Detailed Report on Innovation and Commercialisation at Wiser Firm

This report analyzes the innovation and commercialization strategies of Wiser, a recruitment firm. It begins with an introduction to innovation, differentiating it from invention, and highlighting its importance for both the company and its employees. The report then delves into the role of organizational vision, leadership, culture, and teamwork in fostering innovation within Wiser. It explores the 4 P's of innovation (product, process, positioning, and paradigm) and the application of the innovation funnel. Furthermore, the report discusses frugal innovation and its principles, as well as the significance of the commercial funnel and new product development. It also examines the creation of an innovation business case and concludes by identifying the tools Wiser uses to develop, retain, and protect its intellectual property. The report emphasizes the importance of adapting to changes in the business environment and highlights the significance of employee involvement and effective management in achieving innovation goals.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison to invention....................................................1
P2 Role of organisational vision, leadership, culture and teamwork in innovation....................3
TASK 2............................................................................................................................................4
P3 4 P's of innovation and usage of innovation funnel...............................................................4
P4 Frugal innovation and its application.....................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of Commercial Funnel and implementation of New Product Development.....6
P6 Innovation Business Case......................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools that Wiser use to develop, retain and protect intellectual property...............8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is about new things. These days there is requirement for organisation to come
with new things. There are changes in operations of company which has to be delivered to
workers. There are some goals and objectives of company, it is essential to innovate things
which makes targets achieved (Aarikka-Stenroos and Sandberg, 2012). This report is based on
Wiser which is a recruitment firm and aims at providing best candidates to workers. In this report
there is discussion about innovation and invention and its difference, culture, teamwork,
leadership, etc. affects innovation in firm. 4 P's of innovation, use of innovation funnel, new
development plan for product and services are discussed here. There are some rights which are
governed under legal law to take care innovation of person. It is important to take care of
employee's issue they are suffering and in case they are facing problem then it must be resolved
by manger. There is requirement of some special qualities to achieve innovation in practical
knowledge.
TASK 1
P1 Innovation and its importance in comparison to invention
These days there is requirement to improve quality of product and services timely. This is
important for company as well as society. There are many changes taking place in society and it
is important for company to achieve business objectives. These days changes are taking places
very frequently and it is important to perform to give emphasis on working style. There is
requirement of proper planning, which assist company to achieve its goals and objectives. This
helps company to improve image in industry (Bogers and West, 2012).
Definition of Innovation
There is requirement of different things to satisfy need and demand of consumer. These
days environment is changing very frequently so it is important to give prefer to innovation.
Innovation means change in current product or service, this change is in positive way. So there
will be some up-gradation happening in product or services. As in case of Wiser firm they
upgrade their technology to train personnel with upgraded technique. They have new methods to
train disables at their place through videos, audios, etc. Through innovation there is difference
between before and after technology. This helps company to provide satisfaction to workers as
well as customer.
Difference between Innovation and Invention
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Sometimes people think that innovation and invention are same and they use it
interchangeablely , but it is not so. Difference between both terms are discussed below-
Innovation Invention
Innovation is done adding value in existing
product and services.
Invention is launching something new.
There is involvement of various departments of
company and aims at satisfying need of
customer.
R&D department works to invent inj thing in
society.
Innovation is done to satisfy need of existing
customer after analysing problems.
Invention is done to creating new demands in
association.
There is requirement of management skills. In invention there is requirement of technical
skills.
Importance of Innovation for employees
Innovation in Wiser is done b y top level management to achieve business objectives. It is
essential to perform operations as per objectives of company. There are one and other methods
which are used by company as per perception of individual. But this innovation is important for
employees, in improving their efficiency and effectiveness (Chun and et. al., 2015). Importance
of innovation for employees are as under-
Enhancement in production- There are possibilities that due to change in working style
this helps to improve production of company. In Wiser Firm, they come with new idea to train
disables this aims at achieving and improving production techniques.
New ideas and thoughts- Through innovation employees also get chance to work under
new environment. Manager of company must give chance to employees to give their and it must
be used in business operations. This motivates them to give more new ideas.
