Report on Innovation and Commercialization Strategies for Crafted

This report delves into the innovation and commercialization strategies applicable to Crafted, a digital marketing service provider. It begins by defining innovation, distinguishing it from invention, and emphasizing its importance within the company, exploring how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The report then examines different types of innovation, including the 4Ps of innovation (product, process, position, and paradigm) and the innovation funnel, highlighting how Crafted can develop frugal innovation. Furthermore, it discusses the commercialization process, including the commercial funnel and New Product Development (NPD) process, and presents an innovation business case for Crafted, covering funding options. Finally, the report evaluates methods for protecting ideas and intellectual property, providing tools for knowledge retention. The report aims to provide a comprehensive understanding of innovation and commercialization within the context of Crafted's business operations, and its application for business development.

INNOVATION AND COMMERCIALISATION OF CRAFTED
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Table of Contents
Introduction................................................................................................................................3
LO1: Explain the context for innovation and determine the difference between invention and
innovation...................................................................................................................................4
P1. Innovation and its importance to employees of Crafted and comparison with invention4
P2. Explanation for employees of Crafted how organisational vision, leadership, culture
and teamwork can shape innovation and commercialization.................................................6
LO 2: Explanation about the different types of innovation to employees of Crafted................7
P3. The 4Ps of innovation and the use of the innovation funnel to examine and shape
innovative ideas to employees of Crafted..............................................................................7
P4. Explanation about how Crafted can develop frugal innovation.....................................11
LO3: Discuss the process required to commercialise innovation in market of Crafted...........12
P5. The importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation to employees................................12
P6. An Innovation Business Case for Crafted, including ways to access funding...............14
LO4: Evaluate the range of methods for protecting ideas and understand their advantages and
disadvantages...........................................................................................................................15
P7. The different tools that the organization can use to develop retain and protect
knowledge and intellectual property....................................................................................15
Conclusion................................................................................................................................17
References................................................................................................................................18
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Introduction
The organisations are using innovation process for their new inventions which help the
organisation in creating value for the brand are the individual who is introducing the
innovation and the others pay for the Innovation process. However, the term
commercialisation refers to the service by which new products or services are being
presented by the organisation to their customers for profit. However, it can be said that the
process of lower and commercialisation are related to each other when it comes from an
organisation.
Background of the organization- For this assessment, digital marketing service providing
organisation craft it will be analysed. The organisation is associated with providing services
related to developing software, marketing campaign, designing, website, digital strategy
development for other organisations. The reputable organisation like British Library, East of
England coop, Lay and Wheeler, life fitness and many more at the regular customer are client
of this organisation. In addition to that, the organisation is famous for their innovative and
creative ideas provided by they are a different layer of employees and helping more than 100
different companies all over the world with only a workforce of 55 employees (Crafted.co.uk.
2018).
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LO1: Explain the context for innovation and determine the difference
between invention and innovation
P1. Innovation and its importance to employees of Crafted and comparison with
invention
Innovation basically refers to an introduction of the new goods on your quality of any
particular good, market supply source production method and Organisation in the industry.
Also, it refers to improvement in the existing concept or an idea by using stepwise procedure
for creating commercially viable commodity. innovation can be viewed stereo typically to be
a while house of start-up and small companies because they seem to be quiet dynamic but it
is quite by the as well as a viable aspect within the bigger companies.
Most fulfilling element regarding the innovation is to be capable of actualizing any idea into
the successful concept. It requires understanding the entire concept and process of innovation
clearly and in a comprehensive way. Innovation can be also regarded as the process to
improve product services from their current states. Therefore innovation is wide open for
each and every person in the business. It add value in services and commodities that are
provided by the companies such as crafted and must seek for being innovatives in the
business (Rousseau and Dutta, 2017).
However, the large size organisations are not able to use the method of innovation and
marketing on a large scale because it takes a lot of initiatives and stages for implementing this
innovation. But for the small and medium-sized organisations, the introduction of change in
their services and products are very useful because by introducing Innovation and use the
process of commercialisation for selling the innovation is the reason behind their
development and profitability. In this study, the necessity of innovation and
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commercialisation process for a small and medium-sized business will be analysed and
evaluated.
