Innovation and Commercialization: Business Development Strategies

This report provides a comprehensive analysis of innovation and commercialization, emphasizing their importance in organizational growth. It differentiates between invention and innovation, highlighting the role of organizational vision, leadership, culture, and teamwork in shaping innovation. The report examines various sources of innovation and strategies for fostering an innovative environment. It delves into the 4Ps of innovation (Product, Process, Paradigm, Position) and the innovation funnel, applying these concepts to Mr. Green’s healthy drinks business. The discussion extends to frugal innovation, the commercial funnel, and new product development (NPD) processes, culminating in an innovation business case for Mr. Green, including funding strategies and effectiveness measurement. Finally, the report evaluates tools for protecting intellectual property and addresses challenges in developing successful innovations. Desklib offers additional resources, including past papers and solved assignments, to aid students in understanding these concepts.

Innovation and Commercialization
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Contents
Introduction......................................................................................................................................4
LO1 Explain the context for innovation and determine the difference between invention and
innovation........................................................................................................................................5
P1 Explain innovation and determine its importance to organisations in comparison with the
invention..........................................................................................................................................5
P2 Explain how organisational vision, leadership, culture, and teamwork can shape innovation
and commercialization.....................................................................................................................7
M1: Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation............................................................................................9
LO2 Explain the different types of innovation..............................................................................11
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas...................................................................................................................11
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context....................................................................................................................14
M2 Analyse and apply the innovation funnel in organisational context of Mr Green’s healthy
drinks.............................................................................................................................................15
M3 Evaluate the role of frugal innovation in the organisational context of Mr. Green’s healthy
drinks.............................................................................................................................................17
D1: Critically analyse how innovation is developed, embedded and measured in an
organisational context of Mr. Green’s healthy drinks...................................................................18
LO3 Discuss the process required to commercialize innovation...................................................19
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P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialization of innovation..........................................19
P6 Build an innovation business case for an organisation, including ways to access funding......20
M4 Build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve........................21
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and
disadvantages.................................................................................................................................22
P7 Evaluate the different tools that Mr Green can use to develop, retain and protect knowledge
and intellectual property................................................................................................................22
M5 Present supported evidence-based evaluation of these different tools in the context of the
wider business environment..........................................................................................................23
D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgments on how organisations can overcome challenges to develop
successful innovations...................................................................................................................24
Conclusion.....................................................................................................................................25
References......................................................................................................................................26
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Introduction
Innovation and commercialization are considered as a process in which ideas are carried out and
to carry out the products to the market area. This report will help in understanding the
importance of the innovation and its definition as well the comparison among invention. This
will also help in understanding the leadership, vision, teamwork, as well as the culture of the
organisation which can basically shape the commercialization and innovation. The reader will
also help in understanding about the 4P’s which is involved in the process of innovation as well
as the use of the innovation funnel so that the innovation ideas can shape. This report will also
assist in understanding the development process which is involved in the frugal innovation.
There are different sort of essentialness which is basically involved in the business as to access
the way to funding. This will help in understanding the innovation as well as commercialization
which is essential for the company to carry out its activities in an appropriate manner.
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LO1 Explain the context for innovation and determine the difference between invention
and innovation.
P1 Explain innovation and determine its importance to organisations in comparison with
the invention.
Innovation
Innovation comes up with the creative idea generation. Innovation is considered as a process
which the knowledge is translated into economic growth as well social wellbeing. The process is
considered as an idea which is used for generating value to the organisation. This will help the
company to remove the ineffective as well as outdated products or services of the company.
Difference between innovation and invention
Innovation Invention
The innovation mainly indicates execution of
the ideas which is implemented for the product.
This is considered as an idea for creating of
products as well as the process which is never
being created by anyone.
It adds some value to the product which
already exists with the company.
In this new product is being created
It implements the ideas which are new
practically.
It includes the original idea and the things are
carried out theoretically (Datta, et. al., 2015).
It is considered as a set which includes the
technical, marketing as well as strategic skills.
It needs scientific skills
For example, innovation of LED TV, tablet, For example, The invention did like
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etc. electricity, the telephone, etc. these are an
invention which is being done by people.
The importance of innovation is:
 The innovation helps the juice company to attain competitive advantages.
 Innovation is also important to meet the set standards or objectives of the company.
 It can assist the company to attract a number of customers.
 This will be important for Mr. Green to carry out the organisations work in a proper and effective
way.
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P2 Explain how organisational vision, leadership, culture, and teamwork can shape
innovation and commercialization.
It is considered that innovation, as well as commercialization, are an essential aspect of the
company, it can be carried out with the help of structure, vision, culture, leadership style. As
considered in the case study of Mr. Green the owner of a healthy drink, the company was going
well but it needs to carry out some innovation in the company so that it can carry out its activities
in a proper manner. So for this, the company has to consider its vision, leadership, culture as well
as teamwork so that the company can get success.
Source: (By author)
Leadership- This is known as an ability which individuals have to assist others to do the things
which the individual do not want to perform in a way so that the individual itself take interest in
the activity. This aspect is known as an important one which has to be taken in care by the
company so that it can take the company to success (Hausman and Johnston, 2014). The style of
leadership which is used by the company is like, democratic, Lassez fair and autocratic, etc. so
with the help of which the employees can get motivated and work well and do innovations. It is
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Vision
Leadership
Culture

