Commercializing Innovation: A Report on Austin Fraser's Strategies

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the case of Austin Fraser, a company specializing in IT, engineering, and life science recruitment services. The report delves into the importance of innovation, comparing it with invention, and explores how organizational culture, leadership, teamwork, and vision shape innovation within a company. It examines various sources of innovation and utilizes the 4Ps of innovation, along with the innovation funnel, to shape innovative ideas. Furthermore, the report addresses the improvement of frugal innovation and its role in the organization. The report also explores the significance of the commercial funnel or process of new product development and includes a business innovation case study for Austin Fraser. The report concludes by discussing techniques to retain, develop, and protect intellectual property, providing a holistic view of innovation and commercialization in a business context.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Innovation and its importance to firm in comparison with invention...................................4
P2. Organisational culture, leadership, teamwork and vision can shape innovation..................5
M1 Different source of innovation..............................................................................................6
TASK 2............................................................................................................................................7
P3 4Ps of innovation or use of innovation funnel in shaping innovative ideas..........................7
P4 Improvement of frugal innovation.........................................................................................8
M2 Innovation funnel of company .............................................................................................9
M3 Role of frugal innovation in organisation.............................................................................9
D1 Measured innovation on chosen company............................................................................9
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel or process of new product development..........................9
M4 Business innovation of Austin Fraser.................................................................................10
D2 Develop successful innovation ...........................................................................................11
P6 Innovation business case for an company and ways for its funding....................................11
TASK4...........................................................................................................................................12
P7 Techniques to retain, develop, protect intellectual property................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is most important aspect through which any organisation can accomplish its
desired goals and objectives in certain period of time. There are so many practices and activities
that are carried by the company as to manage products, services, process and technology so that
they can work in more effective way. Innovation is process through which company can improve
its existing products and services and improve its brand image among customers. This is an
activity of elaborate as well as renewing the existing goods and services of an organisation so
that their profitability and productivity increase in market place (Yin, Shi and Yan, 2014). With
the help of innovation firm can do modification in its products such as improvement in products
quality and also enhance economic growth of business. Nowadays innovation is most important
element of entrepreneurship. The present project report is based on Austin Fraser company
which is specialises in IT, engineering and life science recruitment services. This firm provide
experience and skilled worker to other large company who have accurate knowledge as well as
ability to handle effective task. The main aim of this report is to understand different steps of
commercialise innovation and different method of protecting ideas has been evaluate.
TASK 1
P1. Innovation and its importance to firm in comparison with invention
Innovation is the most important aspect of business industry. It assists in attracting a large
number of people towards the new designed products and services of company. The mind-set
and mentality of individuals can be changed towards particular goods and services. Innovation is
a process in which person can build different unique ideas and thoughts that help in making
innovative products (Yin and et. al., 2014). It also helps in increasing the profitability and
productivity of firm and develop growth in competitive market place. There are many benefits of
innovation to company which are like:
Select best method for organisation: Austin Fraser have to select best method and tool
for its operational activities. Without innovation, company cannot maintain its stability in

marketplace for long period of time. By using advanced technology and new devices, firm can
improve its performance and perform all activities in the most effective and systematic manner.
Create competitive advantage: With the help of innovative ideas and schemes, firm can
build a strong position as well as image in competitive market place. Also, help to improve value
of its products and services among potential buyers.
There are various points which highlight the importance of innovation in organisation for
its growth and development. Difference between invention and innovation are explained as
follows:
Innovation Invention
 It is important for all the functional
departments of organisation.
 This includes all strategic, marketing,
and managerial skills.
 It helps in increasing the value of
existing products and services.
 Through this, firm can improve the
knowledge and skills of research or
technical tools.
 With the help of this process, products
and services can be present in the most
effective manner.
 Any person who has good scientific
knowledge can make unique goods.
Austin Fraser is a private consultancy which is specialised in engineering and IT
recruitment service centre. They help in providing highly skilled and experienced workers to a
large organisation that can handle difficult tasks in an effective manner (Xiao and et. al., 2016).
Apple Inc. is a company which makes unique and innovative products for their customers in
competitive market place. They make iPods that are small in size but stores number of songs in
it. The organisation provide products in reasonable price which can easily purchase by its clients.
P2. Organisational culture, leadership, teamwork and vision can shape innovation
Every company use innovation procedures for its operational functions which improve
their level of profitability and productivity in competitive market place. So, firm should focus on
innovative ideas and thoughts on regular basis. It is responsibility of manager to use innovative
thoughts and ideas while making any kind of strategy and plan related to products of company.
Most of the firms focus on innovative things to change environmental factors. Before making

