University Report: Innovation and Commercialisation for Studer Group

This report delves into the concepts of innovation and commercialization within a business context, using the Studer Group as a case study. It differentiates between innovation and invention, emphasizing the importance of organizational vision, leadership, culture, and teamwork in fostering a successful innovative environment. The report analyzes the 4Ps of innovation (product, process, positioning, and paradigm), the application of the innovation funnel, and the principles of frugal innovation. Furthermore, it explores the significance of the commercial funnel and the New Product Development (NPD) process, including the creation of an innovation business case. The report also covers tools for developing, retaining, and protecting knowledge and intellectual property, providing a comprehensive overview of the innovation and commercialization lifecycle.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison to invention....................................................1
P2 Role of organisational vision, leadership,
culture and teamwork in innovation...........................................................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovation and use
of the innovation funnel.............................................................................................................3
P4 Developments in frugal innovation........................................................................................4
TASK 3............................................................................................................................................5
P5 Importance of the commercial funnel
and the application of New Product Development
(NPD).........................................................................................................................................5
P6 Innovation Business Case......................................................................................................6
TASK 4............................................................................................................................................7
P7 Different tools
used to develop, retain and protect knowledge and
intellectual property...................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business is the place where activities done to earn profits and satisfy demand of society.
It is important to work as per change in society, so they can achieve targets in better way. These
days there is change in demand of society, so it is important to work as per change in plants and
policies. It is essential to work as per society, so innovation is done to perform activities in better
and effective way (Aarikka-Stenroos and Sandberg, 2012). In innovation there is important role
of manager. This report is based on Studer group which works with health care centres to deliver
good quality of services to society and hence they are satisfied. In this report there is discussion
about difference between innovation and invention, P's of innovation, role of vision, mission and
team work in making innovation properly. There is important role of innovation funnel, frugal
innovation which help in achieving targets in better and effective way.
TASK 1
P1 Innovation and its importance in comparison to invention
Innovation can be defined as creating something new in existing product. It is important
to work with change in plans and policies which satisfy demand of society. Innovation come sin
mind when person is facing some problem in current services. This creates changes in activities
of company. It is essential to work as per requirement of society, so people do not switch to other
brand. In case of Studer group, they have to innovate their services, health care departments
prefer to avail services from them (Bogers and West, 2012).
DIFFERENCE BETWEEN INNOVATION AND INVENTIONS
Invention Innovation
This is process which gives something new to
society, which is not present previously.
In this there is requirement of changes which
are related to existing product.
This is done by research and development
department which help to know what is
requirement of society and how it can be
resolved.
In innovation various departments are
involved. This helps to know financial
assistance to activities.
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In invention, there is no creativity. This is
result of lacking whose requirement is their in
society.
Innovation is the thing which helps to analysis
market and it helps to motivate workers to
create new ideas.
Invention is mainly done by top level
managers.
In innovation there is involvement of
employees also.
Importance of Invention
This helps to lunch new product in market. It is important to know what are shortcomings
faced by society and accordingly take actions. It is important to know what can be done which
helps in increasing goodwill of company in market.
Importance of innovation
In innovation, there is requirement of changes which has to be taken place in current
policies. There are changes modification in current plans and policies which can be done by
employees of company (Chun and et. al., 2015). It is essential to know what can be done and
how it can be effectively applied in operations. In case of Studer group they are thinking to
come with ICU services at home, so it is essential to plans in proper and effective way.
P2 Role of organisational vision, leadership, culture and teamwork in innovation
There are various changes taking place in Studer group which hekp them to make good
relations with various health care centres. It is not possible to apply modifications in effective
way withput support of employees. As per demand management of Studer group is thinking to
come with facility of ICU facility at home, so patient does not get affected in travelling. This
innovation can be implemented in better way if they motivate their employees to work under
changing environment.
Vision- According to Cui and Wu, 2016Vision of Studer group is to make good and long
relations with their client, so it is essential to work in that direction. As per requirement, there are
many changes in vision of company. But actual aim remain same. They want to give satisfaction
to their clients through best services. As per change in demand of health care, they have to alter
their actions. This make changes in their vision also. To make good and long relations with
clients, it is essential to innovate new things.
