Innovation and Commercialisation Strategies for BAJ Shop Ltd - Report

This report provides a comprehensive analysis of innovation and commercialization strategies for BAJ Shop Ltd within the context of the jewellery industry. It examines how BAJ Shop Ltd and its competitor, H. Samuel, source and foster innovation, differentiating between disruptive and incremental innovation. The report develops a detailed business case for innovation, including risk assessment, benefits, and funding options. It also evaluates tools for developing, retaining, and protecting knowledge and intellectual property, alongside an analysis of the innovation funnel and the role of frugal innovation. The report presents a commercially driven business case, an action plan for development, and methods for successful protection within the wider business environment, ultimately offering insights into how innovation can be successfully developed and embedded in an organizational context. This report will help students with their business and management studies.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
SECTION1.......................................................................................................................................4
1. within the jewellery industry there has been a lot of changes and challenges and the
organisation is feeling the brunt of it. Discuss two ways in which BAJ shop Ltd and its
competitor source and foster innovation with example...................................................................4
2. Differentiate between different types of innovations and how they are processed within the
organisation. Explain how they proceed with BAJ and H Samuels?...............................................6
TYPES OF INNOVATION:............................................................................................................6
3. with the knowledge gathered produce the detail business case for innovation within BAJ .
Includes risks and benefits and ways of funding. ...........................................................................8
4. Help BAJ by evaluating different tools it can use to develop, retain and protect knowledge and
intellectual property.........................................................................................................................9
SECTION 2....................................................................................................................................10
1 .Discuss the ways in which different organisation source and foster innovation,using specific
examples........................................................................................................................................10
2. Analyse and apply the innovation funnel in an organisational context.....................................11
3. Explain the role of Frugal innovation in the organisation.........................................................11
4. Present a detail innovation business case which includes how to measure the overall
effectiveness by using appropriate techniques...............................................................................11
5. Present support evidence based on evaluation of the different tools in the context of business
environment...................................................................................................................................12
SECTION 3....................................................................................................................................12
1. Critically analysing how innovation is successfully develop and embedded in different
organisational context....................................................................................................................12
2. Produce a commercially driven business case for innovation, including an action plan for
development and methods for its successful protection in the context of wider business
environment ..................................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is a creation of new ideas and thoughts into reality. . Innovation means
creation of new things, it can be anything, it may be a product, service or process which
introduces in the market and commercialised by the companies to make profits. Companies by
way of innovation make strong market base and make huge profits. Companies also elevates its
competitiveness with other establishments. Innovation driven companies always recognised for
its innovative, creative developments in its products, services and process. Innovation is a
process of creation of something new which takes time, capital, research and experiments which
is being conducted by the companies to create something new. The success rate of innovation
depends upon the utility, effectiveness and its cost(Asheim2019.). The global business world is
innovative driven, inventions and creations being done at international level, companies adopting
the innovation, inventions which is most suitable for their business operations and growth. The
companies, required team work, latest technology, planning , strategies and raw material and a
smart process and diligent execution of its process to achieve the expected novation. Many giant
tech companies are collaborating, assisting or aiding other companies to achieve the common
goal. The companies when introduced new product they began to commercialised the product by
penetrating into the market which involves vast act of commercialisation , the companies at early
stage invest huge money for its marketing and promotion with the aim to bring success in the
market. The determination of success or failure of innovation depends on its commercialisation
success, for a new product or service in the market it requires customer support and many other
market strategies to make product successful in the market(Anzola-Román, Bayona-Sáez and
García-Marco2018).
Considering the innovation and commercialisation, this report will throw the lights on
recent technology discovered by the BAJ Shop Ltd. Which allows them to produce lot of
jewellery in less time with little staff. BAJ Shop Ltd with the assistance of technology able to
offer their products to its customer at low price. Further this report will also covers how the BAJ
Shop Ltd has adopted the innovative process to foster its business operations and the risks,
benefits and options of findings. This report will also suggest the BAJ Shop Ltd to adopt the
tools for development of its business.

