Innovation and Commercialisation: A Strategic Report for Oktra

This report provides a comprehensive analysis of innovation and commercialisation strategies, using Oktra, a design and build firm, as a case study. The report begins by defining innovation and its importance, contrasting it with invention, and highlighting the significance of vision, leadership, culture, and teamwork in shaping innovation and commercialisation within an organization. It then delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the use of innovation funnels, along with a detailed discussion of frugal innovation, including its steps and significance. The report also explores the importance of the commercial funnel and new product development, and guides the reader through building an innovation business case. Finally, it covers different tools to develop, retain, and protect knowledge and intellectual property. The report offers valuable insights into the practical application of innovation principles within a business context.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Innovation and its importance...........................................................................................1
P2 Role of vision, leadership, culture and teamwork to shape innovation and
commercialisation...................................................................................................................2
TASK 2 ...........................................................................................................................................3
P3 4P's of innovation and use of innovation funnel...............................................................3
P4 Development of frugal innovation....................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of Commercial funnel and New product development..................................6
P6 Build an innovation business case.....................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools to develop, retain and protect knowledge and intellectual property.........8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation can be described as to change or modify something through new creativity
and uniqueness which helps to improve profits of an organisation properly. It is necessary to
generate fresh ideas, thoughts and concepts to implement them in company to increase image to
brand which facilitates to improve productivity as well as profitability. Different kinds of fashion
is observed in market that attracts people to enhance number of customers and sales which
render support to grab more profit share (Aarikka-Stenroos and Sandberg, 2012). This report is
based on Oktra which was established almost 22 years ago that sought continuous improvement,
extending high quality service throughout the design and build sector. They have well
experienced employees who learn about challenges and never setting goals for less than
excellence. This assignment will discuss about importance of innovation and relevance of vision,
leadership, teamwork or culture. It also involves 4P's of innovation, use of innovative funnel and
development of frugal innovation. Significance of commercial funnel and application of new
product development is given below.
TASK 1
P1 Innovation and its importance
The term innovation can be described as to new idea or concept that can be applied in an
enterprise for achieving better than present ones. New creativity or techniques are utilised by
companies to get better outcomes on regular basis in terms of productivity as well as profitability
(Bagchi-Sen, 2010). An innovation refers to production, assimilation and exploitation of value
added added novelty in economic and social spheres to improve quality of products or services
properly. Oktra can utilise fresh innovative or unique ideas or thoughts to provide more creative
designs of workplace to people which facilitate to attract new customers along with retaining the
current ones to attain growth of the company through grabbing more profit share.
Comparison between innovation and invention
Innovation Invention
 The term innovation refers to
implementing an ideas to product for
very first time.
 It includes to add value for something
 This is all about to an occurrence of
fresh idea for product which is never
used before.
 It involves to create exactly new
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already exist.
 This will involve the practical
implementation of fresh idea.
 It includes the combination of several
products or processes.
 It will generally spread across the
whole company
product.
 It's concept refers to an original thought
and it is working in a theory.
 This involves single product or process
in one stroke.
 It is usually limited to research and
development department.
Innovation is very essential factor of an enterprise as it provide support to build more
effective as well as efficient strategies or policies to gain better outcomes on daily basis (Bogers
and West, 2010). Oktra can implement several innovative ideas or concepts to improve their
performance that helps in providing more attractive designs to customers. there are various types
of importance of innovation that can be attained by Oktra are given below:
Competitive advantage: - Innovative techniques are helpful to company as they provide
unique competitive position in market place.
Business alignment: - The differentiating factors innovative thoughts that should be
conceptualised to build an appropriate strategy to focus on goals.
Customers: - It includes to implement unique elements or features to product or service
for attractive more clients to make better profits for
Execution: - This refers to determine available resources, processes, risks, partners and
suppliers and take accurate actions towards all these factors for attaining desired outcomes.