Improving skills and efficiency- Innovation is about something new so it is important to
perform efficiency of company (Cui, and Wu, 2016). So there will be utilisation of methods
which are specific for company as well as employees. This encourages workers to give their best
and they feel competent to outer world.
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P2 Role of organisational vision, leadership, culture and teamwork in innovation
Innovation is done in operations of company and it can be applied in operations only
when there is proper coordination in company. It is important that manager has to give chances
emphasis on working style because planning is dome by top level management but actual
operation is done by workers (Cunningham and Porter, 2011). It is essential to give proper
information regarding change and reason of that alteration. There are number of employees
working on company having different mindset, so it is essential to communicate with them
properly. There might be chances that all employees are not ready to accept changes and apply
in operations, then this dilemma can be resolved by manager's involvement.
There is effective role of leadership, culture, vision, team work of Wiser firm to apply
those training program in company. They are discussed as under-
Organisational vision- Wiser firm has target to give best training to candidates son they
can give best output to corporates. This vision is essential to be considered when company is
planning to innovate something. There are possibilities that company is innovating things to
achieve short term objective of organisation. So it is major factor which is at priority of mangers
of Wiser firm.
Leadership- To innovate new thing it is essential to lead worker. There is requirement of
lot of planning and fund so it is essential to perform task as per requirement. Leadership can be
effective when leader motivates employees to give best and if they are facing problems then it
must be resolved frequently (Drucker, 2014). In innovation there is joint efforts of employees as
well as employer. There is change in leadership style of every person. There is change in
leadership style as per employee's perception.
Culture- Culture means environment within organisation. This factor is also important for
company to achieve business objectives. If leadership is correct then this helps to promoter
positive environment in company. There are many factors which affects culture, so it is essential
to create aura which is beneficial in achieving goals and objectives. There must be proper and
clear communication chain which reduces communication gap and confusion. There is
involvement of various departments in accomplishing task. This helps to employees in
improving their skills.
Teamwork- This factor is very important in achieving business objectives. There is
important role of manager to frame teams as per skills of employees and to see that everyone
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must have equal duties to perform. There is requirement of some powers also which helps
worker to perform task with full efficiency.
From the above discussion it is clear that am,anger has to keep watch on operations as
well as culture of company. There are changes taking place in business objective so those must
also be taken care (Eesley, Hsu and Roberts, 2014). There are possibilities that structure of
company changes but to achieve best results out of innovation manger must take corrective
actions.
TASK 2
P3 4 P's of innovation and usage of innovation funnel
Innovation is important for growth of company. There is requirement of proper planning
to achieve business objectives effectively. It is essential that company has to add has new to their
product and services, as per requirement of consumer. Innovation can be implemented
effectively with the help of 4 P's. They are discussed as under-
Product innovation- This innovations is done when there is some modification in product
company serve. This innovation is done when there is some shortcoming in current product and
demand for new arises (Herath, Cranfield and Henson, 2010). This helps company to gain profits
and added some value to their image.
Process innovation- Process innovation means company changes its process of
manufacturing goods and services. This helps to improve quality of product and reduces defects.
There are many techniques which helps to satisfy need if customer but there is cost associated
with manufacturing process so method which is most suitable must be adopted.
Positioning innovation- This innovation is done to improve position of brand in industry.
There are many brands which are running to provide training so competition increases. Through
this innovation position of brand can be improves in target market. Wiser wants to launch
software for disables so it is important to give advertise product in front of targeted customer.
Paradigm innovation- This innovation is effective as under this all factors has to be
considered (Hoque, Chishty and Halloway, 2011). It is important that manager has to take care
of operations which are beneficial for growth of company. Time to time leader has to keep watch
on environment of business.
Innovating Funnel
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There are many ideas generated in mind of top level of company. It is important that
manager has to give emphasis on various concepts. It is important that manager has to give
preference to ideas which helps to achieve goals and targets. Many times there are possibilities
that change in business objective may lead to change in operations also. Innovation funnel helps
company to sort ideas which are generated in mind (Huizingh, 2011). It is not possible to
accomplish all goals and objectives at a time, so innovation funnel helps to get best among them.
