Innovation and Commercialization in Iglo: A Business Report

Desklib provides past papers and solved assignments. This report analyzes Iglo's innovation and commercialization strategies.

Innovation and Commercialization
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Executive Summary
In this present context there were several types of innovation which was followed by
different organization. There was a brief explanation about the terms innovation and
invention which was necessary for the manager to understand the business context.
There are several processes which were involved for commercialization of the new
products of Iglo. There were different methods used for protecting the innovative ideas
and the intellectual property and the organizational tools were used to develop, protect
and retain the Knowledge.
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Table of Contents
Introduction...................................................................................................................... 5
P1..................................................................................................................................... 6
Explanation of Innovation and determination of its importance in relation to invention....6
P2..................................................................................................................................... 7
Explanation of how Iglo’s culture, vision, leadership and teamwork help to shape
Innovation and commercialization....................................................................................7
M1.................................................................................................................................... 8
Analyzing the different sources of innovation to foster and develop the environment and
culture of innovation of the organization...........................................................................8
P3................................................................................................................................... 10
Explain the 4Ps of innovation and explain the use of innovation funnel to examine and
shape innovation ideas.................................................................................................. 10
P4................................................................................................................................... 11
Explain developments in frugal innovation and provide examples of how it is used in an
organizational context.................................................................................................... 11
M2.................................................................................................................................. 12
Analyze and apply the innovation funnel in an organizational context...........................12
M3.................................................................................................................................. 13
Evaluate the role of frugal innovation in an organizational context................................13
D1.................................................................................................................................. 14
Critically analyze how innovation is developed, embedded and measured in an
organizational context.................................................................................................... 14
P5................................................................................................................................... 14
Explain the importance of the commercial funnel and the application of new product
development processing for commercialization of innovation........................................14
P6................................................................................................................................... 15
Build an innovation business case for an organization including ways to access funding
....................................................................................................................................... 15
M4.................................................................................................................................. 17
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Build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve.........17
P7................................................................................................................................... 17
Evaluate the different tools that organization can use to develop, retain and protect
knowledge and intellectual property...............................................................................17
M5.................................................................................................................................. 18
Present supported evidence based evaluation of these different tools in the context of
the wider business environment entrepreneurs.............................................................18
D2.................................................................................................................................. 19
Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgments on how organizations can overcome challenges to
develop successful innovations......................................................................................19
Conclusion..................................................................................................................... 20
References.....................................................................................................................21
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Introduction
There are several organizations which faces a problem in the department of innovation
to sustain in the market. The big business firms have a well developed R & D
department which focuses on the matter of innovation and invention in order to compete
with others in the competitive market. This report focuses on the importance of
understanding the terms innovation and invention and their importance in the business
market. The 4Ps of innovation helps in the management of the business and the
manager needs to focus on the best suitable method of innovation. This report also
focuses on the importance of innovation channel and frugal innovation methods.
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P1
Explanation of Innovation and determination of its importance in relation to
invention
Innovation: It is a process which brings about a new idea for a service or product that
is needed by an organization in order to have an impact on the success of the
organization. There are several drivers which pushes the process of innovation for the
intellectuality, courage and thinking of an organization in order to have a differentiation
about the driving forces for the innovation process (Souto, 2015).
Invention: It is the process which is responsible for implementing the new thinking or
idea into actions which acts as the secondary step for the invention of the new service
or product (Witell et al., 2016). Innovations are responsible for bringing up of new ideas
and invention is the process of shaping the idea into reality in order to invent the service
or the product for the benefit of the organization.
Importance of Innovation in comparison to invention in case of Iglo
Iglo is a company in UK which falls under the food based companies and innovation of
new idea will provide an added advantage to the company in the competitive market
and invention is referred to as actualizing the added advantage into action in order to
gain the success in the competitive market with their innovative products. For instance,
apple is a company which design new product every year in order to be successful in
the present competitive market (Kleinknecht, 2016). They launch various new distinctive
facilities and features in order to attain successful growth in the market. The reason for
being innovative in the competitive market is, the innovative product always catches the
eye of the customers as most of the people try to get the distinctive product and hence
innovative companies are so successful in the market. In case of Iglo, when there is a
need of inventing new product in the food segment they always prefer to add some
value added service or new innovative distinctive food items in order to become
successful. For this Iglo has a capital amount of around $470 million and around a value
of $1 billion for its company firm and these are only possible by adding value to their
service and being innovative (Biemans, 2018). The final process involved in shaping of
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a product is the process of invention and Iglo was a company which was successful in a
short time period as it provided uniqueness to the customers. So, the innovation
process has a great importance over invention as, if there is no idea of innovation then
the invention process is not possible. The companies in order to attain a competitive
advantage over others there is the need of both invention and innovation.
