Innovation and Commercialisation Report - Rowlinson Knitwear

This report delves into the crucial role of innovation and commercialization for business success, using Rowlinson Knitwear as a case study. It defines innovation, differentiates it from invention, and highlights its importance for organizational goals. The report explores how organizational vision, culture, leadership, and teamwork shape innovation. It also examines the 4Ps of innovation (process, product, position, and paradigm) and the use of innovation funnels to develop ideas. Furthermore, it covers frugal innovation, the commercial funnel, New Product Development (NPD) for commercialization, and the creation of an innovation business case. Finally, the report discusses tools for developing, retaining, and protecting knowledge and intellectual property rights. This comprehensive analysis offers valuable insights into fostering innovation and driving commercial success within a business context.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Innovation and its importance, difference between invention and innovation....................1
P2: The way organisational vision, culture, leadership and team work can shape innovation
and commercialisation................................................................................................................2
TASK 2............................................................................................................................................4
P3: 4P's of innovation and use of innovation funnel to develop innovative ideas......................4
P4: Developments in frugal innovation.......................................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation ...................................................................................................................................6
P6: Innovation business case.......................................................................................................7
TASK 4............................................................................................................................................8
P7: Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights..........................................................................................................8
CONCLUSION ..............................................................................................................................9
REFERENCE ................................................................................................................................10

INTRODUCTION
Innovation plays a significant role for every company in order to attain goals and
objectives in stipulated time period (Micheli, Schoeman, Baxter and Goffin, 2012). Innovation
means adaptation of new and advance technology to perform different types of function of
organisation in effective manner. Due to implementation of these technology it aids to
accomplish demand and desire of customer in stipulated time period. It helps management to
implement change in existing technology with new technology. It helps to create interest
perform various types of work in effective manner. It also enhance skills and knowledge of
employee working in organisation. Rowlinson Knitwear is organisation which is concerned
about manufacturing of different types of clothes for school going children and dress of various
employees who are working in different company.. The main objective of this report is to define
role of innovation in order to attain goals and objectives of organisation. It will explain
difference between invention and innovations which is being implemented in company. The
project also include the importance of funnel and various usage of NPD for commercialisation of
innovation.
TASK 1
P1: Innovation and its importance, difference between invention and innovation
Innovation is defined as the implementation of new and advance technology in order to
produce new and innovative variety of products to maximise level of profit of organisation
(Brunswicker and Van de Vrande, 2014).
Importance of innovation an organisation:
In order to attain sustainable position in marketplace, the management needs to
implement various types of new and innovative methods in order to enhance profitability of
organisation. In order to perform different types of activities in proper manner, management
adopt new methods replacing existing methods. This create interest to employee in to perform
their work in systematic manner.
Competitive advantage:
Adaptation of new and innovative change leads to maximise the level of production. It
helps organisation to stand before different rivals present in the marketplace. Rowlinson
Knitwear is company which manufacture clothes for different schools and employee working in
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the organisation. The management put its efforts in implementing new and innovative design
during manufacturing of clothes it helps to attain large number of customer in the market place.
It also helps to generate large number of revenue.
Establishment of best methods in organisation:
New and innovative methods plays a significant role to capture large number of shares in
marketplace. These methods helps to increase production of cloth with new and attractive design
to attract large number of customer in marketplace. It helps to retain its customer for the long
period of time. Modification in existing technologies helps to enhance the quality of work of
various type of products and sells these items at reasonable price (Wong, 2011).
Differences between innovation and invention
Innovation Invention
It is related to usage of innovative idea and
methods in company. It aids to maximise
level of profit in organisation.
It is concerned about the implementation of
new and innovative methods in order to
perform various types of function in effective
manner.
The upper level management of organisation
plays a significant role in order to implement
these new and innovative methods to enhance
the performance of employee working in the
company.
Employee working in company able adopt
new and innovative idea which aids to bring
effectiveness in performing different types of
activities in organisation.
