Innovation and Commercialisation: Business Case, Funding & IP Tools

This report provides a comprehensive analysis of innovation and commercialisation within organisations. It begins by explaining innovation and its importance compared to invention, highlighting how organisational vision, leadership, culture, and teamwork shape these processes. The report then delves into the 4Ps of innovation (Product, Process, Position, Perspective) and the use of the innovation funnel, along with developments in frugal innovation. Furthermore, it emphasizes the importance of the commercial funnel and New Product Development (NPD) processes for commercialising innovation. The report also builds an innovation business case, including ways to access funding, and evaluates tools for developing, retaining, and protecting knowledge and intellectual property. The study uses the example of Healthy Juice to explain business innovation. The report concludes by summarising the key aspects of innovation and commercialisation, underlining their significance for organisational success. Desklib offers similar solved assignments for students.

Innovation and Commercialisation

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Table of Contents
Introduction......................................................................................................................................2
LO-1.................................................................................................................................................3
P1 Explain innovation and determine its importance to organizations in comparison with
invention......................................................................................................................................3
P2 Explaine how organizational vision, leadership, culture and teamwork can shape
innovation and commercialization...............................................................................................5
LO-2:................................................................................................................................................7
P3 Explain the 4Ps of innovation and the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organizational context..................................................................................................................8
LO-3:..............................................................................................................................................10
P5 explain the Importance of the commercial funnel and the application of New Product
Innovation (NPD) processing for commercialisation of innovation..........................................10
P6 Build an innovation business case for an organisation, including ways to access funding..10
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................11
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

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Introduction
Throughout the years many organizations have established strong leadership, vision, culture and
teamwork practices to implement for the company to be successful. Most organization has
created strong company values and core value to have leaders of the company support and get
others involve in one common goal. Managing change allow you to use effective strategies to
facilitate organization change. This is a very important practice for organization implementing
innovation. For the most part many of the employees working for a lot of organization think of
the worst when changes are made throughout the company. Some think the organization is going
under while others simply do not adapt to change well. Therefore leaders of the organization
must have a strategic plan to gain the trust of the people in the organization.

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LO-1
P1 Explain innovation and determine its importance to organizations in comparison with
invention
The present market nature is changing. The demands for this change are increasing and the
emergence of a knowledgeable society will require a continued focus in innovation. Innovation
means improving the existing products and services to suite the increasing need of users. There
are strategies the companies set in order to manage development and innovation. Creativity goes
hand in hand with innovation. Where there is no creativity there is no innovation. Organizational
learning teaches the theory and practice of exploiting digital and information technologies within
organizations and using the acquired knowledge to trigger creativity and innovations.
Organizational learning also relates to knowledge management (Ziarab, et. al., 2017).
Healthy Juice uses an innovative business model and this plays a great role in its success in the
market. Given that Healthy Juice is a collection of small businesses which come together and
form a network, it comes up with innovative services and products targeted at its customers who
are small businesses. The company uses networking strategy, whereby, small businesses network
in different areas through the facilitation of Healthy Juice. Small businesses have common
problems and thus, Healthy Juice innovate its business model around addressing the problems. It
creates a network, where the small businesses form a sort of an alliance to address the challenges
as a team so that they can have a competitive edge in the market (Styles & Goddard, 2014).
Healthy Juice offers certain services to its members, who are small businesses, with an objective
of making them a success. One of the key focuses of Healthy Juice business strategy is offering
services that help small firms to reduce costs of operations. The main challenge that many small
firms face are high operational costs, which impacts negatively on their profitability. Healthy
Juice uses the synergy concept to negotiate for better terms for its members, such as competitive
prices for their supplies, low fuel prices and other key issues that are directly related to
operational costs (Veza.biz, 2017). The networking business strategy benefits its customers and
this enables many businesses to become part of Healthy Juice due to the huge benefits they
realize in the area of saving costs. On the other hand, the success of the organization has been as

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a result of using its innovative networking strategy to help small businesses who are part of it to
address risk management related issues.

