Report on Innovation and Commercialisation for Wiser Recruitment

This report provides a comprehensive analysis of Wiser, a recruitment company, focusing on its innovation and commercialization strategies. It examines the importance of innovation versus invention, the impact of organizational leadership, culture, vision, and teamwork on fostering innovation. Th...Read More

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison to invention....................................................1
P2 Impact of organisational leadership, culture, vision, teamwork on innovation.....................2
TASK 2............................................................................................................................................3
P3 4 P's of innovation and use of innovation funnel...................................................................3
P4 Development in frugal innovation.........................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of New Product Development...............6
P6 Innovation Business Case......................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools to retain, develop, protect intellectual property.............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation means to develop new things in existing product and services. There are
different policies adopted by company to provide satisfy consumer. These days there are changes
taking place in business environment and it is necessary to accept those changes and apply to
organisation. It is essential to analyse competitor's policies then adopt it to promote company in
positive manner (Aarikka-Stenroos and Sandberg, 2012). Innovation is done by top level
management but this is implemented by employees of company so it is essential to motivate
employees to give their best. Innovation arises when some new is in trend or consumer is facing
problem in existing product. In this report, Wiser is the company which is recruitment company,
they provide services to train personnel and provide better options to company regarding
selection of candidates. This report discuss about innovation and its importance as compared to
invention, impact of leadership, culture in innovation, 4 P's of innovation, frugal innovation.
There is proper process followed by management to develop new product in market. There is
proper business case for developing new services to society, tools to protect intellectual right.
TASK 1
P1 Innovation and its importance in comparison to invention
Innovation is essential for growth of company. According to Bagchi-Sen, 2010 there is
need of improvement in existing product and services. There are possibilities if company does
not accept changes of external environment then there are possibilities that consumer does not
like to prefer their brand.
Invention is different from innovation , but sometimes people use these terms
interchangeably. It is essential that company has to work as per external factors of organisation.
In case of Wiser, they are thinking to launch software which is beneficial of society. As per top
level management of Wiser, there is requirement of some unskilled personnel in society such as
maid, driver. They are launching mobile application which provide best solution as per need of
client. There are bifurcation on the basis of culture, age, background, etc. According to them,
competitor companies are not emphasising on it. So there are possibilities that Wiser can provide
this facility to society and this helps them to improve image in market.
Meaning of Innovation
There is need of improvement in product and services, this can be performed through
analysing different factors associated with business. There are possibilities that manager has to
1

perform task in manner which is effective and comfortable for organisation (Bogers and West,
2010).
Innovation is important for company to provide better satisfaction to consumer. It is
essential that manager has to take actions which are beneficial for growth of company. It helps in
improving quality of product and services.
Meaning of Invention
There is requirement of some new things which is invented by person. This idea is
generated when some problem is faced by society.
Difference between Innovation and Invention
INVENTION INNOVATION
When there is sometime new in market which
was not existing then it is known as invention.
Some value addition to existing product and
services is known as innovation.
There are possibilities that invention is not
launched in market due to failure of product
and services.
Innovation of product is definitely launched in
market for commercial purpose.
Invention can be due to financial or non
financial motive.
Innovation leads to generate financial profit
because this is generally improving satisfaction
level of customer.
There is important role of research and
development department of company to
implement invention successfully.
Innovation can be done by joint efforts of all
departments. There must be some motivational
factor attached with it.
Invention can bring some changes in company. Innovation brings changes in organisational
goals and objectives of association.
P2 Impact of organisational leadership, culture, vision, teamwork on innovation
There are many policies framed by top level management and it is essential to give
emphasising on implementing them in better way (Ettlie and Rosenthal, 2012). There are
possibilities that employees are not performing their responsibility in better way, so manager
must give emphasise on performance of workers. Employee and employer both are essential in
performing activities in better way, it is essential that employer must emphasise on motivating
2

employees to give their best. This helps in providing satisfaction of customer. There are different
policies adopted by manger to create good environment within organisation.
Culture- Culture means environment of company. Employee and employer are two
component which create culture of organisation. It is possible that manger can motivate workers
by saying when workers come with new techniques and ideas, then this affect their growth in
positive manager. Policies framed for workers must be flexible so there will be positive results.
When employees is joining company and he/ she came to know that company has nature of
adaptability then he/ she also come with new and attractive ideas (Gambardella and McGahan,
2010).
Vision- Vision is the ultimate goal which company wants to achieve. There are changes
in goals of company so it is essential to communicate it to workers. This helps them to achieve
them and when there is change in their working styles then it is essential to promote them. There
must be check done so employer can implement innovation in best way.
Teamwork- There are many operations in Wisher performed by different department.
There are different teams framed by top level management to achieve targets in better way. It is
important that team must be framed as per skills and quality of individual. There must be proper
division of work so every person get chance to see what better can be done to innovate services.
Leadership- There is requirement of leadership when Wiser wants to launch new service
in society. There are different activities performed by manager to motivate and guide workers, so
they can work in right direction. As innovation is time and cost consuming so it is essential to
lead team and motivate them to complete actions on time.
From the above discussion it is clear that Wiser company has to give emphasise on team
work, leadership, culture of organisation. When they are launching services to provide service of
unskilled workers. If client is ready to hire individual then they provide training also as per
choice of client (Godin, 2012).
TASK 2
P3 4 P's of innovation and use of innovation funnel
Innovation is not easy as it seems. There is requirement of proper discussion about
innovation with team members and other employees of company. 4 P's of innovation is
developed by John Beasnt and Joe Tidd, which shows knowledge of areas where innovation can
be done.
3