SECTION1
1. within the jewellery industry there has been a lot of changes and challenges
and the organisation is feeling the brunt of it. Discuss two ways in which
BAJ shop Ltd and its competitor source and foster innovation with
example.
In respect of BAJ Shop Ltd, a jewellery merchant can adopt the following routes to foster
the innovation in their business operations.
 Lead from front : initiating the idea of innovation begins from the top leadership which
consists of the CEO of the company. CEO is the supreme executive authority which
directs the companies operations and functions. CEO and the other important associates
are the functionaries of the firm which derives the innovation traits for the company's
growth. The leaders of the companies who seeks to promote innovations are more
passionate about their work and lead their team collectively to succeed in their work.
Similarly, for the BAJ Shop Ltd, the leadership foundation must be strong, optimistic and
positive which create strong base to stand with its competitors such as H. Samuel which
is the oldest jewellery industry operating worldwide with 300 outlies. H. Samuel is a
strong competitor of BAJ Shop Ltd. Because it focusing on improving its deficiency
which exist within the industry by adopting innovations. (Ball,Boschma and Frenken
2022).
 Create a culture of innovation: in order to increase the performance of the company, it
requires to infuse the inspiration and motivation in the employees to push their limits and
cultivate the sense of creativity to think beyond the limits. Employees should be given
priority and space to work. Employees are the base of the companies their minds needs to
be ease while executing projects or work. Their leaders must take feedback from them
about the work and welcome their suggestions which are being made in the interest of the
company. In the same, way BAJ Shop Ltd should appreciate and encourage its employees
and give them proper attention and respect which impelled the inspiration to work more
efficiently and effectively. On the other hand, H. Samuel is restructing its outlets

operations , they are appointing trained and experience saleswomen and improving
quality of its product in with the view to grab the market.(Kim,2019).
 Build effective teams: employees reliability is the most crucial in any firm or company.
Team leaders must relay on their employees and make a team of super executives which
are dedicated and motivated to accomplished the given task. The entire team is
collectively responsible for its success and failure because success of innovation is not
achieved by one individual it is the result of whole team which needs to be cherished and
appreciate. BAJ Shop Ltd is preparing teams with creative technical skills which enables
them to work efficiently and create good quality products. Whereas, H. Samuel which has
the rich history in jewellery industry which was concentrated within the UK has now
expand its business worldwide and recruiting best staff to function their operations.
(Chimhundu 2018).
 Take ownership of client problems: companies are customer oriented, they sell
products as per the customer preferences. Companies should focus on their delivery of
service to customers. Companies should welcome all the issues and feedbacks from the
customers about their product and services. Customer complaints should be taken in
positive sense because customers identifies the limitations of the company and gives
suggestions to the companies about their short comings(Du and O’Connor 2021). In the
same way BAJ Shop Ltd should welcome the customer complaints and bring changes and
improvements to avoid complaints from the customer. Similarly, H. Samuels also
ensuring customer satisfaction because it has a bad history about its product and service
quality and customer dissatisfaction. Therefore they emphasizing on customer needs and
requirements which they addressed by understanding the customer preferences. (Greco,
and et.al.,2021).
 Reward failure: the companies should reward their employees for their good
performance and encourage them to participate in the discussion and give their thoughts
and ideas on a subject. It has been seen that employees often do not participate in the
discussions because they feel their ideas and suggestion might affect the project and they
keep their ideas to themselves. Therefore leaders needs to be impelled the sense of
confidence and motivation in them to bring forth their ideas without any fear and
appreciate their opinion on a task or project. Both the industries reward their employees

