Innovation & Commercialisation Report: Concepts and Strategies

This report comprehensively examines the concepts of innovation and commercialization within a business context, using Big Belly, a leader in smart waste management solutions, as a primary case study. The report begins by differentiating between innovation and invention, highlighting their significance for business growth, and explores the organizational factors that shape innovative thinking, including vision, leadership, culture, and teamwork. It then delves into various sources of innovation, emphasizing the 4Ps of the innovation funnel and the development of frugal innovation strategies. The core of the report focuses on the commercialization process, detailing the commercial funnel and new development processes, and further analyzing Big Belly's innovative products and funding sources. Finally, it addresses the tools and techniques firms use to protect knowledge and intellectual property rights. This report provides valuable insights into fostering innovation and successfully commercializing new ideas in today's competitive market.

Innovation &
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation concept and its significance through comparing invention.............................1
P2 Organisational vision, leadership, culture and teamwork that shapes innovative thoughts3
TASK 2............................................................................................................................................4
P3 Assorted innovation sources and helpful for developing appropriate culture and
environment of innovation.....................................................................................................4
P4 Development of frugal innovation....................................................................................5
TASK 3 ...........................................................................................................................................6
P5 Commercial funnel and New Development Process along with commercialisation of
innovation in regards with organisational context..................................................................6
P6 Case study in relation with BIG BELLY and identify its innovative products and sources
of funding...............................................................................................................................8
TASK 4............................................................................................................................................9
P7 Tools and techniques associated with firm among protecting knowledge, developing and
intellectual property rights......................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation can be identified as the modern procedure which means creative thoughts, a
new ideas, new imaginations in the term of huge methods and devices in order to achieve
targeted goals towards business. Innovation always considered as helpful term for every business
in which an entrepreneur or any person able to gain their targeted goals within short period of
time. With the help of innovative ideas an individual always able to produce large number of
goods and services as per the environmental situations. In addition to this, commercialisation
generally known for establishing new goods and services within the business firm. Therefore, it
is very essential for business enterprises in order to sustain at marketplace for long period of
time. Present report is based on Big Belly organisation which is called world leader of smart
recycling and waste solutions for public spaces. At present this business firm formulate smart
waste material for preventing garbage that offers safekeeping for the betterment of future.
Further discussion will be based on context for innovation along with difference between
innovation and invention (Çengel, 2017). Lastly, different types of innovation will get covered.
TASK 1
P1 Innovation concept and its significance through comparing invention
Innovation: It can be analysed as an essential method which is used to create several
kind of forms of change in order to bring improvement within the goods and services that
directly influence entire growth of an organisation. In regards with Big Belly, there are different
types of factors that help firms to develop best ideas and thoughts in order to achieve targeted
goals to increase entire strength of an organisation. It also includes developing better services for
creating beliefs towards consumers at marketplace (Do and et.al., 2018).
Invention: It is known as the best process which is significant to offer new business ideas
as well as creative thoughts for the better processing of new goods and services. But at the same
time it is possible when new ideas or thoughts comes within the people mind so that they can put
frequently change on their overall growth of goods and services. Therefore, it is necessary for
Big Belly to investigate different types of programmes at marketplace so that they can sustain for
long time.
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Difference between innovation and invention
Basis Innovation Invention
Motive The main purpose of
innovation is to develop huge
productivity and profitability
of goods and services in order
to attain effective objectives
and goals (Daellenbach,
Davenport and Ruckstuhl,
2017).
Main aim of invention is to
is to acquaint goods to their
awaited consumers at
marketplace.
Occurrence It happens when an
organisation is able to identify
their productivity like Big
Belly have not much
competitors for further growth
of business.
It appear when individual
thought innovative ideas and
thoughts in order to gain final
results for accomplish entire
needs and demand of people
at everywhere.
Thus, innovation plays important role towards successful growth of an organisation. On
the other side, it is also considered as much helpful way to formulate effective solutions for firm.
Therefore, Big Belly always use innovative ideas in order to fulfil further needs and wants of
consumers so that they can face any challenge or able to gain targeted goals (Gabriel, 2019).