There are many factors which affects business operations so while generating new ideas
innovating funnel helps to get best among them. Manager put all the ideas in innovating funnel
and then in last in come with idea which is most effective in achieving business goals
(Innovation Funnel,2016).
(Source: Innovation Funnel, 2016)
P4 Frugal innovation and its application
Frugal innovation means to provide goods and services at cheap rate. It is important that
manager has top perform task which aims at minimise cost of product and improves quality. This
helps company to improve image in market and enhance sales of organisation (Jagoda and et. al.,
2011). There aim is to manufacture goods with resources which are easily available and less
costly. In case of Wiser they are working to achieving business objectives i.e. to enhance sales.
There are possibilities that company has to perform various promotional activities to create
awareness in the market.
Principles of Frugal Innovation are-
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Illustration 1: Innovation Funnel

Engage and literate- This helps to create awareness about knowing how innovation can
be effective and how they can create awareness.
Flex your asset- There is use of different techniques to achieve business objectives. Best
source must be adopted by company to satisfy need of society.
Create sustainable solution- It is advisable that company has to adopt method which is
effective for the growth of company. There is requirement of proper analysis of ideas which
helps in overall growth of organisation (Johansson, 2017).
Shape customer behaviour- It is essential to tell customer about service which Wiser is
thinking. This helps to create awareness and generates demand. If customer is not aware then this
affects sales of Wiser firm.
Co-create value with prosumers- R&D department works for the u0pliftment of company
as they analyse market and then tell what is demand of society. This is effective approach which
helps association to achieve business objective.
Make innovative friends- There is effect of surrounding where we live. So as per this
principle it is clear that manager has to be with people who are innovative and welcomes new
ideas.
TASK 3
P5 Significance of Commercial Funnel and implementation of New Product Development
Innovation is not easy process there is requirement to plan many operation as per
situation. But it is essential to select approach which beneficial for organisation. There are many
changes which has to taken in consideration when company thought to innovate something new
(Johnson, Simmons, and Sullivan, 2017). In Wiser firm they are thinking to launch something
which is helpful to disables to learn new thinks which are beneficial in their work place. So they
must consider all factors associated with it. There are possibilities that manager has to give
emphasis on sources which are easily available.
Importance of Commercial Funnel
Commercial funnel is a technique in which company compare all actions which help to
achieve business objectives. The aim behind commercial funnel is to deliver best quality with
reduce price, so this approach has many pros and cons associated with it. This helps to achieve
targets with best sources. Quality of product must best. While company wants to innovate
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anything new there are many thoughts which are generated in mind best among them must be
adopted whose aim is to give satisfy need of consumer.
Application of New Product Development
There is requirement to modify and come with new product or services which helps in
achieving good image in mind (Kutvonen, 2011). There are steps which aims top develop new
product and services which helps company to launch services in society. These steps are
discussed as follows-
Idea generation- This is the first step in product development process. There are many
ideas in the mind of manager. In this step they analyse market and there will change in
operations of company. This step creates base for other steps.
Idea screening- After analyse options, in this step company has to perform activities in
which they portrait idea to stakeholders and other related parties of company. Operations of
company must be communicated to them so this helps to get support financially as well as non
financially.
Concept development and testing- After sharing idea of innovating new software with
stakeholders then actions are done to achieve business objectives. There are possibilities that that
conflict may arise regarding technique to be used. But best alternative must be adopted.
Market strategy development- There is change in environment where business is running,
so it is essential that manager has to frame policies which are competent to environment. This is
stage where manger plans how to perform activities to achieve targets and objectives (Aarikka-
Stenroos and Sandberg, 2012).
Business and financial estimation- This model works on estimation. There is requirement
to know what has to be done and how. There are various approaches to raise funds but source
which is cheap and readily available must be used.
Test marketing- In his step company test prospected services among small number of
people. This test helps company to know about positive or negative outcomes and how to
improve it. Through this step there are less chances of failure of service.
Commercialisation- This is the last step in which company launches their product in
market. After testing there are chances of less flaws in training services for disables. There are
possibilities of positive outcomes due to advertisement, promotional events, etc.