for their contribution . It is very essential to appreciate the teamwork and their efforts
which brings significant change in the growth of a company. (Hutschenreiter,Weber and
Rammer2019).
Source of innovation:
 Demographics: this signifies the ecology,vegetation and human beings of any territory.
It means collection of data based on demographic which aims to balance the demand and
supply of the products in fixed territory.
 Changing the perception: the perception of the people plays crucial role in
acknowledging the prevailing trend of the people. Surveys and opinions being asked by
the agents who collect and record the peoples preferences and perceptions about the
current situations. These records helps the companies to analysis and identify the change
in the people and bring out the necessary innovation and changes as per the customers
requirement(Mallett2018).
2. Differentiate between different types of innovations and how they are
procssed within the organisation. Explain how they proceed with BAJ and
H Samuels?
TYPES OF INNOVATION:
 Disruptive innovation: it is the most common type of innovation. It pertains to the
effective implementation of advanced technology. The practice of disruptive innovation
prevailing mostly in startups based firms which are focusing on low price segments
which makes more convenient and affordable to customers(Mazzarol and Reboud, 2020).
 Incremental innovation: it refers to enhancement of goods and service which the
company currently providing to its customers. Gradual enhancement in the current goods
and services and the entire operations of the business enables the company to limit the
stagnation.
The below tables shows the innovation processed by BAJ Shop Ltd by differentiating the two
types of innovation.

DISRUPTIVE INNOVATION INCREMENTAL INNOVATION
 BAJ Shop Ltd. Is a jewellery school
which provides technical training and
experts in field of jewellery industry.
 It enrols diverse minds which inspires
candidates to nurture creativity which
helps in innovation.
 BAJ Shop Ltd. Also provides an
opportunities to its faculties to establish
their own startups by way of findings.
 BAJ Shop Ltd focus on innovation by
enhancing and embellishing their
exiting product by use of technology
and technical ability.
 BAJ Shop Ltd. Follows the current
trends and required changes being
made in their products according to
customer preferences.
 BAJ Shop Ltd aims to fulfil industrial
needs and requirements by providing
advanced generation skills to foster its
business.
Application of technology such as artificial intelligence in the business operations and functions
helps the business to analysis and identify the needs of the customers and efforts can be taken to
improve the deficiency in then business with the use of AI. Now the customers are experiencing
better services from the reputed companies or brands. Customers remotely can avail the services
of the companies from purchasing a product to its return. Therefore this innovation will bring
success for the BAJ Store Ltd.
Disruptive and Incremental innovation which processed in H. Samuel given in the below table:
Disruptive Innovation Incremental Innovation
 H. Samuels by way of distributive
innovation seeks to concentrate on
improving its products and adopts new
formates to attract customers.
 Enhancing the quality of its product
 H. Samuel has a poor history of its
product quality, in order to overcome
this deficiency it has adopted technical
creativity to enhance its product
quality.

and its shop chains with proper
assistance to its customers.
 H. Samuel is adopting latest marking
technology in order to provide best
digital services to its visitors and
customers.
 H. Samuel has reduced the price of its
products because customers has shown
disinterest in their quality of products
and huge rates.
 The company has improved in its
product designs and improved its
quality. They have also employed
trained saleswomen to address visitors
in their shops.
Innovation process: a critical process of developing something which is distinct from the
prevailing product, service or process. The entire process is new from its planning to its
production. The idea which takes the tangible shape is the innovation. Both the entities BAJ
Shop. Ltd and H. Samuel are making efforts to bring productive change by adopting innovations
tactics. (Pierrakis, 2018).
Steps of innovation process:
 Idea generation and mobilization: it means creating and sharing the best ideas within a
group or a team. This makes very crucial for the companies to bring together all the
members and employees to collectively participate in the company's growth. New and
different ideas which seems helpful and authentic for the company is always welcome by
the leaders of the company with the appreciation. Therefore , for BAJ Shop Ltd. It is
imperative to appreciate and support their employees to keep them motivated and
dedicated to perform their job diligently. There are various activities and events which
are conducted at the workplace which helps in brainstorming of the employees which
generates creative ideas for the business.
 Advocacy and screening: this is the subsequent stage which proceeds after idea
generation. In this stage the idea is evaluated and its application is assessed by the team
leaders in order to known its practicability. It helps in identifying the the capability of the
company whether the company has the resource and expertise to execute the idea.