Example: Rowlinson Knitwear is concerned
about the manufacturing of clothes. So
management implement various design,
enhance quality and affordable price and many
others. It helps to attract large number of
customer.
Example: Launching new design of clothes
which helps to fulfil desire and want of clothes
to have large number of share in market place.
P2: The way organisational vision, culture, leadership and team work can shape innovation and
commercialisation
Every company has its vision, culture, leadership and team work which helps to shape the
structure of company. The company perform their work on the basis of these vision, in order to
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attain goals and objectives of company (Gray, 2011). Organisation needs to define its vision,
goals to their employee in proper manner so that they can perform their work in effective
manner. As employee comes from different area and have various thinking so due to culture
different there is chance to arise issues within employees working in organisation. So it very
essential for organisation to create an effective culture in order to maintain to remove these
issues in effective manner. It also helps to implement new ideas to perform different types of
work in proper manner (Cooper, Seiford and Zhu, 2011). Implementation of different
approaches of leadership and team work also aids to improve performance of organisation.
Leaders have ability to implement different types new and innovative methods in order to
perform various type of task in effective manner. These factors helps to increase productivity of
organisation. It also helps in different decision making process to implementation of new and
innovative ideas in order to accomplish different task in stipulated time period. Rowlinson
Knitware implement various types of new and innovative idea to satisfy the need and demand of
customer to gain large amount of profit. There are various points which has to be included by
management during implementation of new and innovative methods in business structure of an
company.
Vision: It is related to accomplishment of different goals and objectives in future. The
management have their vision to enhance rate of sales of different products in order to earn
large number of revenues from marketplace. For increasing large number of revenue
organisation has to define its vision to its employee and motivate them to perform their work as
per vision of company. This aids to accomplish target without any obstacle.
Culture: There are different types of employee coming from different type of culture;
working in the organisation. So there are chances of arising different types issues between
employee as they come from different background. It leads to reduce performance of the
organisation. Sometimes employees are not able to communicate with other employee while
performing various types of activities in organisation . So organisation needs to have define
culture in the organisation. So that there is less chance to arise conflicts and issues in company.
Management needs to explain the rules and regulation various types of norms of company to
employee (Liu, and Liang, 2013). Company guide is employee in order to perform their work as
per these factor:
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Leadership: It aids to implement various types of new and innovative methods in
organisation to perform different types of operation in organisation. Leader motivate their team
member to adopt these new and innovative methods in order to perform their task in effective
manner.
Team work: Company build effective team in order to accomplish different types of
task in stipulated time period. It aids to enhance quality of performing different types of activities
in organisation. Team work plays a significant role in order to accomplish assigned task in
stipulated time period (Xiao, and et. al., 2017).
TASK 2
P3: 4P's of innovation and use of innovation funnel to develop innovative ideas
4P's reveals about products, process, position, and paradigm. These element of 4p's aids
to enhance quality of different products which are manufactured in Rowlinson Knitwear. The
element of 4p's are given below;
Process innovation: It reveals about the changes made while performing different types
of processes in order to enhance the rate of sales of different products. The management needs
to adopt new advance technology in order to attract large number of customer.
Product innovation: it is related with production of new and innovative range of
products which helps to attract large number of customer in marketplace. The main objectives of
the company is to offers different types of design and various pattern which helps customer to
feel comfortable and attractive. These innovative changes aids to increase rate of sales of
different products.
Position innovation: It is concerned with the modification made in the representation of
different types of products and by what way it can be represented before customer. In order to
effective position of different types of products organisation needs to modify the logo, symbol
and quality of different products which helps to capture the attraction of various customer
toward organisation.
Paradigm innovation: It is related with modification organisation structure in order to
maintain effective environment it leads to boost morale of various employee who are working in
the organisation. Rowlinson Knitwear is small scale organisation which have definite number of
customer so company needs to implement new and innovative method to shape the structure of
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organisation. This helps to execution of different types of venture in effective manner (Paradkar,
Knight and Hansen, 2015).
