Innovation and Commercialization: A Comprehensive Report

This report delves into the multifaceted aspects of innovation and commercialization, exploring the critical differences between innovation and invention, and highlighting the importance of teamwork and organizational vision in fostering a culture of innovation. It examines key frameworks such as the 4Ps of innovation (Product, Process, Paradigm, Position) and the development of frugal innovation strategies. The report also underscores the significance of New Product Development (NPD) applications and commercial funnels in driving organic growth and meeting evolving consumer demands. A case study of John Goods Logistics illustrates the practical application of these concepts, including the development of a mobile app to enhance service delivery. Furthermore, the report addresses the crucial aspects of protecting intellectual property through tools like patents and trademarks, concluding with a comprehensive overview of the key takeaways and references.

INNOVATION AND
COMMERCIALISATION
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Table of Contents
P1 Innovation and its importance and also diff between invention.............................................3
P2 How teamwork, vision shape innovation................................................................................3
P3 4Ps of innovation ...................................................................................................................4
P4 Development in Frugal innovation.........................................................................................4
P5 Importance of NPD application and commercial funnel........................................................4
P6 innovation case.......................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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Introduction
Innovation and commercialization is considered as a process that main aim is to create as
well as implement several business models regarding an innovation based products as well as
services within its surroundings. Present Report focuses on Innovation and its importance and
also difference between invention, How teamwork, vision shape innovation, 4Ps of innovation,
Development in Frugal innovation, Importance of NPD application and commercial funnel
Tools to protect and retail knowledge.
P1 Innovation and its importance and also difference between invention
Innovation is termed as an introduction of the new ideas to change the current products as
well as services to makes its improved. Its importance is given below
Building future- The main aim of the innovation is to bring innovation to achieve advanced
growth within the future. By the help of innovation firms must adopt various initiative to change
current product as well as services. Thus, it assists to increase sustainability of the firm.
Providing tool-With the help of innovation it increases creativity of the people within more
advanced manner. Here innovation cannot be possible without the use of the advancement of
technology as it enables the employees of John goods logistics to provide training as well as
leads to increase ability and knowledge of an individual (Mikhaylova and Mikhaylov,2016).
Invention- It is termed as a physical creation of new ideas well as concepts. It majorly focused
on products that are never made before. It needs to have scientific skills as well as it is limited to
the department of Research and Development.
Innovation- It is termed as adding something to the value that has already its existence. It is
known as a practical implication as well as require technical ,marketing and strategic skills. It is
spreading all over the firms.
P2 How teamwork, vision shape innovation
It is important to have a positive culture so that innovation is implemented in proper way.
this requires to provide a systematic way on how to work towards right direction. apart from it,
there is role of culture in it as well. this is defined as below :
Culture shape innovation as it consists of values, ethics etc. which is necessary to implement
innovation. so, when innovation is applied it changes value, beliefs etc. on basis of which culture
is impacted. So, positive culture helps in creating positive impact.
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Similarly, team work significant role in it. As company is having skilled workforce in the team to
carry on the process of innovation and selling it in the market. they help in generating new ideas
for delivering the product to existing and new customers (Kruger. and Steyn, 2019). This will
help in achieving the goals and objectives. Team work helps in development of innovative ideas
to shape innovation.
Likewise, vision of organization also shape innovation. in this vision consists of values that what
organization want to achieve in future. if vision is towards bringing innovation then it enables in
setting a framework and providing direction to attain goals (Hamada,2017).
P3 4Ps of innovation
These are defined as a process, product, paradigm and position. These are the one created to
understand as well as aids to build strategies of innovation. These can provides the new ideas
that leads to discover innovation ideas.
Position- The goal is to find out new marketplace to attract the large amount of audiences. Thus
firms require to conduct the market research alongside recognizing needs as well as desires of
consumers. John goods logistics increase its brand image by the help of social media. Such as
Facebook, twitter, Youtube and many more.
Product-Innovation is mainly done as it can offers new products that leads to brings overall
change such as John goods logistics brings change within its existence services and products as it
can modify its software by innovating them for consumers such as managing health software and
many more (Hamada,2017).
Paradigm- Here the information regarding how the innovation require to be developed as it
includes all the details regarding business model. Henceforth, firms modify its business model.
Process- It mainly brings the modification within operational efficiency of the firm. Here the
loopholes are also recognized by the firm as well as modification of the can be made within the
form of innovation.
