Innovation and Commercialization Strategies for Business Report

This report provides a detailed analysis of innovation and its significance for business firms, using 4Com plc as a case study. It explores the importance of innovation compared to invention, and the factors influencing innovative ideas, including leadership, teamwork, vision, and organizational culture. The report delves into the innovation funnel, the 4Ps of innovation (product, process, position, paradigm), and the application of frugal innovation. It further examines the significance of the commercial funnel and the new product development process for commercialization. The report also highlights tools for developing, retaining, and protecting intellectual property and knowledge, providing a comprehensive overview of innovation strategies and their practical applications.

Innovation

CONTENTS
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
P1 Innovation and its importance for a business firm as compare to invention..........................1
P2 Teamwork, leadership, vision and culture shape commercialisation and innovation............3
TASK 2............................................................................................................................................4
P3 Innovation funnel to analyse innovative ideas and 4Ps of innovation...................................4
P4 Developments in frugal innovation and its use in organisation.............................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of new product development process for
commercialisation of innovation.................................................................................................6
P6 Innovation case with ways to access funds............................................................................7
TASK 4............................................................................................................................................8
P7 Various tools that can be use firms to develop, retain and protect intellectual property and
knowledge....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Procedure of manufacture and offer something unique to respond changing needs and
requirements of customers is known as innovation. In this entity make new features in a specific
product to enhance its usefulness and to attract more customers towards it. When entity offer
something new to its customers then it help in get a competitive place in market and provide
various long term benefit to company (Owen, Macnaghten and Stilgoe, 2012).. With help of
innovation, entity can step forward from all its rivals. One of the main benefit of innovation is
that it help in utilise all resources and funds at an optimum level. 4Com plc, a firm that offer
various type of telecommunication services to its customers in various areas of world is taken
under this report for study. Importance of innovation for a business firm and various elements
that affect innovative ideas is given in this. Further, importance of commercial funnel and
different tools to retain intellectual property is all detailed in this report.
TASK
P1 Innovation and its importance for a business firm as compare to invention
Application of new methods and techniques for manufacture products and better satisfy
the needs of customers is known as innovation. Large number of benefits are there related with
the concept of innovation. One of the main advantage of this is that it help in better satisfy the
needs of its customers which is very essential in today's competitive environment. Further this
make the enterprise able to capture a larger market share which help in generate large amount of
profits as compare to its rivals. Importance of innovation for a business firm is given under the
following points:
 Provide competitive benefit to organisation: This is known as one of the most important
benefit related with the concept of innovation. In today business environment, various
enterprise are there that offer similar products and quality to its customers at affordable
prices (Ambec and et. al., 2013). In this situation, in order to grasp the attention of large
number it is very significant for entity to manufacture and offer something new to its
customers. With this organisation can generate large number of profit as compare to its
rivals exist in market.
 Ensure optimum utilisation of funds and resources: When firm start manufacture
something new to satisfy the needs of its customers then it help in utilise all resources at
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an optimum level. This enhance efficiency of production process and provide opportunity
to firm to offer better and unique products to its customers at affordable prices. With this,
organisation can retain its customers for a long time period.
 Increase effectiveness of communication process: For get all benefits of innovation, it is
very important that there should be proper communication among all staff members as
this help in make them aware about their roles and responsibilities. Entity use effective
communication channels to implement innovation and all this make the communication
better and at the same time enhance effectiveness of innovation.
 Increase productivity of organisation: Innovation encourage workers to enhance their
creativity and this help entity in identify the new and effective ways to carry out
production process. This support in manufacture better and featured products which help
entity in get customer satisfaction.
All these are the major benefits of innovation so for get all this, it is very essential for
entity to implement the concept of innovation. There are various differences between innovation
and invention and this can be understood by the table given below:
Difference between innovation and invention
Basis Innovation Invention
Meaning Implement a new idea for the
first time to increase feature of
a specific product or service is
known as innovation.
When a unique or new idea
occur for the very first time for
a new product that has never
take place before is known as
invention.
Concept Under concept of innovation, a
new feature or value is added
to the product already exist.
In this a new products is
develop for the first one.
Skills required For implement the concept of
innovation, technical,
marketing and financial skills
are required.
