Business Report: Innovation and Commercialization at Hakim Company

This report provides a detailed analysis of innovation and commercialization strategies within the Hakim organization. It begins by defining innovation and its importance in comparison to invention, emphasizing competitive advantages and stakeholder involvement. The report then explores various ...Read More

INNOVATION AND COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P 1- Innovation and importance in the organizations in comparison with invention.............1
M1. Various sources of innovation and how an organisation can foster and develop an
environment and culture of innovation...................................................................................3
P2 Significance of Hakim vision, leadership, culture and teamwork in shaping
commercialization and Innovation.........................................................................................3
LO2..................................................................................................................................................4
P3: The 4 P's of Innovation that useful for Innovation process examining and shaping the
innovative ideas of the employees of the Hakim....................................................................4
P 4: Developing Frugal Innovation with suitable examples.................................................6
LO3..................................................................................................................................................7
P5 Significance of Commercial funnel and Utilization of the New Product Development
process for the Innovation and Commercialisation................................................................7
P6 Building an innovation case for Hakim ............................................................................8
LO4 .................................................................................................................................................9
P7: Various tools uses Hakim to develop, protect and retain knowledge as well as intellectual
property with suitable examples.............................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Commercialization and Innovation is a process to launch new product in marketplace.
These are the important elements that are beneficial for the business activities. This is the best
technique to identify requirements of customers and then plan new business strategies for
growth and development. The innovation and ideas create efficient quality of products launched
in marketplace. Hakim is a small organization in UK. This organization is using innovative idea
for increasing the growth and development,.
This is the best way to achieve their goals and targets effectively and efficiently. The
innovative ideas are helpful for increasing the cost of economy and satisfaction of customer
what they want. This report will determine innovative ideas that are involved and delivered
efficient information towards clients. The useful resources are applicable to generate goods and
services in market.
This report will determine the actual needs of innovation and commercialization in
business process that creates effective strategy to help the company to launch a new product in
market.
LO1
P 1- Innovation and importance in the organizations in comparison with invention
Innovation is a method to generate a new plan regarding business and their operations.
It is basically used for increasing the business operations in all around the world. This method
is applicable for competition level because it will increase their market value and shares.
Innovation is a process to create new ideas and develop thinking in different ways so that
customers are attracted towards new products (Dincer, 2017). With the help of innovation, it
increases quality of products and services in markplace. This process will enhance the quality
and efficiency of products Hakim and Virgin. Invention is developing a new product and
launch in market.
There are some significance of innovation in organization given below:
 Competitive advantages- Innovation is important process of hakim to gain profitability
and productivity in marketplace. Hakim is a fast growing company all around the world
(Johan nessen, 2017). They always launch a new product in market for growth and
development. This will help to increase their profitability and enhance the services in
market in which they provide effective product by Hakim . The competition level is
1

very high in global market so that it is necessary to grow and develop in market.
Competitive advantage is necessary part of company to manage their business
operations and function in proper manner.
 Involution of stakeholders- Innovation is the best process for hakin to involve with the
stakeholders in business activities. Stakeholder is a necessary part of company to
implement innovation in the product development. Stakeholder plays important role for
identifying the need and requirement if business. (Adelowo and Olaopa, 2017).
Stakeholder collaborate with the company to increase their productivity. Innovation
would provide resistance in stakeholders because they giving security. Innovative idea
helpful for firm to increase their brand image and popularity in marketplace.
 Customer satisfaction- Customer satisfaction is necessary part of organization to
provide the best quality of services to their customers. This is an essential component
for managing the business activities in proper manner. Hakim is a leading company to
provide an efficient product so that lots of customers are attracted towards. In this way,
it will generate high revenue. (Davis and Saltzman, 2018). Hakim will provide goods
and services and satisfy all their customers by innovation. On the other hand, invention
is the best part to business a new product in marketplace.
 Increasing productivity- Innovation and commercialization are two component which
help for performing different task. Hakim always uses a new technology to increasing
their productivity. it is very helpful for company to change their working style. This is
very essential part of firm to change their products from time to time because the trend
has change. Hakim organization mainly focus on their quality of service and product
which is required for managing the business activities.
The importance of innovation is to determine the need of business that it is very essential for
enterprise Process to creating a new product and makes some changes in existing product that
already available in marketplace. Innovation can be change the whole market process and it
involves minimum risk in the implementation. Innovation provides quick outcomes but the
invention takes so much time to generated outcomes.
2