Employees ideas are always welcomed by the upper staff and they are appreciated for
their suggestions.
 Experimentation: this is the third stage preceding the stage of advocacy and screening
which assist in examining the sustainability of ideas and thoughts for every organisation
operating online or offline. Experimentation explores new ideas with the given
information that is assembled on the outputs as the practicability of the true idea.
 Commercialisation: it focused on creating market value for an idea by acknowledging
its impact on the market. This stage includes the alteration of focus development.
 Diffusion and implementation: this is the last phase which determines the
implementation of the innovative idea. In this phase only those ideas are made applicable
to the company which are widely being accepted by the company and the setup of its
implementation begins to work on innovation. This stage is beneficial for both online or
offline business which determines the needs and demands of the
customers(PiobbiciRajola and Frigerio2018).
3. with the knowledge gathered produce the detail business case for
innovation within BAJ . Includes risks and benefits and ways of funding.
Business case act as a precedent for any new business establishment which helps in
developing the organisation of business. Business case is the plan of business which architect the
business structure and its operations. Along with this, it also assist in determining the the
expenses, calculated risk and perks and allowances in relation to the development of the
company. There are various factors which plays essential role in uniting the business. In context
of BAJ Shop Ltd following are the factors which helps the business to bring innovation.:
 Executive summary: in an innovative way BAJ Shop Ltd has discovered a new
technology which enables them to manufacture lot of jewellery items of various varieties
in less time with little staff. This process helps them to increase their output and offer
products to its customer at resolvable price.
 Problems: product quality and its durability is the main concern, therefore it is required
to focus more on its quality and durability along with the aesthetic designs of the
jewellery which attracts the customer.
 Solution: to avoid customer complaints regarding any product , it is always better to
offer the best segment which is of high quality .

 Innovation: integration of technology which saves time to produce the good quality
product which sell off to the customer at low price. The technology and its use is the
innovation which effectively reduces the operational cost and labour for the BAJ Shop
Ltd.
 Market Research: customer preferences should be acknowledge before introducing or
launching any new segment. The company should target all the customers and their
choice and offer the products according to the market trend so that product can be
consumed by all class or age of individuals. Funding: funding is the lifeline of any business establishment. Every business requires
funding from its commencement to its dissolution, for continuing and expansion of
business, funding is very essential. Though there are various sources of business funding
institution which provides financial aid to business for expansion. At some point of time
business required funding for its expansion. The given company is a private entity and for
generating funding there are various financial institution from where it can obtain funds
for its further development. Following are some financial institutions which provides
financial aid to the companies. They are as follows:
 Bank loan : it is the most common and popular source of raising funds. Legitimate loans
can be obtain from any bank, all banks are ready to provide loans after complying certain
paper work. The company when applying for a loan in a bank needs to disclose its
revenue ,profits,business transaction and statements and other necessary requirements . If
bank satisfied with all the disclosure of information, it lends the money to the company at
fixed rate of interest which needs to be paid in instalment(Planes-Satorra and Paunov
2019).
 Loan from family or friends: this is also one of the source of rasing funds for business.
Many establishment prefers to seek loan from their near relatives or friends. Lending
money from family or friends is more flexible than other sources which required lot of
paper work and legal challenges(Zhouand Wang2020). Therefore, to avoid complex
process , many company finds easy to raise funds from their near relatives or friends to
expand their business.

4. Help BAJ by evaluating different tools it can use to develop, retain and
protect knowledge and intellectual property.
The incorporeal in the structure and the rights which has been interpreted in regard to the
personal who are putting their brain into the product which is created by the heavy innovations
and other creativity methods. In the scope of the mentioned business of BAJ Shop Ltd, there are
various tools which are out in use by the organization, which are eventually assisting in the
process of developing , retaining and safeguarding the ideology and intellect which is apparently
discuss below:
 Tool of Trademark- this is the authentication of the product, this is a tool which defines
the product, with this assistance the product which is being innovated can be
transparently identified from the team rival article , the trademark can be determined in
the manner of The Logo of the organization, which has been protected at any cost, and
shall not be copied by any other revival or competitor team or company(Sinha2021).
 Tool of Patents- if the spin-off which has been invented by any particular person, the
inventor, then the soul rights and liabilities of that invented article will be provided to the
individual. The high objective of this patent tool is to safeguard the interest of the
inventor who has given an entire new creation. The patent tool will be considered as the
the technique for the protection is necessary fort the Corporation, as it gives
authentication to the spin-off(Zambrano-GutiérrezPuppim de Oliveira2021).
 Tool of Copyright- the rights, liabilities, the other legalities which are preserved, most
certainly will be given to the individual who is the creator of the product, or the
individual who is acting as the owner of the product, which this tool of copyright, no
other individual can claim the product other than the sole owner who has created the
spin-off.