Business value: - Innovative concepts provide support to implement creative changes or
modifications to improve image of brand in market place to increase desired profit share
properly.
P2 Role of vision, leadership, culture and teamwork to shape innovation and commercialisation
The culture of an organisation is very important to be maintained in appropriate manner
by establishing better cooperation and coordination between staff members (Bogers and West,
2012). It is necessary to gain team spirit amongst employees because overall efforts of people are
essential to generate desired productivity as well as profitability. Innovation is helpful in
maintaining better culture and leadership styles in an enterprise to carrying out required activities
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or procedures to attain desired outputs. Oktra have to focus on several kinds of factors which are
as follows:
Vision: - This can be described as to set required targets and visions of the company
through considering creative concepts or thoughts to gain growth of business (Ettlie and
Rosenthal, 2012). Gaol and objectives should be determined as per effectiveness as well as
efficiencies if the company which can be conducted properly to gain better outcomes. Oktra can
set target of adopting more market share then they have to observe and analyse present desires of
people then make creative and attractive designs to attain better outputs to achieve desired
profits.
Leadership: - It can be defined as to various kinds of leadership styles which are
implementing in company to carrying out regular procedures or activities. It is necessary to
observe and analyse the nature of firm and then adopt more suitable leadership approach to
establish an effective strategy to conduct required activities or events for attaining better
outcomes. Oktra have to determine an appropriate style which provide support to maintain an
accurate efficiency of company for achieving desired outputs.
Culture: - The term culture can be described as environment of working in firm which is
really essential to be comfortable for performing well to generate required outcomes on regular
basis (Wonglimpiyarat, 2010). It is necessary for Oktra to apply an effective ass well as efficient
policies ad rules so that working condition of an enterprise remain appropriate so that staff
members can give their desired performance and generate required profits on daily basis.
Team work: - This refers to stablish an accurate team spirit along with desired
cooperation to complete target or objective in proper way in order to crate desired outcomes
(Gambardella and McGahan, 2010). Oktra can better coordination amongst people to fulfil
required targets or goals properly.
TASK 2
P3 4P's of innovation and use of innovation funnel
Innovation is an essential factor that should be apply in firm by generating a new
thoughts, ideas and concepts to improve productivity as well as profitability along with grabbing
more market share properly. It has several types which can be adopted by Oktra are explained
below:
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Disruptive innovation: - This cam be explained as to make an optimum utilisation of
present technologies or strategies in more effective manner to get desired outcomes. It basically
involves to use current strategies in more effective as well as efficient way to improve
productivity and profitability to achieve growth of business. Oktra can apply this idea to provide
attractive design to boost up image of company properly.
Incremental innovation: - It can be described as to use current techniques or practices
by modifying several aspects to make them more effective for achieving targets or gaols in
proper way in terms of generating better outcomes (Godin, 2012). Oktra can implement this type
of innovation to achieving their growth of business.
Radical innovation: - This can be described as that kind of innovation in which a forcing
factor is working to facilitate implementation of innovative ideas or thoughts to get desired
outcomes on regular basis. Oktra can use this method to render something fresh to clients that
helps to attract new customers as well.
Besides of all this, there are several factors which are mandatory to be observed and
studied properly to apply required concepts in Oktra. These elements are as follows:
4P's of innovation
Product: - It refers to final good of an enterprise which is ready to sale for fulfilling
requirements of customers properly. It is necessary to provide innovative and attractive designs
to clients as per their needs and wants by Oktra.
Process: - This refers to procedure of production which plays an important role to
manufacture desired product or service to get required outcomes. It is compulsory to maintain
effectiveness of procedures through innovative techniques. Oktra can apply innovative concepts
ton improve efficiencies of production machines to create better designs.
Position: - This is all about to maintain an appropriate position of company in front of
various competitive firms to grab more profit share properly (Huizingh, 2011). Oktra have to
establish an effective place in market competition by applying creative techniques and providing
better designs than other firms.
