker, 2014). Its
helps executives and entrepreneurs to break traditional way of working and also force them to
adopt some new changes to enhance their competitive advantage. In other words, innovation
provides lower cost solutions for work related problems so that company can operate its business
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in most effective and systematic manner. In simple words, by creating innovative working
environment within work place, enterprise can operate business activities and practices in
appropriate manner. Due to changes in market needs, organisation structure, customer's
preferences and international demographics, managers gets attracted towards innovation and
commercialisation. To covert innovative ideas into action, enterprise needs to change its existing
organizational procedures and also need help of information technology department. Innovation
is highly significant for organization which can be understood by below mentioned points:
Helps in achieving competitive advantage: By taking help of innovation, 4Com plc can discover
and apply innovative management function within work place. With the help of this, enterprise
can bring new and fresh ideas which can help in operating organizational functions in most
effective manner. If company will run business activities in appropriate manner then it become
able to provide better products and services to customers which can company in increasing its
competitive advantage (Noble, 2013).
Respond quickly: With the help of innovation, business enterprise can change the direction of its
most important human and technology resources. In simple words, it helps company in quickly
responding market needs and demands. It creates appropriate changes in work place so that
company can cope up with environmental modifications.
Moreover, by determined above mentioned points it can be said that innovation have a
significant role in business enterprise. Although, it is related with invention but still both are
different concept which can be evaluated by below mentioned table:
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(Source: Hasa, 2016)
P2 Innovation and commercialisation shaped by organizational vision, leadership, culture and
teamwork
Every business enterprise have its mission, vision and organizational culture which helps
it in accomplishing its desired goals and objectives. For adapting new and innovative ideas, first
of all company should tell importance of innovation to their human resources so that they can
easily adapt those ideas and changes. By creating a clear understanding between employee and
innovation, mangers can produce most effective products and services. By taking help of
innovation , organization can provide high quality goods to their customers through which they
can satisfy their needs and demands (Borowitzka, 2013). Also, it helps in resolving business and
client's related problems. Apple Inc. is a successful corporation because it hires high skilled
employees who can operate its organisational activities and practices in most effective manner.
Every company have its own vision, mission and other goals which can be fulfil only by taking
help of innovation.
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Illustration 1: Difference between Invention and innovation.

Vision: It is considered as those long term goals which helps organization in having high growth
by the time. 4Com limited have its future goals which can be accomplished only by taking help
of advanced technology. By innovating its existing products and services it can achieve its
desired targets and also can provide better satisfaction to its customers.
Mission: The main mission of company is to provide high quality goods and services to its
clients so that they can maintain their living standard. Innovation can help this enterprise in
producing effective products and services on less operational cost.
Leadership: Innovation can assist business enterprise in cooperating with different market
changes. It is highly important for company to adapt all those changes. Leaders have the
responsibility to communicate all these modifications to employee so that they will operate
business functions according to them. By doing this, enterprise can produce quality products and
can fulfil market needs and demands. So, it can be said that leading skills also shape innovation
and commercialisation (Patton, 2011).
Organizational culture: It is that place in which employer and employee work together to
accomplish long as well as as short terms goals and objectives of company. With the help of
innovative ideas, mangers can make appropriate changes in existing organizational culture so
that employees will feel free and contribute more in achieving desired results.
Teamwork: It can be refer as process in which many employees come and work together to
attain some common goals and objectives. When so many people work together then they meet
with some new and innovative ideas which can be prove beneficial for work place. Apple Inc.
assign its business operations in different groups so that they can be finished in effective manner
and in less time period. 4Com also follows the same procedure which helps it in producing new
and innovative products and services. Also, it gives it a strong customer base which is possible
on by providing quality goods.
Henceforth, these are the most important aspects of organization which can be achieved
only by brining innovation and commercialisation within work place.
TASK 2
P3 Different Ps of Innovation and usage of innovation funnel in examining innovative ideas
Innovation and funnel both are most important concept of business enterprise as it helps
in identifying and fulfilling different needs and demands of customers. By taking help of these
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aspects organization can improve organizational efficiency and also can provide high satisfaction
to its potential clients. 4Com Plc is specialised in telecommunication equipments, it is based on
technological forces so it is highly important for it to consider innovation as priority. Without
innovative ideas it can not produce better and improved telecom products. In modern world, all
organizations are taking help of technical support which makes their business more powerful. In
simple words, technology advancement has increased market competition (Ceylan, 2013). To
survive in such marketplace, 4Com needs to be highly innovative and creative. By being
advanced, enterprise can also cooperate with environmental changes or modifications. There are
4Ps of innovation which are firstly introduced by John Bessant and JoeTidd. All of them are
follows as under:
Product innovation: Every business enterprise produce its some goods and services to satisfy
needs and demands of customers. Product innovation helps organisation in manufacturing unique
and creative goods which can become a main source of attracting a huge number of customers.