also considered that leadership can contribute to shaping up of the innovation as well as
commercialize in the company.
Organisational Culture- The culture of the organisation mainly assists in knowing about the
way through which the organisation takes out all of the operations as well as functions at the
market area. It is considered that there is various sorts of culture in all the orgnisation such as
task and role culture, people culture, power culture all these are used by the organisation
according to the nature of the organisation. It also assists the company to have proper
development. For shaping up of the innovation as well as commercialization the culture help the
company to achieve it efficiently. The activities which are carried to fulfill the needs as well as
wants of the customers and to sustain in the market area for a long period of time is composed of
the work culture.
Vision: It is considered as a statement which can help Mr. Green to show as well as a guide
about the company that, where it is now and where it should reach (Hausman and Johnston,
2014). It is seen that the vision is to help the employees as well as the management of the
company by providing a path so that it can assist them to attain the set standard of the company.
It also provides motivation to the individual working in the company so that employees
performance could be boosted properly. By understanding the vision Mr. Green can do
innovation in the products and services which they are already providing to employees.
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M1: Analyse different sources of innovation, and how organisations can foster and develop
an environment and culture of innovation.
Innovation is considered as a technique which could be used by Mr. Green at any period of time
so that it can grow or develop as to compete in the competitive market area. There are different
sources with the help of which Mr. Green can plan to carry out innovative product or services
such as:
Source: (By author)
Unstable economic condition- The Company carries out the plan of innovation in the functions
as well as operations because of the instability in the economic condition of the nation and of the
company too. It is important for Mr. Green to innovate things in the company so that it can help
in reducing the economic crises of both the company and nation as well.
Increased competition in market area- The organisation also carry out the innovation process
in the company as to do innovation in the products as well as services so that it can sustain in the
competitive market area as competition get increased in the market. It is considered that number
of companies enter the market which mainly creates a huge threat to the company so the
innovation and commercialization are necessary (Hemmelskamp, et. al., 2013).
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Incre as ed
comp et itioninm ark etarea
Insta bleecon om iccond itio n
Cost ofprod uct ion
Mar ketstruc tur e

Cost of production- As the cost of the production get an increase in the company so to manage
or reduce the cost of production the company carries out the innovation process. This helps in
reducing the cost of the production by reducing the wastage cost which is unnecessary.
Market structure- It is considered that the company like Mr. Green has to cope up with the
structure as well as the situation of the market as to sustain in the market area.
It is analysed that Mr. Green should create such environment so that the individuals can give
their ideas and view; this would foster the environment of the innovation (Hemmelskamp, et. al.,
2013). It is seen that the company should involve the employees in various sort of activities as
well as in the decision making process.
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LO2 Explain the different types of innovation.
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas.
Source: (By author)
Product- It is considered that the innovation which is being carried out with the product is
identified as the easiest way of doing innovation. The company mainly focuses on it to develop
the product as well implement some of the changes in the existing products. According to the
case of Mr. Green, it is being analysed that it can introduce a new range of juice in the market
area so that company can face the competitive market and can improve the economy.
Process- It is considered that in the process form of the innovation, there are different sort of
steps that are involved as well as required as to deliver all the products as well as services of the
company in an effective manner. In this, the change is mainly seen as a way through which the
company carries out the business or in the manner through which the company carries out its
activities.
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Product
Process
Paradigm
Position

Paradigm- In this innovation, the changes are considered in the model through which the
organisation carries out its activities or operations (Kilelu, et. al., 2014). This innovation is
mainly applied to the responsibility, leadership, and local ownership, etc.
Position- In this innovation, the changes are being carried out in the relation with the process or
the specific position which the company has. All the changes are considered in the structure of
the products which is being carried out by the company.
There are various major elements which are involved in the innovation funnel that are:
Source: (By author)
Opportunity assessment- Organisation (Mr. Green ) can be able to understand about the
opportunities with the help of market information as well as data, so that company gets the way
through which it can meet the opportunities.
Idea- After analysing the opportunities of the market area, the ideas are generated for products
which the company is going to innovate according to the needs of the market.
Concept framing- The ideas which are created by the company is afterward framed in such a
manner so that plan can be implemented as well executed (Kuratko and Hoskinson, 2016).
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Opportunity assessment
Idea
Concept framing
Benchmarking
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