Importance of the innovation lies in solving problems, adapting into multiple changes,
maximizing over globalisation and overcoming competition. It also includes evolving of
workplace dynamics as well as the change in preferences and tastes of customers. Innovation
is highly significant for the employees because balance between the success of Business and
satisfaction among employees is supposed to stay equivalently in client all the time without
any major fluctuations on any one side. At the time of innovation taking place in the
organisation especially the small business enterprises, it becomes what pain sincere attention
to combination forms of innovation and employees. This is because employees are the core
component in the business and it is significant to have the appropriate idea of innovation and
its meaning towards them. In several cases employees and employers perceived anything
which is related to the business in an entirely different way. With respect to employees and
the improvement innovation in the company can be important in several feels and purposes
such as working technology and equipment, company workspace, work procedures, benefits
of employees and business communication.
For example, if the innovation is brought down with respect to advancement in technology of
the company, Crafted then the employees must be trained and handy with those internet
appliances and equipment. Also, if there is an innovative strategy of working then the
procedures of work shall be properly conveyed and taught to employees so that they can cope
with the innovative change brought about in the company. Therefore the employees can
essentially learn from any innovative move or strategy in the business. Increase in
competitiveness in the market with higher form of efficiency along with low expenditures
and extremely high quality products are an ambiguous.
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There will be more effective and efficient utilisation of resources and the retention of staff
members shall be improved. This is because stuff would be liking to work in challenging and
innovative services which promotes problem solving and team working. Also innovation
brings down productive approaches and frameworks to the business with a greater attraction
of the new customers through improvement of existing and offering new services and
products or even entering into new markets (Novikova, 2015).
P2. Explanation for employees of Crafted how organisational vision, leadership,
culture and teamwork can shape innovation and commercialization
Organisational vision
The vision of the organisation Crafted is to provide his quality of services to the customers
and clients which are unique as well as however the organisation generally uses the elegance
and usefulness of their area of services in all of their products. It can be said that the main job
of their employees is to provide Quality Services which are perfect. However, the employees
of this organisation are associated with understanding the specification of the clients. But the
use of commercialisation process the organisation use digital marketing which is more logical
as well as magical experience for their clients and customers (Leitner, 2015).
Leadership
The organisation crafted is using the leadership which is more advanced and mainly
associated with product development. The main focus of the administration is to providing
their clients experience of future. All of their organisational goals is related to providing the
client's services which are beneficial for the present and future as well. The leadership of this
organisation is referred to better performance by their Innovation and commercialisation
process. The administration is infecting the organisational objectives for better performance
in the market.
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Culture
Cooperation organisation culture places clearly the role in the innovation effectiveness.
Importance of the organisational encouragement as well as working group and their support
extremely differ by the organisational factors. Support of working group being important all
over the departments and the organisational promise has a lesser effect as compared to the
challenging work out the organisational encouragements. This particular information is used
by the managers for driving more productive innovation with respect to cultural and
particular characteristics of the organisation. Culture of the organisation has a broad effect on
innovation as depending on the organisational culture the innovative styles and methods can
be applied in the organisation. It is also found that the culture of innovation has a broader
influence over processes then over products and their full size of an organisation may not
influence performance in the process and product innovation (Parraguez. and Maier, 2016).
Teamwork
In order to process the innovation that is brought down within the company crafted,
employees must be active and participate in each and every activity regarding the innovative
area. Team leaders must be concerned with the team work that they provide for applying the
innovation and therefore they must work upon their whole team in order to motivate and
influence them. With an effective teamwork the entire innovation Idea would be achieving
success and can render profits for the organisation.
LO 2: Explanation about the different types of innovation to employees of
Crafted
P3. The 4Ps of innovation and the use of the innovation funnel to examine and
shape innovative ideas to employees of Crafted
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The 4ps of innovation
The innovation mix is essential for any organisation because this 4ps model help the
organisation in improving their processes as well as the measurement can be done easily by
using it. The four different elements of this process are the paradigm, product, position and
process.