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P2 Explaine how organizational vision, leadership, culture and teamwork can shape
innovation and commercialization.
Throughout the years many organizations have established strong leadership, vision, culture and
teamwork practices to implement for the company to be successful. Most organization has
created strong company values and core value to have leaders of the company support and get
others involve in one common goal. Managing change allow you to use effective strategies to
facilitate organization change. This is a very important practice for organization implementing
innovation (Burns, 2012). For the most part many of the employees working for a lot of
organization think of the worst when changes are made throughout the company. Some think the
organization is going under while others simply do not adapt to change well. Therefore leaders of
the organization must have a strategic plan to gain the trust of the people in the organization. By
doing these others will see that changes that are being presented are for the best. From here this
is where participative management is a good practice to have in the organization. Participative
Management allows you to involve others, such as listening, communicating and informing. This
practice allows the innovation skill to play a major part for the organization. The leaders in the
company are now getting everyone involve in preparation for the future. If you listen to the
concerns of the frontline as well as communicate processes needed allow you to observe what
innovators leader skills are going to be the most efficient for the organization to have success.
From researching leadership, skills and culture practices today I found that many organizations
have great planning in place for the company to grow over the next several years. With the rapid
growth of technology and demand to be in position to with stand a competitive market causes to
integrate innovation in the organization (Emeraldinsight.com. (2017). All of the organizations
have strategic planning in place however they do not have the necessary people involve
completing the goal needed. The leaders of the organizations have the skills needed but will have
to get the front line up to speed as well. The front line of the organization often hears what they
company needs the most from the consumers because they are working with them first hand.
With the organizations current leadership practices in place allows the leaders to seek others who
have the innovative characteristics to take the practices and ideas and build for the future of the
company.

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LO-2:
P3 Explain the 4Ps of innovation and the use of the innovation funnel to examine and shape
innovative ideas.
Product development: maybe everything considered acknowledged sort of advancement is that
the factor that presents or enhances the estimation of things and organizations (Doyle and
Bridgewater, 2012).
Process development: The methodology chooses the system for making the things in the
affiliation.
Position development: Position-based advancement infers changes a specific factor or technique
is seen representatively and the way they're wont to achieve the true objectives. Essence Drinks
should open up new market parts that spend significant time in people in lightweight more
seasoned and sexual introduction.
Perspective development: The last "P" of 4P of advancement demonstrates identifies with
advancement that depicts or revaluates the overflowing perspective.
Figure-1: Innovation channel

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P4 Explain developments in frugal innovation and provide examples of how it is used in an
organizational context
Frugal innovation, or the process of reducing the complexity and cost of a good and its
production, should only be necessary in the beginning stages of a company. Most of the
companies that are prosperous in today’s economy began as a group of college kids with an idea.
Without proper monetary support from investors these individuals have to produce limited
goods/services in order to afford the cost of production and break-even. With more monetary
support later on, they can start to take their product towards its optimal level. It can easily be
seen in today’s economy, that the company with the most innovative good/service makes the
most profit (SearchCIO, 2017). Therefore, it is more reliable of a method to develop ideas to
make the best product in their field than to create a limited product in order to better reach the
masses as a whole. If one company decides to do the latter, and another company in the same
field develops a more useful product, the first can lose their consumers due to the new marginal
benefit they are receiving. In addition, with that can come a loss in support from investors and
pressure to advance to past the other company’s innovative product (Protection, 2017).
Frugal innovation can be used to attract consumers in developing countries, however now
innovators are beginning to pop up in those countries with products that directly improve the
lives of the inhabitants. Thus, it’s best for a company to maintain an ‘idea team’ to initiate the
creation of new features for current goods/services and the invention of goods/services. New
products/services might take a while to catch the attraction of consumers in a market due to their
familiarity with the most successful product at the moment, but consumers are naturally rational
so if the new good/service can improve their lives even more they will switch over. Sacrificing
creativity after the development of company for a money scheme, can ending up costing the
company in the end (Hartley, et. al., 2013).
Affordability study
Knowing consumer
Producing new value chain

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Figure-2: Frugal innovation

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LO-3:
P5 explain the Importance of the commercial funnel and the application of New Product
Innovation (NPD) processing for commercialisation of innovation
Commercial funnel is about placing items into the market. Why is critical? At the point when an
item goes for commercialisation you profit. New item development process is the same as the
advancement pipe yet they didn't call it channel however they call it new item development
process. You produce a thought, you picked the more reasonable, you investigate it and you
create it put it to the market, you model (Emeraldinsight.com. (2017).
P6 Build an innovation business case for an organisation, including ways to access
funding.
It advices the businesses on issues to do with insurance, thereby, helping them to identify
possible risks that might impact their operations; hence, enabling them come up with the best
risk management approaches. The success of Healthy Juice is largely dependent on identifying
the needs of its customers and using innovative ways of addressing them, making the clients
satisfied and becoming loyal to its brands (Laureate Education, 2016a).

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LO4
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.
Knowledge and intellectual property are protected by common law so that an individual does not
require registering a trademark formally to establish the validity of ownership. Without
registration, the privilege of ownership is subject to contention in a civil action between the
parties. It follows that registration is a reasonable course of action. Copyright is described as a
right which gives on the proprietor of an inventive or narrative work. Copyright is a restricted
perfect to control the scattering, creation and sort of inventive works. Copyright lies with the
proprietor cum copyright holder for a particular day and age. With the movement of time, the
work can be republished or recreate by the others (Search Sales force, 2017).