Analysis of Innovation and Commercialisation in Oskia: Unit 8 Report

This report provides a comprehensive analysis of innovation and commercialisation, focusing on the British beauty brand Oskia. It begins by defining innovation and comparing it to invention, highlighting their importance to a company's success. The report then explores how organizational leadership, vision, teamwork, and culture shape commercialisation and innovation within Oskia. It delves into the 4Ps of innovation (Paradigm, Process, Product, and Position) and the use of the innovation funnel to shape and examine innovative ideas. The report also discusses frugal innovation, particularly in the context of Oskia, and examines the importance of the commercial funnel and the application of new product development. A business case for innovation is made, followed by an evaluation of tools and techniques used to develop, retain, and protect knowledge and intellectual property within the company. The report concludes with a summary of the findings and references relevant sources.

UNIT 8
Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Describe innovation and determine its importance to company by compare it with
invention......................................................................................................................................1
P2 Describe how as how organisational leadership, vision, teamwork and culture which
shapes commercialisation and innovation. ................................................................................3
TASK2.............................................................................................................................................4
P3 Elaborate 4P's of innovation and use of innovation funnel for shape and examine the
innovative thoughts or idea. .......................................................................................................4
P4 Describe developments in frugal innovation in context organisation. .................................5
TASK3............................................................................................................................................6
P5 Describe importance of commercial funnel and application of new product development. .6
P6 Make innovation case for organisation. ................................................................................7
TASK4.............................................................................................................................................9
P7 Evaluate different tools & techniques that company use to develop, retain and protect
knowledge and intellectual property. .........................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is define as development, creation and implementation of new process,
services and product with main motive of improving effectiveness, efficiency and also
competitive advantage. Commercialisation is a process for introducing a new production or
product in commerce which helps in making product available in marketplace. Innovation and
commercialisation is a procedure of working which is applied by organisation which offers better
products and service to customers which helps company for retaining at long time period
(Özilgen, 2019). In current scenario there are huge competition in market because of lot of type
of business organisation that are deal in distributing same kind of products and services and all
have main aim of gaining profit which helps in enhancement of profit. As when any type of
company wants to be in market place for long time so they have to create or innovate which
helps in increase the capability and ability of company.
In this report it is based on Oskia, this is British beauty brand which mainly deals in
nutrient-cosmeceutical brand which have special features such as bio cellular skin nutrition. The
formula of this company as their products feed skin of individual with minerals, omegas,
vitamins and proteins with combination of high tech bio activities like peptide complexes,
probiotics, plant stem cell technology and antioxidants.
This report consist of innovation and its significance as by comparing with invention,
organisational vision, teamwork, culture, mission and leadership which helps in shaping up
commercialisation and innovation. This report also covers 4Ps of innovation, importance of
commercial funnel, frugal innovation and innovation in business case.
TASK1
P1 Describe innovation and determine its importance to company by compare it with invention.
Innovation is define as generate of creative and new ideas which is implemented in
business as by considering brief inspection of market segment as by requirement and demand of
customers in appropriate way. On other base, invention is mainly related to development of
completely new services and products that is not presents in past times in market segment.
Commercialisation is consider as subset of innovation as it involves transformation of invention,
knowledge and idea which is used to generate high wealth (Naughton and Foss, 2019). There are
many points for compare innovation and invention which is explained below:
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Basis Invention Innovation
Definition It mainly refers to
development and creation of
new goods and services.
It refers to adding of new
values in present or current
services and products.
Skills In invention, there is need for
inducing scientific skills in
such manner for invent fully
different product (Gabriel,
2019).
In innovation there is need of
research and development
skills which helps in
examining products and
services which is already
presented for requirement of
buyers.
Focusing elements The main element when there
is invention it is important for
organisation to maintain focus
by adding something new in
appropriate manner.
In context of innovation, it is
being done by manage or
maintaining by focuses on
distinct evolutions which is
cover by company for main
aim to attract more and
potential customers.
In terms of Oskia there are many challenges which is faced by company which leads to
rapid slowdown of their revenues or profit and sales. It has been analyse as organisation mainly
maintain focus on producing only skin care products which have many type of proteins,
vitamins and so on. But now with situation of Covid 19 company is faces as many of individual
consider if skin products leads to harm their skin. So this leads to biggest challenge for
organisation as there are many skin care products companies which offers same products at low
cost. In this Oskia should have to show their concern about innovation rather than on invention.
