Report on Innovation and Commercialization for DCSL and Crunchbase

This report delves into the critical aspects of innovation and commercialization within the context of DCSL and Crunchbase. It begins by differentiating between innovation and invention, highlighting their significance for businesses. The report then explores how organizational leadership, vision, teamwork, and culture contribute to fostering innovation and commercialization. It discusses the 4Ps of innovation (Paradigm, Product, Position, and Process) and the application of the innovation funnel for developing innovative ideas. Furthermore, the report examines frugal innovation, providing examples of its implementation. It also covers the commercial funnel, New Product Development (NPD), and the development of an innovation business case, including funding acquisition methods. Finally, it evaluates tools for developing, retaining, and defending knowledge and intellectual property. The report provides practical examples and case studies to illustrate key concepts, offering a comprehensive understanding of innovation and commercialization strategies.

INNOVATION AND
COMMERCIALISATION
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Explaining innovation and its significance to workers of DCSL and Crunchbase
Organisation, with examples in contrast with invention.............................................................3
P2. Explaining to staffs of DCSL and Crunchbase Organization how organizational
leadership, vision, teamwork and culture can form innovation and commercialization.............4
TASK 2............................................................................................................................................6
P3. Explaining the 4Ps of innovation and the application of the innovation funnel to analyses and
develop innovative ideas to workers of DCSL and Crunchbase Organisation................................6
P4. Explaining how DCSL and Crunchbase Organisation can cultivate frugal innovation.
Providing examples of how it is used in the two organisational mentioned in the case study . .7
TASK 3............................................................................................................................................8
P5. Explaining the prominence of the commercial funnel and the use of New Product
Development (NPD) method for commercialisation to staffs of DCSL and Crunchbase
Organisation, with practical examples where necessary.............................................................8
P6. Developing an Innovation Business Case for commercial funnel, including methods to
acquire funding, as with the two businesses in the case study....................................................9
TASK 4..........................................................................................................................................10
P7. Evaluating the various tools that DCSL and Crunchbase Organisation can use to develop,
retain and defend knowledge and intellectual property with practical examples where
necessary...................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
The study is aimed at developing an understanding of the importance of innovation and
commercialisation in DCSL and Crunchbase Organisation. For maintaining a strong position, at
the present day competitive marketplace, it has become vital for any business to innovate its
products and services regularly. Hence, the study involves implanting innovation and
commercialisation in the culture of DCSL and Crunchbase Organisation in the next 12 months
for benefiting the firms, it employees and other stakeholders. The study discusses the difference
between innovation and invention as well as various types of change with supporting two
different case studies, likely DCSL and Crunchbase Organisation to easily elaborate the
research topic. Further, it talks about the process of commercialising innovation and a range of
techniques for guarding ideas and understanding their benefits and drawbacks.
TASK 1
P1.Explaining innovation and its significance to workers of DCSL and Crunchbase Organisation,
with examples in contrast with invention
As said by Kotler (2012), Innovation alludes to the process of generating universally
new ideas, products or processes. It incorporates the application of processes, products that may
have long been familiar however, the effects of which were underestimated, or probably
unrecognized. As opined by Burns (2013), Commercialisation is a subcategory of the wider
concept or method of innovation. It is influenced by profit and market motives with companies
and others looking for gaining a constructive return on investment in licensing, research and
product development etc. It converts knowledge, inventions and ideas into a higher wealth for
businesses, individuals and society. On the other hand, invention refers to the new technical or
scientific ideas and the gain of it is accomplishment or personification. To gain patent, an
invention has to be new, non-obvious and must have utility (Sengoku, 2015). In this context,
Abdul Razaket al. (2014) stated that if one wants to make an idea to be called invention, it just
requires to be certified as workable. However, to be named innovation, it has also to be
replicable at a reasonable cost and must meet a particular need. Therefore, only few inventions
result in innovation, as not all inventions are economically viable. For example,
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Importance of innovation- With the help of innovation, company DCSL and Crunchbase
Organisation and its stakeholders can be benefited in many ways. It helps firms to create
competitive advantage through implementing innovative approaches and techniques in the most
valuable way. It is critical for DCSL and Crunchbase Organisation to have proper access to
innovative ideas and abilities across the world. The firm must innovate through recognising its
current opportunities and resources for growth, responding to customer needs and forecasting the
future demands and trends for setting up best process for the business and increasing competitive
position in the marketplace.
