Report on Innovation and Commercialisation for Augmented Furniture App

This report delves into the importance of innovation and commercialization, using Augmented Furniture, an augmented reality app, as a case study. It examines the app's background, aiming to enhance brand image and customer experience by allowing users to visualize furniture in their spaces. The report outlines the commercial funnel's significance in visualizing the customer journey and analyzes a new development process, including ideation, research, planning, and costing. It explores funding considerations, such as bank loans and issuance of bonds, and identifies key risks impacting successful implementation. The report further details the establishment of key performance indicators (KPIs) to meet objectives, including strategy development, defining questions, identifying data needs, and determining measurement methodologies. Finally, it addresses the protection of intellectual property rights through patents and concludes with the benefits of innovation for business efficiency and consumer attraction. References to academic sources are included to support the analysis.

Innovation and Commercialisation

introduction
Study will explain importance of innovation.
It will highlight factors that shape innovation

Background of company
Augmented furniture is an augmented reality app which is
mainly developed for all furnitures for all innovative
furniture manufacturers as well as design professionals who
want to expand their business and promote their products in
an efficient manner.
The main aim of this App and company is to increase its
brand image by increasing confidence level of customers.
Customers have an opportunity to try furnitures of different
manufacturers directly inside their interior. They have an
opportunity to evaluate and examine products from every
angle. This app has all types of pictures of different furniture
like Couch, centre table, Bed etc. It is the best platform of
advertising without investing time and cost as well.

Importance of commercial funnel
Sales funnel plays an important role and an effective model as it
allows companies to visualize its customer journey.
It is the best way of analyzing and measuring effectiveness of
services and products provided by the company to customers.
By implementing this model, company can make changes in its
strategies and services accordingly and can accomplish its goals.

new development process
Ideation
Research planning
Costing

. Building an innovation case
Funding Consideration
Financial Loans : Loan from banks is the most common ways to raise funds for the new
innovation investment. Lenders and owners who agree to an extended payment arrangement will
expect a reasonable rate for the loans they make. Borrows funds from the bank is the way
through taking money as much business wants to take. As compare to other sources loan is the
easiest way to collect money for the present innovation.
Issuance of Bonds : This is the another easiest and fastest way to raise cash from current
shareholders or from the general public. This method of fund raising majorly work for long term
risk. This methods can also be taken by the Augmented.com for their new app innovation.

Key Risks that can impact the successful implementation of the
innovation
New innovation might be facing uncertainties in terms of
regarding technical feasibility under which during the
implementation process company facing issues in
software applications.
Uncertainty might involves in third category of
uncertainty sources in strategy is no less important than
the first two.

Establish specific key performance indicators
In order to presenting the Key performance indicators through which company can easily meet
out their set objectives.
Start with strategy
First process of KPI is just to present and prepare the whole plan for implementation
and ensure the weather the activity is effective or not.

Cont..
Define the question you need answers to
Linking the KPI with the immediate sharpen that helps to focuses and make the relevant
KPIs more sustainable.
Identify your data needs
This question must be according to the different task to ensure the needs and goals. In
this phase, company should make sure the following business target to make analyse the
following business task.

Cont..
Finding the right supporting data
While implementing the new innovation process the next KPI is to ensure that data has
to be make sure about the data.
Determine the right measurement methodology and frequency
This step ensure the process which helps to make sure about the methodology and
frequency level. This step should need to set some standards which make sure that yes now it is
required to be the new strategy required in business task.

Evaluate how the company can protect the intellectual property rights of
the new product.
Every business should have to acquire some set of protecting tools to secure their new innovation
and product from the other company. Some tools are there which helps to secure business
intellectual property.
Patent :
The market for newly introduced product can effectively protected by obtaining the
patent protection.

Conclusion
Innovation aids business in improving the working efficiency.
New product development gives benefit to firm and help in attracting more consumers.

Reference
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-909.
Do, H., and et.al., 2018. Organisational factors, anticipated rents and commercialisation in
SMEs. International Journal of Innovation Management. 22(02). p.1850018.