Innovation and Commercialization: Factors and Strategies Report

This report delves into the critical aspects of innovation and commercialization, providing a comprehensive overview of their significance in today's business landscape. The introduction highlights the increasing market competition and the role of innovation in enhancing product efficiency and customer satisfaction. The report covers key topics such as the difference between innovation and invention, exploring various sources of innovation, and emphasizing the influence of organizational vision, leadership, culture, and teamwork. It explains the 4Ps of innovation (product, process, paradigm, and position) and introduces frugal innovation. Furthermore, the report discusses the commercial funnel, new product development processes, and the development of an innovation business case. It also explores tools for developing, retaining, and protecting knowledge and intellectual property. The report uses BigBelly as a case study to illustrate key innovation concepts and strategies. Overall, it provides valuable insights into the techniques and methods to make businesses commercially driven and achieve market success.

INNOVATION AND
COMMERCIALIZATION

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Innovation vs Invention..........................................................................................................1
Different sources of innovation...................................................................................................4
P2 Organizational vision, leadership, culture and teamwork can shape innovation....................4
LO 2.................................................................................................................................................5
P3 Explain the 4P's of innovation................................................................................................5
P4 Frugal innovation....................................................................................................................7
LO 3.................................................................................................................................................8
P5 Commercial funnel and application of new product development.........................................8
P6 Innovation business case.........................................................................................................9
LO 4...............................................................................................................................................11
P7 Tools that organization can use to develop, retain and protect knowledge and intellectual
property......................................................................................................................................11
CONCLUSION..............................................................................................................................11

INTRODUCTION
The market is increasing rapidly due to globalization and which helps tom increase the
efficiency of business and make them more potential in market to grow. With the increase in
demand there is a rise of high competitors in the market which is impacting the operations and
profit margins. To overlay this impact many business adopt innovation to improve their
efficiency of their products. Innovation is the process of upgrading the products and services
according to the specific needs and wants of customers to increase their satisfaction level and
also increase probability in market. This also helps businesses to achieve competitive advantage
and maintain high customer base effectively. Commercialization is the process to attain
proficiency in business activities to attract more customer and increase their efficiency to sales in
market.
This report has a detailed information about different factors and model of innovation and
commercialization to increase the market share of businesses. The main maim of their report to
increase the knowledge of innovation by understanding the techniques and methods to make
business commercially driven. Report discusses importance of innovation and innovation funnel
to share effective ideas. 4P's of innovation is explained in reference to innovative ideas of
BigBelly organization. In addition, report highlight New product development process of
innovation and identifies factors to establish intellectual properties of business.
LO 1
P1 Innovation vs Invention
Invention and Innovation are two critical key aspects that can effect an organization’s working:
Definition:
Invention can be defined as the occurrence of a new idea for service or product which has
never been presented before. In other word, entering of new service, product line or device which
is totally based on study and practical. It requires creative mind and experiment, so it is not
complex process.
While innovation is the process of execution idea for service or product for first time
(Zihare and et.al., 2018). In simple word, value addition to a service or product line, device and
introduces in innovative market. It requires extensive study and research, so it is complicated
process.
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Concept: Invention generates original idea and it works on theory while Innovation implements
new idea through experiment.
Skills required: Invention requires scientific skills for generating new idea or device. On the
other hand, innovation is overall set of marketing, technical and strategic skills (Laužikas and
et.al., 2016).
Activities: Invention is limited depend on R&D department. While innovation is highly
dependent on R&D department because it spreads widely across the company.
Significance: Invention gives theme to science and existing theories. It helps company to
introduce different idea which can grow company in high level. Additionally, it creates platform
for innovation, so it also known as building block for innovation. Invention concerns with
individual product or procedure. It is highly requires for stimulated business which always
looking for creativity. It requires more talented person who has creative mind. For example when
a person has creative mined then enable to create invention (Lindström and Silver, 2017). It
gives unexpected result which can favourable or unfavourable.
Innovation plays significant role in organization growth because it supports company to
improve existing product or services according to customer requirements. It helps company to
offers equal opportunity to talent who can lead innovation at workplace. While innovation
concerns with combination of wide variety products or procedures. So, it requires in high level
within company. It requires wide variety of talent. For example when organization wants to
change in existing product, in that situation before taking further step for innovation.
