Analysis of Innovation and Commercialisation Strategies for Businesses

This report provides a comprehensive analysis of innovation and commercialisation, focusing on the strategies and their importance to organizations, particularly in the telecommunications sector with XLN company as a case study. It differentiates between innovation and invention, explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialisation. The report delves into the 4Ps of innovation (process, product, position, and paradigm), the use of the innovation funnel, and developments in frugal innovation. Furthermore, it examines the importance of the commercial funnel and its application to New Product Development (NDP), presenting an innovation business case for XLN. Finally, the report discusses tools for developing, retaining, and protecting intellectual property and knowledge within an organization. The report aims to provide insights into how businesses can foster innovation and successfully commercialize their ideas.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
TASK 1............................................................................................................................................1
P1. Innovation and its importance to organisations in comparison with invention....................1
P2. The way organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of the innovation funnel...............................................................4
P4 Developments in frugal innovation........................................................................................5
TASK 3............................................................................................................................................7
P5.Importance of commercial funnel and its applicability on NDP for commercialising
innovation....................................................................................................................................7
P6 Innovation business case for XLN company.........................................................................8
TASK 4............................................................................................................................................9
P7 Tools used by an organisation to develop, retain and protect intellectual property and
knowledge...................................................................................................................................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation plays an important role to produce products by organisation. These new
extent of products are produced by implementation of new technology by company (Su and et.
al., 2013). This helps to inculcate with the future challenges and maintain strong position in the
marketplace, management needs to implement new and advance technologies in organisation.
This aids to attain large number of customer in the market. It helps to increase skills and
knowledge of different employee working in the organisation. Xln is the small organisation
which deals with telecommunication sector which provide internet service to various company
in UK. This report explains about significance of innovation, difference between invention and
innovation,4 p's of innovation,frugal innovation and innovation funnel by which the management
of organisation expand their business in proper manner. This helps to attain goals and objectives
of company. Various approaches of leadership ascertain by organisation to implement new
thoughts and its commercialisation.
TASK 1
P1. Innovation and its importance to organisations in comparison with invention
Innovation: This is the process by which company implement new and advance
technology in order to produce new range of products which aid to satisfy the demand and
desire of customer. It is the way by which the management modify the organisation at different
level in order to maintain strong position in marketplace ( Keohane, 2013).
XLN is small scale organisation which provide different types of telecommunication
service like Internet service and Wifi service and many others. This aid to increase level of
profit of company. The management of organisation able to capture large number of shares in
marketplace.
Importance of innovation in compare to invention
Innovation plays important role in order to invent new range of products which helps to
maximise level of profit of company. The management take help of different approaches of
innovative theories which aids to perform different types of operations and functions which are
provided by company. This leads to maintain effectiveness in performing different activities of
organisation. Innovation plays an important role in order to tackle risk and reduce the chance of
failure of different operations which are perform in organisation.
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The difference between innovation and invention which are mentioned in tabular form.
Basis Invention Innovation
Meaning Invention is the set of
different process and methods
which aids to invent new type
of products and services.
It is the procedure which aids
to perform different types of
functions and operations of
company. This also helps to
implement modification in the
existing goods and services.
Work Any person which able to
introduce and manufacture
new products and services.
By this process, organisation
can implement change in
different types of products and
services as per the latest trends
Necessary skills A person needs to have
capabilities y skills which
helps to innovate new products
in proper manner.
This is the path by which a
person implement new and
innovative techniques which
helps to increase the
performance of organisation.
In this report, it is understood that in order to sustain strong position in the marketplace
organisation have to adopt different types of new and innovative idea which aids to make
changes in existing products as well as produce new range of products (Kang and et. al., 2013).
Considering example of Apple manufacture, I-phones and laptops which has capability to store
large number of data. Organisation implement some change in the produce so that large number
of people can avail this products.
P2. The way organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
There are different types of new and advance technology implemented in the organisation
XLN in order to modify the products and services which are provided by the company to
accomplish goals and objectives of organisation. Manager and leaders plays a significant role in
order to implement change in the different products. Leaders plays a significant role in order to
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guide employee to perform different types of task by making use of new and advance technology
which are implemented by organisation (Hemmelskamp, Rennings and Leone, 2013). The
manager also give different types of instruction to employee to accomplish different types of
task which is assigned by organisation. Manager of XLN monitor the different activities which
are performed by various employee if any issues and problems arises then it implement effective
strategies in order to solve the issues and problems of employee. These effort aids to ascertain
the vision and mission of organisation in effective manner. This helps to achieve goals and
objectives of organisation.
Vision: The vision of the company is about the long and short term goals which are
defined by company. It is responsibility of employee perform as per the vision of company. The
main vision of company is to provide effective service to customer which helps to maximise the
productivity of organisation. It also put their effort in order to reach at top position among the
telecommunication sector service provider. The vision of Xln is to provide qualitative service to
different service.
