Innovation and Commercialisation Report - Business Development

This report provides a comprehensive analysis of innovation and commercialisation, essential concepts for business development. It defines innovation and invention, highlighting their differences and importance for organizational success, using Blaze, a technological company producing products for urban cyclists, as a case study. The report explores the significance of innovation in enhancing competitive advantage, increasing productivity, and building brand image. It then delves into the core components of innovation and commercialisation, including vision, leadership, culture, and teamwork. Furthermore, it examines the 4 P's of innovation—product, process, position, and paradigm—and their impact on business operations. The report also discusses the innovation funnel and frugal innovation, emphasizing their roles in developing new products and services while minimizing costs. Finally, it addresses the commercialisation funnel, its significance, and its impact on profitability, brand value, and waste reduction, providing valuable insights for businesses aiming to improve their performance and achieve sustainable growth.

Innovation and
commercialisation
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INTRODUCTION
Innovation is a term which is very essential for all the organisation. It should be done
time to time in each and every organisation so that they can be able to make a good brand image
in market and that may also help in creating value. Mainly innovation means to add value to the
existing products or services of firm. Innovation is done on the already existing products and
services of company which gives that product a change and make it new and different. It is
studied that innovation has to be done in business so that it can be able to provide better products
to its customers and can be able to make them satisfy (Aarikka-Stenroos and Sandberg, 2012).
Blaze is a technological company which produces products for the urban cyclist, they mainly
provide flash lights which helps the cyclists to ride in dark also. There are many companies
which is renowned like Virgin group and Apple which use to serve their services at the large
level of area, they mainly focus on innovations and inventions. There should be innovations in
business so that new ideas can be generate and new products can be invented which will increase
their brand image and beneficial in many ways. Report describes the significance of innovation
and invention and it discusses about funnel,frugal innovation.
TASK 1
P1
Innovation can be said as introduction of any newer or a better solution which can be
able to meet the requirements to the existing market. That provide some kind of contribution to
the already existing or invented products or services. For example, Apple produce iPhone, it is
very popular for its iPhone but it was not a first company to produce iPhones or smartphones but
it is loved by all the people because they had created something new in that existing products
innovated it with new technological features in it according to the modern world and needs of
people. So the iPhone is innovated by them not invented.
Invention is known as creating of new products or services, it is known to invent new
thing which is for the time in market (Bagchi-Sen, 2007). This can also be said as to
transforming of any new ideas in tangible thing. This provides an internally strength to the firm
which help. This also help in getting brand image in market place. This may increase the
competitive advantages of company.
Difference between innovation and invention
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Innovation Invention
Innovation is a process which add value to the
products and services which is already exist in
the market and the changes can be made
according to the needs and wants of the
customers in market.
Invention is something which is related to
transmitting new and unique idea in tangible
form and that product are those which is new to
the market.
For example- Apple which is famous for its
iPhones tablets and all they have varieties of
iPhones but they are the innovators not
inventors because they did not introduced
iPhone for the first time in market.
For example- In invention printing press,
telephone, electricity can be included as that is
being invented by different people in early
time.
Innovation basically requires technical
knowledge, financial support and they even
should have competence, have proper
knowledge about market needs, trends.
Invention mainly require to have financial help
and competence as well as proper knowledge.
Importance of innovation for organisation
Increase competitive advantage- This helps the firm in adding more value to products which is
already exist in the market and that can help in fulfilling the requirements of market, this can
help in increasing competitive advantage of Blaze.
Increasing productivity- Now a day’s people want something new so if Blaze will try to
innovate something always then it will be beneficial for then in selling more and more products.
Increase brand image- if a company always do innovation then customers will get chance to get
new products in market according to the trend, and requirement so people will opt to choose that
company than any other one so that will automatically increase the brand image (Bogers and
West, 2010).
P2
Innovation and commercialisation are those terms which are essential for the
organisation to follow. Several changes have to be made after short period of time so that they
can be able to provide these services long time. There are various methods which Blaze should
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focus on so that they can provide better services to their consumers some the factors are Vision,
leadership, culture and teamwork.
Vision – They are the rules, regulations, objectives and goal of business which all employees
have to follow. Pioneers clearly explain way of accomplishing the goals. Methodologies need to
figure for a similar with the goal that normal outcomes are watched for which commercialization
is likewise imperative.
leadership – It is a process in which leaders lead the organization and advancement in the firm
which is crucial for every individual so that they can ready to adopt business changes . As it is
difficult for the firm to manage the employees when they resist to changes. So hence pioneers try
that workers can adopt to every circumstance.
Teamwork – Cited association needs to fill in as a group and along these lines at whatever point
any new technique for directing activities are acquainting they require with take collective
endeavours. On the whole they should take the different choices in regards to how the function
will proceed with so nobody feels overlooked (Ettlie and Rosenthal, 2012). Cooperation is
required between all the team members so that all can give unique and creative ideas in the
company.