Organization analyse its growth and profitability that requires high level skills which includes
marketing, planning etc. Innovation helps to develop technology that can support company to
offer standard level services to customers. Thus, innovation gives technical advantage to
company. It is very important for BigBelly to innovate their products so that there are better use
of bins and the organization can achieve their objectives which so to make the world a cleaner
place to stay in.
Different sources of innovation
Big-belly is an innovative system which is introduces by New York city. The main goal
of this innovation to handle tuns of rubbish which can't dump out in rubbish ground. It is
recyclable machine which recycle waste product into reusable products. There are various
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sources of innovation which company emerge to develop innovation culture and environment
such as:
Unexpected occurrence: Organization allows their employee to create creativity at
workplace to keep hope will get good outcomes. As result organization gets positive outcomes
such as get theme to reuse rubbish into reusable product (Jafarizadeh-Malmiri and et.al., 2019).
New knowledge: It is another source of innovation which is totally based on
technological revolution. Organization promotes their employee to show their talent by
implementing inventive idea and use extensive knowledge in technology. It creates innovative
culture within company. Additionally, organization enables to emerge invention into innovation
through introducing big-belly machine. Thus, organization foster innovation culture within
workplace.
P2 Organizational vision, leadership, culture and teamwork can shape innovation
Commercialisation is getting new products and services into the market so that the
company can have a better market place for themselves in market and get a competitive
advantage. Vision can help in innovation which is taking place in organization because there are
objectives which are set by organization so that there is a better functioning for them. Customers
needs and demands keep changing with time and it is very important for the organization to
match up to those changes if the organization wants to get a competitive advantage in market.
Having a vision of BigBelly is to create a new and healthy environment for the people to live in
therefore the company is getting innovation which would help BigBelly to have a better future in
the market and having a strong customer base for themselves. The obstacles in the organization
will be removed and the organization will be having a stable stand for themselves in market
which is going to be very helpful for BigBelly.
Leadership
Leadership is very helpful in organization to make the changes so that they can have a
better functioning in company (Stenard, Thursby and Fuller, 2016). Leaders help the
organization to get the changes or innovations in the company and motivate the employees so
that the changes can be accepted. Leaders make sure that the changes which are coming in would
be helpful for the organization and the changes would be accepted by the employees of the
company. There are a lot of employees who will have conflicts because they will not accept the
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changes which are coming in the company which is a very important factor. Leaders have to
make sure that they are giving their best to make the innovation come in the organization
smoothly and that will make the organization functioning for the betterment.
Culture
Culture in organization do not really allow changes but since this is a modern company
therefore the culture of BigBelly is very supportive to he changes which are coming in the
company. Culture of an organization must be positive so that the organization can have a better
functioning for themselves. If the culture is not positive then the organization will not be able to
have a good result for themselves even if the idea is good. Communication in BigBelly is strong
which is going to make the organization have a better functioning for themselves.
Teamwork
Teamwork can make BigBelly have a stable stand for themselves in the organization and
that is going to be very helpful (Onken and et.al., 2019). Teamwork can make the innovation
come in the market very quickly and will be able to maintain the quality and standards of the
company. Talented and experienced employees must be given the tasks to make the innovation
come into practicality so that the organization can maintain their motivation. Employees of the
organization are not going to accept the changes which are taking place but BigBelly is not
having to face that trouble because that will make organization have a better functioning for
themselves. Team work is very essential in organization only then the company will be bale to
have a better functioning and place for themselves in market.
Innovation is developed, embedded and measured in an organization
 Benchmarking
There are objectives which are set in organizations which can be measured which
BigBelly will take so that there is a better functioning of the organization. Targets must be
completed in the organization from time to time so that there is a better functioning of the
organization (Dutta and Folta, 2016).
 Key performance indicator
There will be an impact on the performance level of the employees when there are
changes which are coming in the company therefore it is very important to have a check on that
aspect in BigBelly.
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LO 2
P3 Explain the 4P's of innovation
Joe Tidd and John Bessant have given the 4P's of Market mix model so that the
organization can plan their innovations accordingly. This model will help in improvement of the
process of innovation which is going to take place in companies for the betterment in market
(Maine and Seegopaul, 2016). The four P's in this model are paradigm, position, process,
product. This will help organizations to have a better functioning for themselves so that they can
get a competitive advantage and be able to make decisions accordingly. There is a clarity in
functioning and a sense of direction in BigBelly when it comes to maintaining the standards of
the organization.
