Unit 8 Report: Innovation, Commercialisation, and Business Growth

This report provides a comprehensive overview of innovation and commercialisation within a business context. It begins by defining innovation and its importance compared to invention, exploring how organisational vision, leadership, culture, and teamwork shape innovation and commercialisation. The report analyses different sources of innovation and how organisations can foster an innovative environment, delving into the 4Ps of innovation and the innovation funnel. It also examines frugal innovation and its applications, including its role in minimising costs and maximising profitability. Furthermore, the report discusses the commercial funnel, the New Product Development (NPD) process, and the creation of an innovation business case with funding strategies and measurement techniques. Finally, it evaluates various tools for developing, retaining, and protecting knowledge and intellectual property, providing evidence-based judgements on overcoming challenges to successful innovation. This report aims to provide practical knowledge on how organisations can become more innovative and commercialised, enhancing their ability to satisfy customers and achieve business success. Desklib provides similar solved assignments and past papers for students.

Unit 8 Innovation and Commercialisation
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Contents
Introduction.................................................................................................................................................3
LO1.............................................................................................................................................................4
P1. Explain innovation and determine its importance to organisations in comparison with the invention.
.................................................................................................................................................................4
P2. Explain how your organisational vision, leadership, culture, and teamwork can shape innovation
and commercialisation.............................................................................................................................5
M1. Analyse different sources of innovation and how the organization can foster and develop an
environment and culture of innovation....................................................................................................6
LO2.............................................................................................................................................................7
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.......................................................................................................................................7
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..............................................................................................................................9
M2. Analyse and apply the innovation funnel in an organisational context...........................................10
M3. Evaluate the role of frugal innovation in an organisational context................................................11
D1. Critically analyse how innovation is developed, amended and measured in an organizational
context...................................................................................................................................................12
LO3...........................................................................................................................................................13
P5. Explain the importance of the commercial funnel and the application of New Product Development
(NPD) process for commercialisation of innovation..............................................................................13
P6. Build an Innovation Business Case in an organisation, including ways to access funding..............15
M4. Build a detailed Innovation Business Case for the chosen organisation which includes how to
measure its overall effectiveness using appropriate techniques available to test, iterate and improve.. .17
LO4...........................................................................................................................................................18
P7. Evaluate the different tools that the organisations can use to develop, retain and protect knowledge
and intellectual property........................................................................................................................18
M5. Present supported evidence-based evaluation of these different tools in the context of the wider
business environment............................................................................................................................19
D2. Critically evaluate the nature of innovation and the context in which it is developed, providing
evidence-based judgements on how the organisation can overcome challenges to develop successful
innovations............................................................................................................................................20
Conclusion.................................................................................................................................................21
References.................................................................................................................................................22
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Introduction
In this unit, various tools and techniques are discussed which are required for the innovations and
commercialisations in the business. Different types of the innovations are learnt in this unit. The
difference between the innovation and invention are provided in this unit which helps in
understanding the unit in a better way and the different projects required to commercialize
innovations, as well as innovation management, is discussed in detail in this unit. Furthermore,
the adoption of different approaches by businessmen for maximizing their Return on Investment
is also discussed in this unit in detail which will provide a clear understanding of the processes
and offerings of the competitive market. Additionally, the aim of the unit is to provide the
practical knowledge on how the organizations can become more commercialised and innovative.
Overall, this unit will help learners in achieving the basic understanding of the organizations to
become innovative and commercialized. In addition to above, innovative ways are also
discussed which will help organizations for satisfying the customers.
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LO1
P1. Explain innovation and determine its importance to organisations in comparison with
the invention.
Innovation is a concept that greatly contributes to resolving the issues in the association in
various manners. Innovation helps in providing the numerous ways to perform better with the
efficiency. In order to talk about the invention, it refers to the meaning of producing or inventing
some new products and services which has never produced or invented before. So it can be said
that the invention presents some very new services and products in the target market wherein
innovation represents those products & services which are already getting used in, in some more
creative and innovative way to attract the customers towards the business.
Innovation basically refers to make the product or service much more meaningful, more
attractive and efficient to get liked by most of the people. By adopting the process of innovation
a business tries to meet its goals and objectives in a successful manner. Innovation includes
various ideas and thought for applying some innovation in the products and services which are
getting used by the customers. It greatly helps in increasing the level of interest of the customers
towards the business, as same also helps the business to reach on top. At the other hand,
invention carries out some of those products and services which can get used by the employees
and customers of the business in an easy manner. People try to invent some new things on a
regular basis so that frustration or dissatisfaction of the people can get reduced efficiently. It
helps the business is expanding more and more to be successful (Abou-Ras, et. al., 2016).
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P2. Explain how your organisational vision, leadership, culture, and teamwork can shape
innovation and commercialisation.
It has been observed that innovation greatly contributes to making the products and services
much more reliable and fruitful to get used in. It generally includes various ideas and thoughts to
bring efficiency to the business. An innovation highly contributes to the success of the business
but it cannot work by working alone or particularly. Commercialisation mainly refers to the
process of exploring some of the inventions in the economic modes. The commercialisation and
invention both contribute the business to become wider and successful as well.
For increasing the effectiveness of the association, the London Essence Co. tries hard for
maintaining the happy and peaceful environment. The organisation tries very hard in following
all those ways which can be beneficial for the success of the business like to motivate the
employees, rewarding people time to time, encourage them in an efficient manner and etc. This
association also focuses on the teamwork so that people can work together. By working together
many of the ideas and thoughts takes place. Including those thoughts and ideas helps in bringing
some innovation & commercialisation in the business which increases the demands of the
customers towards the products and services in an effective manner. The business always tries to
maintain the culture of their business so that the vision can get accomplished in an appropriate
manner. It basically leads to the success of the business as following all these things shapes the
commercialisation and innovation in an attractive manner (Lind, et. al., 2017).