any changes firm evaluate these three steps such as evaluate requirement of innovation, adopt
advance technical resources and find financial sources. Apple Inc. manages their worker's
capacity and quality that analyse high skilled workers who can perform difficult task in more
effective way and also manage their co-workers in particular project. Vision, mission,
environment and leadership style are the main elements which inspire and motivate manager to
do work in an innovative way (Walsh, 2012).
Mission: Austin Fraser has mission to enhance the efficiency and effectiveness of
business organisation that offers better services to its clients. It is also known as short term goals
through which nature of operations can be identified. At the time of focusing on increasing
efficiency, new idea can be developed and executed for increasing revenue of company. This can
be done in making new system for reducing cost of business.
Leadership: This element helps company in controlling and managing all kinds of
operational activities. It is the most important aspect of management that guides and encourages
employees for accomplishing desired goals and objectives. Leaders has to face different kind of
tuff situation, these challenging situation can force leaders and managers to develop new idea for
coping up with a problem.
Vision: It represents long term goals of the firm for which they can set objectives. The
cited firm improve its market image and financial profit. Their vision is to provide best service to
the clients by understand and resolving their problems. Clients comes with very complicated
problems, this may lead to development of innovative ideas for resolving their problems.
Organisational culture: It is a structure of company which affects the performance of
employees in both positive as well as negative ways. This will provide different values and
behaviours that help in creating positive and healthy working environment. Positive and high
performance working culture can result in innovative ideas from the side employees.
Team work: In this, more than one person work together for achieving same set of goals
and objectives effectually. Company encourage team work for improving its profitability and
productivity level. When people will shares ideas with other members of team, they can connect
each others thought for making new and innovative plans.
All the above mentioned factors such as vision, mission, team work, leadership and
culture can help in achieving the innovative thoughts and ideas at workplace. Firm can acquire
innovative environment by adopting all this factors in proper way at work place. Without all

these points, Austin Fraser cannot achieve high growth and development in the competitive
market place (van Hemert, Nijkamp and Masurel, 2013).
M1 Different source of innovation
Austin Fraser has to identify several source of innovation such as innovation ideas,
thoughts, new knowledge, examine customers taste, preferences, wants and develop goods in
different shape, size and design. It is very important for firm to examine all these factors for
increasing their profitability as well as productivity in market place. Also, examine new segment
of market to expand their business to cover more customers. By working on complicated
problems like making a mango lassi, innovation can be done. Looking at past and future are
some other sources of innovation. If a particular system worked in past and gave innovate idea
then it can be used again. By analysing future events, they can increase develop new product
accordingly.
TASK 2
P3 4Ps of innovation or use of innovation funnel in shaping innovative ideas
Innovation play most significant role in all business enterprises (Snow and et. al., 2011).
Through this company can use its available resource in more effective or efficient manner to
achieve more profitability and productivity. It help in reducing errors and mistakes from the
production process of products and services. Whereas, innovation funnel help in developing
creative thoughts and ideas in the organisation that help in modifying and inventing new
products.

This help in increasing the level of productivity and profitability of firm. The innovation
funnel can provide most effective products or services to their customers. In today's times, it is
must to innovate culture, goods, services, strategies and plans on regular basis for gaining huge
competitive advantage in market place. Company use 4Ps of innovation for updating and
modifying its existing products and services to achieve more growth and success. These are as
under:
Product innovation: Firm develop different types of goods and services for satisfying
their customer's needs and demand (Shahid And et. al., 2011). So, they should focus on making
innovative products to achieve high growth and development in market place. Austin Fraser firm
can make use of innovative ideas in its present and upcoming services for the success and
development in large market area.
Process innovation: It is production process of different types of products and services
for buyers. By using innovation process enterprise can enhance its efficiency and effectiveness.
Austin Fraser focus on innovative products which help in attracting huge number of customers.
Position innovation: This process will change the existing products and services of the
company. Cited organisation can divide its services according to the market segment to achieve
more success and growth.
Paradigm innovation: This will assist in understanding shape and expected approaches
of company. The main aim of this aspect is to incorporate innovation process in most effective
and systematic manner.
Illustration 1: Innovation Funnel, 2017