M1. Various sources of innovation and how an organisation can foster and develop an
environment and culture of innovation
The innovations are a process to creating an effective idea to achieve their goals and
targets effectively and efficiently. There are various type sources available to implement their
new ideas for innovation in the organization.
 Modern Technologies- There are many technologies generated in marketplace because
they are very helpful to solve problems in very efficient way. Most of the organization
used different technology because it is very easy to use and resolve the issues in very
fast way. New technology is use for promoting their new product in marketplace. It is
very helpful for digital marketing to explore their product in marketplace.
 New competitors- the market level has been changing because competition level is very
high. The same products are available on different websites in reasonable rates. In this
way, the customer has many options to buy product in market. They can find the
product and then purchased.
 Choice of customer- the preferences of customer has been changing according to the
requirement because new products are available in market and most of customer are
attracted towards new product. Hakim should understand the requirement of customer
and implemented an innovative idea for business process.
P2 Significance of Hakim vision, leadership, culture and teamwork in shaping
commercialization and Innovation
Vision- the main vision of Hakim group to increase their values in marketplace. The
objective to expand their business all over the world. It also providing the best quality of
product and service to their consumers.
Hakim is leading brand in world because they have some specific goals and objectives to
innovative a new idea to creating a unique product for growth and development. There are
specific importance of leadership, team work and culture as given below: Leadership – the leadership quality is very important for organization to understand the
requirement of business operation in proper manner. The leader is playing important
role in organization because they have capabilities to solve the problem of employee
and customer. They maintain the coordination between employee and management.
3

They have skill to manage the whole operation for innovation. They always put their
own ideas, motivated to their team member etc. Team work- the team work is very important for organization because they have
working together to solve any problem in very efficient manner. It is helpful for
innovation process because they create a strong team who has skill to handle any
situation in smart way. The Hakim creates a strong team and working together to build
an effective product in marketplace.
 Organizational objective- Hakim should have specific goals and objective and they are
set their goals to working in same direction according to the customer requirement.
Hakim has some specific vision to innovate new idea for growth and development. They
always change their working style and launch new feature in market.
These all points are very important for organization to working together and give
perfect shape in commercialization and innovation in Hakim. In this way, it determines the
actual vision of customer and working in right direction to creating an effective product in
marketplace (Amponsah and Adams, 2017). This is main reason for organization to innovate
their new ideas through team member, culture and leaders, business environment. These all are
essential for development in global market. Hakim can be change the feature of exiting
products to increases their probability and productivity in marketplace.
LO2
P3: The 4 P's of Innovation that useful for Innovation process examining and shaping the
innovative ideas of the employees of the Hakim
In Hakim the innovation method is essential key element which are helpful for
increasing their profitability and productivity in market place. The 4P's is the important element
of innovation that would be helpful their functionality and operation of business process
because it can be introducing a new product in market. They will communicate with the people
to know their requirement and then developing a product. Communication is the best medium
to share the information from one department to another (Abdul and Murray, 2017). Hakim
should be focused on their profitability and productivity. It is mainly concern on the customer
satisfaction to provide the best product and services. They give more priority to their regular
customer and it helps to regarding the product information, purchased detail, new features etc.
innovation is effective procedure to cover all areas of firm activities and operations. The 4P's is
4

important factor that directly impact on the innovation process. The Hakim should lunch a new
item such as I-pad, I-phones, Laptops in which provide the best services. There are various type
of 4 P's elements as describe in given below:
 Product Innovation- Each and Every organization has improving the quality of product
in marketplace. The organization has need to be produce an effective product and
services because this is the requirement of client. Innovation is scheme to change the
procedure to achieving a unique product that would be beneficial for organization. They
provide the best product and innovation is take place to giving an effective rival for
international market.
 Process Innovation- The process is key part of organization to developing a unique
product in market. Innovation is producing a unique outcomes in marketplace while it is
very helpful for growth and development. They have change their manufacturing and
production process and it can be thinking in innovative way to produced the best
product in marketplace. This is the second key element of innovation process, they are
taking up the modern logo to selling their product in marketplace. This process is very
important for organization because they directly connected to the business strategy and
plans of enterprise operations. In this way, it is completely determines the whole
structure of business process.
 Position Innovation- this is essential for business process in which they launch a new
product in market to gain the top position in marketplace. Hakim is a organization to
launch new features in existing product that are already exist in marketplace (Webb and
Walsh, 2017). In this way, it increases their selling product and profitability in
marketplace. This organization is uses a new technique that also applied on the existing
product and then re-launching them in market. The innovative product is to achieve
their goals and to succeed client attentions
 Paradigm Innovation- this paradigm is change the perceptions of client regarding their
product. They have Chang their opinion in both external internal ways. This is very
helpful for building a strong relationship with the customer and organization. They
making an effective coordination between peoples. This innovation is helping the
process of business operations effectively and efficiently.
5