Paradigm
In this element, the organisation is going to develop the Framework about what is their plan
for the innovation. In this process, the organisation generally improve dear processors, and
positive changes are being included in the business model for gaining profit (Novikova,
2015).
Product
The innovation process is generally introduced by the organisation for introducing new
product or services. This product and services need to be more advanced than the previous
products, and incremental changes should be its significant area.
Process
In this element of the innovation process mainly the changes due to innovation are being
offered by the organisation to their clients and customers (Parraguez. and Maier, 2016).
However, this process also associated with different steps of hiring people, supplying the
products and services, providing training to the workforce for increasing the profit.
Position
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This type is associated with the position of the product or services which is innovated. This
position refers to the innovation change and its image and specification in the market which
is essential for the implementation of this radical change.
Innovation funnel
The innovation funnel refers to the different steps which are associated with the process of
innovation. According to the need of the market, the total innovation process is being
developed by the organisation with the concern of economic condition. This is mainly
referred to a refinery system for the innovation process (Parraguez. and Maier, 2016).
The steps of innovation funnel are:
In the initial state, the extensive amount of the funnel is pointed out by the organisation. In
this step the organisation associated with gathering knowledge all information about the
difference as well as new possibilities and ideas for their organisational services (Novikova,
2015). In addition to that, the other kind of information is also gathered in this step related to
the competitors, partners as well as market research.
Figure 1: Innovation funnel
(Source: Cano-Kollmann et al. 2018)
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In the next step, the narrowing segment of the funnel is being identified where the
organisation is associated with matching the organisational objectives and innovative ideas
with each other. However, in this step, the organisation also measure the risk and returns
from the innovation process by testing the whole innovative idea within the customers.
In the final step, the innovation funnel refers to the narrow segment where the innovation is
successfully delivered by the organisation to their customers, and the innovative idea is
related to the organisational objective and provides a positive result for their future
development process (Crafted.co.uk. 2018)
Shaping innovative ideas
In this above discussion, both da innovation funnel and innovation model of 4ps is properly
described, and the organisation crafted is successfully using these models in their
organisational functions. However by using the 4ps innovation model in the initial days the
organisation able to develop their popularity in the market of the digital marketing
organisation. However, it has been seen that the use of 4ps model is very helpful for the
organisation in creating the position in the market (Cano-Kollmann et al. 2018).
Due to the changes in the market and the customers need this small business organisation
crafted has adopted the innovation funnel technique for their innovative ideas. However, it
can be said that by using the innovation funnel the organisation also focused on their market
research in the first step of innovation funnel which helps them in understanding their
competition (Parraguez. and Maier, 2016). In understanding the competition the organization
is able to develop a better innovative idea which helps them in creating uniqueness in the
digital marketing industry. In the second step, the organisation additionally find out the risk
and returns from the innovative idea which is nearly absent in the 4ps innovation process.
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Finally, it can be said that using this process the organisation able to create a better brand
image and profitability for the organization (Cano-Kollmann et al. 2018).
P4. Explanation about how Crafted can develop frugal innovation
For deducting the complexity of the innovation process and also for reducing the cost of the
services the frugal innovation is being developed. However, in the frugal innovation process
only the necessary features are being kept by the organisation by removing the unnecessary
features. In addition to that this process also helps the innovation process hassle-free as well
as more effective than the other innovation process (Padilha and Gomes, 2016). This process
also help the organisation in changing the outlook of the organisation as well as the profit
margins are more attractive because of this innovation process. This is also known as low
cost innovation therefore this process is popular.
The organisation crafted can also use the frugal innovation for their organisation or services
and products. However by using this process they can easily reduce different features of their
services and make it more user friendly for their customers and clients. Because of the low
cost strategy of this innovation process it is also beneficial for the organisation which directly
in cricket in the customer base and its population. In addition to that the cheaper cost of the
products and services attract more number of clients and reduction of complexity increases
the popularity of these services (Hameed et al. 2018).
For the future plan, the organisation Crafted is going to implement the frugal innovation
process in their services which will help them in attracting their customers. In addition to that
the CEO of the organisation is going to develop a 12 month plan for effective frugal
innovation as part of the services of the organisation Crafted.
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