As by considering innovation such as lotions that have high hydrated quality that individual don't
want to apply lotion in regular manner. This helps company to attract and retain customers at
long period of time (Dezi and et. al., 2018).
Innovations plays important role as compared to invention as Oskia have worked on for
produce their products in such manner as which helps in germs free and long term hydration
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quality in them and by this there is ability and capability which is getting more in terms of
advancement. As due to pandemic situation customers are become more conscious about health
as they always prefer to healthy and good quality of product rather than on cheap products. Thus
by help or support of innovation ability & capability of company is leads to advance and also
attracts more customers with help of modification in their offered products. In this element, there
is not quality is maintain which leads to increase in market share and cost beneficial system
(Mazzarol and Reboud, 2020).
P2 Describe how as how organisational leadership, vision, teamwork and culture which shapes
commercialisation and innovation.
For offering appropriate shape commercialisation and innovation is important as Oskia
have to look forward with use of vision, culture, teamwork and leadership which create easy for
make better implementation by creative thinking which leads to conduct adequate innovations. Vision: The company mainly have vision for repair serious cartilage damage as by using
bio nutritional formulations. The main aim of organisation as the name is recognise by
quality of beauty products. It is drive as sharing the knowledge which is necessary for
make skin care products which are in natural or organic terms and also deals with Covid
19 situation (Lehtimäki and et. al., 2019). Culture: In context of Culture, Oskia have to promote creative culture as which is need in
real manner and also important for making particular innovation in skin care products. It
mainly defines surround which helps to promote working attitude and behaviour which
change working prospect of other individual which leads to achievement of success of
company on timely manner. So for making innovation, company have to select task
culture in which there all sectors have to make participate in appropriate manner and also
have to perform their task for increase rate of productiveness in effective way (Francke,
2018). Teamwork: This is working prospect in which Oskia skin care company make various
different teams that have to perform many certain functions which leads to productive
results which are obtained at right time. It is essential while making any type of
innovation Oskia tries for develop certain set of abilities and skills in staff member which
leads to increase in working efficiency of them which is developed in proper manner.
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 Leadership: This is define as in which company have to influence their working in
micro environment and in this there is high authority or manager have to guide their
team members which leads to flexible and easy for Oskia company for make innovation
in systematic manner. It is important for every organisation as employees are always
motivated while induce some changes for long term time and this can only done by using
appropriate leadership style which is selected by company. So there in company uses
leadership style such as participative style in which leader or manager have to influence
other by increase the level of involvement and participation of team members.
Innovation and commercialisation is define as a concept by which it become easy for
Oskia for survive in competitive and aggressive marketplace as by making innovation in their
beauty products which are helpful in Covid situation. In addition to this, there are different and
unique methods such as by using organic products which are not harmful for skin of people.
TASK2
P3 Elaborate 4P's of innovation and use of innovation funnel for shape and examine the
innovative thoughts or idea.
The 4P's of innovation is used for develop products and services in more effectiveness
and also induce basic components which is describe below: Paradigm: It is an aspect in which the manager of Oskia company use certain frame or
model in such manner not only examine but also analysed impact of innovation for
business productivity and performance. By analysing various different aspect which
changes induces after innovation is capturing which leads to making decisions in accurate
manner. Process: It is consider as factor which consist of change which is implemented for
continuous service which is processed for identify effective set of values and image of
organisation in market place. In this Oskia company, make innovation in their products
which have healthiness for skin of individual as it is main aspect of every firm is which
leads to gain more profits by increase in amount of sales (Do and et. al., 2018). Product: Oskia company is producing skin care products but for increase market sales
and sustainability of organisation they are inducing more changes which aid to by making
modifications in successful manner. The company not only provide range of services and
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products are expanded but by this they have to maintain quality in their product also. So
by this, it is considered as differentiate their services by comparing to market products
and also make changes in particular manner.
 Position: It consist of place which is achieved by Oskia in competitive market segment.
So in this organisation are inserted various different changes in order to make respective
changes which helps in maintain cost and profit and also controlled & managed in
suitable manner (Al Hinai, 2018).
