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
Page 1 of 20

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
Page 2 of 20

Page 3 of 20

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).
Page 4 of 20

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
Page 5 of 20

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.
Page 6 of 20

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.
Page 7 of 20

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
Page 8 of 20

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
Page 9 of 20

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)
Page 10 of 20

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.
Page 11 of 20

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.
Page 12 of 20

LO3: Discuss the process required to commercialise innovation in market
of Crafted
P5. The importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation to employees
In this edge of globalisation, the rapid growth in the emergence of digitalisation is helping the
Global Business Organisation in creating competitive advantage in the targeted market. For
gaining competitive advantage in the market, the organisation need to adopt innovation
strategies, but the requirement of commercialisation for the services and products is also
essential. For attracting more of the number of customers, orientation is necessary for the
corporate world which can be possible by using advanced technology and innovation of the
business process (Hameed et al. 2018). The organisation craft it is a digital marketing agency,
and the use of commercialisation of their Innovation and invented services also help them in
their growth and development process.
By using the commercialisation process in the organisational functions the organisation able
to increase their productivity and profitability. In addition to that, the significant role of
commercialisation process is also applied to the service development of the organisation
crafted (Padilha and Gomes, 2016).
Brand value creation- commercialisation has a huge impact on the production of the brand
value of the organisation. The brand value is related to the services provided by crafted and
also of the organisation itself. However by creating brand value the organisation able to
develop awareness about the brand which is beneficial for targeting the potential customers.
For providing Quality Services and increasing the popularity of the customer the organisation
crafted use the process of commercialisation.
Page 13 of 20

Competitive advantage- the creation of competitive advantage for the organisation is
essential and in this process commercialisation of the product and services is very useful.
However, it can be said that for gaining competitive advantage in the market the organisation
crafted is using the commercial funnel (Novikova, 2015). By using the commercial funnel the
organisation able to commercialise their innovative practices properly. By introducing this
practice the organisation able to enhance the competency in the market as well as for
attracting phone number of customers it is beneficial.
Increasing customer base- by using attractive commercialisation technique and process for
introducing the new product in the market the organisation crafted get the better advantage.
In addition to that, it can be said that the customer orientation is part of the commercialisation
process is also help in retaining a customer base and attract new potential customers from the
market. However, by using this commercialisation process, the organisation crafted able to
develop their customer base (Dodge et al. 2017).
Reduction in the cost- by using or applying the commercialisation in the innovation of the
organisation the cost-effective advantage is being gained by the organisation which is the
reduction of cost for the clients of crafted. This process also helps in enhancing their
productivity and profitability for both Crafted and client organisations.
Better market coverage- for introducing a new product in the market better market coverage
is a significant area which has to take care of the organisation. In addition to that, using
commercialisation in the innovation services for the new product help the organisation to
promote the new product or services the customer (Rousseau and Dutta, 2017).
Efficiency in Operation- technological advancement usage in the commercialisation process
has changed the business functions and also affected the efficiency level in the operations.
However, the organisation crafted are using commercialisation for their innovative services
Page 14 of 20

which help them reducing the work effort as well as the process of automation is increasing
their popularity (Novikova, 2015).
P6. An Innovation Business Case for Crafted, including ways to access funding
The organization,Lay and Wheeler is a wine brand which is working from the United
Kingdom and one of the biggest wine selling brand. However, the organisation is selling wine
for the last 160 years. For the introduction of modern technologies for the promotional and
marketing process, the organisation hire crafted for designing their website for E-Commerce
services. However, it can be said that the contemporary advancement is useful for the
organisation for attracting more number of young generation without giving any further effort
in increasing the customer base (Dodge et al. 2017). However, it can be said that for
development of the organisational commercialisation process of the innovation, Lay and
Wheeler has taken help from the organisation crafted. The developed website crafted help
organization, Lay and wheeler in selling their wine today is targeted market and also help
them in commercialisation towards the wider international market (Manzini and Lazzarotti,
2016).
The organisation has started working with drafted in the year of 2014. After the successful
services provided by the organisation Lay and Wheeler is developing a new project for their
future months. However, the organisation Lay and Wheeler are starting a QB portal for their
customer's convenience in trading wines. In addition to that this portal is going to help this
brand in their marketing divisions (Parraguez. and Maier, 2016). This new venture is going to
help the organisation in starting up their selling and marketing division and also help the
other smaller brands for selling their products at the level of Lay and Wheeler. The process is
going to be user-friendly and even technologically advanced which can easily be used by the
customers and multifaceted utilisation. The primary concern of Lay and Wheeler is to provide
Page 15 of 20

