Business Development: Innovation and Commercialisation Report

This report delves into the concepts of innovation and commercialisation, specifically within the context of the Softwire firm. It explores the differences between innovation and invention and highlights the importance of employees in fostering a culture of innovation. The report examines the 4Ps of innovation (product, process, position, and paradigm), the innovation funnel, and frugal innovation strategies. It also touches upon the commercialisation funnel and the significance of intellectual property. The report uses examples of Apple Inc. and Virgin to illustrate successful innovation strategies. The Softwire firm is analyzed in relation to its CRM software, emphasizing the need for customer-centric innovation. The report provides a comprehensive overview of innovation and commercialisation principles, with a focus on practical application within a business setting.

INNOVATION AND COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation, invention and difference between innovation and invention, importance of
employees of Softwire............................................................................................................1
P2 Employees are interrelated to vision, leadership and culture with innovation in softwire
firm.........................................................................................................................................2
TASK 2............................................................................................................................................3
P3 4P's of innovation, innovation funnel................................................................................3
P4 Frugal innovation..............................................................................................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel.....................................................................................6
P6 Innovation business case...................................................................................................7
TASK 4............................................................................................................................................8
P7 Tools for developing company and intellectual property..................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

Illustration Index
Illustration 1: Types of innovation...................................................................................................4

INTRODUCTION
Innovation and invention is not the same but they are interrelated to each other.
Innovation provides high productivity of the product in the market. Softwire firm provides
software development services to the customers. To maintain the brand recognition Softwire
produces different types of innovative products in the market. This report includes 4 p's of
innovation, innovation funnel, frugal innovation and intellectual property. 4 P's of innovation
help to to implement the innovative product and increase the productivity of a product in the
market. By producing innovative items and services to the customers the entity can easily get the
goal and also expand business in the industry.
TASK 1
P1 Innovation, invention and difference between innovation and invention, importance of
employees of Softwire
Innovation is the process of enhancing existing product in industry. Company need to
apply some appropriate strategies and approaches in existing product to increase the productivity
in the market. Innovation gives a better solution to create new product or create innovative
product for customers. Invention and innovation are not the same things, innovation is that in
which that they give appropriate way to change the product for increase the productivity in the
market whereas the invention is that in which someone creates and provide new idea for
innovation (Varbanov and Seferlis, 2014).
The main difference between the innovation and the invention is that innovation is doing
some changes by someone to increase the productivity in the industry and invention is someone
gives new and better idea to invent the product in the market. They are not same but they are
interrelated to each other (Boudreau and Lakhani, 2013). Softwire provide software development
services to the customer they provide effective and efficient custom software to the clients. The
softwire company has the software of CRM in which they provide the way of connection
between customer and companies. CRM is a term that refers to the practices, strategies and
technologies that the organizations used to manage and analyse the clients' connection and
information throughout client’s life cycle, with the objective of maintaining relationship with
customers. But this software focuses on company satisfaction they are not focused to solve
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customer expressions. So that they should innovate a software by adding new features such as
improve customer experience and customer intelligence.
Importance of employees in innovation:
1. Encouragement: Employees in the company has the responsibilities to create new
products for the customers to increase the performance of the company in the industry.
The innovation is required for the firm because by doing changes in the existing product
the organization can get more profit.
2. Increased efficiency: The innovation of the product increased the efficiency of employee
performance because each employee can give suggestions and innovate ideas to generate
good quality product to the customers (Basu, Banerjee and Sweeny, 2013).
3. Direction: the manager and a leader needs to give appropriate direction to the employee
to create the new product for the customers.
Apple Inc. provides good and effective quality product to the customers. Apple Inc.
innovate the digital music player that is called iPod. This product has the capability to store 1000
songs in the memory. By producing this type of innovative product, Apple inc. get huge profit in
the industry Whereas the virgin company is also the fast-growing company in the world they
invest the ventures in different departments such as entertainment, digital etc.
P2 Employees are interrelated to vision, leadership and culture with innovation in softwire firm
The employees are related to company’s vision, leadership and culture because they are
only factors that affect the overall company’s performance. The vision of the softwire firm is to
provide more effective and efficient software to the clients to improve the overall performance of
the firm. Main objective of Softwire is to become best and largest company in the industry by
delivering innovative software to the customers. To innovate the product in the firm the
employee relation should be maintained (Ariga and et.al.,2013).
To maintain employee relation in entity the manager of the company need to provide
efficient environment where they can give their own idea if the softwire firm wants to do some
innovation then they need to concentrate on some factors as follows:
1. Target for innovation: Manager needs to set appropriate target for the innovation. They
also should give guidelines and instructions to the employees to produce an innovate
products in market.
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2. Clear objective with innovation: manager needs to set an objective for innovative
products. Manager has responsibilities to set a goal for particular product. They also need
to decide budget for promotion of product.
3. Define appropriate innovation that would help to get more profit: The innovative
product should be good enough or must be effective to the customer. The software must
have good quality then only customer will buy it.
. Softwire firm has effective management that will help to get desired objective of firm.
Apple Inc. and virgin companies follows different types of strategies in which they provide
innovative product to customerssoftwire provides innovativesoftwares to enhance a performance
and also increases the productivity of a product in the industry. Apple Inc. provide digital music
player that has huge capability to store data and songs. This firm has fast growth in the industry,
they produce good quality product for its customers. (Boons and Lüdeke-Freund, 2013).
Virgin company invest the ventures in different fields such as entertainment, digital,
technological etc. by investing the ventures in different fields they can get more profit as
compared to the other company. They also have large productivity in the market.
Softwire firm provides software development services for its clients. Employees should
have appropriate knowledge to produce innovative product. Manager should give the appropriate
environment to the employees to get the desired target, vision and objective. Manager should
provide effective culture to employees so that they can easily produce innovative product to
increase the productivity in the industry (Tiwari, Kalogerakis and Herstatt, 2014).
TASK 2
P3 4P's of innovation, innovation funnel
4P's of innovation
There are four types of innovation in which they provide effective and efficient way to
implement an innovative product in the company. . 4P's of innovation are as follows:
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Product innovation: In this step of innovation the company should know what are all the
features will satisfy customer in the market. The firm should provide innovative product based
on the client needs. They identify the factors which are helpful to the customer then only they
reproduce product in the entity (Kim and et.al., 2012).
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Illustration 1: Types of innovation
Source: The 4 Ps of Innovation