Mainly scientific and research
skills are require to implement
invention.
Activities Activities that are perform Mainly operations that require
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under the concept of
innovation are spread across
various department of entity.
to execute for invention are
only limited up to research and
development department.
P2 Teamwork, leadership, vision and culture shape commercialisation and innovation
It is clear that concept of innovation is a broad one because various activities are perform
by entity under this. For get all benefits related with this concept and to better satisfy the needs
of its customers, it is very important that this should be implemented in an effective manner.
Various factors are there that shape the idea of innovation and those elements are given in the
following points:
 Leadership and innovation : Leader is known as the individual that direct employees and
motivate them to perform well at workplace. Various functions perform by leader largely
affect the process of innovation and its benefits (Gawer, 2011). It is very important for
leader to choose a right approach of leadership and he should always encourage his team
members to think creatively as with this firm can better satisfy the needs of its customers.
 Innovation and teamwork: Terms called teamwork refers to the relationship among
various employees working in an organisation. It is very important for manager to
encourage working of teams in organisation as this help in complete complex business
project and at the same time help in identify effective solution to the problem. Another
benefit of teamwork is that it increase knowledge of employees and make them able to
handle business situations.
 Innovation and organisational culture: Success and failure of innovation is largely affect
by the culture exist in organisation. Culture mainly define the flow of communication,
policies and structure follow by entity to carry out its commercial activities. Effective
organisation culture ensure effective implementation of innovation and at the same time
motivate employees to work well so entity can achieve its set goal and objective in
effective manner.
 Vision and innovation: Vision indicate where the entity wants to go or where it sees itself
after some years. Effective vision provide basis to implement innovation so entity can
easily achieve its vision and at the same time can generate large amount of profits every
year.
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All these are the major factors that shape innovation and that require to be examine by the
manager of 4Com plc.
TASK 2
P3 Innovation funnel to analyse innovative ideas and 4Ps of innovation
To maintain its market share and number of profits, it is very necessary for organisation to
manufacture and offer something unique to its customers. This not only help in satisfy their
needs but at the same time attract more customers. For get all advantages related with the
concept of innovation, it is very important that it should be execute well. For this, there are 4Ps
of innovation that require to be utilise by organisation.
 Product: Every organisation offer manufacture and offer something to its customers to
satisfy their needs and this is known as product. For achieve its sales target, it is very
important that product of entity should have required features so it can satisfy the needs
of customers (Battistella and Nonino, 2012). 4Com plc offer various telecommunication
services to its customers. For get customer satisfaction and to retain them for a long time
period, research can be carry out by entity for identify the main features which should be
there in a product in order to influence customers and at the same time for satisfy their
needs.
 Process: This aspect highlight the major steps involve in implement innovation. It is very
essential that 4Com plc should have adequate amount of funds and resources so entity
can manufacture a featured product for its customers. Proper training should be offer to
employees so they can perform their roles in effective manner
 Position: This aspect highlight the major communication tools that can be use by entity to
make its customers aware about its new products and services. Today various digital and
print media channels are there through which 4Com plc can make its customers aware.
 Paradigm: This factor mainly focus to add more features in the product or service to
better satisfy the needs of customers and to increase its sale.
Use of innovation funnel to shape innovative ideas
A process is consists under innovation funnel in which organisation take a idea form real
life situation and after that transform the same into a product or service in order to fulfil the
requirements of customers. This make the manager inform about the trends exist in market and
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increase reliability of innovation. With this entity can achieve customer satisfaction. Further,
large number of tools are there which can be utilise by 4Com plc satisfy needs of consumers.
P4 Developments in frugal innovation and its use in organisation
Frugal innovation is a concept related with innovation. One of the main focus of this stool is
the make all products and services in reach of every individual. Concept behind this is to bring
down the cost of innovative products, but at the same time maintain its quality and features so
every individual can afford this (Metcalfe and Miles, 2012). This help in better satisfy the needs
of customers and enhance their trust towards the enterprise. By offer innovative products and
services to its middle class individuals, entity can generate more number of profits. With this
4Com plc can utilise the opportunities exist in market. With help of this concept entity can
implement innovative in an effective manner. Concept of frugal innovation can be better
understood by the six principles given below:
 Find opportunity in adversity: A single issue is require to be analyse by researcher from
every point of view and every threat is require to be transform into opportunity. All this
help in find better solution of problem.