Leadership- There is important role of leadership in performing activities in organisation.
To level management is thinking to innovate their services and this is performed by lower level
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subordinates. There are possibilities that due to change in business factors they have to monitor
employees to work in particular direction. There are various changes taking in business, so while
innovation it is essential to deliver this to workers. While innovating new ideas leadership helps
employees to get assistance. there are possibilities that employees are not ready to work under
changed environment. In this case if manager guide them, so they can perform operations
confidently.
Culture- Culture of company has important role in innovating new ideas. There are many
factors which has to be considered while dealing with changes in business environment. Studer
group is small scale organisation, which has many factors to perform activities in effective way
(Cunningham and Porter, 2011). Manager has to make environment which help to perform
activities ion effective way. Through culture of company employees are aware to perform
business activities, but at the same time they can analyse market in efficient way.
Teamwork- This is the most important factor in applying changes in effective way. There
are various activities which has to be applied to innovate new ideas. There are various employees
which help to achieve targets in better and effective way. As per requirement they achieve they
must b e grouped as per requirement, so activities are performed by efficient personnel.
TASK 2
P3 4Ps of innovation and use of the innovation funnel
Innovation is the aspect which helps to increase sales and profits for the Studer. To make
innovation in organisation,. It is essential to know how much has to be innovated and effective
and efficient way. It is essential to know what can be done which help to innovate new ideas.
There are chances that company wants to innovate new things but does not know what can be
done, so there is an approach which helps organisation to know here innovation can be made. 4
P's of innovation are discussed below-
Product innovation- In this innovation, existing product is innovated in efficient manner.
It is important to know what can b done which help ton provide satisfaction to society. There is
requirement of proper guidance and research which shows which innovation is most efficiebnt in
applying changing which provides satisfaction to society. Studer group cannot apply this
innovation because they are dealing in services, so it is essential to work as per society
requirement (Drucker, 2014).
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Process innovation- As per this innovation, there is change in process which reduces the
cost of production. There are various ways through which they can apply changes in effective
and efficient manner. Due to alteration in efficient manner they can change policies which help
to change production process and there are possibilities that due to change in factors they can
achieve targets in effective way. As health acre is the sector where services must be provided at
appropriate time.
Positioning innovation- This innovation aims at promotion of brand, it is essential to
perform activities which help to know what can be done so they can apply measures which help
to making good image in market. While Studer group thinking to launch sometimes new in their
services, then there is requirement of promoting that service in market. According to Eesley,
Hsu and Roberts, 2014 to increase sales it is necessary to sell what is produced by organisation.
This can be done if they promote services in efficient manner through various means of
advertising.
Paradigm innovation- Apart from above mentioned innovation, it is essential to know
what can be done which help to analyse activities where innovation can be made. Through this
change it is essential to work with alteration in plans and policies. There are many factors which
has to be considered so overall development of association is possible. There are many factors
which might affect policies of organisation to analyse market in effective and efficient way.
Use of innovation Funnel
innovation funnel is the techniques which is used to know which option is most efficient
in applying changes in business. There are various ideas which come in mind of manager which
help to attain what actual; requirement of association. There is requirement of various policies
which has ton be considered in market and this helps to know what has to be done through which
they can apply changes in best way. Initially there are various thoughts generated in mind of
manager which can be performed. But at the same time while company measure it with various
other factors then many ideas get out of run. At last one idea which is most preferable is selected
by manager of Studer. Through innovation funnel there is no wastage of resources and time
(Herath Cranfield and Henson, 2010).
P4 Developments in frugal innovation
Frugal innovation means to come with idea which is most effective in satisfying demand
of society can be satisfied. It is essential to know what can be done to reduce cost of product and
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then this makes good image in industry. While Studer group has contact with various health care
centres so it is essential to provide them best services at lowest cost. These options are
acceptable by every group of society and it provides less harm to society. Studer group is the
company who thought to ease ICU facility for patient, so they tries to launch services through
which ICU facility is available at home.
