Innovation and Commercialisation: Business Case & Tools Analysis

This report explains the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation, emphasizing its role in increasing sales, productivity, and customer satisfaction. It builds an innovation business case for an organisation, including accessing funding, and details how to measure its overall effectiveness using techniques like Six Sigma and benchmarking to test and improve. The report evaluates various tools organisations can use to develop, retain, and protect knowledge and intellectual property, such as copyright, patents, and trademarks, within the wider business environment. It critically evaluates the nature of innovation, addressing challenges like wrong culture and limited funding, and suggests strategies for overcoming them through effective communication and staff involvement, ultimately concluding that companies need to develop new products according to consumer requirements and adopt appropriate funding strategies. The provided references support the analysis and conclusions.

Innovation and
Commercialisation

Table of Content
• P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.
• P6 Build an Innovation Business Case for an organisation, including ways to access funding.
• M4 Build a detailed Innovation Business Case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve.
• P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.
• M5 Evaluation of these different tools in the context of the wider business environment.
• D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgements on how organisations can overcome challenges to
develop successful innovations.
• Conclusion
• References

• A commercial funnel helps in increasing the sales and generate profit.
• It aids in increasing the productivity as well as profitability.
• A commercial funnel helps in delivering the best and qualitative products
which succour in offering satisfaction to them.
• It assists in creating awareness with the interaction of consumers.
P5 Explain the importance of the commercial funnel
and the application of New Product Development
(NPD) processing for commercialisation of
innovation.

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• To improve the product, new product
development process should be
adopted by the employees of
Amazon.
• This method assists in creating the
effectiveness of product according to
the needs and wants of consumers.

P6 Build an Innovation Business Case for an
organisation, including ways to access funding.
• Product Information
• The opportunity of expanding the growth
• Target consumer
• Barriers
• Pricing and distribution tactics
• Resources required (Funds)

M4 Build a detailed Innovation Business Case which includes
how to measure its overall effectiveness using appropriate
techniques available to test, iterate and improve.
• Amazon needs to introduce different services according to requirements of
consumers.
• After innovation takes place with the effectiveness measuring need to be
taken with the comparison technique.
• Some techniques include Six Sigma, Delphi technique and benchmarking
which assist in increasing sales.
• This will assist in generating more revenue.

P7 Evaluate the different tools that organisations
can use to develop, retain and protect knowledge
and intellectual property.
• The manager of Amazon should provide training to employees which help
in delivering encouragement.
• To make the effective decision by using effective techniques by choosing
the appropriate idea.
• Some techniques include copyright, patent and trademark.
• Copyright is the legal right which is introduced by the law of the nation.

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• The patent is the set of rights which are exclusive in nature.
• It grants by a sovereign state which is assigned for a limited period of time
in an exchange with the detailed public disclosure of the invention.
• Trademark is the recognisable design or expression which assist in
identifying the products of a particular source.

M5 Evaluation of these different tools in the context
of the wider business environment.
• Innovation plays an essential role in improving the products and services.
• In front of company, there are so many opportunities occur.
• It requires the effective management or supervision which help in
expanding the market share.
• The innovation helps in increasing the sales in the competitive market.
• In doing the innovation, effective tools and techniques need to adapt by
using the available resources.

D2 Critically evaluate the nature of innovation and
the context in which it is developed, providing
evidence-based judgements on how organisations
can overcome challenges to develop successful
innovations.
• Innovation is essential for a business entity.
• Employees of the company should provide more efforts to create new products
effectively.
• Innovation assists in encouraging the ideas from the external sources.
• Some threats to innovation include wrong culture, lack of follow through, limited
funding along with the resources.
• It can be overcome through effective communication, conflict management and
involvement of staff members.

Conclusion
• It has been concluded that company needs to develop the new product
according to the requirements.
• The employees need to adopt appropriate funding to collect the funds.

References
• White, S. K., (2015). 7 big threats to innovation and how to overcome them. [Online]
CIO. Available at:
https://www.cio.com/article/2996520/innovation/7-big-threats-to-innovation-and-how
-to-overcome-them.html
. [Accessed on: 17th March 2018].
• Edwards, T.C. and Steer, M.B., 2016. Foundations for microstrip circuit design. John
Wiley & Sons.
• Joyce, C., Ochoa, T.T., Carroll, M.W., Leaffer, M.A. and Jaszi, P., 2016. Copyright
law (p. 85). Carolina Academic Press.
• Meyer, P.J., 2015. NTER.