Innovation Funnel: It is the methods to implement modification in shape, size, colour
of different products by implementing new and innovative ideas which helps to increase level of
profit in effective manner. There are three steps which are mentioned below:
Wide of mouth: There are different new and innovative idea which are attain by
different resources. Organisation attain more changes then it implement these changes in order
to manufacture new and innovative methods. For this organisation conduct different types of
research in order to know desire of various customer. Considering feedback from the customer
the management needs to implement those feedback in order to produce new and innovative
product which helps to attract large number of customer.
Selection of idea: This method is concerned on to implementation of specific idea among
various types of idea. This ideas leads to attain modified products in effective manner. Before
launching of new products management of organisation needs to determine the quality of
products so that it helps to attain effectiveness of products. It aids to enhance the profit of the
company.
Implementation of ideas: As per this stage organisation take decision for the
implementation of different ideas in order to attain success in the future. Management
implemented different types of ideas ideas in order to modify different types of products. It
helps to attract large amount of customer. It helps to generate large amount of revenue for the
company (Tan, 2012).
P4: Developments in frugal innovation
Frugal innovation: This method is used to reduce the feature of different products which
reduce the sales of products. Sometimes customer are not satisfy with the colour, design and
pattern of different cloths. So they do not show their possessiveness to buy those products. It
reduce the productivity of organisation. So organisation needs implement frugal innovation to
remove the cost which are used to implement different design and pattern of different types of
cloths. This aids to decrease the production cost of different products. Company able to provide
better quality of products at reasonable price. Company attain some profit after adopting frugal
innovation are as follows:
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Minimise production of cost: The management of organisation needs to determine the
unwanted feature which affects to rate of sales because customer do not want to by their
products. So organisation needs to implement appropriate plan and strategies in order to remove
those unwanted feature of different products. This will aids to reduce the cost of production of
different cloth and management able to provide cloth to customer at reasonable price.
Development of new feature: Implementation of new feature in different products leads
to enhance rate of sales of products. The management concentrate over the adding of new and
innovative methods which are concerned with design of cloth, patterns, quality of cloth which
are implemented as per view of customer. It aids to capture large number of share in marketplace
and earn large number of revenues. Modification in manufacturing of different types of cloth
increase the profitability of organisation.
Using of new technologies: It is related with implementation of new and innovative technology
in order to produce different types of clothes. These technology aids to enhance quality of
different products. Implementation of different types of types of new and innovative technology
in helps reduce the cost of production of different variety of cloth ineffective manner.
TASK 3
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation
Commercial Funnel: It is related with the corrective measure which are taken to change
the mindset of various customers during buying of different products and services. So
organisation needs to determine the buying behaviour and perception of customer and implement
different types of changes in the features of existing products in appropriate manner. For
implementation of these changes organisation needs to invest extra capital to implement changes
to various types of products. This helps to stand before the customer (Huang, and et. al., 2013).
Significance of commercial funnel:
Improve quality: It aids to enhance the quality of product by implementing different
types of new and innovative techniques and tools which helps to reduce the waste in
organisation.
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Reducing losses: These techniques aids to reduce the chance of mistakes and error
which aids to save the time and cost of organisation. By these techniques organisation able to
produce qualitative products.
I mprove goodwill: Providing various types of clothes for schools and employee working
in the organisations helps to capture mindset of various professionals and employed individuals
etc. which helps to creates interest to buy new products. It helps to attain strong brand image of
products.
New product development
Organisation determine needs to determine demand and desire of different types of
customer after this organisation can able to launch new products in marketplace. These aids to
generate large number of revenues for organisation.
For introduction of new products organisation needs to follow these steps:
Generate idea: Organisation needs to implement new ideas for the production of
different clothing products after attaining profit by organisation in future.
Cost and time are consumed to implement different ideas into actions.
Idea screening: These steps is concerned on to determine that idea is beneficial for
organisation or not. It analyses the idea to bring profit for the organisation.