 Do more with less: Efforts should be done by researcher to find the solution of problem
from the already available data and he should not go for further investigation.
 Think and act flexible: It is very essential for investigator to go with flexible thinking
during the research as this help in identify better solution and also help in analyse every
aspect in effective manner.
 Keep it simple: Process, methods and tools use by researcher should be easy as this
increase effectiveness and at the same time save cost of entity.
 Include the margin: Customers require to be encourage to take part in process of problem
solving. As this support in highlight better solution to the issue.
 Follow your heart: According to this, every individual should be passionate about his
work.
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TASK 3
P5 Significance of commercial funnel and application of new product development process for
commercialisation of innovation
Tool of commercial funnel is known as useful for organisations as this help in determine
the major ways available to an organisation for increase its income. Various projects are execute
by entities but what will be the return an entity will get on that investment remain uncertain. In
these type of situation, this funnel help in idea and select the most profitable idea and this help in
take better decisions that contribute in success of entity. Overall this funnel help in increase the
sale of goods offer by organisation (Schaltegger and Wagner, 2011). Under this, firstly all the
ideas related to generate profit is determine. After that manager ascertain the financial resources
require to implement the project. After all, a idea is selected through which entity can generate
more profits. This funnel provide large number of benefits to a business organisation as given as
follows:
 Contribute more in success and growth of organisation.
 Help in increase features and quality of products.
 Encourage creativity at workplace.
New product development
Major steps involve in the process of new product development can be understood by the
following points:
 Idea generation: This is the first step, in this research is undertake by enterprise to gather
data related with major elements such as strategy, suppliers, product and process use its
competitors to serve its customers. Research make the manager aware about current
trends in market and with this entity can manufacture a better product. with all this 4Com
plc can attract more customers towards its products.
 Idea screening: All idea develop in the first step are examine in this step. Entity take
suggestion from experts in order to know about reliability of data. In end, if entity find a
suitable idea then it work on it.
 Concept development: Main idea of innovation is transform into real life situation.
 Strategy formulation: As the name indicate, manager formulate a strategy in order to
execute innovation. In this step, manager also determine the resources require to
manufacture innovative products.
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 Analysis of business situation: In this, current business condition and situations are
examine by manager as this help in identify the right time to implement innovation which
help in get all benefits related with it.
 Product development: Manager ascertain the final features of product for satisfy the
needs of target customers.
 Test marketing: In this organisation starts selling of its product in specific areas in order
to known about its acceptability.
 Commercialisation: Organisation start selling its goods on large level in order to generate
large amount of profit.
P6 Innovation case with ways to access funds
Different type of telecommunication services are manufacture and offer by 4Com plc in
order to better satisfy the needs of its customers. Entity manufacture a phone for business
purpose and this is one of the most selling product and help entity in generate a large amount of
profit. Steps require for business case for innovation are as follows:
 Executive summary: Different type of telecommunication products and services are offer
by 4Com plc. One of the main aim of enterprise is manufacture and offer something
unique and better to its customers with help of innovation. With this, firm can serve more
number of customers and can increase the number of its profits.
 Target: Main target of 4Com plc is its business clients as phone is manufacture for
business purpose so this is not for the use of households. With this phone, communication
among businesses will improve.
 Solution: According to this aspect the features which should be there in a specific product
so it can be easy for individuals to use the product (De la Mothe and Paquet, 2012). It is
very important that some specific features should be there in a products to satisfy the
needs of its consumers.
 Why product is innovative: Product manufacture and offer by customer should be unique
and creative form various other products exist in market so customers can be influence to
buy the same. When firm offer a unique feature then it can charge some extra price from
its customers. For generate more profits, it is very essential for 4Com plc to add and offer
some extra benefits to its customers.
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 Customer research: Under this, it is very essential for firm to carry out research to better
understand about needs of target customers. It help in add specific feature in the product
as per their needs. Further this also help in identify the areas of improvement.