Principles of frugal innovation are-
Engage and literate- There is need of some product or services in market. While making
innovation, it is essential to know what can be done and then this helps to analyse demands and
then talk actions in effective and efficient manner (Hoque, Chishty and Halloway, 2011).
Flex your asset- There is requirement of some resources which must be efficient in use.
Cost and availability of resources are important in markets.
Suitable solution- Innovation is done for some specific reason, so it is essential that this
must give sustainable development to society.
Consumer's behaviour- It is not essential that consumer is ready to use innovated services
of Studer, so it is essential to make activities for promoting services. This helps to increases sales
of association.
Co-create relations with prosumers- Prosumers are some people in society which help to
know views of public of changes. Through this Studer can make corrective actions.
Innovative surroundings- Surrounding is the most effective concept affects operations of
company. It is essential to work according to society, so if person remains in creative
surroundings so they can achieve targets through innovative ideas.
TASK 3
P5 Importance of the commercial funnel and the application of New Product Development
(NPD)
Commercial funnel is the approach through which management of company select best
source of transportation, through which they cam,e to know what can be done and this helps to
achieve profits in efficient manner (Huizingh, 2011). There are possibilities that due to change in
transportation services, there is delay in rendering services which affect business in effective
way.
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Studer group is thinking to come with ICU services at home. There are chances that due
to alteration in delivering services then they can make services in effective way. Health care
centres are link between Studer group and patient, hence there must not be delay in services.
IMPORTANCE OF COMMERCIAL FUNNEL
Promote creativity and initiative- Through commercial funnel, there is requirement of
changes which as to be taken in business which help to analyse market. It is important to work
with change in environment, which helps to achieve targets ineffective and efficient manner.
Quality aspects- Quality of services is one the best elements which as to be considered.
There are chances that company do not want to be considered quality the they have to analyse
resources which help to achieve targets (Jagoda and et. al., 2011).
PROCESS OF NEW PRODUCT DEVELOPMENT
Idea generation: This is the first step which talks about use of thinking what can be
innovated to provide satisfaction to society. This is initial stage which has to be done in efficient
way by manager of Studer.
Idea Screening: After idea screening is done after idea generation in which sorting of
thoughts is done. It is important to work as per change in factors of company. This helps to know
which option is most effective for growth.
Concept Development and Testing: After selecting one method, it is important to test
that idea. Testing means to compare selected idea with various other resources. In case of wrong
selection of method they can alter idea.
Market strategy Development: Market is the place which affects business related ideas
adversely. Manager of Studer has to check whether ICU at home will be beneficial or not. This
can be done by different sources as per situation.
Business and financial analysis: There is use of various resources which help to analyse
requirement of financial requirement. Then this helps to know which source of fund can be
selected.
Test marketing: In this testing innovated service of Studer group has to check in few
group members. If this testing result is positive then this must be commercialised in society. In
case off negative results appropriate measure has to be taken (Kutvonen, 2011).
Commercialisation: This is last step of new product development. This is summarisation
of all above steps and this makes changes in plans and policies of company.
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P6 Innovation Business Case
There is requirement of proper planning which help to achieve atrgets in effective way.
Through planning, company has to analyse market and it is responsibility of manager to checjk
whether activities are performed in effective and efficient way or not. This case helps to analyse
external as well as internal factor of enterprise. Business case of Studer is as under-
Executive summary: This is the first step which manager of Studer. There are many
ideas which generate in mind of manager. Through executive summary, it is clear that what
actually organisation is going to do.
Target: Innovative idea of ICU at home is for people which are rich and patients who
cannot travel for long distance. In this case manager of Studer has to make advertisement which
help to tap targeted customer (Lundvall, ed., 2010).
Solution: There are several problems which are faced by society, so while innovating
new ideas. It is important to work as solution of specified problem.
Why product is innovative: There is some reason behind innovation, so it is important
to wok as per change in business environment. Innovative idea has some new feature which is
not present in existing services.