Use of innovation funnel
Innovation funnel is useful for describing the step of product and process. This is the
best idea for maintaining their services such as
 budget
staffing resources
“new” products/ideas
There are some important steps and process applicable in innovation process discuss in
following:
 Idea Generation New ideas are created during idea generation. ...
 Advocacy and Screening. Not all ideas are worth implementing. ...
 Experimentation. ...
 Commercialization. ...
 Diffusion and Implementation
P 4: Developing Frugal Innovation with suitable examples
Innovation is a process to identifying the new product in market place. Frugal
innovation is a method to reduced the cost and complexity of good and services. They should
remove the non essential features that are not required for organization (Hamada, 2017). This
innovation is the best process to developed and achieve the product with minimum resources to
required for user. The Hakim is following the frugal innovation for increasing their productivity
in marketplace. This innovation techniques is used for solve the challenging issues and problem
at the time of innovation. This is very helpful for organization to manages the whole business
process effectively and efficiently. Hakim is planning a new strategy and that operated the
enterprise functions in very efficient way (Sanami and et.al., 2017). This organization is mainly
focused on to provide an effective product and services in reasonable rate. They have
promoting their items through digital marketing so that lot of customers are attracted towards
the company and product. In this way, it generated a lot of money in market place. Hakim
should be adopted the frugal innovation model to do changes in process to developed an
effective position in the marketplace. In global market, they create a strong relationship with
the customer.
6

This organization is introduced new and innovative ideas to maintain their position in
marketplace. In this way, it gives the competition to other company in United Kingdom. They
launch a new product in UK market which helps for organization to manage their business
process and activities. The main objective of organization to mange the business operations to
developed a good value in marketplace.
Frugal funnel-
Frugal innovation is the best approaches to reduce the complexity of market level and it can be
produce a product in low cost in market. For Example- Hakim organization innovate new
planning for achieving their goals and objectives. This organization is diversified firm for
providing the opportunities to their consumers.
Hakim company will use an effective strategy which is beneficial for organization.
Funnel is a key element to understand the need and requirement of innovative enterprises.
 This strategy will help for flows and remove all barriers between the development
stages. Frugal funnel is using main stages such as:
 Encourage team member for achieving their goals and objectives.
 A strong team member solve the problem of business related.
 Used modern technology for managing the business operations and functions.
LO3
P5 Significance of Commercial funnel and Utilization of the New Product Development
process for the Innovation and Commercialisation
The new product development process is very important for development because it
identified the idea of specific product in market to re-launching in proper manner. This
development process is to meet the requirement of customer and then to beneficial for
economical and manufacturing ways. This is the best process for development to selecting a
raw material according to product. Many growths and development project are applicable in
organization to push towards their goals. The innovation chart is provide a graphical
representation to shown their thoughts and ideas in front of client to understand the project in
proper manner. They adopted different type of plan and strategy to combining the ideas and
thoughts to produces a production concept. There are different type of product and services
applicable to established a new approach for increasing their profitability in marketplace. The
frugal is very beneficial for organization to investigate the full planning and strategy for
7