Process innovation: In this step, the manager of the firm need to provide different ways
to create innovative product They provide guideline and instructions to the employees. They
focus on the workflow of the product.
Position innovation: This focus on changes in the context in which the products and
services are to be implemented and communicated in the company. Softwire enhanced the CRM
software to satisfy customer experience and they provide right business practitioners to the
customers so that they can easily find the appropriate list of companies. The client will get
authorized and verified list of companies. (Tiwari, Kalogerakis and Herstatt, 2014).
Paradigm innovation: In this step of innovation they find mental model to identify the
correct information about the organization.
These all are the 4P's of innovation that will help to create effective innovative product
and get the desired goal. This provides the way in which the company can easily produce a
product and also enhance a product in the market.
Innovation funnel
Innovation funnel provides the appropriate steps that take place in implementing the
process or product in the company. They provide steps in which first they need to understand the
customer need and then they need to take steps according to the client needs (Hakkarainen and
Talonen, 2014). Based on the client needs company should innovate the product to satisfy the
consumer needs. Steps of innovation funnel as follows:
1. Focus on wide mouth of the funnel: Collect information from the sources such as
research, partners and challengers etc. the information should be more authenticated or
must be related to the problem.
2. Narrowing segment of the funnel: In this step the information is collected by the
sources that is matching with goal or not.
3. Final segment of funnel: At this stage the idea or the information will be implemented
for innovate product. Softwire firm follows this innovation steps to create more effective
product for the customer in the industry.
Apple Inc. and virgin companies also follows innovation funnel to create effective
product to the customers. They follow different types of strategies and approaches to increase
the productivity of the item and the services to the clients in the industry (Roskes, De Dreu and
Nijstad, 2012)..
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P4 Frugal innovation
Frugal innovation is the process in which they remove the non essential parts from the
product and the services to maintain the brand recognition and increase the productivity in the
market. By removing the non essential part from the products it will help to enhance the product
and then company get more profit in the industry. There is no need to promote the innovative
products in the developed countries because they will take more time and everyone know the
products of the particular company (Grimaldi, Quinto and Rippa, 2013).
Apple inc. Company used innovation funnel to enhance the product in the market. This
firm produce the new digital music player in the market to increase the productivity. They
provide good quality product and the services in the market. They produce the music player that
have the largest capability storage in the phone. It can hold 1000 songs. This is the large volume
product in the world. By producing innovative item in the industry they got more profit and
enhancement of the firm in the world (Yoo and et.al., 2012).
Virgin firm has the huge growth in the world. It provides their services in the different
field such as entertainment, finance and travel. They innovate the product and services by
investing ventures in various fields. Virgin has many groups such as virgin express, virgin
Atlantic, virgin rail etc. these all are the fields in which they expand the area of business. In
CRM software they focus on only the company experience so they reducing this factor and
increase the customer experience by listing out the list of companies based on the customer
queries. This software devolves by the softwire firm.
TASK 3
P5 Importance of commercial funnel
Commercialisation funnel includes product information such as first they understand the
product, what are all necessary equipment for the particular item. Different company has
different types of commercialization procedure. To innovate products for customer firm needs
to collect information from clients and also, they need to know what are all exceptions from the
new product. So basically, based on the customer needs they invent new product for the client in
the industry (Baron, 2016).
By following commercial funnel softwire can get more profit in the business and also
increase the productivity of product in market. There are different types of commercial funnel
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process step but the main steps of this funnel is to first understand the customer needs and then re
produce the item based on the client need. Softwire faces the problem in CRM software is this
software only focus on the company experiences not on the customer experience so they innovate
the software in which it provides the list of appropriate and related business companies that to
