Innovation and Commercialisation: Strategies for Business Growth

This report provides a detailed analysis of innovation and commercialization strategies, exploring the importance of innovation in organizations and comparing it to invention. It examines how organizational vision, leadership, culture, and teamwork shape innovation and commercialization processes. The report delves into the 4Ps of innovation, utilizing the innovation funnel to shape ideas, and discusses developments in frugal innovation with real-world examples. Furthermore, it explains the commercial funnel, the application of New Product Development (NPD) processing, and building an innovation business case, including funding sources. The report concludes by evaluating tools for knowledge management and intellectual property protection.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1.......................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................4
TASK 2.......................................................................................................................................5
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................5
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................6
TASK 3.......................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.......................................7
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
.....................................................................................................................................................8
TASK 4.......................................................................................................................................9
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property...........................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation and commercialisation means adopt new and smart techniques and methods in
their services and products, innovation help to develop new products and goods to customers and
also help to build a effective image in the market and in customers mind. Apple is the
international company those provide smart and new technologies and systems to customers its
already build and set a effective image in the market(Abou-Ras, Kirchartz and Rau,2011). Apple
company launch a new system in the market that is small sleek-looking iPod for customers its
helpful and suitable their environment so they can easy to use with smart technology. Other one
is virgin group, its a group of many sectors and different sectors of virgin company. In this
company include many business areas just like travel, entertainment, finance and live style and
trends in the market. Both companies wants to give proper satisfaction to customers and provide
them good quality of products and services. These both companies wants to adopt and use new
and innovative techniques and methods in their working environment and their system so they
can produce new and different technology and facilities to customers.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is the process in which adopt and using new techniques and methods in
products and services so company can easy to update feature and techniques of products in the
effective manner and provide new products to customers(Thore 2012). Its help to attract
maximum customers and give proper satisfaction to them. In the other hand invention, is the
same thing according to innovation but in this process not updating and improvement in existing
products and services its produce and manufacture new or different products try to customers.
Invention is the systematic and new innovative thing its help to produce and manufacture new
products and services with smart techniques and services its help to attract maximum customers
and help to build a effective image in the market also customers mind. Innovation is the
systematic and universal in the nature it means implementation new techniques and methods in
existing products and goods(Cooper, Seiford and Zhu, 2011). Innovation is the important thing to
update day by day according to situation and trends in the market. Innovation help to achieve
decide objective and goals of the business and its provide new systems and services to

customers. Innovation is the creating something new and updating their existing products and
goods. Try to adopt new feature in their products and attract maximum customers in their
market. If apple company properly understand market trends and customers need and wants so
business can adopt new techniques in their services and products and they easy to provide new
items to customers. Its help full to manage their image in the market, because at this time all
persons wants something change and innovative thing and services so all companies has to be
understand and after that adopt smart techniques and method to do implementation and creating
something new(Yin, Shi and Yan 2014). In the other hand, innovation is new creative and
innovative thing those can be adopt and implementation in their existing products and they can
innovate their features and quality of products. But invention process in has to be made a new
item and product with new features cannot add something new in their existing products. So
that's why innovation is much more help full comparison to invention because its help to update
their existing products with suitable trends and their markets.
P2 Explain how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation
Company's vision and mission, leadership style, culture and environment of the company
and all these things can be affect innovation and commercialisation process in their existing
products and goods. Vision and mission of the company decided by head of the department,
where they want to go their business in the future and how to build an effective image in the
market and how to build a brand image in customers mind vision and mission all depends on
business environment(Snow 2011). Leadership skills show their ability to coordinate with
employees and give proper direction to them so they can do work effectively leadership quality
help to innovate products and manage all activities and works. Business culture and their
environment also can affect on innovative and commercialisation process in which all business
has their own norms, ethics, rules and regulations those are has be follow by all the employees its
help to find out something new techniques and methods so easy to implementation of new ideas
and planning in actual manner. When employees of any business if they can do work in a team
with proper coordination and better communication so they can easy to achieve targets and goals
of their business. All these thing may be affect in the positive way and also in the negative way
on their business. Because at this all customers wants to achieve their targets and goals and try to