P4 Development in Frugal innovation
It brings decreases within the prices of products ,complexness as well as its activity to its
manufacturing. It assists to eliminate non- essential features from earlier products. Such as phone
call within developing nations (Donegan, 2019). It is basically similar alongside removal of non
crucial characteristic in the products of firm and aids to increase long lastingness of goods. This
is method that focuses more on the quality of goods. There is an example such as John goods
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logistics takes its initiatives as it can add extra features such as quality so that it can attract large
audiences. By providing unique features at lowest cost is one if the best strategy that can applied
by any firm. The firms needs to focuses on their quality so that it can gives a competitive
advancement as well as provides higher profitability (Mikhaylova and Mikhaylov,2016).
P5 Importance of NPD application and commercial funnel
NPD is also termed as a driving force as well as very effective to complete organic growth. It
needs to engage within process changing within current goods as well as launching new
products within market.
Long-term Growth- In the present scenarios ,the consumers also have unique demands as well
as preferences within marketplace (Kruger. and Steyn, 2019). Thus firms faces the tough
competition within marketplace through developing new products.
Commercial funnel- It can be also known as sales funnel as it is termed as a purchasing process
where entity leads consumers by buying products. It is also defined as a visual presentation of
the consumer's journey as well as also track the sales process of the consumers.
Importance
Awareness- It will catches the attention of the firm as well as leads to be aware about products
that can be offered by firms.
Decision- Within this costumer is ready to purchase and this time firm should provide best offer
to customers.
P6 innovation case
Here, John goods logistics is making innovation in their services so that they are able to
provide high quality services to customers (Pesole. and Nepelski, 2016). it will enable in
shipping of goods in effective way. Alongside, innovation is develop an App where all trucks,
cars, etc. are integrated together along with data of driver. it will be useful in offering online
services to customers. this will help in contacting to them and delivering services in quick time.
thus, case is as
Executive summary- John goods logistics is logistics company founded by John Good in 1833.
It uses latest shipping technology in their logistics operations.
objective- the objective is to develop a App where all vehicles as well as driver data is stored.
through this app customer will be able to book the services required So, app will provide them
info regarding logistics operations. source of funds- there is required enough funds in order to
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implement the business plan. this will be useful in implementing innovation. thus, the budget
required is as follows :
Resource Price (UK)
Skilled labour workforce 150
Equipment’s 175
App development 200
Advertisement 90
Total 615
P7 Tools to protect and retail knowledge
It is termed as a creation of invention, mid, artistic, literary work. Such as it is vital for the firm
to protect its I.P address so that there were no there entity can copy its products as well as
services. There are several tools that can be used to protect IP and knowledge such as
Patents- It provides right for firms to protect and reserve any invention( Pesole. and Nepelski,
2016). Thus, it is the one that can restrict other entity to sell as well as develop products and
services.
Trade mark- It also prevents design, symbol, services that can be offered through business. By
the use of logo ,tagline and symbol entity can distinguished its products easily.
CONCLUSION
From the above it had been concluded about Innovation is the new ideas to change the
current products such as Building future, Providing tool while Invention majorly focused on
products that are never made before. It also focused on Culture shape innovation helps in
development of innovative ideas to shape innovation. It also focused on vision of organization
also shape innovation this vision consists of values that what organization want to achieve in the
future. Furthermore, it also focused on firm to protect its I.P address Patents and Trade mark.
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REFERENCES
Books and Journals
Donegan, M., 2019. Bridging commercialisation and redevelopment: Jurisdictions and university
policy development. Urban Studies, 56(9), pp.1768-1785.
Hamada, K., 2017. Incentive for innovation and the optimal allocation of patents. Australian
Journal of Management, 42(4), pp.692-707.
Kruger, S. and Steyn, A.A., 2019. Enhancing technology transfer through entrepreneurial
development: practices from innovation spaces. The Journal of Technology Transfer, pp.1-
35.
Mikhaylova, A.A. and Mikhaylov, A.S., 2016. Re-distribution of knowledge for innovation
around Russia. International Journal of Technological Learning, Innovation and
Development, 8(1), pp.37-56.
Pesole, A. and Nepelski, D., 2016. Universities and collaborative innovation in EC-funded
research projects: An analysis based on Innovation Radar data. Joint Research Centre,
science for policy report-EUR, 28355.
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