M2 Innovation funnel of company
It is must to produce innovative product and services to attract more and more customers
towards the products and services of the firm. This will help in gaining huge competitive
advantage and also develop good brand image of product in large market place. Innovation
funnel help in controlling and managing all operational functions of business. Austin Fraser
should also adopt this funnel for increasing level of profit in market place (Eesley, Hsu and
Roberts, 2014).
Austin Fraser has to deal with complicated problems, finding best solution of these
problems is not an easy process. Innovational funnel focuses on eliminating various irrelevant
and inappropriate ideas which can confuse managers. Once it deliver proper solution, which has
to be implemented, then it concentrate on process that is needed to be adopted by company.
Work related to positions of service and pattern is done by analysing various solution by which
problems of customer can get resolve in less time period.
P4 Improvement of frugal innovation
Nowadays innovation play most significant role in all organisation in many operational
functions to increase its efficiency and effectiveness (Kim and et. al., 2011). With the help frugal
innovation company can improve customers relationship and minimise their problems and
expenses. According to the case study Virgin Group and Apple Inc. use their resources in
effective manner. They enhance employees skills and knowledge on regular basis to achieve
desired target. With the help of Frugal innovation, Austin Fraser firm can achieve its economical
and social outcomes. These are some ways through which company can do frugal innovation.
Reduce manufacture cost: With the help of innovation, enterprise can reduce
unnecessary cost of production. The firm can produce products and services in most effective
manner and attract large numbers of customers towards it product and services. It also reduce the
cost of operational activities and practices.
Produce durable and reasonable goods: Enterprise should innovative goods and services
for more development and growth. This will improve the economic conditions in most effective
manner. Austin Fraser offer durable goods and services through which firm attract large number
of customers. All this things can be done in proper way only by using frugal innovation.

Emergence of advanced devices: Company use new devices and advance technology
while producing innovative product and services by adding more features in it. It also help in
enhancing quality of services.
Hence, this are some ways through which Austin Fraser can use Frugal innovation at
workplace. Through this organisation can improve as well as grow their level of business in
market place (Ke and et. al., 2016).
M3 Role of frugal innovation in organisation
The main role of frugal innovation is to develop the economy of country. This will help
in selling products and services in low price and also help firm in producing effective goods in
market place. Business organisation can run its all operational activities in smooth way with the
help of frugal innovation. Role of frugal innovation is crucial providing better services to
customer, innovate solut6ion create value for money and it also reduces overall cost of business
of Austin Fraser.
D1 Measured innovation on chosen company
There are so many factors which help in measuring innovation by skill, performance,
attributes and knowledge of an employees. All this elements assist Austin Fraser in measuring its
performance and increasing its growth and development level in competitive market place. They
need to create strong strategies and plans for smooth running of its operational activities. This
company do not only try to resolve the problems which client is mentioning, they try to find
actual problems which client may do not know. Austin Fraser try to sell their solution to clients
because convincing customer is not an easy process. Frugal innovation help them in doing this
work.
TASK 3
P5 Importance of commercial funnel or process of new product development
Commercial funnel help manager in understanding the purchasing power and behaviour
of customers. Through this, firm can easily evaluate the income level of its customers which
include four aspects such as want, activity, awareness and curiosity (Chun and et. al., 2015).
Commercial funnel help in providing knowledge to customers about different types of products
and services. Company need to identify the reason that makes continuous change in its financial
position. There are many advantages of this concept which are as follows:

Quality enhancement: Company use Commercial funnel for making different quality
goods and services. Business enterprise can easily satisfy their customers by providing them high
quality product and services in most effective and systematic manner.
Decrease operational cost: If firm will change its existing policies and scheme then it
can assist in developing production process. The cost of operations can be decrease by using high
advance technology. An systematic process of manufacture will always create less operational
cost and expenses.
Increase profitability: This approach help Austin Fraser company in increasing their
level of profitability and productivity. Customer want high quality products and services which is
innovative and new in nature.
Build strong brand image: By making something innovative in existing goods and
services company can provide satisfaction level to its customers. This will help company to build
strong and positive brand image among customers.
Following are some steps which make process complete of new product development are
as under:
M4 Business innovation of Austin Fraser
Organisation was introduce innovative office with new devices, tools and design. The
manager of company always enhance and encourage all staff members to develop innovative
Illustration 2: New development process, 2017