Paradigm: - It can be explained as to focus on single category for innovation and gain
required profits. It can be used by Oktra to improve number of customers and sales.
Use of innovation funnel
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The innovation funnel refers to that process which may considered as filtration of
innovation and provide guideline about an appropriate concept which should be adopted by
company to get desired outcomes. It is used to determine correct ideas and thoughts to be applied
for boosting up growth of an enterprise properly (Kim And et. al., 2011).
P4 Development of frugal innovation
Frugal innovation refers to that process which helps to remove extra factors from them
that creates confusion and through which the procedure get disturbed. To reduce such problems
or issues, this technique of frugal innovation is used by companies. Oktra can utilise this policy
to improve effectiveness of designs. Significances of frugal funnel are as follows:
Determine Fresh Opportunities: - This refers to to determine fresh opportunities which
are provided by changing trends of market, that can grab by an enterprise to get better outcomes.
To adopt beneficial chances at correct time helps to Oktra for improving throe profit share as
well.
Decrease wastage of resources: - It includes to reduce wastage of resources and other
material which is used in process of production. Frugal funnel helps to decrease these activities
in firm that support to reduce cost or production in Oktra.
Innovation funnel: - This refers to an essential element which can be utilised Oktra to
determine requirement of innovation to improve growth of business properly. It is mandatory to
utilise an appropriate creative idea or thoughts to increase better outcomes.
Steps of frugal innovation Generate ideas for innovation: - This step involves top create several kinds of ideas and
concepts which can be implement in firm to get better outputs. Screening of new idea: - It includes to determine required alternative choice of an idea
which can be considered as more beneficial for company. Idea screening: - This can be described as to carrying out an effective analysis of
positive and negative impact of selected alternative choices of ideas. It will facilitate to
determine the best one to apply and gain profits (Lindič and et. al., 2011). Testing: - It includes to make as testing trial of best choice of an idea to know about it's
range of benefits properly. Testing analysis: - Evaluation of results should be necessarily to be analysed for boosting
up benefits.
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 Market analysis: - This refers to carrying out an effective as well as efficient analysis of
market trends through observing and evaluating scope of particular concept which
facilitate to get better outcomes. Commercialisation: - This step involves to apply specific concept into product or service
so that they will provide to customers.
 Review market: - It involves the process of observe, analyse and evaluate market
situation and position of firm to implement required innovations in company (Rafinejad,
2010).
TASK 3
P5 Importance of Commercial funnel and New product development
Commercial funnel can be described as to make an appropriate procedure to apply
required innovative concepts into present goods or services to get better outcomes. Oktra can
gain various benefits through this activity which are given below:
Apply research events: - It can be described as several research events which are carried
out in firms to know about actual needs and demands of clients to make an effective product. It is
necessary to determine preferences of people and then produce an appropriate services to
complete desires of customers.
Improve features of product: - It involves the criteria of adding an innovative
characteristics in to product so that expectations of clients can be fulfilled properly. It is
necessary to implement more creative features to improve it's quality which attracts people.
Image of brand: - The innovative concepts can be implemented to boost up uniqueness
of products to attain satisfaction of clients in order to achieve better position in market position.
It is helpful to gain desired profits for an enterprise (Schoonmaker and Carayannis, 2010).
Besides of this section, new product development is required to introduce a fresh concept
in market which is helpful to complete desires of customer and support to attain growth of
business properly. Oktra have to follow several steps which are as follows:
Emergence of innovative ideas: - This refers to generate required concepts or thoughts
that are appropriate and can provide support to get better outcomes on daily basis.
Screening ideas: - It includes to select the best one idea from the several alternatives to
apply in fir m for attaining desired productivity as well as profitability.
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Testing and growth programmes: - This action is all about to test the selected alternative
through observing and analysing it's possibility of benefits which can be attained by
implementing it properly.
Business analysis: - This refers to analyse the nature and efficiency of business so that an
appropriate innovative concept can be applied for achieving better results.