P2
Explanation of how Iglo’s culture, vision, leadership and teamwork help to shape
Innovation and commercialization
The purpose of innovation is crafting of new ideas and invention is helpful in actualizing
the innovation by decoding the new ideas or thinking. The main aim of these inventions
and innovations is commercializing the services and the products. Commercialization is
the process where there is an aggregate of the inventions and the innovations as well
as the communications and marketing in order to fulfill the demands of the customers.
Vision
There are different factors which affects the innovation and the commercialization
process in order to commercialize the product in market. The organizational structure is
one of the factors which encompass several areas of future goals and objectives for the
organization (Fidelman, 2016). For instance, the vision of Iglo is to provide the best food
services to all the customers and in order to reach that goal Iglo needs to innovative
new thinking and ideas about the existing food product and also to focus on the need of
new food products and then invent the ideas. The last step is commercializing the
product and this is the way of entering into the market. The vision of Iglo is to use
technology in order to make their service available in the market of 35 different cities of
UK and 40 other cities. This vision directs the innovation and the invention process of
the company.
Leadership
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Leadership is a method which is used to organize a company according to the
objectives and goals of the organization. There are several types of leadership method
namely autocratic, participative, laissez-faire and democratic (Andersen et al., 2017).
According to the founder of Iglo, the organization follows the autocratic type of
leadership as the leaders of the organization are aggressive and agile in order to attain
qualities.
Culture
Organizational culture is the vital aspect of the organization as it depends upon the
norms and values of the organization in order to attain certain policies for the
employees and the company. The culture of the organization is shaped by the attitudes
values of the country which affects in a cultural difference in an organization ( Etzkowitz
and Zhou, 2017). The process of commercialization and innovation is enhanced due to
the cultural difference. For instance, Iglo is agile and aggressive in order to meet their
objectives or goals and hence culture helps in shaping the process of commercialization
and innovation.
Team Work
Team work is a concept which is used by the organization for completion of the specific
task as well as to solve the consequence of the organization. For instance, Iglo has
several separate teams for completing the innovating and commercialization of the
product. The team works according the objective and the goal of the organization in
order to provide the best service to all the customers. So the team work is responsible
for formulation of the process of organizational commercialization and innovation.
M1
Analyzing the different sources of innovation to foster and develop the
environment and culture of innovation of the organization
The employee innovation and creativity are an important part of the business as it helps
in maintaining the economical stability of the business. According to Fraj et al., (2015),
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there is a connection between innovation and employee engagement. The employees’
who are engaged are more creative in order to accept the innovative ideas of others.
There are several sources of innovative opportunity.
The Unexpected: The market place is the most important area for looking for several
opportunities. For instance, Iglo has a well organized manager who looks upon all the
factors of business development by continuous study of the market. The manager
focuses on the service of a particular product about its demand.
The Incongruity: This is a key used for developing the success of business as it
focuses on the difference between “what is” and “what should be” (Donate and de
Pablo, 2015). For instance, Iglo has a well developed social media site which focuses
on the matter of incongruity. The complaints of the customers and their unmet wants
provide the hint for the incongruity of the company.
Process Need: This refers to the fact of identifying the weak process of the company
and then focuses on redesigning or correcting it. Process need is task oriented as it
focuses on the innovative processes of doing business by contrasting their existing
capabilities. For instance, Iglo identified that there is an elongated wait time for the
customers to get their food and hence it hired another chef in order to increase the
speed time of creation.
Industry and Market structure change: The market and the industry are in a continual
flux as the regulations changes continuously and hence some of the product lines shrink
while others expand. Firms need to have a continuous look into this matter. For
instance, Iglo has a well developed R & D department which focuses on the matter of
product development in order to meet the requirements of the customers.
Demographics: There is a rise in the populations, human capital, age ranges and
income levels and maximum of the smart firms focuses on this matter. For instance, Iglo
has a team which focuses on these demographical matters as there is a continuous
change of taste for the recent populations and also the socio economic growth.
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Changes in Perception, Meaning and Mood: The populations and the people
changes over time. The view of life changes accordingly and hence there is a need of
improvement in all the services provided by several firms (Forés and Camisón, 2016).