Product innovation- This innovation is developed by company when there is up-
gradation in product and services. It is important that manager has to analyse market and find
fact which can done to innovate new product and services. There is need of different techniques
which made product different from competitor, this helps in improving sales of company. When
company wants to improve performance then there is requirement of some changes in product
features (Huizingh, 2011).
Process innovation- In this innovation there is change in techniques of manufacturing. It
is essential that company has to take resources which are best and effective. Manager must give
emphasise on use of process which reduces time of production and defects. So it is essential that
company must give impact on process used to innovate new ideas. In case of Wiser they are
innovating new service under which they provide training to unskilled workers, so it is essential
to give emphasise on working process of organisation.
Paradigm innovation- In this innovation planning is done about knowing what has to be
done to market product and services in market. There are different approaches used by manager
as per availability of resources but best option must be used so positive results can be generated.
Wiser is launching there services for working class people because they have need of such
workers.
Positioning innovation- There are many organisation which provides facility of
consultancy, so in this case there is need of different policies which affect business in adverse
manager. It is important to frame policies which help them to place there product ion better way.
It is not necessary that product and services of Wiser are laws successful, so in this case this
innovation is effective and properly re- launch in market (Kim, and et. al., 2011).
Innovation Funnel
Innovation funnel is important for company as it helps in performing job roles in more
effective manner. There are many ways through which company can innovate new things, built
best among them must be adopted which can be used by company to achieve business objectives
(Innovation Funnel, 2016).
4

Source: Innovation Funnel, 2017
Use of innovation funnel
In initial, days there are many ideas in mind of individual. It is not necessary that
company can adopt all changes in operations, so in this case there is requirement of innovation
funnel which help company to put all ideas in funnel. There are different factors which affect
business in adverse manner. There are possibilities that some ideas are out of run because of
some or other shortcomings. Then best alternative is selected which is best and effective in
growth of company. Wiser organisation wants to launch activities which provide services of
unskilled or unprofessional employees such as maid and drivers. So innovation funnel helps in
launching application which provide maid, drivers as per requirement of client (Lindič and et. al.,
2011). Hence they launch an application which satisfy the need of customer as per their
requirement. There is difference demands of consumer which can be satisfied through this
mobile application.
P4 Development in frugal innovation
Meaning of Frugal Innovation-
There are different types of consumer in society, it is essential that company has product
and services which are beneficial for them, there are different factors which affect business
operations. There is requirement of resources which are effective in performing task of company.
5
Illustration 1: Innovation Funnel

There are possibilities that due to change in demand of customer, existing product may get out
dated and hence there is need of innovation. In frugal innovation, innovation is done for product
and services which gives same level of satisfaction but with lower price. There are different
policies which are used by Wiser to reduce down the cost of services so clients are ready to avail
it. There are different aspects which provides assistance to company in reducing cost of product
and services. While reducing price it is essential that quality must be good, so it does not affect
goodwill of company.
There are six principles of frugal innovation, which are discussed below-
Engage and Iterate- As per this principle, it is not necessary to come with new thoughts
every time. They can innovate existing thing in better manner (Rafinejad, 2010).
Flex your asset- There is use of financial asset which are effective when they are used in
better way. So as per this principle, it is essential that there is requirement of proper allocation of
sources.
Sustainable solution- It is essential that manager must innovate thing which is important
for all. This helps in improving image of company in market.
Shape behaviour of customer- It is essential that innovation must be made and at the
same time it is essential that manager must frame strategies which create demand among targeted
consumer.
Creation of value with customers- Regular contact with customer will help to improve
quality of product and services. There are different aspects which has to utilised by company so
it creates awareness among customers.
Innovative stakeholders- Stakeholders are important aspects which has to be used by
company to adopt innovations in company. It is essential to communicate about innovation to
stakeholders (Schoonmaker and Carayannis, 2010).
TASK 3
P5 Importance of commercial funnel and application of New Product Development
Commercial funnel helps company to deliver goods in best manner. There are
possibilities that company has to adopt changes inn way which are best and effective for
achieving business objectives effectively and in efficient manner. Manager and top level
personnel gives chance to earn more profits through development of innovation in better way. It
is essential that company has to perform activities in way which is fruitful for association.
6