Culture – It is that environment in which employees belong to varied religion and there is
change in firm due to different views and opinions of all employees. Thus it results in creation
of the innovative ideas and opinions.
There are 4 p's which are applied in the firm. It includes various components which help
in improvement, growth and development of firm. These changes are important for business
which helps in good performance of firm. These are mentioned below-
Product model – Blaze constrained is changes made in an item like that of innovation. It helps in
modifying items to provide new and innovative products. results in capturing new clients. Each
individual respect the administration as the firm is entering into new market and earning more
profits. (Gambardella and McGahan, 2010). For example an organization uses new system
according to needs and wants of clients which helps in giving favourable image in front of them.
Thus helps in increasing the profits.
Process innovation – It means modification of processes,procedures and activities which helps in
improving the performance of the firm. Thus through it all activities,functions can be operated in
a efficient and effective manner which results in optimum utilization of resources in minimum
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time. This helps in giving good productivity and best results. They make use of different
technologies which helps in delivering of good results. So anization runs successfully with
minimum wastage of the resources.
Position changes – It making changes in the current procedures,activities, plans and procedures
according to the situation. This helps in improvement of business activities,operations and other
production processes. Through this changes asset can also give various benefits. Thus
organization can achieve its objectives,mission and gives good results according to needs and
preferences of clients. It leads to increasing profits and more deals. This results in growth of the
company.
Paradigm – It is the last model of the among all 4 ps. Advancement of channel is compulsory as
it includes modifying the processes to ache the goals in the firm. This helps organization in
thinking new ideas which helps in improving the performance, and for gaining more profits.
 Help with assessing different alternative
Above given figure indicates how different thoughts experience diverse stages and
assessment at each level is done viably. By following the entire procedure administration reach
to the best option which can be used to expand the aggregate size of existing business.
Innovation funnel is used for developing a process or product, it contain various steps
which try to explain the procedure of generating a product or process. All thee dies from the side
of employees or any other person can be taken and most appropriate one can be choose by using
innovation funnel. This funnel removes all the irrelevant and inefficient creative ideas.
P4
It is a sudden thought in contrast with that of improvement. It helps in making things
open to focus and underneath destitution line customers with the objective that they can utilize
the organizations at decreased cost (Huizingh, 2011). By getting this system association can offer
imaginative things as conditions are given to the organization by cutting the total cost of
business. It is utilized by placing assets into the inventive work gathering of the business with the
objective that it can give convincing musings to the relationship as in what all way the extent of
existing sheets ought to be conceivable. Indicate quality is improved by expanding the estimation
of the offerings and as less theory is expert for the adjustments it ends up being definitely not
hard to flow the last yield as total customer for such things are seriously more. Distinctive
improvements that occurred with regards to parsimonious headway are:
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Additional characteristics to old products – Through help of this methods association can
modify the things so that it can provide best environment to the customers.
Reduction in expenses of producing goods – With the help of these strategies it can reduce
the output cost and thus maintains the initial cost of the business.
Superior facilities from similar item – By reusing the product there can be different uses of
same product and thus it can be used in best and optimum manner.
Recycling of similar commodity – at the point when a thing winds up evidently old associations
with the utilization of inventive considerations can take comparable things being utilized with
various approaches. Through these changes it helps in reducing the entire weight of all
resources. (Kim and et. al., 2011).
Frugal innovation is a procedure where company try to reduce complexity which is
present in a business operations. They try to decrease cost of their goods sold by focusing on
production activity.
TASK 3
P5
As the aggregate business of refer to organization increment by utilizing the strategy of
marketed pipe it has awesome esteem. Through this administration is given the way toward
making modification in the present administrations with the goal that viable outcomes can be
accomplished. Commercial funnel is similar to innovation funnel but its main focus is on
profitability of the implementation of idea instead of promotion of creativity. It has different step
and assist company in making decision relating to future investments. Following are the diverse
significance of this idea which cannot be dispensed with from Blaze restricted:
Conducting the programs related to research – remembering the true objective to roll out
improvements it is essential that all the required information are aggregated so as necessities be
organization can plan their future activity. With the help of business pipe this data can be given
completely.
Increase in quality – When generation is finished utilizing the given idea last yield is of better
quality and can give more fulfilment to the purchasers.
Brand value – Aside from the cash related central focuses a comparable thought in like manner
causes Blaze limited to assemble their altruism in the market (Lindič and et. al., 2011).
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Profitability – At the point when customers get awesome nature of organizations their demand
gets extended. Thusly business can fabricate their total business and can move towards
advancement.
Avoid wastage - When an appropriate set example is streamed to do the operation misfortune
can be diminished of assets as designation of each is finished with taking much care.
Affordable price – As the creation is finished with keeping the control over aggregate cost
administration is fit for offering the items at an exceptionally decreased cost. This expansion the
acquiring energy of different clients.