For instance, Iglo provided several changes in their food deliver service as they now
focus on the matter of quick delivery and cash on delivery techniques. These services
enhanced the popularity of Iglo as they continuously changed their norms to meet the
objectives of people.
New Knowledge: The technological revolution increases rapidly and hence there are
certain increase in the number of opportunities. The new knowledge does not only refer
to the technological change but also focuses on the matter of finding several ways of
improving the ways of services. For instance, Iglo has appointed several new
executives in order to rise gradually according to the recent trends. The knowledge of
new individuals is more often based on the recent trend which helps in development of
the business.
P3
Explain the 4Ps of innovation and explain the use of innovation funnel to examine
and shape innovation ideas
The 4Ps of innovation is commonly used by several organizations. The 4Ps are:
Paradigm: This is a process which is planned in nature and is used by the organization
in order to accumulate the changes that is faced due to the innovative thinking and
ideas for several products. This process also enhances the threats and challenges
faced by the organization in completing the work (Ang and Rusli, 2018). For instance,
Iglo needs to plan of doing business in the changing conditions or situations in order to
provide new food items to the customers.
Product: This is the main item that is offered to the customer and it adds value to the
organization. For instance, if Iglo launches a new item then it has to focus on having an
added advantage in the competitive market in order to add value to the organization.
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The product is the main theme of the 4Ps which helps in commercialization (Thieu et al.,
2017).
Process: This is the most important part of the organization as it enhances ways of
providing the product to the customers (Resnick et al., 2016). The delivery process is
the criteria for success of an organization and in case of Iglo the process of delivering
the food is the criteria for success.
Position: It is the way in which an organization achieves the position in the society as it
measures the commercialization and the innovation process (Išoraitė, 2016). For
instance, Iglo in order to achieve the position in the market provides the best services to
its customers.
Innovation funnel of Iglo
Innovation funnel is the process of implementing the best idea in order to provide quality
service to the clients. This helps in maximizing the objectives and goals of the
organization. The first step in case of Iglo is to collect the information regarding the
demand and needs of the customers (Holland, 2017). The next step includes the
processing of the ideas in the innovation funnel regarding the best possible idea for
implementation. The other step involves the funneling of the idea for the best possible
opportunities of the company. The last step is implementation of the idea by actualizing
the proposed idea into action.
P4
Explain developments in frugal innovation and provide examples of how it is
used in an organizational context
According to Pitroda et al., (2015), “the process of inventing an idea for a product or
service when there is scarcity of resources in the country is referred to as Frugal
Innovation.” The driving forces of the frugal innovation are the environmental, social and
political factors of the country. These several factors help in shaping the process of
innovation. The frugal innovation also helps in production by minimizing the expenses of
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the organization to a low level. This method is modified and polarized according to the
research studies in order to eradicate poverty from the society.
Iglo in order to take the process of frugal innovation needs to consider all the factors
critically (Vanhaverbeke, 2017). For example, Samsung is a renowned brand of mobile
products which launches several different phones for the people of UK and Asia. The
customers in UK have different preference and demand than the people of Asia and
hence Samsung launches the new different variety of models for the people of UK and
Asia. Samsung launches low cost models for the people of Asia as most of the people
in Asia prefer less complex function phones. The people in UK prefer complex and well
designed models and hence the product varies accordingly. For instance, Iglo in order
to attain maximum preference in the country of UK prefers the frugal innovation process
in order to meet the demand and preferences of the people of UK.
M2
Analyze and apply the innovation funnel in an organizational context
The R & D productivity of many large companies is low as there is less disruptive
innovation in the companies. The innovation funnel follows several strategic thinking in
order to make the outputs aligned fully with the strategic objective. The main objective
of the innovation funnel is to increase the value of an organization. The management of
product innovation is the main part of the innovation channel which consists of strategic
planning, concept, plan, develop, qualify, launch and lifecycle. The strategic planning
consists of several steps (Ramdorai and Herstatt, 2015).
Convergent decision making: The method of innovation funnel can be used for
conceptualizing the idea into reality and optimizing output of the company’s R & D
department. It checks the viability of the idea through continuous process of filters, rules
and gates (Pisoni et al., 2018). For instance, in case of Iglo the first step is collecting the
data about the demands and needs of the consumers. The next step includes the
formation of several ideas based on the demands and preferences of the customers. It
then passes through the gate where the ideas are reviewed and filtered accordingly and
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