Product
There are a lot of products which are being produced by BigBelly so that they can capture
the attention of customers. There are products like CLEAN and etc which are being invented by
BigBelly so that they can make the environment people live in better. The aim of the
organization is to get the harm of environment low and manage the waste which is being
produced by the people (Link and Morrison, 2019). The product has to be attractive so that they
can have a better functioning for themselves and they have to make sure that they are doing that
to the products.
Process
There are a lot of services and products which re being given by the company for the
better lifestyle of the people but there has to be a preparation process which needs to be
followed. There have to be right candidates which have to be found by the organization so that
the changes in the organization can come and the organization will be able to have a better
functioning in market. Training has to be given to candidates so that they can have a better
functioning for themselves (Link and Morrison, 2019). There is a change in trend which has to
be managed by the organization so that they can have a better functioning and capture the market
easily.
Paradigm
There have to be improvements which has to be made so that they can find out how the
working is going in the organization. Though it is very difficult for the organizations to get in
changes in organization but it is very important for them to do so because they need to make the
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customers see that they are putting in their personal best to make the organization have the best
portfolio (Audretsch and Link, 2018). The needs and demands of the customers is that they have
a good lifestyle and a healthy environment to live in so that there is a better functioning of the
organization. Portfolio has to keep getting updated and the customers have to be aware of the
updates so that there is better stable market for BigBelly.
Position
There has to be a communication between the customers and company employees so that
they can there are more ideas which can be taken out of that factor. Customers must get the best
products which has to be made sure by BigBelly company and they are technological friendly as
well. There are a lot of areas where this factor is being used so that the environment can remain
clean and the organization can have a better functioning and the daily life standards are high.
Improvement is done in the products of BigBelly so that there is a better functioning of the
organization and that will make the company be able to expand in other countries and improve
the environment of the entire world.
Innovation Funnel
Innovation funnel is used to enable streams of ideas which can float in the organization
so that there is a better functioning of the organization and there is a uniqueness which can be
used. There are four stages in this funnel which are environment. Concept investigation are the
ideas which come in the organization which are many when come in BigBelly which is a very
good factor and advantage for the organization. In the feasibility stage the ideas which are very
vague can be removed so that it can help in decision making of the organization and then comes
the finetuning in the organization which helps the organization to come up with the best idea
which is in front of them so that the decision can be made. Development is when the idea can be
launched by the company for the benefit of all the people (Walsh, Lee and Nagaoka, 2016). It is
very important for BigBelly to use this method so that the organization can come up with the
best decision and make more creative ideas come into the practical world. The last stage is the
post release when the organization rethinks and understands the market better so that if there are
any changes which are supposed to be made in the product can be done which is going to make
the product reach the customers faster. It is very important to have teamwork in organization so
that there is better functioning and the organization can have a better market for themselves. This
is going to be very helpful in the organization because there are a lot of changes which BigBelly
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is getting and using this model is going to make the risk factor of the company reduce. This is
very important in BigBelly because they can not take risks and ave to have a good impact on the
portfolio they have for themselves in market. Innovation funnel is important because this can
make the decision making in the organization simple which is going to be very beneficial and
product can be moulded accordingly.
P4 Frugal innovation
Frugal innovation is a process which reduces the complexity and cost while production.
Frugal innovation is used in organizations so that there is a reduction of cost for manufacturing
products and also manages the complexity of nature while the product is being produced. Frugal
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will help the organization to have a better method for producing the making this factor come into
more beneficial technique for the organization. There will be remove of unnecessary parts which
are being used for the processing of the products while manufacturing the products of BigBelly.
The new technological change which BigBelly is coming up with is CLEAN which is technology
friendly so that the bins can be cleaned from time to time. This is a very nice idea because there
is no bin which is being provided with this facility till the bin is not over flowing with rubbish.
This is a great idea which the organization has come up with so that they can have a better
functioning for themselves.