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M1. Analyse different sources of innovation and how the organization can foster and
develop an environment and culture of innovation.
Innovation is basically done to add more services in the products with the help of innovative
ideas and sometimes innovation is used to create new products with the help of innovative ideas
to gain a competitive advantage by the companies in the competitive market. Besides,
innovation is done so that the customer is benefitted and so the business. The main issues faced
by the London Essence Co. are that competition in the market as there are many products from
different companies and due to this the sale of the product is suffering a lot. Hence, it has
become very necessary for the organization to take a stand and develop innovation culture and
innovation environment.
The London Essence Co. will use different sources of innovation for gaining the competitive
advantage over the other companies in the same industry. Only some changes are required
according to the team that is selected for implementing the changes and this will directly increase
the sale of the products and also create new customers for the products.
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LO2
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas.
For the development of the organization and to make sure the strategies are working for the
betterment of the London Essence Co. The innovation funnel deals with describing the
different methods and steps that are needed for product and process development. It involves
selecting best idea from different ideas that are present which can help in the market needs and
meets all the economic and financial needs of an entrepreneur.
Figure 1: Innovation Funnel
(Source: Egypt Innovate, 2015)
Innovations can be in many forms, but the main innovation form that can be derived from the
London Essence is as follows:-
The 4Ps of innovation are as shown in the table below:-
Paradigm innovation The paradigm innovation deals with the mental model which helps in
assessing the organization shape. It helps in improving and
developing various operations in the organization that further helps in
the development of the innovative structure of the London Essence
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Co.
Process innovation Implementing a new method or a process for innovation of the
services and products of an organization is the process innovation.
Though there is a single process for developing the products with the
help of the technology new software, methods and techniques can be
used in the processes that may enhance the working and develops
improved production.
Position innovation The position innovation is one the important innovation Ps as it is also
considered as the psychological perception in context to the marketing
mix. Like other innovation Ps, it considers mainly on what position
product or service is on the market as in today world position is very
important.
Product innovation The product innovation includes the initiation of the goods or services
which are superior to the old one. Innovation can be done of old
products or services and sometimes new products can also be
launched.
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P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
The frugal innovation in the context of the organization is the process that helps in minimizing
the complications and minimizing the cost of the products. Generally, frugal innovation helps in
making organization profitable. The innovation is necessary for the firm to make sure that the
firm is doing well and is earning a good name in the competitive market. For the products that
already exist, it becomes very challenging and necessary that the products are significantly
providing better services than the products that already exist. Frugal innovation helps in
contributing to the services that are suited to the customer needs and making organizations
profitable. The frugal innovation further added to developments by providing useful promises
with the use of the different resources. The frugal innovation is a strategy itself that is used by
different entrepreneurs for the success of their business. For example, change in the use of
mechanical methods as well as eliminating the machinery or technology that has been outdated
or old due to which the production process is getting hampered are all parts of the frugal
innovation (Biemans, 2018).
Furthermore, frugal innovations are used to achieve the organizational goals and objectives with
the development of strategies via a model. In the target market, the model of frugal innovation is
used and it plays a vital role in the business and helps in increasing the productivity and
profitability of the business.
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M2. Analyse and apply the innovation funnel in an organisational context.
The innovation funnel can be in economical and manufacturable form. The management of the
London Essence Co. will take an idea from a different concept and then they convert it in an
innovative product (Barrett, et. al., 2015). There are 3 different steps that are involved in the
innovation funnel of London Essence Co. The first step includes funnel neck where the idea is
generated and striking opportunities are considered for this step. The second step includes the
mouth of the funnel where the information is accessed and the knowledge is expanded for the
innovation of the products. The third and last step includes the results of the whole process.
The model of the innovation funnel can be divided into single and multiple undertakings which
are as follows:-
Model1 (single undertakings):- For this step, the London Essence Co. will choose the single
undertaking with the help of top-down model that is basically a common model for all the small-
scale businesses.
Model2 (multiple undertakings):-For this innovative funnel model the research and
methodologies are considered as best options and is only considered for generating the ideas for
big organizations.
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M3. Evaluate the role of frugal innovation in an organisational context.
In the organization frugal innovation is very important it gives a chance to learn how the
customers can be served better without letting the organization run into losses. The big
entrepreneurs have used the frugal innovation and have found success and also have set an
example for the other business to get success in their businesses. This type of innovation
particularly emphasizes on lessening the cost of the products with reducing one or two features
which are not necessary and therefore providing services to the customers who cannot spend
much but can let go on some feature in the services which are deemed not important. The frugal
model emphasizes on those customers who rely on quality but can let go on some of the features
therefore the London Essence Co. is moving ahead to produce some products which are
manufactured with use of fewer resources but will provide good quality and satisfaction to the
customers without adding any losses to the company (Bryson, 2018). The frugal innovation also
helps in preserving the standards of living of customers and increasing the standards of the
company.
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D1. Critically analyse how innovation is developed, amended and measured in an
organizational context.
In London, Essence Co. believes in developing innovation for the success of the organization.
The amended and measured innovative strategies will be implied on the products to make them
innovative and this task is done by the managers who formulate the strategies and leaders who do
all the required things to implement the developed strategies to help in product innovation. The
methods which are implemented by the leaders to implement the innovation are the measures
that are taken to measure the performance of the products. The London Essence Co. deems to
achieve creative products to enhance the sale of their products, therefore, all the required tasks
will be done to bring the efficiency and efficacy in the team for developing new and innovative
products to increase the market value and sales (Burns, 2016).
The amendments in old ideas and measurements of the performance value will help in achieving
creative ideas and thoughts that will increase the productivity and will raise the standards of the
London Essence Co. effectively.
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