products and services in market place. Through this, enterprise can enhance its profitability as
well as productivity level. By using some innovative idea and thoughts firm can attract large
number of customers. By analysing impact of various decision taken by using different steps of
innovation funnel, one can easily checking effectiveness of innovative business case. Austin
Fraser can try to check past records and forecast affect of commercial funnel on company's
performance.
D2 Develop successful innovation
Enterprise will face so many challenges during producing innovative products and
services for potential customers. They protect their patent and rights from unnecessary people
who acquire others right to gain profit so it is must to make patent of their unique product and
services. Company use innovative ideas and thoughts for producing innovative goods in most
effective as well as systematic manner. Organisation also focus on protecting its internal
structure which can leak its important data and information to outsider. So, this will assist in
overcoming problems which arises during innovation success. Austin Fraser can start a mobile
application where they are take money online from their clients and solve their queries without
interacting them personally. This will assist them in increasing their business in short period of
time and their number of customer will also increase.
P6 Innovation business case for an company and ways for its funding
Every enterprise need a proper innovation case through which they can understand about
all different practices and activities. Effective planning of organisation help in acquiring limited
working capital.
Identify or understand business objectives: For acquiring new innovational thoughts and
ideas in the organisation, it is must to recognise need of innovation and after than company set
their desired goals.
Market research: Firm require to set goals and objectives which assist in conducting
different research for determining several alteration in demand, wants, preferences, choice and
trends of customers.
Analysis: After conducting market research, management should decide that which plans,
policies and strategies are suitable for accomplishing required objectives and goals.

Evaluation: This is last phase of innovation plan of business organisation. Manager
evaluate all kind of activities and functions which are important for the identify outcome of
particular task.
Hence, all the above points are most important which are required for effective planning
process of enterprise. The popular organisation Apple Inc. adopt this plan in enhancing its
business growth and development in market place (Abou-Ras, Kirchartz and Rau, 2011).
Investors help in providing correct and accurate funds for effective operational functions. There
are different kind of investors which are as under:
Business angels: They provide large amount of funds to the organisation for effective
management. They are attracted towards the large company who have good image in market
place. An individual invest his/her money in a company if they feel that it can generate huge
amount of profit in upcoming time. They can invest money against share. Its main advantage is
that angel investor has good knowledge of business so his/her experience can be used by a
company. It disadvantage is that company may have to lose their ownership which will result in
less power at the time of making any decision.
Venture capital firm: They take some share of firm in exchange of their investment
money. They have less source of funds as compare to business angels. Venture capital firm
invest money by setting their valuation. Prime benefit behind taking money from them is that can
give huge amount, but there is a big disadvantage i.e. they ask for seat in executive board.
TASK4
P7 Techniques to retain, develop, protect intellectual property
Intellectual property help organisation to make their legal right for their innovation,
thought, invention, creator work and knowledge. It also help in achieving goals and objectives in
certain period of time. Apple Inc. have face lots of problem as their property used by other
company. Firm provide innovative working environment with the help of intellectual property
and motivate their employees for doing more effective work. So, it is important for cited firm to
protect its intellectual property in most appropriate manner. There are many methods that can
protect legal rights which are as follows:
 Industrial Design
 Copyright

 Patent
 Trademark
Austin Fraser firm provide experience as well as skilled employees to large organisation
and increase profit in higher level. Enterprise should take care of all property rights so that no
one can take unnecessary benefit by using their properties. There are some rights which are as
follows:
Copyright: This method assist in protecting books, novels, creative drawing and music of
any person. An individual who acquire other property without taking permission from real owner
of the object. If any person want to use some one else property then they have to take permission
of owner. Its advantage is that an organisation can charge money from someone who uses their
copyright. Its demerit is the process of getting copyright is involves lot of time.
Patent: This method used by any person or company who invent some thing unique and
new in market place. They have to get patent right for their invention from government. It is duty
of investor to make registered their patent right in the court. Patent provide unique right to a
company but getting patent is complicated and expensive.
Industrial design: It is used by business organisation to protect the product design, size
and shape of any person. It make different image of company but it required huge expenditure of
money which is its prime demerit.
Trade mark: It is the process through which company protect and secure design of their
products as well as services. It make product unique from the similar kind of goods which are
available in market place. Trademark is signature of company, it is used for creating different
image of company's product or services. But in case of bad promotion of one product or brand,
trademark play crucial role in ruining whole image of the company.
CONCLUSION
From the above project report it has been concluded that commercialisation and
innovation are most important aspect of business organisation. It assist in increasing number of
customers in the competitive market place. Innovation is operated by engineers professionals for
increasing the level of growth and development. It is process which is used by firm for elaborate
and renewing the existing goods and services for satisfying the needs of customers. This will also
play significant role in the business and economic growth. The mentality and mindset of people's
can be change by company by adopting innovation idea during the production process of

products. Firm will offer better commodities and services to their customers. Commercial funnel
used by enterprise for providing proper knowledge about different kinds of product and services
to their customers so that they create some interest towards specific goods and services of
association. They require to take suitable action for reaching target buyers in the competitive
market place. The business organisation can protect and secure their rights as well as duties
which help in increasing profit and productivity in higher level.

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