The rats and litter on the roads has reduced because of this device but before it was
launched the product was tested so that the organization could find out if they will be able to
make this be applicable in the real world (NARIMANI and VAEZI, 2017). It is very important
for the organization to have a practical product in market so that they can have a better
functioning for themselves. Whenever the bin is full then the notification will be sent to the
company as a reminder so that they can empty the bin. There is 9,510,090 gallon capacity in the
bin so that the customers can get the most from it and changing so frequently is not required of
the bin bag. CLEAN is a very good example for showing a frugal innovation because this is
making the organization have a very good source for themselves to function in and this will
make the organization have a competitive advantage. It is very important to have discussion in
organization before coming to any conclusion which is what is done by BigBelly so that there is
a better functioning for themselves. All kind of rubbish can be thrown in bin but there has to be a
division in that as well so that there is a better functioning for themselves.
LO 3
P5 Commercial funnel and application of new product development
Commercial funnel is the process which is buying process in which the company leads
the customers through the purchasing products. The process of qualifies, finds and sells to the
buyers by the company is known as commercial funnel so that there is a better functioning and
the company will be able to make a lot of profit. Commercial funnel will predict the sales
volume in the organization so that there is an equal functioning in the organization so that the
organization can have a better market for themselves. There will be a help in identifying the
problem areas in the organization if this funnel is used so that organization does not have to face
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problem in the future and resolve them on time (Shakeel, Takala and Zhu, 2017). Action section
can be decided on the base of the customers which will make the organization have a direction to
function in so that the organization can make the maximum profit in market.
New Product Development
New product development is a new product which is being launched by the organization
so that there is a competitive advantage which the organization can have. There are eight stages
in this process which are new product strategy, idea generation, screening, concept testing,
business analysis, product development, market testing and commercialization.
In the first stage the innovators put forward their goals and objectives for the new product
which is coming in the market so that there is a better understanding and a clarity in
organization. Second comes the idea generation is when there is brainstorming which is involved
in the organization so that more ideas and creativity can come which will make the organization
to chose a unique idea for themselves. Screening is when the realistic ideas are considered and
all the useless ideas can be removed before making decisions. Concept testing is when there is
detailing of the idea and the methods and techniques used for the idea to come into reality. In
business analysis the profit is considered which the product can get for the organization and if
the product will be meeting the objectives of the company. Product development is when the
product is being developed in the organization, that product which was discussed in the
organization which will be meeting the objectives of the organization. Market testing is when the
product is being tested in the market before it is actually launched so that the improvements if
required can be done for the best product to reach the customers. And finally comes the
commercialization in which the product is launched in market for the customers to consume
them (ZAHEDI, MIRGHAFOORI and MARVOTI, 2018). BigBelly made this CLEAN
technological bin in market so that the customers can get innovative idea of disposal of bins and
there can be better managed bins for the future use. Before launching the CLEAN BigBelly used
this method to come to innovate this idea they had for the future of the customer and
environment of the world to be controlled.
P6 Innovation business case
Introduction
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BigBelly is an organization which wants to make the world have a healthy environment
to live in so that there is a better functioning for the organization. There are a lot of innovative
ideas take place in this organization so that the recycling solutions for public places. The
organization wants to use all the renewable resources so that there is a limitation on the non
renewable resources.
Innovation Opportunity
The company has come up with CLEAN so that there is a better functioning of the
company which is going to be very helpful for the organization. There is a lot of litter on the road
which the company is trying to control so that there is a better functioning of the organization
and that will be very helpful (Distanont, Sooksmarn and Khongmalai, 2019). This is done after a
lot of ideas coming together to make this product so that there is a better functioning of the
organization. This is going to be very beneficial for BigBelly which is going to be very good
because the organization can achieve their goals and objectives.
Target
Those areas will be targetted which are making the environment polluted the most
because it is very important for the company to achieve their objectives and goals as fast as
possible. There is no age limit for this product but all the customers will have to understand the
importance of this new product which the organization is coming up with so that there is a good
benefit of the product and the environment.
Analysis
This new product is going to be very good for the environment and that organization will
be able to have a better functioning for themselves. There is a lot of capacity of the bin and the
cleanness on the road can be maintained which is going to be very beneficial for the organization
to function in.
Cost
This method will take more than $100,000 to develop this new product so that they can
have a better functioning for themselves.
Bases Cost
Technological
resources
$55,000
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