According to Chun et al. (2015), rapid innovation can be challenging for small
businesses including DCSL and Crunchbase Organisation, as it lacks funds to invest in research
and development for change or for creating entirely new products. The need for change is
increasing rapidly that is creating skill gap in the employees of small business. It may hinder the
proper growth of the small businesses. Moreover, small businesses are struggling not just to
measure the speed of innovation in technology and IT, but also having difficulty in identifying
the way of coping with a high time of change.
The sources of innovation include the unexpected, incongruities, R&D, market
research etcetera. Innovation can be occurred by chance unexpectedly. For example, fire and
dynamite are considered as unexpected innovations in the history of humanity. Further, an
incongruity is also regarded as an important source of innovation. For instance, with the
increasing number of cars, the incongruity of parking facility occurred and to solve the problem
smart car is innovated that is small and takes little place to be parked (Saebi and Foss, 2015).
P2. Explaining to staffs of DCSL and Crunchbase Organization how organizational leadership,
vision, teamwork and culture can form innovation and commercialization
Innovation management is the integration of management of innovation method and
management of change. It includes business process, product and organisational innovation
(Martín-de Castro, 2015). To manage innovation successfully, DCSL and Crunchbase
Organisation needs to develop an innovative organizational structure and implement innovation
culture. All the employees should be aware of the difference between innovation and invention.
Further, developing innovation vision, network, leadership and entrepreneurial teams are critical.
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The vision must be aligned with the change objectives of the firm within the organisational
culture so that it can convey the accurate message to the subordinates and motivate them. All
these factors contribute to the formation of innovation and commercialisation within the
workplace.
According to Nambisan et al. (2017), a company must create a vision, which is desirable,
believable and challenging. It helps firms to gain employee support through sharing the idea with
them and making them prepared for accepting the change and challenges along with
commitment. Thus, DCSL and Crunchbase Organisation can empower its employees and can
explore their potential through delegating specific responsibilities to them regarding the change.
It will motivate them to become more creative and contribute valuable ideas to the firm for
solving an issue. As indicated by Saebiand Foss (2015), for sharing and inspiring vision within
the workforce, it requires following inspirational leadership frameworks. Transactional and
transformational both types of leadership styles are useful in developing a can-do attitude among
people and making workplace fun. Hence, leaders in DCSL and Crunchbase Organisation require
revealing the internal power of the employees and sustaining their dedication through valuing
their interest and needs.
An entrepreneurial team is defined as the team, which has value creation or growth as
its principal aim. An entrepreneurial team includes few individuals with similar skills and
commitment to achieving a shared goal and a strategy for which they consider themselves as
mutually responsible. The desired behavior of the team includes effective team decision-making,
the ability to lead the firm, prior record of accomplishment and profitability, trust within group
members, managing conflicts successfully and so forth (Chunet al. 2015). Hence, the employees
in DCSL and Crunchbase Organisation must have all these behaviors besides, the balance of
group skills, commitment toward shared objectives and understanding the requirements of the
investors. Apart from that, creating an innovation network is critical for shaping
commercialization and innovation successfully within DCSL and Crunchbase Organisation. The
communication should take place gradually. Developing greater trust and interpersonal
relationship with team members is essential. They also require time, space and support resources.
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TASK 2
P3. Explaining the 4Ps of innovation and the application of the innovation funnel to analyses and
develop innovative ideas to workers of DCSL and Crunchbase Organisation
As intended by Assael (2015), the 4Ps of innovation is a model that was designed as a
tool which enables one to predict how the innovation process can bring improvement to one's
business. When expanded the 4Ps comprises Paradigm, Product, Position and Process. As
directed by Andersin (2016), the 4Ps analyses where and how one can innovate to improve a
business' Product, Process, Position and Paradigm. It provides an analyzed path of where the
work has to be done, and in which departments of business innovation is most required.
Paradigm - Innovation in the way to do business. The change can improve the previous method,
it could be radical, but changes are for the better. Work out all the possible ways to increase the
profit, including changes in the fundamental business model, for example, according to the shift
in marketing culture, publish products from print to online platforms.
Product - A significant point of discussion in team meetings should be how to improve the
product or service? How can to make it better than other products in the same price range. A
better product helps in a business booming and makes the company stand out from other
companies.
Process - Apart from the manufacturing or preparation processes of the product or service, all
the subsequent steps are supplying, workflow, hiring and training of the workforce. How all of
these can be made better to increase the profit using the latest trends.
Position - The final P works on enhancing the context in which the products or services have to
be framed. How are they advertised? How is the relationship with the customers, employees and
the public? What all can be done for the betterment of the image.
An innovation funnel is a tool exclusively used to describe the steps that take place altogether to
develop a product.
It involves three significant steps.