New product development is a process which start from an idea and end with introducing new
product or service in the market. Its application will be mentioned below along with its different
steps. To catch new customers Blaze constrained requirements to take after a set procedure for
the improvement of their current items which is given stride insightful underneath:
Development of innovative ideas – to accompany the best option in the market organization
needs to lead successful research of the market with the goal that one of a kind and most
appropriate choice can be chose.
Evaluation of options – Once through the procedure of examination and advancement
organization gets every single accessible choice there is have to do the screening of every so it
can be inferred what choice offers greatest favourable position to the association.
Evaluating and evolution– At this stage every one of the hindrances that may happen amid the
improvement procedure are distinguished with the goal that future issues can be wiped out
(Rafinejad, 2007).
Commodity development – Once all the above strides are finished phase of functional
application is accomplished.
P6
Business can run for earning the profits. Blaze invents the flash lights in which many
cyclists can use it in when there is dark. When company can do the business in dark then they
can easily distribute the products in a better and efficient manner. Thus they can earn more
profits and can increases the market share. Business has a need to increases the sales and for this
company can hire more employees so that they can distribute the maximum products. Firm can
create information system in which all employees can communicate the relevant data with each
other regarding sale of their products. They can use various applications in their mobiles in
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which they can track the location of all the customers so it is easy for them to sale the products.
Thus they do not have difficult to search the customers and it also saves the cost of searching all
users. They can create attractive websites for their promotion of their products. Firm can provide
the facility of booking and making payment top various customers through various applications.
It is different from the competitor. Their family members supported them to initiate the idea.
Banks can give sufficient loans for starting the business. They can also provide the latest data
which helps the firm in promotion and establishment. Many accountants are there which give
advices to reduce the tax. Company has done segmentation on psychographic basis in which
they can divide whole population into attitude,lifestyle and the lifestyle of people. It is mainly
targetting to the younger generation so that they can work at evenings also. Company can reach
therm through promotional strategies through advertisement,personal selling,direct
marketing,publicity and through social media tools. Thus they can attract many customers. Most
effective is the social media tools as they can create link between all people and firm can reach
many consumers in limited time. They can earn more profits and can increases the market share.
It takes huge starting costs in starting the business and cost of acquiring the resources such as
employees and the capital. It requires the employees,huge capital and equipment costs. Firm can
generate huge revenues from the banks and the financial institutions at lesser interest rate. They
can also take money from the friends and relatives. Company can reduce the cost be giving
adequate train to all employees so that they can work efficiently and effectively. Thus firm do
not have to hire additional employees. At breakeven point when there is no profit or loss then
company can create plans to earn additional profits. Organization can also improve the quality of
product and can reduce the price. It can mainly promote their products through social media
tools as company can reach many customers less time. Through this it can attract many
customers and it results in earning of huge revenues. Thus it can easily expand their business in
various countries.
TASK 4
P7. Devices to create, hold and secure learning and protected innovation
Keeping in mind the end goal to secure the different thoughts and systems of referred to
organization it is vital to utilize the different apparatuses with the goal that their business does
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not get influenced. Given underneath is the detail of different segments and laws that can be used
to give security to the business;
Licenses – They are acquired by the diverse organizations and once it is gotten by a specific
organization it cannot be duplicated by whatever other firm (Snow and et. al., 2011). On the off
chance that it is discovered that some other foundation has duplicated the licenses of another
nation than all things considered organization to blame can make the lawful move against the
association to blame. Getting licence for using head and tail light in bicycles will save Blaze
from legal troubles. One cannot sue them for using this new idea.
Copyright – Once a specific organization take a copyright of any capacity than it ends up plainly
legitimate for it to utilize the same and it cannot be used by another unit. It cannot be seen but
rather specialist can be delighted in by the organization having the duplicate right. Blaze can get
copyright of their work, this will provide them authority to use a particular feature in their
bicycles and they can sell this right against money. Apple have many copyright this is the prime
reason that no other company think about using any feature of their copyrighted product.
Trademarks – Every association has their own diverse images which turns into a method of
recognizable proof for the same. At whatever point a trademark is chosen organization needs to
do the enrolment of it as without getting enlisted it has no lawful esteem. In the wake of making
it perceive under the steady gaze of the law no other organization can utilize a similar outline
with a specific end goal to advance their business (Teece, 2010). It is watched commonly that
individuals don't perceive organization by their name yet by its trademark subsequently it is
critical that it ought to be alluring and clear to the customers. Trademark of Blaze is their
signature, it differentiate their product from other company's items and they can file case and
earn money from someone who has used their trademark.
CONCLUSION
From the given examination it can be condensed that advancement assumes an extremely
successful part in building up the deals and administrations for the referred to association. It
increments the efficiency and help the administration in decreasing the aggregate cost of
generation. Given report demonstrates how through rolling out improvements organization can
give an intense rivalry to the various firms in a similar field. Idea of advancement funnel is
likewise given which appears through after a legitimate procedure of screening the diverse
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options organization can accompany the best outcomes which can contribute in long haul
improvement.
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REFERENCES
Books and Journals
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