SECTION 2
1 .Discuss the ways in which different organisation source and foster
innovation,using specific examples.
Innovation in context of business and corporations plays a very imperative role in
elevating the companies market value. It is a continuos process which every organisation
attempts in order to create the new segment in the market. Jewellery merchants to increase the
production of its products install latest machinery which helps in manufacturing the products in
large quantity at low cost. This process requires skills and coordination between the teams.
Leadership is essential to boost innovative ideas which helps in creating new products in market.
2. Analyse and apply the innovation funnel in an organisational context.
 Sustaining Innovation: this implies to protect the business and elevates the position of
the business in market. This innovation focused on enhancing the small existing goods
and services. It assists in maintaining the market leader position and focus on bringing
major changes. This types of innovation basically involves in developing new concept or
services which keeps the product at different side from all its challengers(Moody, and
et.al., 2019).
 Radical innovation: this type of innovation change the entire process of business
operation and its interaction with the market. The success in radical innovation depends
on the company's organisational capacities and behaviours which established the
appropriate for new ideas.
From the above different types of innovations, it is advisable to the BAJ Store Ltd. To go
ahead with the disruptive innovation in their business. Considering the current operations of the
given company they are focused on the latest modern technology that enables them in providing
its products and services to the important customers with fair services.
3. Explain the role of Frugal innovation in the organisation.
Frugal innovation signifies the process of elimination the complexities in the product by
removing the irrelevant features in the product. This process plays significant role in deciding the
value of product at reasonable price which is friendly to the customers. This process begins by
identifying the problems and the possible solutions for product creation. The required alteration

is made in the product to reduce the cost. Frugal innovation also demands the market research
and findings for product enhancement.
4. Present a detail innovation business case which includes how to measure the
overall effectiveness by using appropriate techniques.
A business needs to adopt certain tools in respect of its product to give identity which is
not similar to any other product prevailing in market. The other tools which aims to protect the
interest and invention of the inventor are copyright and patent tools. These tools plays very
significant role for an organisation to maintain its identity, techniques and process because it a
confidential information which cannot be made public. These tools help in preserving the
essential information which led to innovation of new products.
5. Present support evidence based on evaluation of the different tools in the
context of business environment.
The stipulation about the market is essential to acknowledge the market stability and
change. Innovation tools enables to make inference about the market. It helps in measuring the
business statics about the level of growth and development. Organisation needs to keep update
about the market trend and the opportunities and the problems which may arise in the future.
Therefore , BAJ Shop should subscribe to these tools in order to bring quality development in
their products.
SECTION 3
1. Critically analysing how innovation is successfully develop and embedded
in different organisational context.
The ways by which innovation can be developed effectively by organisation are as follows:
 continuous creativity in task : creativity dose not popes at once , it requires constant
practice in a task. Employees during their work tries new methods and ways to perform
their work in smart way and it makes them expert in their task which enables them to
perform their task in different manner.
 Employing best candidate: the organisation needs to recruit the best candidates which
helps in creating innovative products for their business and foster the innovation in a
company.

 Explore new ideas: new ideas leads to innovation which helps in improving new products
and segment in the market according to market trend.
2. Produce a commercially driven business case for innovation, including an
action plan for development and methods for its successful protection in
the context of wider business environment .
With the view to sustain and improve business environment and other forces, it requires
several measures to maintain stability in the business performance and operations. Business
organisation should take use of environment friendly resources to promote sustainable
innovation which helps in reduce of toxic gases. In respect of BAJ Shop Ltd , new and
sustainable innovation should be adopt to achieve more business growth.
CONCLUSION
From the above report it can be concluded that innovation plays a vital role in
development and growth of the company. The process of innovation is indeed complex and
critical but it takes a lot of efforts and handwork to meet the desire result. Innovation is the
creation of new product,services or process which the company usually attempts to create new
segment in the market. Almost all the companies and business across the world are emphasizing
more on innovation and development. Especially the sustainable innovation which is friendly to
the world and environment. The companies attempt to innovate something new which is not
present in their current segment. They consider all the essential factors of innovation which helps
the entire company and its employees. This report has covered the employees participation in
sharing ideas which is beneficial for the companies. The report also includes various types of
innovation which helps the companies to enhance their product, services and process. This report
presents the process and types in respect of the the given company which is called as BAJ Shop
Ltd. Which has developed its operation process of manufacturing and production of its product
in an innovative way . The BAJ Shop which is a jewellery merchant who has adopted the
innovative process to foster its business operation to grow its business. The above entire report
revolves around the innovation and its process.
REFERENCES
Books and Journals