Importance of Innovation Funnel
Promote creativity- There is need of creativity to promote business. There are
possibilities that company has to make creative ideas so it can be implemented in association and
hence there is chances of positive results.
Increase growth and efficiency- Through innovation funnel there is use of different
policies which improve growth of company. It is important to give emphasise on policies
New Product Development
There is requirement of developing new product in market tom satisfy need of workers it
is important that company must analyse market and then launch services in market. There are
different factors which affect business in adverse or positive manner. So there is proper process
followed by management of Wiser to launch new product (Snow and et. al., 2011).
Steps of new product development-
7

Source: New Product Development Process, 2017
Idea generation- This is first step which help company to achieve business objectives.
There are many ideas generated in mind of manager of company.
Idea screening- After idea generation it is essential that manager has to sort ideas as per
goals and objectives of company. There are different factors which has to analysed before
finalising idea.
Business analysis- It is important to analyse business. There is requirement of proper
analysis of policies can be framed in best way. There are different situations in company which
can be checked by top level of Wiser.
Product development- In this step there is development of product, which company think
to. It is essential that manager ahas to select mode of development which is cheap and less time
consuming.
Test marketing- In this step testing is done of product. This is process when management
of company use application in less number of people. It is essential so shortcomings can be
removed (Teece, D. J., 2010).
8
Illustration 2: New Product Development Process

Commercialisation- This is last step of new product development. There are many
sources which can be used by company to make application successful in market.
P6 Innovation Business Case
When Wiser is thinking to innovate new ideas then there is requirement of some plan so
workers are also aware of new working styles. This helps them to provide assistance to worker.
In case of mobile application there is use of particular steps which are discussed as under-
Executive summary- This steps talks about executive summary which talks about
overview of company. There are possibilities that due to change in business policies there is need
of different strategies which are effective for company.
Target- This shows for whom application is launched. Mobile application is launched for
business class people, so it is essential to convey about services which is impactful for
organisation (Aarikka-Stenroos and Sandberg, 2012).
Solution- Innovation is result of some problems, so it is important to reason reason
behind innovation. It is essential that manager has to plan advertisement in same way. It is
important to Create demand of application so society prefer to use it (Thore, S. A. ed., 2012).
Why product is innovative- Mobile application of Wiser is innovative as it satisfies
demand of customers as per requirement. This application bifurcate, workers on the basis of
requirement.
Customer research- This is helpful, as this tells to know about where innovation can be
done. In case product is not successful then through customer research it is clear that there is
need of modification.
Funding- This is most important component, it is essential that Management of Wiser
have to motivate stakeholders to invest finance in innovative ideas. This helps in making mobile
application successful.
Expected benefits- There is some benefit which is expected by company. It is essential
that manager has to deliver that benefit to workers so they can also perform task in more
effective manner (Bogers and West, 2012).
This business plan is helpful to launch mobile application of Wiser in successful manner.
It is essential that manager has to take acre of external factors as well, so in case of change there
is requirement of modification in business plan also. Sometimes there is need of external forces
9

also to implement innovation in best manner. So it is essential to use sources which is helpful in
achieving goals and objectives.
TASK 4
P7 Different tools to retain, develop, protect intellectual property
In all parts of world many people are doing innovation. Wiser is providing unskilled
employees and provides training to skilled employees. Thus they have to protect their rights.
Tools use by Wiser are-
Patent: Company have developed an application which provide unskilled labourers,maids
so that company can perform their work efficiently an effectively. So company can protect their
application by using this right. Through this they can also promote firm in effective manner.
Through this all competitors of recruitment cannot use this application. Hence they can give
string competition to other firms. Hence firm can earn more profits and can handle all activities
efficiently and properly. This also helps them in expanding their operations (Bagchi-Sen, 2010).
Trademark: Company can protect sign of this application from other rival firms. Through
using this right they can protect this signature. Through this no other competitor can use their
unique and distinct ideas and thus they can protect their application. It costs something to firm
but they an create distinct and unique image in front of all employees and in market. Hence they
can earn more profits and can give strong competition to other firms.
Advice from professionals: Wiser company can receive advices and take suggestions
from lawyer and accountants. This is done so that they can protect their skills and knowledge.
They have to pay certain amount to legal experts for protecting their knowledge. Hence they can
solve any matter or circumstance as they know their methods through which they can solve their
all problems. Thus their problems get solved and it results effective and efficient running of all
activities and tasks. Thus they can earn more revenues and can maintain string competitive edge
on other firms (Bogers and West, 2010).
Copyright: Company can protect their literary work. They can protect their
images,pictures and musical poems related to promotion of their application. Through this they
can earn more revenues and can increase market share. Hence they can give string competition to
other firms. As a result they can create unique and different position in minds of all customers
and in market.
10

CONCLUSION
From the above discussion it is clear that company has to achieve business objectives in
better way. There are different factors which affect innovation in positive manner. It is essential
that manager has to plan proper and then take actions which provide them chance to grow
business and it affects image o0f company in better way. Innovation funnel have important role
in implementing innovation in better way.
11

REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et. al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et. al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2010. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. And et.al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Online
Innovation Funnel. 2016. [online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>.
12

13