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The first step focuses on increasing the knowledge and information base of the
organisation. As directed by Utterback (2013), the primary motive is to collect as many ideas as
possible so that products can be developed based on those ideas. The information can be
obtained from different sources of information from competitors, research, existing records, or
collaborated institutes. Evaluation of the marketplace and survey results from customers is
always an excellent source of information. The second step involves the screening of ideas that
a company generates from the first step. The screening process checks whether the created idea
is related to the required goal to be achieved (Sengoku, 2015). Further, different views are
examined for risks and results similar to simulation, and it also involves the launch of the
product to reliable customers for reviews. Once the product stands up to the mark, resources are
allocated to the specific idea for developing the product for returns from the market. Into the
third step, the company ensures that the ideas selected are promising and represent the
company’s objectives that were predetermined when the company started operating. The product
is then released in the market at this stage.
P4. Explaining how DCSL and Crunchbase Organisation can cultivate frugal innovation.
Providing examples of how it is used in the two organisational mentioned in the case study
As opined by Trott (2014), Frugal innovation is the process of minimising the complex
nature and the overall cost of raw materials or goods and its manufacturing process. Generally, it
involves removal of tertiary features in a product like in a luxury car to sell it in markets of
developing countries at a much lower price. Though the profit per unit reduces but the bulk
selling narrows the gap. Several leading universities in the world are running a course in the field
of Frugal innovation, as it has a significant impact in the upcoming markets of developing
countries. Frugal innovation can be understood in a better way using case studies which have
been successful in their respective fields of interest.
A case study of DCSL Organisation in the continent of UK based Software development
company learning from the other local companies and introduce their business with resolving
several types of issues. The main object of this Organisation is to develop software and web
pages according to the requisition of the middle and low budget organisation. As this
organization is graded as a SME organization, to develop their business the management try to
recruit new and energetic employees as well as try to introduce several types of innovative
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software. On the other hand, kegs can repeatedly be used without any disposal task, and all these
factors account for the reduced cost of beer from these companies (Dcslsoftware.com).
Instead of it, a case study of Crunchbase Company mainly performs their business with
designing Websites, Software according to the requirement of individuals. Different types of
Small economic enterprises maintain their cloud-based business database with the help of this
organisation. According to the subject of this research these both organisation are very much
relevant to describe this report. As intended by Sengoku (2015), as the main business of these
organisations are to develop innovative product always, to maintain loyal customers as well as
acquire new customers innovation strategy is one of the best ways (Crunchbase.com).
TASK 3
P5. Explaining the prominence of the commercial funnel and the use of New Product
Development (NPD) method for commercialisation to staffs of DCSL and Crunchbase
Organisation, with practical examples where necessary
Retail funnel refers to the process of coming to notice to the successful purchase of a product by
a customer. Now, there is a systematic process, which has several key components.
Awareness: This is the first interaction of the product to the probable customer. This
gives the production company to make a strong first impression. There are various methods of
making a good first impression of social media marketing, paid searches, blogging, traditional
advertising is most commonly used. As said by Polley (2015), awareness of the product
primarily consists of how the product may be useful to its consumers and its price. Once, this
gets into the mind of the customer it makes an impact as per the choice of the customer.
Discovery: This is the part used by the marketing team of the company to grow an
interest in the product and convince them to buy the product. As directed by Adams (2016), this
is the most significant point for any product because the customer has moved past awareness and
showing an interest in the product. Most companies invest a lot in this step because once if the
customer is impressed, then he/she will buy the product for sure. The most commonly used
methods in this step are gated content, case studies, e-books, remarking, demo videos.
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Purchase: Now, this is a very important step, where the customer has decided to go for
the product. However, this is the step where the company has to prove that it is best in its genre,
to make the customer believe that he/she is going for the best in the business. In this final step,
the most commonly used methods are in person demos, trial offers, discount codes, free
assessment, estimate request.
P6. Developing an Innovation Business Case for commercial funnel, including methods to
acquire funding, as with the two businesses in the case study
Developing an Innovation Business care for DCSL and Crunchbase Organisation involve
planning, research and a good marketing team. As opined by Bessant (2010), the product must
serve the purpose and consumers should have a sense of satisfaction. Today's generation
demands satisfaction on different levels of quality, function and price. To gain this, this needs
specific steps:
Purpose: The sole purpose of launching a new product is increasing profit. By starting a new
product, the company can try the untapped consumers to expand the business.
Stages: The design of the product should be such that it fulfils the need for reliability. The
pricing should be competitive and launch should such that it fits the occasion of the product
correctly (Lee, 2010).
Post Event: After the launch of the product, the momentum should not below. More
advertisements and promotional campaigns should be done to create awareness of the product.