Therefore, it is much significant concept. Some of the importance of innovation are mentioned in
beneath:
Constant change: This is most considerable aspect of innovation that help firm to offer
to supporting goods and services of firm. Moreover, it is directly connected with product and
services that commonly exist within the environment along with dynamic in nature. In regards
with Big Belly, it plays crucial role for formulating large number of changes so that they
successfully produce ample number of goods and services. It directly influence entire growth of
firm so that they can rapidly maximise its growth in an effective manner.
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Particular selling point: Within the competitive scenario there are lots of competitors
who commonly increase high competition for Big Belly in now a days. On the other side, this
respected organisation using large number of tools and techniques in order to use waste material
in a accurate manner. Thus, recently respective firm has been established new technique that is
direct garbage which is used to develop noise pollution.
P2 Organisational vision, leadership, culture and teamwork that shapes innovative thoughts
Innovation includes different types of processes like developing new ideas, effective
ways to bring innovations and many more. With the help of this, firms can easily achieve
targeted goals and able to achieve huge success in future. There are some factors that help firms,
those are as follows:
Organisational vision: It includes different types of goals and objectives in order to
perform several ideas or planning within the business organisation. In relation with Big Belly,
main vision of this firm is to formulate huge innovative ideas that plays important role.
Therefore, this company always study about different or innovative ideas for further achievement
in future towards assembling overall waste material. Therefore, they always produce large
number of ways in order to overcome garbage across the globe along with noise
pollution(Cheah, 2016).
Teamwork: According to this, all employees of firm always works in a team in order to
achieve same goals and objectives in a instant way. Therefore, main purpose of team members is
to gain successful results by having effective coordination as well as cooperation between them.
In relation with Big Belly, all employees give their better performance as they have good
working team to gain predetermined objectives. Therefore, proper network between employee's
performance always shows their unity in work along with it also influence others. So that they
can achieve targeted goals and objectives in a stipulated manner.
Culture: It involves different types of goods and services within the environment which
offered by several firms to fulfil consumer's needs and wants at time. In relation with Big Belly,
as they are dealing with goods and services so that they have effective process for running their
business successfully. On the other side, culture means a lot for respective firm as it helps them
to gain competitive advantages at marketplace. Thus, it increase firm's productivity as well as
profitability at present scenario. With the help of this they are able to reach high and improve its
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overall structure of business. Additionally, innovation includes advertisement of product and
services so that they can achieve high sales and revenue in a particular way.
Leadership: It shows the ability of leaders that offers different types of guidelines or
directions that help leaders to think more innovative in order to handle any situation in a perfect
way. According to Big Belly, respective firm has several roles and responsibilities as they
generally motivates employees for developing and producing huge goods and services to gain
successful growth of business. On the other side, when employees are able to have huge
motivation from their leaders so that they can directly achieve specified goals and objectives.
Thus, it always gives positive results towards firm and increase their goodwill within the
competitive marketplace (Ireland and Gorod, 2016).
TASK 2
P3 Assorted innovation sources and helpful for developing appropriate culture and environment
of innovation
Innovation always needed by firms in order to identify their entire goods and services in
front of customers perfectly. Additionally, innovation always used for bring few improvements
within the development of new goods and services within the existing market scenario.
Furthermore, innovation helpful for firms to develop best idea that involves effective change
within the consumer's mind. There are 4P'S of innovation funnel, those are as follows:
Product: According to this, there are different types of goods and services with
innovative ideas use by firms to sell at best price with the aim of achieve targeted goals. In
regards with Bigbelly as they developed garbage container with cut down tools of noise
pollution. With the help of this they can satisfy consumer's needs and goals(Isomursu, Wallin
and Jaekel, 2016).
Process: It is the procedure of evolution of goods. In relation with Bigbelly, they
generally gives garbage containers in order to remove Noise pollution from the nation.
Therefore, it is necessary for them to achieve targeted goals.
Position: It's all about different types of goods and services that depends upon
competitive strategies of sellers. In regards with Bigbelly, they always cut garbage and modify
waste material into the realistic way.