Sector: In order to attract large number of customer company implement various types of
new and advance technology which helps to provide better quality of products to the customer.
This helps to capture large number of shares of marketplace. So that people can show their trust
of company (Hossain, 2013).
Mission: The mission of company is to achieve the assigned target which aids to
generate large number of customer. So it is important to implement commercialisation and
innovation techniques in order to produce new range of products. The mission of company is to
become leading service provider in whole market.
Leadership: Leader of XLN plays a vital role in order to provide effective guidance to
the employee working in the organisation. Leaders deliver the various types of information in
order to perform different functions of organisation. This helps to motivate employee to
perform several task in short stipulated time period.
Teamwork : The management of Xln has divided assigned of task of venture into small
section to different members of team. The leaders of organisation guide their team members to
perform different types of task in proper manner. This aids to accomplish different types of task
in effective manner.
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Culture: There are various employees performing different types of operation as per the
guidance of company. Employee of organisation are coming from different culture so there is
chance to arise conflicts. The manager of Xln define the culture of organisation to employee
guide them to perform various culture as per the culture of company (Yin, Shi and Yan, 2015).
TASK 2
P3 4Ps of innovation and use of the innovation funnel
Innovation is defined as the invent something new and specific which aid t increase the
productivity of organisation. The 4p's of innovation plays a significant role in order to implement
different changes in various types of products and services which aid to improve the performance
of organisation. The 4p's of innovation are like process, products, position, paradigm are describe
below: Process: company implement new and advance technologies in order to produce
different types of products. This helps to accomplish various types of process which are
involve in produce new and innovative products in proper manner. New and innovative
technology helps to enhance the productivity of different types of products. Products: It is most element which helps to attract larger number of customer, this aids
to accomplish goals and objectives of organisation in effective manner. Xln provide new
range of products and service which helps to attract large number of customer. Company
implement different strategies in order to produce different types of new product and
services. Position: This element is used by company in order to promote different types of
products. This is concerned with to maximise the sales of different types of products and
services. This helps to increase the rate of sales of different products, give satisfaction to
the various client and maintain strong position in the marketplace. This element also aids
to make strong brand image to the country which helps to stand before the different
competitor present in the marketplace ( Libaers, 2014). Paradigm: this factor aids to implement changes in different types of products and also
fulfil the demand and desire of customer. This element is also used to conduct market
research which aids to accomplish demand and desire of customer.
Use of innovation Funnel
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This funnel is aid to gather different relevant information about different condition of
market and determine the buying behaviour of customer. This aid to implement various types of
products and services to customer in proper manner. These are the techniques which are used to
attract large number of organisation which show their keen interest to take internet service fro
company. Company also aid to implement new and advance technology by which organisation
produce better quality of fibre wires which helps to deliver better Internet service to various
client which are present in the marketplace ( Clausen and Korneliussen, 2012). Focus on wide mouth of funnel: This is concerned about the implementation of new and
advance idea which are implemented by the organisation in order to maximise the rate of
sales of different products in proper manner. It also concerned about the various steps
which are related to execute different types of products and services to the customer. The
mouth of funnel determines about the need and want of customer in effective manner.
This help to accomplish various operations of the company in effective manner. The
manager of the company implement different types of strategies inn order to manage
various operation of company in effective manner. Narrowing segment: this phase is concerned on to view various steps of new and
innovative ideas which helps to maximise the level of standard of various product and
service which are provided by company. This aid to determine the various risk and
uncertainty in order to attain effective outcomes. This helps to invest huge amount of
capital in order to produce different types of new and innovative products.
 Narrow Funnel: In order to maintain effectiveness in performing different types of
activities of organisation innovation funnel plays a significant role in order to maintain
effectiveness in performing different types of activities in order to perform various
operations of the company (Dmitriev, and et. al., 2014).
P4 Developments in frugal innovation
In order to produce various kind of new and innovative design of products and services
company implement different types of new and advance technology which leads to increase level
of profit of different products. Frugal innovation is concerned with to implement new and
advance technology which aids to produce various types of goods and services. It also concerned
with to take corrective steps in order to accomplish various types of products in proper manner.
It helps to produce different types of new and innovative products as per desire of different
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customer. Company able to provide high speed internet facilities to the different companies
present in the marketplace. This helps to attract large number of customer in the marketplace
this helps to capture large number of share in the market. There are various points given below
which is analyses by the manager of Xln organisation.