Define concept: This concept is related with to explain the implementation of idea to
employee in order to perform various types of task of venture in effective manner.
Marketing strategy:As per this stage organisation needs to give information to their
customer about the different change which are made in existing products.
Business analysis: Organisation needs to recognise the effectiveness of launching of new
products for the customer present in the marketplace.
Product development: This steps is related with implementation of new and innovative
technology which is decided by the management of organisation it aids to reduce the production
of cost. It will help to produce high quality of products at reasonable cost.
Test marketing: In this stage management of organisation take decision in order to select
the marketing strategies to attract large number of customer in order to increase the rate of sales.
Commercialisation: This step is final steps in organisation consider all mentioned steps
and after this management take initiative steps in order to introduce new and innovative
products in marketplace to accomplish profit in future.
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P6: Innovation business case
Rowlinson Knitwear is small scale organisation in order to determine various types of
obstacle and challenges in performing various operation of venture processes. Thus organisation
implement various types of strategies in order to implement new and innovative technique.
These strategies are given below:
Executive summary : Rowlinson Knitwear organisation deals to manufacture different
types of clothes mainly for schools and corporate people while implementing such marketing
strategies organisation needs to concentrate over the different condition of market. Organisation
needs to adopt new and innovative techniques which leads to bring variation in product (Khan,
and et. al; 2015). For example: implementation of new and innovative design related to unique
design with best combination of colour and design which helps employee looks attractive and
smart.
Needs: Introduction of new and innovative methods leads to production of new product
in marketplace. It happens as the demand made by the customer.
Solution: It is most essential for organisation in order to conduct various market research
in order to implement different plans and strategies are implemented in effective manner.
Research on customer: Management of organisation gains feedback from various part of
customer which are concerned with quality, price, of different products.
Design and develop plan: In order to improve the feature of different products
management needs concentrated over the design of different products.
Investment requirement: Organisation needs to allocate different resource to
arrangement of funds in order to invest these funds to produce different types of products. These
investment helps to attract the investor, shareholders and many others.
TASK 4
P7: Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights
It is responsibility of the management in order to protect and innovation made by the
management. This steps is taken for purpose of security from the different rivals. It is
mandatory for the management to ensure security from the competitor to gather different
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information by them . There are various types of instrument which must be adopted by
Rowlison Knitwear which are mentioned below:
Patent: It help to give protection various information which are not suppose to used by
the organisation. To accomplish patent, the organisation needs to implement various tools to
government which accomplish rights of implementing innovation (Li, Hartmann, Döblinger,
and Schuster, 2013).
Trademark: It is sign of the organisation which helps to sell the products of different in
the marketplace. Company make registration which are in form of symbols, tag line and many
other (Su,and et. al., 2013.).
Copyright: It is right which is consider by the company where name and fame of
organisation is mentioned and he can sell their products in the marketplace. Organisation can
give right to sell these products in the marketplace after getting some amount of payment from
them. If any organisation or person indulge in selling of products without prior permission the
management have full right to file case on that particular organisation (Engel, 2015).
CONCLUSION
As per mentioned report it has been assumed that innovation plays a significant role in
order to attain goals and objectives of organisation. The management have to implement new and
innovative methods, processes and many other in order to manage various types of operation in
effective manner. 4 P's of innovation plays a significant role in order to develop different types
of product in effective manner. It helps to accomplish various types of function which helps to
product new and innovative products in stipulated time period. It also aids to sustain strong
position in marketplace.
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REFERENCE
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Management Review. 57(2). pp.36-65.
Gray, D. O., 2011. Cross-sector research collaboration in the USA: a national innovation system
perspective. Science and Public Policy. 38(2). pp.123-133.
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innovation: An open innovation perspective. Journal of Organizational Change
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medicinal chemistry. 90. pp.124-169.
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Liu, H. and Liang, D., 2013. A review of clean energy innovation and technology transfer in
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Online
New Product Development Stages. 2017.[ONLINE]. Available through:
<http://productlifecyclestages.com/new-product-development-stages/>.
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