required for the customers (Hartley, 2013). This innovative software satisfy the customer needs.
Apple Inc. also innovate the digital music player that hold 1000 songs. This product is the
large volume product in the market. Virgin expand the business by investing ventures in different
fields such as entertainment, financial and travel. It has many groups in various fields so they can
easily expand the industry in the world (Lee, Olson and Trimi, 2012). Some of the benefits of
commercial funnel used in softwire firm as follows:
 Increase the productivity
 Higher performance
 Expand the quality of services and products
P6 Innovation business case
Business case is the procedure in which they provide effective document or presentation
of how to do the innovative product in the company. It is well structured format of procedure to
produce innovative product in the market. In case of Apple Inc. they follow different types of
business plan to produce effective product in the industry. This firm produce the innovative
product such as iPod in which it is capable of storing huge songs.. By producing this type of item
in the industry they gain more profit. Apple Inc. follows structured business case document to
enhance the performance of the firm (Mortati, 2015).
In case of Virgin organization, they enhance and expand the business in different fields
such as entertainment, finance etc. It has many types of groups such as virgin express, virgin
travel etc. They invest the ventures in different fields to innovate the services to increase
productivity. They also follow business case in which they include risk, benefit, technical
solutions, timescale etc. by doing the business case plan the firm has the idea of upcoming risk or
benefits of the innovative product. This case gives way to produce product in the market and also
they provide information about the innovative product such as risks, importance, cost etc. so
based on this company easily find out the barriers, solve them and they can easily enhance the
business in the industry (West and Bogers, 2014).
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In case of softwire company they innovate the product to increase the customer
experience and engagement of the clients in CRM software. They follow business plan to
increase the efficiency of the item and services in the market. Business case of softwire entity
includes business problem, opportunities, risk, benefits, organizational capability to deliver
project results, operational cost and financial cost etc (Knorringa and et.al., 2016).
TASK 4
P7 Tools for developing company and intellectual property
Intellectual property is that in which it provides all government rules and all legally rules
for the particular innovative product. They provide effective guidelines and rules for the
innovative product. This includes different types of regulations for the item and services to
enhance the performance of the firm in the industry. Softwire entity operates in software field
they provide effective software to the customer to enhance the business in the market. . There
are different properties that attract a customer to the product and also increase the efficiency of
the item in the industry.
To protect the intellectual property there are three ways as follows:
1. Patents: A patent is a set of rights that is granted by autonomous state to the inventor for
a limited period of time in dealing for detailed public disclosure of an invention. Softwire
firm uses government rules and services to expand the business and also maintain the
brand recognition of the items. There are many benefits to use patent of the product.
Company member has no right to change and modify the patent of particular product
(Rolstadås, Henriksen and O’Sullivan, 2012).
2. Trademarks: . Trade marks identified by logo, sign etc. it is presented on basically on
packets and labels. . Trademark gives authentication for the product.
3. Copyrights: It provides the protection to the product that no one can use same
implementation. These are the legally that is provided by the government.
CONCLUSION
Innovation of the particular product help to increase the productivity and enhance the
business in the market. Softwire company provides software development services to the
customers. They give bespoke software to the clients. Innovation funnel and 4 P's of innovation
provides the way through which firm can easily produce effective product in the market. In this
report Apple Inc., virgin and softwire companies have different ideas to implement the
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innovative product. Business case give presentation or document of risk, benefits, operational
impacts and operational and financial cost. To increase the productivity of the product company,
need to innovate the product and produce different styles of the items and services.
REFERENCES
Books and journals
Ariga, K. and et.al.,2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Baron, M., 2016. Open innovation and territory. World Scientific Book Chapters. pp.241-272.
Basu, R. R., Banerjee, P. M. and Sweeny, E. G., 2013. FRUGAL INNOVATION. Journal of
Management for Global sustainability. 1(2).
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