Anzola-Román, P., Bayona-Sáez, C. and García-Marco, T., 2018. Organizational innovation,
internal R&D and externally sourced innovation practices: Effects on technological
innovation outcomes. Journal of Business Research, 91, pp.233-247.
Asheim, B.T., 2019. Smart specialisation, innovation policy and regional innovation systems:
what about new path development in less innovative regions?. Innovation: The
European Journal of Social Science Research, 32(1), pp.8-25.
Balland, P.A., Boschma, R. and Frenken, K., 2022. Proximity, innovation and networks: A
concise review and some next steps. Handbook of Proximity Relations, pp.70-80.
Chimhundu, R., 2018. Product Innovation, Category Marketing Support, Consumer Choice and
Power. In Marketing Food Brands (pp. 49-78). Palgrave Macmillan, Cham.
Du, K. and O’Connor, A., 2021. Examining economic complexity as a holistic innovation
system effect. Small Business Economics, 56(1), pp.237-257.
Greco, and et.al.,2021. How does open innovation enhance productivity? An exploration in the
construction ecosystem. Technological Forecasting and Social Change, 168, p.120740.
Hutschenreiter, G., Weber, J. and Rammer, C., 2019. Innovation support in the enterprise sector:
Industry and SMEs.
Kim, T., 2019. Financing technological innovation: Evidence from patent-intensive
firms. Global Economic Review, 48(3), pp.350-362.
Mallett, A., 2018. Beyond frontier technologies, expert knowledge and money: New parameters
for innovation and energy systems change. Energy Research & Social Science, 39,
pp.122-129.
Mazzarol, T. and Reboud, S., 2020. Disruptive Innovation and the Commercialisation of
Technology. In Entrepreneurship and Innovation (pp. 265-310). Springer, Singapore.
Moody, and et.al., 2019. Bringing assistive technology innovation and material science together
through design. In Innovation in Medicine and Healthcare Systems, and
Multimedia (pp. 305-315). Springer, Singapore.
Pierrakis, Y., 2018. Public policies and public programs with a regional impact in promoting
entrepreneurship: the case study of government backed venture capital schemes in the
UK. In Global Business Expansion: Concepts, Methodologies, Tools, and
Applications (pp. 128-158). IGI Global.
Piobbici, F., Rajola, F. and Frigerio, C., 2018, June. Open innovation effectiveness in the
financial services sector. In International Workshop on Enterprise Applications,
Markets and Services in the Finance Industry (pp. 27-38). Springer, Cham.
Planes-Satorra, S. and Paunov, C., 2019. The digital innovation policy landscape in 2019.
Selviaridis, K. and Spring, M., 2022. Fostering SME supplier‐enabled innovation in the supply
chain: The role of innovation policy. Journal of Supply Chain Management, 58(1),
pp.92-123.
Sinha, R., 2021. Aesthetics innovation: an exploratory study into the nature of innovation in the
fashion industry (Doctoral dissertation, University of Edinburgh).
Zambrano-Gutiérrez, J.C. and Puppim de Oliveira, J.A., 2021. The dynamics of sources of
knowledge on the nature of innovation in the public sector: Understanding incremental
and transformative innovations in local governments. Journal of Public Administration
Research and Theory.

Zhou, C. and Wang, R., 2020. From invention to innovation: the role of knowledge-intensive
business services in technology commercialisation. Technology Analysis & Strategic
Management, 32(12), pp.1436-1448.