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Paradigm: This process of innovation funnel, firms are able to modify their products into
different ways by applying innovative ideas and thoughts in order to face new challenges and
grab huge opportunities at marketplace. In relation with Bigbelly, they always try to improve
living standard of people. Along with they also bring huge changes in order to better
development of ideas and thoughts towards particular goods and services (Huang, Farrukh and
Shi, 2018).
P4 Development of frugal innovation
Frugal innovation process considered as very helpful concept for firm to develop best
ideas along with it overcome noise pollution. Additionally, it involves identifying few difficulties
that helps to bring few modifications which is fruitful for adoption of high market share.
Moreover, this type of innovative ideas is most useful aspect in order to overcome waste material
so that they can achieve profitable goals. It also includes effective ideas in order to evolution of
goods and services.
Innovation funnel application in Bigbelly
Application of innovative funnel refers to the establishing new goods and services in
order to define goods and services which is provided by firm in an effective manner. Further
evolution of plans as well as processing plans bring huge changes positively. There are few
elements, those are as follows:
Research: According to this phase, firms are able to investigate different types of goods
and services within the market place. In relation with Bigbelly, they always needed to have
effective research programmes in order to analyse needs and wants of consumers. Therefore, it is
easy for them to gain competitive advantages (Loya and Rawani, 2016).
Development: After reviewing entire condition of market it is necessary for firm to
develop and analyse overall market demand. In relation with Bigbelly, they generally make
effective goods and services by which they can fulfil consumer's needs and wants. Likewise,
creation of alarm noise among garbage container can be costly. Therefore, Bigbelly mainly
applies innovative ideas that includes garbage which is pollution free without any noise.
Shipping of products: In this final phase, refers to the process of shipping by which firm
can easily shift their product and services from one step to another in order to target existing
market which is suitable for Bigbelly. Further it will help them to achieve targeted business
goals.
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TASK 3
P5 Commercial funnel and New Development Process along with commercialisation of
innovation in regards with organisational context
Market always flexible and dynamical in nature thus, it plays crucial role within the firm
so that they can identify entire changes within trends as well as activities. Whereas, the term of
commercialisation used to determine when goods and services introduced with new creation by
firm or people. So that these type of changes are important for firm in order to achieve goals n
time. On the other side, commercial funnel mainly use sales procedures in order to guide firm
towards buying process. Therefore, sales and commercial funnel are very important for business
which is helpful for analysing consumer's behaviour. In relation to Bigbelly, as they provide or
use smart solution so that they generally develop innovative services for people. There is new
product established by firm named as FIRE SOLUTION (Lehtimäki and et.al., 2019). Some of
the important of commercial funnel is mentioned below: Strategies and tactics: Business always require large number of strategies by which they
can handle overall situation at marketplace. Thus, it is associated with latest business
strategies.
 Determining switching behaviour: Commercial and sales funnel always helps to
identifying consumer's behaviour in context of goods and services.
Process of Commercial Funnel
Awareness-This factor is related with marketing of goods in order to attract large number
of customers who can consume their products and this can be possible if there is awareness of
product at the market area. In relation with BIG BELLEY firm can focus on using different type
of advertisement and promotional tool in order to generate awareness.
Interest Action-This factor is very important for both firm and consumers. In this
segment, the customers take interest but they are not confident about the initial requirements of
the product. Thus firm can generate interest about products in the mind-set of consumers related
with their current trademarking and specifications (Žižka and et.al., 2018).
Decision- The products are heterogeneous in nature and their alternativeness may distress the
behaviour of customers. Thus the most important factor for firm is to engage all their clients in
the decision making process so that they will be attracted to consume the product.
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Action-Further comes the action in which certain activities take place such payment
procedures, after sale service etc. This is stage when prospect is converted into actual customers.
At this aspect a positive relationship is maintained between both firm as well as customers. This
assist in increasing goodwill of entity and attraction of customers and leads.
Action-After the decision making another factor is various activities such as after sale
and service and payment process. At this stage the customers are being converted into
consumers. This is the point where positive relations are developed among the business and the
consumers. This is beneficial in order to increase strength of firm thus enhancing their goodwill.
So the understanding of the overall sales process is necessary in order to run the business in
efficient way by maintaining good relations with customers (Exton and Totterdill, 2019).