the customer Quality Services. According to the proposed plan, 70% of the total funding for
this operation will be done by le and wheeler, and the other 30% is our responsibility of
crafted.
LO4: Evaluate the range of methods for protecting ideas and understand
their advantages and disadvantages
P7. The different tools that the organization can use to develop retain and protect
knowledge and intellectual property
The use of intellectual property by the organisation crafted is done for retaining and
protecting the knowledge related to the organisation. The organisation is using the different
type of tools or technology for protecting the intellectual property or experience about the
organisation. There is a different management system for protecting the intellectual property
and expertise those are knowledge management department and Intellectual Property
Management department who are associated with preserving the organisational product and
services essentials (Novikova, 2015).
The work pattern of Intellectual Property Management is associated with intellectual property
profile management which is differentiated into three different type of knowledge gathering
related to the commercialisation process and innovation process of the organisation crafted.
However, this process includes recording, reminding and reporting of varying gather
knowledge about the innovation and commercialisation. In this Management system, all data
which are being gathered by researching are being recorded automatically. However, in the
reminding step the system of portfolio management remind the organisation of the data, and
there are various properties (Parraguez. and Maier, 2016). In the final step this process
Page 16 of 20

developer report about the entire process of intellectual property which is processed by the
organisation crafted.
In addition to that, the intellectual property is also associated with different levels. Among
them the external database, internal database and search map are significant and most used.
By using the internal and external database the organisation able to understand all the
requirements related to the organisational product and services in the time of innovation and
finally in the search map they able to understand the market situation for introducing the
commercialisation process. However, it can be said that the organisation crafted you there
intellectual property searching device in the process of innovation and commercialization
(Leitner, 2015).
Like every other organisation, the crafted is also associated with intellectual property life
cycle. According to this life cycle, the different factors related to intellectual property is being
adequately used by the organisation for protecting the ideas of the organisation. This life
cycle includes the intellectual property designing, the intellectual property development
process, the intellectual property analysis and finally the intellectual property protection for
protecting the data. By using this lifecycle process, the organisation crafted successfully
protects their ideas and data related to the intellectual property and knowledge.
Advantages and disadvantages
Using the intellectual property and knowledge system in the organisation have various
advantages. However, there is no legal intervention in using this tools. For that reason, the
organisation can easily change any idea without any problem because it will only relate to the
organisational process. In addition to that, official registration is not essential for this tool
usage, and all the effects are immediate in this process. The most important advantage of this
tool is it helps in protecting the innovation design genuinely. Additionally, a combination of
Page 17 of 20

legal protection and innovation design then also be done which will be helpful for the
organisation in their growth and development process (Crafted.co.uk. 2018).
There are also disadvantages of intellectual property because by using this tool the
organisation can always get appropriate results. In other words, it can be said the success of
using intellectual property is not guaranteed every time of using it. In addition to that only
idea is not going to help the organisation in using intellectual property tool but the usage of
more reinforcement is also essential.
Conclusion
In light of the above study, it can be concluded that the different business process Innovation
and commercialisation is beneficial what the organisational growth and development process.
However, it can be said that the process of innovation changes the corporate product and
services by creating value from the invention, but the commercialisation helps the
organisation in promoting the innovation process and directly affect the profitability of the
organisation. By using the commercialisation process in the organisation the organisation
able to expand their product tour massive number of customers which positively impact the
innovation process and also create the value proposition for the organisation. As the CEO of
crafted, this discussion is going to play a significant role in the performance of the
organisation in both the innovation and commercialisation process.
Page 18 of 20

References
Cano-Kollmann, M., Awate, S., Hannigan, T.J. and Mudambi, R., 2018. Burying the Hatchet
for Catch-Up: Open Innovation among Industry Laggards in the Automotive Industry.
California Management Review, p.0008125617742146.
Crafted.co.uk. (2018). Crafted: Independent Full Service Digital Agency. [online] Available
at: https://www.crafted.co.uk/ [Accessed 20 May 2018].
Dodge, R., Dwyer, J., Witzeman, S., Neylon, S. and Taylor, S., 2017. The Role of Leadership
in Innovation: A quantitative analysis of a large data set examines the relationship between
organizational culture, leadership behaviors, and innovativeness. Research-Technology
Management, 60(3), pp.22-29.
Hameed, T., von Staden, P. and Kwon, K.S., 2018. Sustainable Economic Growth and the
Adaptability of a National System of Innovation: A Socio-Cognitive Explanation for South
Korea’s Mired Technology Transfer and Commercialization Process. Sustainability, 10(5),
pp.1-26.
Leitner, K.H., 2015. Pathways for the co-evolution of new product development and strategy
formation processes: empirical evidence from major Austrian innovations. European Journal
of Innovation Management, 18(2), pp.172-194.
Manzini, R. and Lazzarotti, V., 2016. Intellectual property protection mechanisms in
collaborative new product development. R&D Management, 46(S2), pp.579-595.
Novikova, N.N., 2015. The Russian practice of commercialization of innovation. The
economy in the industry, 3, pp.66-69.
Page 19 of 20

Padilha, C.K. and Gomes, G., 2016. Innovation culture and performance in innovation of
products and processes: a study in companies of textile industry. RAI Revista de
Administração e Inovação, 13(4), pp.285-294.
Parraguez, P. and Maier, A., 2016. Network Insights for Partner Selection in Inter-
organisational New Product Development Projects. In International Design Conference-
Design (pp. 1095-1104).
Rousseau, M.B. and Dutta, D.K., 2017. When enough is enough: Alliance experience and
firm boundaries for technology commercialization. In Academy of Management Proceedings
(Vol. 2017, No. 1, p. 11941). Briarcliff Manor, NY 10510: Academy of Management.
Page 20 of 20