 Funding: Without financial resources, organisation cannot implement the concept of
innovation. So proper amount of funds should be there to 4Com plc so entity can get all
benefits of innovation. For this various financial institutions and banks are there through
which 4Com plc can arrange funds to implement innovation.
 Expected benefits: This help in reveal the major advantages that entity will get from
innovation. For this past information is collected and analyse by entity.
TASK 4
P7 Various tools that can be use firms to develop, retain and protect intellectual property and
knowledge
Intellectual property refers to the unique creations of human being that are intangible in
nature. This is known as a result of an individual ‘s creativity. It can be a process, symbol or can
be a design (Díaz-García, González-Moreno and Sáez-Martínez, 2015). Protection of
intellectual property is very important so that an individual cannot misuse it. Various ways are
there to protect knowledge and intellectual property as given in the following points:
 Professional help: This is known as one of most popular and effective tool to protect
knowledge and intellectual property. In this, technical experts provide a password to the
owner so no other unauthorised individual cannot access it.
 Patent: Under this tool, owner of intellectual property register his specific knowledge so
that other individual cannot copy it.
 Trademark: A unique symbol is use under this as this help individuals to find company’s
product easily.
 Copyright: In this protection is offer to the owner again his intellectual property for
specific period of time.
 Rights about intellectual property: This aspect reveal that, it is very essential for owner of
intellectual property to have information about his rights and duties. It is very important
that he should have information about the power related with protection of intellectual
property.
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All these are the major tools and techniques that can be use by 4Com plc in order protect
intellectual property and knowledge.
CONCLUSION
From the given project report, it can be summarised that for attain set goals and
objectives, implement the concept of innovation on timely basis is become an essential for every
type of business entity. With this, 4Com plc can utilise all the opportunities exist in market and
at the same time can increase its customer base. Innovation enhance efficiency of production
process as this help in utilise all resources at an optimum level. Various elements are there that
shape innovative ideas so all should be identify and examine by manager so entity can get all
benefits related with the concept of innovation. 4Ps of innovation should be use by entity as this
help in execute innovation in adequate manner and at the same time save cost of entity. Various
tools and methods are there which can be utilise by 4Com plc to protect intellectual property.
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REFERENCES
Books and journals
Ambec, S. and et. al., 2013. The Porter hypothesis at 20: can environmental regulation enhance
innovation and competitiveness?. Review of environmental economics and policy. 7(1).
pp.2-22.
Battistella, C. and Nonino, F., 2012. Open innovation web-based platforms: The impact of
different forms of motivation on collaboration. Innovation. 14(4). pp.557-575.
Boudreau, K.J., Lacetera, N. and Lakhani, K.R., 2011. Incentives and problem uncertainty in
innovation contests: An empirical analysis. Management science. 57(5). pp.843-863.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
De la Mothe, J. and Paquet, G. eds., 2012. Local and regional systems of innovation (Vol. 14).
Springer Science & Business Media.
Díaz-García, C., González-Moreno, Á. and Sáez-Martínez, F.J., 2015. Eco-innovation: insights
from a literature review. Innovation. 17(1). pp.6-23.
Gawer, A. ed., 2011. Platforms, markets and innovation. Edward Elgar Publishing.
Gennaioli, N., Shleifer, A. and Vishny, R., 2012. Neglected risks, financial innovation, and
financial fragility. Journal of Financial Economics.104(3). pp.452-468.
Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and
co-creation for organizational values. Management Decision. 50(5). pp.817-831.
Metcalfe, J.S. and Miles, I. eds., 2012.Innovation systems in the service economy: measurement
and case study analysis (Vol. 18). Springer Science & Business Media.
Owen, R., Macnaghten, P. and Stilgoe, J., 2012. Responsible research and innovation: From
science in society to science for society, with society. Science and public policy. 39(6).
pp.751-760.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Yoo, Y. and et. al., 2012. Organizing for innovation in the digitized world. Organization science.
23(5). pp.1398-1408.
Online
INNOVATION AND 4Ps OF INNOVATION. 2016. [Online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/>
Innovation Funnel. 2016. [Online]. Available through
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>
Commercial Funnel. 2016. [Online]. Available through
<http://www.cloverleafinnovation.com/blog/winning-the-new-popularity-contest/>
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