4Com is a powerful telecommunication equipment supplier who gives core attention to product
design and innovative process so that it can produce goods as per the requirement of market. It
manufacture goods and services in unique way which makes them different from other products
available in marketplace. Apple Inc. is a popular brand in all over the world because they always
innovate new and unique which help them in covering large market share worldwide.
Process innovation: Effective procedures are the only thing which makes a organisation market
leader. Without following appropriate process no enterprise can accomplish its desired
goals/objectives and also can not exist in market place for long time period. By introducing
innovation in procedures, business enterprise can operate its organizational activities and
practices in most effective and systematic manner. It is not an easy task for mangers to
implement innovative process because it consumes money as well as time. Apple Inc. is highly
influenced by process innovation as it motivates company to innovate unique products such as I-
Pod music player. This type of innovation was firstly introduced by Apple which have capacity
to store approx 1000 songs (Marin-Garcia, Aznar-Mas and de Guevara, 2011).
Positioning innovation: It is highly essential for business enterprises to distribute their products
and services in the market as per the demand of customers. 4Com have a good positioning
strategy, it distribute its products in that market in which it can cover large market share. It
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supply its telecommunication equipments in those stores where customers can easily buy them.
Also, this aspect helps in building positive image of company in mind of clients.
Paradigm: There are various aspects which helps in executing innovative procedures. 4Com
gives importance to its each and every product so that it can provide satisfaction to its all
customers. It is known as last point of innovation process where all aspects are complied and put
together. It ensures that innovation will bring positive results in future.
Moreover, these are some most important Ps of innovation which can lead any
organization to higher level of success. Above mentioned all aspects can help 4Com company in
innovating its current products and services which will result in high profitability and
productivity.
P4 Frugal innovation and its developments
By taking help of invention strategies, enterprises can expand their business in all over
the world. The concept of frugal innovation is is highly important as it helps in developing
customer's preferences and also give them priority. It is that aspect which helps organisation in
reducing operational cost of products and services. The process of removing unwanted
characteristic from long lasting products is known as frugal engineering. It helps in resolving
business problems and situations. Problems regarding developing individual needs is often
resolved by frugal innovation.
Moreover, it helps 4Com in recreating, developing and redesigning existing mobile
phones. By following this procedure, company can make its goods more affordable and durable
which can attract a huge number of employees. Also, it helps organisation in competitive market
place (Zeschky, Widenmayer and Gassmann, 2011). There are several methods by which cited
enterprise can develop frugal innovation and these are follows as under:
Helps in innovation: Frugal innovation helps company in innovating new and unique products
and services which can provide better satisfaction to customers. Also, it creates positive image of
company in market place. In simple words, if company will provide quality good sand services
to clients then it can satisfy their needs and demands. This type of innovation help organization
in increasing financial profit and minimising operational cost. By taking help of frugal
innovation, cited company can produce new telecommunication equipments such as phones and
so on which can attract new customers.
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Distribute goods in trade line: Mentioned organization is highly popular because it provides
innovative products and services as per the requirement of market place (Zeschky, Winterhalter,
and Gassmann, 2014). This directly influence impact on economic condition of 4Com Plc. By
taking help of frugal innovation, it can increase its product's line and can distribute them in
targeted market. This can lead enterprise to high level of success.
Decrease the value of products: The concept of Frugal innovation help organization in
producing goods and services with less operational cost. Less expenses can provide opportunity
to company to sell its goods and services at low prices thorough which it can attract a huge
number of customers. All this possible if enterprise will purchase raw material with
Apart form this there are sex principles of frugal innovation which are follows as under:
Find opportunity in adversity: According to this approach organization should work for that
thing which is considered as threat and then turn that into an opportunity.
Do more with less: As per this principle, company should think about those areas through which
it can get better results or outcomes.
Think and act flexibly: Organization should use flexible structure so that it can make changes in
its work place as per the business situations.
Keep it simple: Business enterprise can suffer from various problems because of complexity. In
simple words, organization should not go for more choices instead of this it6 should go for fewer
options.
Include the margin: According to this principle, company should consider the customer needs
and wants, also involve them problem solving process.
Follow you heart: Business managers should work passionately and find high innovativeideas
everyday.
TASK 3
P5 Commercial funnel and Application of NPD for commercialisation of innovation
Commercial funnel is a most essential part of innovation and commercialisation. It is that
merchandising model which helps organization in identifying buying behaviour of customers.