build a effective in the market so apple and virgin group of the company has to be adopt new and
innovative things in their business developments and increasing their productivity and they can
easy to build an effective image in the market and provide better and smart services to
customers(Walsh 2012 ). In the other hand, business climate, their vision mission, culture,
environment of the business these all are impacting their innovation process and implementation
of new ideas and methods in existing products and goods.
TASK 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas.
Innovation is the systematic and new creative things in existing products and goods.
Innovation mean adopt new techniques and methods and update their product's features and their
quality. For the innovation customers are easy to attract and maximum customers can easy to
purchase. Innovation can be divided into 4 parts those are clearly define proper innovation in all
sectors and areas. Those are under the below:
 Product innovation: Product innovation means update something new and innovative
things in existing products and goods. Its help to update products with new and smart
feature(Jagoda 2011). If a a company will produce better products and update their
products according to trends and situations and also customers wants or needs so
company can easy to build an effective image and produce time to time new and
innovative goods for customers.
 Process innovation: Process innovation is the systematic process in which consider how
to deliver products to customers and how to produce goods for customers effectively and
efficiently. Process innovation mean adopt or implement new techniques and methods to
deliver products to customers with manageable quality of products and has be to manage
time.
 Position innovation: Position innovation process in which focus on change and update
products base and their feature or quality after that try to be deliver new and creative
products to customers.
 Paradigm innovation: Paradigm innovation refers to mentally innovation in existing
products and goods. Its help to change and update thinking level of employees and their

customers regarding their products and services. In the other hand, innovation funnel is
help to define developing and innovative things in existing products and goods. Its help
to implement new methods and techniques in existing products and services those are
provide to customers so they can easy to do trust on the brand of the company so it is
require to find out market trends and fashions and also customers needs and wants after
that company can easy to understand which one features and updates has to require in
their existing products that can help to develop business and brand image in the market.
Innovation funnel can be affect on new shape of products in the positive way and also in
the negative way, its help to identify how much need to change something in their
products and services and which one smart strategy has to be adopt in existing products.
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context
Frugal innovation is the systematic process in which remove unnecessary things from
their services and their products its help to manage cost and durability of products. Frugal
innovation help to control and manage all activities relating to production of products with new
and innovative ideas its help to develop and update products. Frugal innovation through remove
complexity in services and easy to understand by their employees an their
customers(Kamariah2012). Its refers to remove unnecessary things from products and services
and try to provide clear and easy services to customers so they has no any problems to
understand products features. Example; Apple company produce smart and innovative things to
Illustration 1: Innovation Funnel

customers and try to build effective image in the market so Frugal innovation through easy to
manage all activities and easy to remove addition and unnecessary things from existing products
and items. Its help to increase efficiency of products and durability of goods so customers are
easy to do trust on these products and easy to build a effective image in the market and their
customers mind. Apple is the internation brand, its provide higher technological systems and
items to customers with better quality and features. Frugal innovation can use in organisational
context because its help to control cost of production and servicing of products to customers,
extra charges, unnecessary things and services etc. its all can create and develop extra cost to
business(Kim 2011). Through this process easy to manage all activities and services in the
effective manner and easy to develop their products in the market. Its help to increase production
of products with new and innovative things those help to give proper satisfaction to customers
and easy to build a brand image in their customers mind.
TASK 3
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.
Commercial funnel helps to control extra and remove unnecessary things through
products and their services its help to control cost of production and extra charges those are
unnecessary made by their business employees and through the situation. Sometimes business
can not understand which one strategy and method has be use to develop their business.
Commercial funnel play an vital role in producing and innovation in existing products and
services at this time all customers wants something new and innovative thing for customers so
they can easy to give proper satisfaction to them and easy to understand their problems and
issues. New product development process in which try to produce new products with new ideas
and thing, its help to produce and update new things and features in existing products. New
product development process in which before manufacturing new products has to prepare a
effective ideas and planning according to situations and trends of the market after that implement
methods and techniques in the actual process of producing new products(Aarikka-
StenroosSandberg2012). All business wants to provide new and innovative products to
customers and adopt new and creative things in their products. New development products
process in has to face many problems and issues regarding their customers and their market. Its