 Manager have the capabilities and concept to which are related to innovation this aid to
give proper direction to perform different types of operations of company (Yazdi, and
Acharya, 2013). It is very important for the management in order to analyses about the different types of
skills and knowledge of worker of company. Manger of company focus on to give proepr
training to employee in order to increase the efficiency of organisation in effective
manner. This helps to accomplish target in short period of time. Frugal innovation plays
vital role to perform different types of operations in regular time period. There are six
principals of frugal innovation which are describe below: Engage and iterate: This principle is about to implement new and innovative
techniques at regular time period. This helps to execute different types of idea in proper
manner. Flex your assets: Xln invest large amount of cost in order ton execute different types of
steps of innovative idea. This aids to ascertain long term objectives of organisation. Sustainable solution- organisation needs to eliminate different types of issues and
problems in proper manner. This can change the buying behaviour of various customer in
effective manner. Shape behaviour of customer- Organisation needs to analyses the buying behaviour of
customer and implement new and innovative change in the existing products and service. Creation of value with customer: management needs to maintain effective
communication systems in order to know demand and desire of customer in proper
manner (Chen and Guan, 2012).
 Innovation stakeholders: in order to execute different types of idea company needs to
consider different views of stakeholders like employees, customer, supplier and many
others.
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TASK 3
P5.Importance of commercial funnel and its applicability on NDP for commercialising
innovation
Commercialisation is method by which organisation manufacture different types
of products and service considering the views of different customer. It aids to increase the rate of
sales of different products and services . It also aids to improve the quality and quantity of
different products in proper manner. Commercialisation plays an important role in order to
attract large number of customer base. It also aid to stand before customer.
Commercial funnel is very important for Xln which provide different types of internet services
to the customer the different steps of commercial funnel are explains below: Awareness: The main aim of marketing department is to acknowledge about the
different types of products and services to the customer. It helps to increase the rate of
sales of different products in effective manner. Feedback: in order to implement different types of change in existing products it is very
important for organisation collect views of different customer. It is done by conducting
market research.
 Decision factor: This is the last stage which helps to determine the views of different
products and services provided by the customer in proper manner. It helps to prepare
organisation to face the challenges in future.
So Xln needs to precede with the steps of commercial funnel which helps to introduce 4G
internet services and digitalisation techniques of business. In order to implement different types
of changes of produce new product company needs to follow the steps of NDP model which are
describe below: Idea generation: The management of organisation needs to introduce new ideas and
thoughts in the market. Before implementation of product the management needs to
generate new idea. Taking example Xln generate new idea to produce 5Gmoblie. Screening the idea: This is the next step in which company determine the effectiveness
of idea generation. This help them to execute different step[s of idea (Politis,
Gabrielsson and Shveykina, 2012). Testing : In order to start new idea company needs to test the efficiency of new plan.
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 Analysis: This steps is is concerned with the implementation of new idea for proper
running of different steps of plan. Development of products: Xln determine the positive and negative aspects of plan which
are about to execute . The management of organisation needs to eliminate negative
aspects of organisation.
 Commercialisation and launching: this is the last procedure of NDP in which new
products are introduce in the marketplace for commercial use and ascertain benefits.
P6 Innovation business case for XLN company.
Xln is the small scale organisation which deals to provide telecommunication sector. It
aids to produce various types of application, provide various internet services to the various
company present in the marketplace. But the organisation want to launch a mobile phone with
latest technology which are used within office premises as well as outside of office premises this
helps to generate large number of customer. Here are various steps of innovation business case :
Executive summary: As this company provide different types of telecommunication
service. The management decided to implement new and innovative idea which aids to produce
new products for the customer. This is ascertain new and advance technology which leads to
attain large number of customer.
Target- Customer concerned with the telecommunication sector this is so because
business phone are not household. This phone plays a significant role in order to improve the
communication channel.
Solution- This phone is concerned to operate by the buyer and can easily operated. It has
ability to satisfy the demand and desire of customer.
Why products is innovative: The most eminent feature of phone is they want new
application by which they can listen music online without buffering.
Customer research- This is concerned about the up gradation of different feature of
phone and organisation consider the views of customer which aids to implement new and
innovative technology.
Funding: Organisation arrange funds from the bank and angel investor which help to
execute the different steps of funds.
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TASK 4
P7 Tools used by an organisation to develop, retain and protect intellectual property and
knowledge.
In order to sustain strong position in the marketplace company use various new
and advance technology which help to complete task in stipulated time period. There are various
types of tools and techniques which are able to give protection to intellectual property and
knowledge:
Help from professional: company hire lawyers to solve the different cases which helps to
give protection to firm (Westland, 2016).
Know your right: if the management want to make some innovative change the company
implement some innovative techniques in order to protect right of employee.
Trade mark- it sell various products on he behalf of sign of company.
Patent – Xln make new and innovative products like business mobile phone which have
the feature of listening music online application.
CONCLUSION
As per mentioned report it has been concluded that innovation plays an important role in
order to invent new thing which helps the organisation to attract large number of customer and it
also maintain effectiveness in performing different types of function of organisation.
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