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P6 Innovation Business Case
Business runs in society and at wider scope. There are possibilities that company has to
adopt policies as per society. But Wiser is doing some innovation in their operations so there is
some plan which insist on performing responsibilities as per requirement. As they are thinking to
launching software through which CV can updated by client on their own. So this helps client to
update their resumes, etc. Following business plan is framed by manager of Wiser-
Framing strategies- Firstly company will frame policies as per requirement. There are
possibilities that they can change due to change in demand (Bogers and West, 2012). This is the
first step as there is requirement of framing policies further activities can be performed in
effective manner. This helps to plan resources and how to use it optimally. This helps employees
to know about path way to perform operations.
Analysis of resources- After framing policies, it is important to know how these can be
fulfilled. There are difference in approach due to change in perception. So top level managers
can discuss it mutually and come a discussion. After framing strategy, required resource such as
employees, finance, etc. has to planned. It is important to analyse requirement of finance and its
source, this helps to reduce cost.
Implementation- In this stage there will be implementation of policies. This is step where
application is done. It is essential that manager has to keep eyes on workings of subordinates.
After analysing implementation stage occurred. In this stage, there is required for proper
guidance and leadership of managers of Wiser. So proper implementation is done as per
planning.
Controlling- This is essential step in which employees has perform actions to achieve
business objectives and in case of wrong deeds corrective opinion must be given. At last, there is
requirement controlling innovation activities. Controlling is important because this helps to attain
positive outcome and in case of negative results, managers of Wiser has to take corrective
actions.
There is requirement of funds which can be raised through different sources such as-
Bank- Bank is source which is authentic and this source can be used when company to
satisfy long as well as medium term loans. There are many options such as treasury bills,
commercial papers, etc. There are many banks which have different interest rate so manager of
Wiser must use best and cheap option (Chun and et. al., 2015).
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Personal sources- This source is effective for company when there is need of short term
finance. Sometimes it is possible that in emergency company want fund so manger can raise iot
from personal sources. Mainly this need is short term.
TASK 4
P7 Different tools that Wiser use to develop, retain and protect intellectual property
Innovation is about generating new things. There are possibilities that idea can be copied
by others, so to provide security government of UK has some rights under Intellectual Property
Right. Hence person who is innovating new things has to reserve his things under specific right.
Some of instruments of intellectual right are as under-
Patent- Patent is right given to person who is innovating new things. This helps person to
reserve right for 20 years and no other person can use it without permission. Person has to pay
fees to make it reserved (Cui, and Wu, 2016). With the help of patent Wiser is able to use this
software on their own and there are less possibilities of being copied. Patent rights differ as per
change in legal norms of country.
Copy right- Copyright is given for some talent work such as drawing, painting, music,
etc. There is some fees charged by company to make use of that work. If someone wants to use
these options then some fees has to be paid. Copy right is not so effective for Wiser because this
stops from being copied, but basic idea can be copied. Term for copyright is 60 years. As per
copy right act, this act is effective in foreign nation also.
Trade mark- There is sign which shows recognition of specific product and service. If
customer see that sign then they must recognised that this logo belongs to particular company.
This mark has to be reserved under Trademark Act and then similar to that sign nothing can be
issued. Trade mark is logo, symbol, Colour, etc. through which consumer can recognise brand.
Managers of Wiser are launching new software, so they can use this act. This helps to provide
different identity from competitors and brand logo is recognised in industry.
From the above mentioned rights Wisher can patent their software so this can not be
copied by others (Cunningham and Porter, 2011). This help manger to reserve right for specific
services. Company can extent this right as per requirement.
CONCLUSION
From above discussion it is clear that manager has to perform task which are beneficial in
growth of organisation. It is important that innovation must be done to upgrade image of
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company in market. There is change in culture of different places so it is important that manager
has to emphasis it and consider it. There is comparison in innovation and invention and
leadership, culture, teamwork are most important to innovate new things. 4 P's of innovation can
be applied with the help of innovation funnel. There is requirement of proper planning which
help organisation to achieve business objectives. Business plan helps company to set code of
conduct for employees. In this also company can give duties and responsibilities as per skills and
qualification of person.
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