Customer research: There is requirement of research in analysing market and then take
actions. It is essential to work as per change in demand of Health care services because they are
people who helps to achieve targets.
Funding: This is the approach which has to be undertaken by managers. There are many
sources of raising funds. But it is important to know source which is cheap for company and
easily available.
Expected benefits: ICU facility at home is the thing which is done for increasing
goodwill and make some benefits out of it. There are some important gaols which has to be
analysed by manager. If product is not beneficial than innovation plans may get failed which
shows wastage of resources.
TASK 4
P7 Different tools used to develop, retain and protect knowledge and intellectual property
There are many innovation which are taking place in society to satisfy demand of society.
While making innovation effectively, there are changes that they may not done in efficient way.
There is use of own knowledge, experience, so it is important to make it personal (Aarikka-
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Stenroos and Sandberg, 2012). There are some laws given related to protection of intellectual
property, which help to achieve goals in proper way. Some acts which protect intellectual
property are as under-
Trademark: There are some picture, symbols, colours and combination, etc. which
shows that particular product is related to it. This helps to increase brand value and people are
ware of product. As per this law, any other organisation can not use such symbol for teir product
or services.
Patent: Patent means to make innovation registered under specific act. This registration
is for 15 years which can be effective used and after completion of tenure, it can be renewed.
Patent is generally for some specific movable asset. If someone want to use such patent it is
essential to take written permission from management of specified association (Bogers and West,
2012).
Copyrights: Copyrights is issued by organisation when hey have done some innovation.
Copyright can not related to some physical or non physical things such as painting, eatable item,
film, songs, etc. This right also helps to make use of resource in optimal way.
From the above discussion it is clear that Studer has to perform activities which has to
done in perform way. There are chances of use of elements which affects change in plans and
policies. While innovate facility of ICU at home, manager of Studer must use Copyright and
trademark facility to protect idea.
CONCLUSION
From the above discussion it is clear that company has to perform activities of innovation
after considering market. There is important role of internal environment of business in
achieving targets and this helps t work as per change in plans and strategies. While making any
change in business policies it must be communicated to employees, so their actions is also
specified in particular manner. There must be proper process to perform activities in better and
effective way. There are changes in business plans while innovating new ideas. Funnel
innovation is a way which help to achieve targets n better and effective way. Thorough this there
will use of various resources which can be implemented in economic manner. In innovation there
is requirement of various resources, so manager has to work to select source which is effective
for achieving goals.
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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.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1).pp.61-75.
Chun, D. and et. al., 2015. Labor union effects on innovation and commercialization
productivity: An integrated propensity score matching and two-stage data envelopment
analysis. Sustainability. 7(5).pp.5120-5138.
Cui, A. S. and Wu, F., 2016. Utilizing customer knowledge in innovation: antecedents and
impact of customer involvement on new product performance. Journal of the academy
of marketing science. 44(4). pp.516-538.
Cunningham, S. W. and Porter, A. L., 2011, July. Bibliometric discovery of innovation and
commercialization pathways in nanotechnology. In Technology Management in the
Energy Smart World (PICMET), 2011 Proceedings of PICMET'11: (pp. 1-11). IEEE.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Eesley, C. E., Hsu, D. H. and Roberts, E. B., 2014. The contingent effects of top management
teams on venture performance: Aligning founding team composition with innovation
strategy and commercialization environment. Strategic Management Journal.
35(12).pp.1798-1817.
Herath, D., Cranfield, J. and Henson, S., 2010. Understanding the financing of innovation and
commercialization: the case of the Canadian functional food and nutraceutical sector.
Applied Economics. 42(21).pp.2667-2682.
Hoque, M., Chishty, M. and Halloway, R., 2011. Commercialization and changes in capital
structure in microfinance institutions: An innovation or wrong turn?. Managerial
finance. 37(5).pp.414-425.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1).pp.2-9.
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.
Kutvonen, A., 2011. Strategic application of outbound open innovation. European Journal of
Innovation Management.14(4).pp.460-474.
Lundvall, B. Å. ed., 2010. National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). Anthem Press.
Online
What is innovation?. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >.
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