This concept is totally depends upon four aspects which are desire, interest, awareness and actual
action. It can be understand with the help of process in which firstly client gets aware about
product then he show his interest towards that product after that he make desire to have it and in
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last he make efforts to achieve that specific product. Commercial funnel helps in modifying
existing strategies by which enterprise can develop its current goods and services (Fuchs and
Schreier, 2011). By making new changes in product, organisation can attract many people.
Significance of frugal innovation can be determined by below mentioned points and these are
follows as under:
 Improved and developed products can increase level of profitability and productivity
which directly helps in organizational growth.
 By taking help of effective techniques and strategies company can minimise level of
operational cost and can produce products in large quantity.
 By implementing frugal innovation, enterprise can overcome all business problems and
difficulties.
 If organization will provide quality products and services in market then it will impact on
corporate image and also it will help in building its strong reputation in market place.
 4Com Plc can improve it production process and its product's quality by taking help of
well designed mercantile funnel.
Furthermore, all these points represent that commercial funnel plays a important role in
business enterprise also it assist in accomplishing organizational gaols and objectives in most
effective and systematic manner (Ward and Sobek, 2014). Apart form this there is process for
product development which consists of several steps and these are follows as under:
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(Source: Akrani G., 2012)
P6 Business case for innovation and ways to access funding
4Com is a one of the leading telecommunication company which provides mobile phones
and some other gadgets. This company was established in 1999 in England. The main main
objective of this enterprise is to connect over all United Kingdom. Also, provide quality
products and services to customers. This organisation is well growing because its gives core
attention to innovation and commercialisation which provides it high competitive advantage. It
manufacture its products and service as per the requirement of its customer because without
satisfying client's demands it can not survive it market place for long time period (Boons and et.
al., 2013). It always try to innovate something new and unique so that it can make strong
customer base. The term innovation helps organisation in many ways which are follows as
under:
Expected benefits: With the help of innovation, business enterprise get many benefits in term of
money and reputation. By providing innovative products and services this company attracts a
huge number of customers and also increase its financial profit. Large customer base results in
organizational growth and development.
Development of organizational strategies and plans: Before making any important decision,
organization conduct a market survey. By which it gather important and accurate information
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Illustration 2: New product development process

about market trends. On the basis of that mangers makes appropriate changes in work place.
According to market needs, company have to improve and develop its products, it can be
possible only by innovation process (Baldwin and Von Hippel, 2011).
Furthermore, whenever company innovate its structure, products, services or procedures
it requires huge capital which can be achieve by different types of investors which are follows as
under:
 Business angels are known as most important financial sources. They invest their money
in those firm who have great image in market place.
 Other is venture capital firms, they invest in company by taking some share of that firm
in exchange.
TASK 4
P7 Ways to protect, retain and develop knowledge and intellectual property
With the help of intellectual property one company can lead to higher level of success.
Government have also made some regulations which regulates that no person can use any kind of
property of other person without taking his or her permission. There can be tangible as well as
intangible property of an individual or institution. There are some ways through which
organization can protect, develop and retain its intellectual property an these are follows as
under:
Patent: This provides safety and protection to some extra ordinary inventions of someone which
is never introduced in history (May, 02013). It gives right to only inventor that where and how
he can utilise his invention.
Copy right: It is for the people who have claimed some unique and artistic work. Music, books
and novels are the example which is protected by copyright.
Hence, these are some most common methods to protect intellectual property apart from
this Trademarks, Industrial designs and geographical indications are some other ways to retain
and develop intellectual properties. Moreover, there are two major concepts which are open
source and open innovation. Basically, open source is huge platform for innovation.
Open source: It involves software vendors who develops software irrespective of hardware
producers and then sell them against licenses. Main responsibility of them is to protect their
software.
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Open innovation: It is considered as a specific form of innovation. It helps business enterprise in
seeking useful inventions and innovation technologies outside the work place. It force company
to collaborate with external partners.
CONCLUSION
By evaluating this project report, it has been concluded that innovation is that concept
through which organization can easily accomplish its desired goals and objectives. With the help
of this, enterprise can improve and develop its organizational performance and also it is a golden
key for attracting a huge number of customers because, most of people like to purchase those
things which are unique and innovative in nature whether it is a product or service. This project
report is based on 4Com Plc which is a one of the leading UK based company and its supplies
thigh quality telecommunication equipments in the market. Currently this enterprise is focusing
on excogitation concepts so that it can increase its efficiency and effectiveness. In this project
meaning, importance and types of innovation has been explained which can foster cited company
to bring innovation within workplace. Along with this, process of new product development has
been evaluated so that organization can develop their existing goods and services. At the end,
different methods has been introduced which can help business firms in protecting their
innovative ideas.
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REFERENCES
Books and Journals
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