Innovation Funnel:
It is plan of action which is mainly used in continuous flow of thoughts and idea in
stream which manage viability of organisation as by working with implementation in
simultaneous action plan and also involves some steps which are discussed below: Operation for opportunity: This is an first step in which Oskia company is perform
investigation of market as it offers easy access of various different opportunities which is
needed for process in efficient and effective manner. Thinking process: It is refers as an ability of Oskia company in which manager of
organisation have implement brainstormed in such manner by effective and best strategy
which helps in making innovation (Zhou and Wang, 2020). Formulation: It is consider as stage in which respective company induces strategy which
is formulated according to policy and strategy as these helps for processing innovation in
effective way.
 Benchmarking: In terms of Oskia company, it has standardised position in market
segment and for this they have to use different strategies which have induced in such
manner.
In support of innovation funnel manager have to take some decisions which are in favour
of development and growth of company.
P4 Describe developments in frugal innovation in context organisation.
Frugal innovation is a strategy which is mainly based on complex conditions or situations
in which ability of organisation is terms in advanced manner. This strategy helps to reduce cost
of production by control the complexity as by this there is maintain of durability which helps to
make long term potentials and benefits. There are many principles of frugal innovation which are
discussed below:
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 Immerse and grow: It is done by parallel contribution of research and development and
by this Oskia company works to increase amount of output by which balance level of
clarity is attain in such manner for generate changes in favourable way. Create sustainable outcome: Sustainability is define as facilities which is long term that
helps in generate condition in which Oskia company is always have ability for develop
future gain in systematic way. To fold quality: In terms of respective company, managers are making innovation in their
products and services so for this company have to look in future for develop products in
which they are good in quality. This is most required aspect which helps organisation for
ensures managerial changes which is implemented in satisfaction way. Development of customer activity: This is more vital aspect for any type of organisation
and this is totally depend on various different operations and strategies which is
performed by Oskia company. This provides high quality of products which are suitable
for customers according to their preferences.
 Co develop valuable: For every business values are always needed by managers and by
this manager & customer enlarging the belongingness. It helps organisation to extend
connectedness and stability with buyers and by this there are easily transmission of their
attributes and values in market segment (Huang, Farrukh and Shi, 2018).
TASK3
P5 Describe importance of commercial funnel and application of new product development.
Commercial funnel is define marketing probability in which potential customers are
being attracted towards organisation. In this type of funnel there are various slot which is
segmented that are inter dependability linked towards each other. So by this there is more
important as by spreading more awareness in market segment in chronological terms which are
helpful in attracting customers (Mattila, Yrjölä and Lehtimäki, 2019).
There are many steps in new product development which are discussed below: Idea generation: This is first step in which Oskia company worked for generate better
thought or idea which helps in gaining effective results in stipulated time period. Idea screening: In this respective organisation is screened various different applications
by which have to be screened that is suitable in terms of innovatory aspect.
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 Concept testing: As every company have to test first after producing in the market so in
terms of respective organisation they test the product in laboratories and when it is
suitable or results are appropriate according to implementation. Business analysis: It defines various different policies and strategies which is used by
Oskia company which helps to attain targets in standardised market to measure
innovation in effective manner. Product development: In this step, Oskia company have to implement changes in their
products according to situation which ensures advancement of new product with creates
more benefits which are achieved in easy way. Testing the marketing: In this stage, in terms of respective company, testing the products
and accept the test and also reject the ratio of market as the considerate of changes in
their products (Kim, Park and Paik, 2018). Commercialisation: In this stage, it mainly includes consideration of various different
need of market and after this changes are implement in particular manner.
 Review the performance of market: This is a last stage of new product development
which defines market acceptance of various distinct services and products of Oskia
company which leads to attainment of profit which is due to innovation.
Importance of Commercialisation:
Commercialisation is define as practice and as according to aspect Oskia company make
many decisions while performing development and research. This helps for make improvements
and advancement which leads to standardised outcome which is conceive in good quality.
P6 Make innovation case for organisation.
In terms of Oskia company, business case of organisation consist of many tools and
techniques which is used in terms for making innovation in more effective and standardised
manner. Respective company works on organic beauty products in which their prior brand is as
lotion which is promoted in such manner as they are more hydrated and also have long lasting
capability in them. This is mainly done for improve continuity and stability which is required for
overcome from downfall of company in certain period of time. So for this company require some
basic elements such as resources, equipment plan, people and so on. These all are discussed
below:
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 People: It involves individual staff member which is needed for implement any change in
working area. In terms of respective company this can make innovation and for this they
have to attract or need skilled & talented work force which is induced foe any type of
changes in adequate way. This helps in making the working capacity and capabilities of
business as to be expanded (Law, Sarmidi and Goh, 2020).