Considerations: The new product should fall in line with the brand values and the old
customer's demands. Otherwise, the existing customers might back off.
Pitfall: Forming false hopes for the product might lose the trust of the customers leading to an
irrecoverable loss.
There are methods for acquiring funds:
Bootstrapping: Bootstrapping is one of the oldest methods used for receiving funds. In this
process, the members of the company have to put in their skill and labour. In this process, the
complete work or job that is undertaken is completed by them. The following are few examples:
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 Online content writing
 Freelance designer
 Online merchandise establishment during initial stages
 Social media marketing and networking
Crowd funding: This is the second method for acquiring funds, in this process, there are
a specific set of websites which provide the platform like Kickstarter, GoFundMe, or Indiegogo
for receiving funds. Here, the idea is to focus on marketing and promotion, and the sites do rest
all. One of the most significant advantages of such platform is there are customers already
available in this process.
Angel Investors: Angel investors are a group of people are highly experienced in this
field. They have formed their business and are now helping others in setting up their business. As
intended by Jones (2013), people generally go to such people when they have exhausted their
parents, friends and family. Getting an angel investor is not easy, cause angel investors look for
startups with their point of interest but once got they can help you with their experience,
approach and reach. Getting an angel investor is not easy because no investor would like to see
their money wasted and they don't just sanction the cheque once asked, they want to look at the
comprehensive market research, a strategic business plan, and already established progress on
trying to get the business off the ground
TASK 4
P7. Evaluating the various tools that DCSL and Crunchbase Organisation can use to develop,
retain and defend knowledge and intellectual property with practical examples where
necessary.
Social Media:
The best place to expand and grow awareness of a product in the professional market is
LinkedIn. It is the world's largest professional network site with a database of 300million and
existing customers from over 200 countries. It is used to showcase skills or previous work. It is
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the most interactive and widely used professional network. Its easier to find a person with the
LinkedIn profile.
Automation for Easier, Faster Workflow:
As directed by Goffin (1999), customer relationship management is a great business tool.
It can be as simple as having an automated reply to an email to scheduling a meeting for clients
of high value. It helps in cutting costs, improve in certain aspects through the simple, streamlined
and automated process. Making sure the contact management system and customer relationship
management system has automation capabilities.
CONCLUSION
This research explains the research and its significance to the employee of DCSL and
Crunchbase Organisation also explaining the contrast with the invention. It then goes on describe
the organisational leadership, vision, teamwork and culture can form innovation and
commercialization (Thompson, 2014). Then the research moves ahead with the 4Ps of change
and the application of the innovation funnel to analyse and develop innovative ideas and
cultivate frugal innovation, providing examples of how it is used in any of the two organisational
mentioned in the case study. Further, it moves to one of the most critical topics that are the
prominence of the commercial funnel and the use of New Product Development (NPD) method
for commercialisation to the staffs. Developing an Innovation Business Case for DCSL and
Crunchbase Organisation, including plans to acquire funding is illustrated. Lastly, various tools
that The DCSL and Crunchbase Organisation can use to create retain and defend knowledge and
intellectual property with practical examples.
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REFERENCES
Books and Journals
Abdul Razak, A., Murray, P.A. and Roberts, D., 2014. “Open innovation in universities: The
relationship between innovation and Commercialisation”. Knowledge and Process
Management, 21(4), pp.260-269.
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.
Martín-de Castro, G., 2015. “Knowledge management and innovation in knowledge-based and
high-tech industrial markets: The role of openness and absorptive capacity”. Industrial
Marketing Management, 47, pp.143-146.
Nambisan, S., Lyytinen, K., Majchrzak, A. and Song, M., 2017. “Digital innovation
management: Reinventing innovation management research in a digital world”. Mis
Quarterly, 41(1).
Saebi, T. and Foss, N.J., 2015. “Business models for open innovation: Matching different open
innovation strategies with business model dimensions”. European Management Journal, 33(3),
pp.201-213.
Sengoku, S., 2015. “Innovation and commercialisation of induced pluripotent stem cells”. Stem
cells in regenerative medicine: Science, regulation and business strategies, pp.423-446.
Thompson, M., 2014. “Innovation and Commercialisation”. Journal Sagepub, 21(4), pp.216-264.
Lee, S., 2010. Open Innovation in SMEs, An Intermediated Network Model27(8), pp.85-99.
Chun, D., 2015. “Industry of firm size and industry type on R&D efficiency throughout
Innovation and Commercialisation stages”. Evidence from manufacturing firms, 47, pp.43-46
Capozzi, M., 2010. Innovation and Commercialisation. McKinsey Global Survey
Results, 401(1).
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