New product development
NPD is one of the best developing process which is known as NPD funnel that helps firm
to formulates new product at marketplace through considering internal and external factors.
Some of the stages of this product development has been specified below:
Generating ideas: In this initial stage, businesses are able to develop best ideas through
conducting market research so that they can analyse several opportunities across the globe.
Idea Screening: After analysing several ideas now they are able to adopt ideas on the
basis of reality. Thus, they can choose one of the best ideas for better selection of goods and
services.
Testing phase: After reviewing ideas or concept businesses are able to check conditions
at marketplace as NPD is much essential that generally ensures adopted thoughts or ideas are
reliable and effective to achieve targeted goals. In regards with Bigbelly able to use testing of
their goods and services.
Implementing marketing strategy: According to this phase, Bigbelly is able to use large
number of strategies in order to execute large number of ideas so that they can easily find out
entire situation of market along with gain competitive advantages.
Business Analytics: In this stage, Bigbelly able to define different types of manpower
skills as well resources which is used while running the process of goods and services (Odame
and Alemu, 2018).
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Product development: In this stage Bigbelly able to use different kind of advertising and
promotional activities like you-tube, Facebook, Instagram and many more. By having such kind
of channels they can develop their entire goods and services at high scale.
Test marketing: This is used by Bigbelly in order to analyse market needs in regards with
different types of goods and services perfectly.
Commercialisation: In this last phase of NPD process Bigbelly able to adopt large
number of high sales and revenue that also determine progress, goods, opportunities and errors
into the marketing team.
Therefore, NPD considered as most important part for Bigbelly as they can use large
number of methods and able to achieve competitive analysis and reduce high risk of challenges
in a perfect way (Pynnönen, Hallikas and Immonen, 2019).
P6 Case study in relation with BIG BELLY and identify its innovative products and sources of
funding
Executive summary
Bigbelly was founded with the purpose of reducing and eliminate recycles the overall
wastage across the globe. On the other side, this firm provides turnkey platform that delivers
huge actions within the operation of wastage. Thus, associated customers with them are able to
deploy their platform as a subscription which comes under the support by which they can grow
successfully.
Requirement
It generally identified overall needs and wants of Big-belly’s at marketplace. After
evaluating entire needs and wants they can publish new methods and process of their services
within the market.
Solution
Management of waste is more important that all are considered by society. In regards
with Bigbelly, recently they have launched new goods called as FIRE solution which is time
consuming while process of wastage management. Therefore, they use and offer smart solutions
to customers which is associated with healthy environment.
Consumer analysis
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This is most considerable element which maximise entire sales of gods and services. In
relation with Bigbelly, they always evaluate behaviour of consumer's first as it is necessary for
them to offer reliable goods and services to consumers so that they can influence properly.
Funding
In order to invest money among operating overall functions and activities of firm in an
appropriate manner. Thus, Bigbelly, generally use such kind of fund like financial institutions
and bank. As organisation have effective image at marketplace so that they can get huge fund
from them (Misra, 2018).
Benefits
Bigbelly mainly provide healthy environment to people at marketplace. Thus, main aim
of providing positive environment is to develop effective image of firm in front of customer so
that they can get have opportunities towards expansion of their business.
Thus, the above mentioned case study of Bigbelly, it can be said that, in order to have
safe and secure environment to employees or workers can motivated by them and able to give
better goods and services. So that it is helpful for firm towards achievement of targeted goals and
objectives.
TASK 4
P7 Tools and techniques associated with firm among protecting knowledge, developing and
intellectual property rights
Intellectual property are known as those rights which are associated with protecting
goods and services while they are tangible in nature. Therefore, these rights plays significant role
that always secure goods and invention value from exploitation (Grace, 2019).
There are several kind of Intellectual property rights, those are mentioned below:
Copyrights: It refers to the legal right in which people can not copied originality of work.
Therefore, copyrights can be used as well as known as funding source by owner along with it
provide permission to another party. Thus, copyright includes novels, books, music and many
more. Therefore, it is important fir people to achieve goals that it reduce the chances of misuse
towards copyrights.
Patents: It is called solely right which is given to people in order to develop effective
product and services with innovative ideas. This type of right generally determine duplicate and
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