not easy to understand market trends and situation its all are can be affect on their business and
their brand image so its is require to find out trends and proper issues and try to do all works in
the effective manner.
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
Innovation in any products and services so has to be done all works and activities in a
systematic and innovative process. Innovation process in which including many step those are
help to manage all things and works in effective manner and on the decided time period.
Innovation process in following steps those are under the below:
Idea generation and mobilization: Before innovate something and updating in products has be
clear and create ideas and views regarding their products and services. Because innovation
process in all works done in the effective manner and in the decide time period so all works done
in systematic way and manage all activities and easy to build and decide their objectives and
goals.
Advocacy and Screening: Its help to evaluate ideas and views those are try to update in existing
products and services its help to define is it useful or not for their business development and
products innovation and implementation of new techniques and methods in innovation process.
Experimentation: In this stage has to experiment on ideas regarding their products, its help to
define innovation requirements and how much useful for their products development in existing
market, is it use full or not, do before implementation of ideas in innovation process has to be
clear and understand issues and ideas properly.
Commercialisation: After experiments of ideas and methods of innovation in products, then has
to be find out how to collect funds and capital for innovation, what sources of collection of
funding. In the country there are many sources there from collect fund for innovation like
government agencies, institutional banks, commercial banks, venture capital, through the public
and so more. All these are help to collect funding for product innovation with new and effective
ideas and things through these sources easy to develop innovation and updating their existing
products(Kutvonen 2011).
Diffusion and implementation: After commercialisation implementation of innovation process in
the business for updating and innovation new products. Its help to give proper satisfaction to
customers and collect actual feedback by them.

TASK 4
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.
There are many tools and methods that organisation can use to develop, retain and protect
their knowledge and information regarding their products and their services. These all are help to
manage and build a effective image in customers mind and in the market. To manage and
develop their business and knowledge of products and regarding their services to there are
various tools like try to provide better and trustworthy services to customers, try to understand
their problems and remove them fast, use innovation frugal its help to manage all cost and
remove unnecessary things from their existing products and services. Try to give better services
according to customers needs and wants, clearly define all features and important things
regarding products and services to customers so they can easy to use and easy to understand all
features. So they can build a brand image in their mind and help to develop organisation in the
effective manner. In the other hand, organisation can use many tools to develop and protect
information and knowledge regarding their business and their services.
CONCLUSION
As per this project report, innovation and commercialisation is the systematic process in
which innovate and update their existing products and goods and try to provide smart and new
innovative products to customers and try to build an effective image their customers mind and in
the market. Before innovate and update in any sectors and products gas to be find out trends and
market situations customers need and wants, what they are expecting through Apple and virgin
group of company. These both company try to provide new and creative things to customers and
try to update products features and their quality so they can easy to build brand image in their
customers mind.

REFERENCES
Books and journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research, 65(2), pp.198-206.
Abou-Ras, D., Kirchartz, T. and Rau, U. eds., 2011. Advanced characterization techniques for
thin film solar cells pp. 5-20 . Weinheim, Germany Wiley-VCH.
Cooper, W.W., Seiford, L.M. and Zhu, J. eds., 2011. Handbook on data envelopment analysis
Vol. 164. Springer Science & Business Media.
Jagoda, K. and et.al 2011. Development and commercialization of renewable energy
technologies in Canada: An innovation system perspective. Renewable Energy 36(4),
pp.1266-1271.
Kamariah, I. and et.al 2012. Decision making process in the commercialization of University
patent in Malaysia. African Journal of Business Management, 6(2), p.681.
Kim and et.al 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy (4),
pp.563-578.
Kutvonen, A., 2011. Strategic application of outbound open innovation. European Journal of
Innovation Management 14(4), pp.460-474.
Snow, C.C.and et.al 2011. Organizing continuous product development and commercialization:
the collaborative community of firms model. Journal of Product Innovation
Management 28(1), pp.3-16.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation 32(1),
pp.32-42.
Yin, W.J., Shi, T. and Yan, Y., 2014. Unique properties of halide perovskites as possible origins
of the superior solar cell performance. Advanced Materials 26(27), pp.4653-4658.