Product development: - It involves to develop a product in correct manner through
implementing best choice of idea to get desired outcomes (Snow And et. al., 2011).
P6 Build an innovation business case
Business case can be described as to an appropriate process through which am effective
as well as efficient business scan be established to run it properly for generating better outputs.
Oktra can apply the following business case which is given below:
Executive summary: - Oktra is a kind of firm which provides an appropriate designs of
workplace to it's customers that are attractive and comfortable fort people to work there
effectively. It will facilitate to boost up productivity as well as profitability of the company. It
has highly profitable firm in designing and building sector as it render accurate workplace which
attain satisfaction of people for long time.
Target: - This company has main goal to provide more innovative and satisfactory
designs to attract more customer along with retaining the current ones to gain growth of business.
Their target clients are owners of firms or institutions who requires an appropriate building of
workplace.
Solution: - This can be explained as to generate an innovative idea or thought to sort out
various kinds of problems or issues in correct way to reduce risks and uncertainties (Teece,
2010).
Why product is innovative: - Oktra utilise creative ideas to make desired designs of
building workplace for customer according to their needs and demands so that they can achieve
their satisfaction which turns into profits for company.
Customer research: - It can be considered as very important task for each and every
firm because product or service should be prepared according to requirements of them only. It
involves that Oktra have to conduct customer research to know actual requirements of clients to
make designs as per needs of people as well.
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Funding: - This will includes several resources which should be allocate in accurate way
to generate better outcomes. Funds must be utilised properly to carrying out several desired
activities properly to attain required goals or targets (Thore, 2012).
Expected benefits: - It is mandatory to put required efforts of staff member sin correct
direction to complete targets in accurate way. Oktra is needed to make a checklist of desired
benefits and conduct every task such a way so that these profits can be fulfilled properly.
TASK 4
P7 Different tools to develop, retain and protect knowledge and intellectual property
The term intellectual property can be described as category which involves intangible
creations of human intellect and generally includes copyrights, patents and trademarks. It is
necessary to utilise different tools to develop, retain and protect knowledge along with
intellectual properly as well. Several types of these factors which are necessary to take care of
their intellectual properties by Oktra are given below:
Copyrights: - This can be described as the legal right that provide right to creator of an
original work exclusive authority for utilising and distributing it. It does not involve ideas or
information but only considered the way they express themselves. Copyright basically
implement to wide range of creative, intellectual, artistic forms or work.
Trademarks: - It can be described as those symbols or signs which provide support to
differentiate the particular brand form others (Walsh, 2012). It is a kind of identification market
through which people can determine specific product properly along with it's company. Oktra
can use this technique to make their brand different and unique from other firms.
Patents: - The term patent can be explained as is way of authority that is provided by
government to an inventor, giving right to owner for excluding others from making, using,
selling, offering to sell and importing an invention for limited period of time. Oktra can also use
this method to protect themselves so that no one can copy their concept to earn profit.
The above mentioned intellectual properties are important to be utilised so that an
enterprise can save themselves from other and run business properly to gain required benefit as
well.
CONCLUSION
The above report had concluded that innovation can be described as to change or modify
something through new creativity and uniqueness which helps to improve profits of an
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organisation properly. Innovation is very essential factor of an enterprise as it provide support to
build more effective as well as efficient strategies or policies to gain better outcomes on daily
basis. The culture of an organisation is very important to be maintained in appropriate manner by
establishing better cooperation and coordination between staff members. It is used to determine
correct ideas and thoughts to be applied for boosting up growth of an enterprise properly. Frugal
innovation refers to that process which helps to remove extra factors from them that creates
confusion and through which the procedure get disturbed. Commercial funnel can be described
as to make an appropriate procedure to apply required innovative concepts into present goods or
services to get better outcomes.
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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.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
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.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et. al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et. al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2010. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. And et. al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P. R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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