 Equipment: It involves resources and machinery which is required in innovating and in
this Oskia, ensures as they are use organic products which creates ethnicity and quality
which is maintained.
Project plan: This is define as plan which involves better involves better planning which
is required while induce development and innovation. In this respective company is invent
appropriate availability of products which is enhance sales and brand value in appropriate
manner. Risk and potential benefits: It involves repetition which is used for analysed which is on
timely basis and also ensures all activities and task that counter performance which have
to be managed in appropriate manner. Furthermore, organisation advance potential
advantages or benefits in which there must be healthy, smooth skin is prefer.
 Cash flow work: It offers basic knowledge about various distinct cost which is need to
manage cash outflows and inflows which is basically defines ability of company for see
loss and profit of it. So respective company invest amount of $34000 which is allot in
various distinct elements which are define under:
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Ways of funding: It is define as act of offering or providing a program, project or need .
As this is mainly in form of money, effort and time from a company. Sources of funding mainly
includes grants, donations, venture capital, taxes, credit and so on. With help of funding this
generally facilitates exchange of equity ownership in an organisation for investment of capital
with help of online funding portal. There are many ways of funding which is discussed below: Crowd funding: It is define as a process which is used by Oskia company which ensures
for collect adequate amount by presenting thoughts and ideas in market segment. So for
this manager of company influence and convince public and also owner of company for
making the product which is in organic form which mainly helps in this pandemic
situation. Angel Investing: This is define as a method which is used by respective organisation as
in this they mainly tries to attract attention of investors which are making more
investments in development of new services and product. So in this individuals who are
interested for make their investment which is totally depend on their capabilities and
ability (Zarrouk and Ouerghemmi, 2019).
 Bank loan: This type of funding mainly includes as company can take bank loans in term
for providing better opportunities and satisfy the customers by providing them organic
products which are consider as good for skin.
TASK4
P7 Evaluate different tools & techniques that company use to develop, retain and protect
knowledge and intellectual property.
There are many tools which is used by Oskia company in order for protect, retain and
develop knowledge and intellectual property which is explained below:
 Copyright: It is termed as legal right which is provident by Oskia which offers right of
copy which is provided by company in their services and products. In this there is a
original producer of goods and services which is given by authority to other organisation
so as to reproduce the same work (Rijswijk and et. al., 2018).
Importance: It offer ownership to organisation as by follow various distinct set of rules
and regulations by creating and distributing additional works.
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Limitation: When there is local copyright this will allow company for performing
various different work by taking license which is given by owner.
 Patent: This is define as authority which is conferred by owner to other party by telling
about invent and sell new product under t he name of brand. It offers right to other parties
for make and use organisation services or products for certain period of time.
Importance: It is termed as safeguard of invention of company and their products in
which design of company are protected and it is not used by any parties without taking authority
and permission (Žižka and et. al., 2018).
Limitation: As consider claim of patent is for limited time period and if there is no
innovation in their products which is published in market which leads to decrease in profit if any
new innovation in product is consider.
 Trademarks: It is consider as right which is offered to protect as from recognised
symbol, work, phase which is used by organisation as by denote their products or services
as different from others.
Importance: This is consider as important for company and in this managers are distinct
their services as by comparing their competitors in effective way.
Limitation: Trademark become weak as when there is passage of time and this is not in
control of company also. As there is also a limitation for organisation as due to competitors
many new products are there having similarity in them.
CONCLUSION
It is been summarised from above report as innovation and commercialisation is used by
organisation by producing new services and products in market segment which have main aim
for attracting more potential customers and also attain sustainability for long term in effective
way. Company have to apply continuous improvement or modification in products by which
buyers always get something new which helps to them to connect with organisation. It is
important as firm have to used innovation in their products which have support of it as they are
produce new products which are helpful in retaining rate and enhancement of profit in
appropriate manner.
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REFERENCES
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Zhou, C. and Wang, R., 2020. From invention to innovation: the role of knowledge-intensive
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