development in Hakim (.Akinwale and et.al., 2017). With the help of commercial funnel to
improve their knowledge and experiences to increasing their product availability in market.
Innovation Funnel:
 Commercial funnel is to generated an innovative idea that must be important to
identifies the resources and screening the best services in marketplace.
 They are mainly focused to achieve their goals and objective at right time. It will
determine the delivery of project on right place at right time that would be approved by
manager.
 It is very important for organization to improving the quality of product and marketing
of product etc. this is crucial part of organization to promoting their product in mark
place (Huang,and Shi, 2018).
 This development process is the steps of innovation that has to be developed by Robert
Cooper. Some times, two or more ideas are collaborated to developing the innovative
project. They are applied eights states for development and the main objective to
innovate a new idea for development.
 This organization is creating an effective development such as business analyse,
implementing new ideas, uses new technologies, marketing concept that all operations
are helpful for manufacturing process, innovation and commercialization (Ausloos, and
et.al., 2018). They should generating its external and internal SWOT analysis to
identifying its strength and weakness of business activities. After, analysis the ideas and
innovation then testing a idea that are applicable or not for development. This is the
main point to investigation, design a model of product.
P6 Building an innovation case for Hakim
This is the main process to Hakim to identify the important information regarding the
innovative tools and their basic ideas. Hakim has introduced the various type of issues related
taste, product and their price etc. they are identified the proper goals and structure of ideas that
would be implementing for growth and development. The another concept is marketing mix
&P's are helpful to achieve their goals and targets.
Today's world, An advancement of technology is important for organization to maintain
their business activities effectively and efficiently. They have required a sufficient fund to
innovate a new idea that would be implemented in innovation. This organization should take a
8

fund in various ways such as Bank Loan, sharing capital and bank loan etc. the organization
does not have sufficient balance to increasing their business in all around the world. Some
times, This organization is mainly focused on their different sources to taking a fund that can
generates a very high fund helping to commercialization and innovation (Majava and Kess,
2012). They are required a large amount of investment in the development process.
LO4
P7: Various tools uses Hakim to develop, protect and retain knowledge as well as intellectual
property with suitable examples
 Training and development- this is important part of organization to provide an
effective training to their employee and that can be enhance their skill and knowledge
for growth and development. This is very helpful to innovating a new idea to
implemented for development project (Perry and Waite, 2017). The employee has
performs different functions to gain the knowledge that would be beneficial for
organization.
 Continuous learning- the continues learning is very helpful for employee because they
should have capability to learn a new thing and can be innovate a new idea for growth
and development. They are mainly focused on to achieve their goals and targets.
 Knowledge management- It is the best techniques for organization in which they meet
the technical requirement and business strategic (Rhéaume and Tremblay, 2017). They
are update, manage share and create important data for achieve their innovation. The
employee gain knowledge that would be implemented in business activities.
CONCLUSION
This report will learn bout the commercialization and innovation for business
development. This case study is applicable in the innovation process that would be increasing
their profitability in marketplace. They are uses different point for development such as
leadership quality, specific goals and visions, team work that provide the actual shape of
business effectively and efficiently. This report will analyse the 4 P's of innovating funnel to
screening the whole process. This report will discuss about the product development process
required for growth and development
9

REFERENCES
Books and Journals:
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation, 1(1),
pp.8-22.
Johannessen, J.A., 2017. Conclusion: Innovation Policy. In Innovations Lead to Economic
Crises (pp. 155-162). Palgrave Macmillan, Cham.
Adelowo, C.M., Akinwale, Y.O. and Olaopa, O.R., 2017. Innovation and knowledge transfer in
Nigeria. International Journal of Research, Innovation and Commercialisation, 1(1),
pp.57-73.
Davis, S.J., Tzanidis, A. and Saltzman, D., 2018. Medicinal marijuana: Commercialisation and
innovation in a complex regulatory environment. Australasian Biotechnology, 28(1),
p.60.
Amponsah, C.T. and Adams, S., 2017. Open Innovation: Systematisation Of Knowledge
Exploration And Exploitation For Commercialisation. International Journal of
Innovation Management, 21(03), p.1750027.
Abdul Razak, A. and Murray, P.A., 2017. Innovation strategies for successful
commercialisation in public universities. International Journal of Innovation
Science, 9(3), pp.296-314.
Webb, K., Cruz, R. and Walsh, P.R., 2017. A comparative review of the role of markets and
institutions in sustaining innovation in cleantech: a critical mass
approach. International Journal of Innovation and Sustainable Development, 11(2-3),
pp.149-169.
Sanami, M., Flood, T., Hall, R., Kingscott, F., Jayne, D. and Culmer, P., 2017. Translating
healthcare innovation from academia to industry. Advances in Mechanical
Engineering, 9(3), p.1687814017694114.
Hamada, K., 2017. Incentive for innovation and the optimal allocation of patents. Australian
Journal of Management, 42(4), pp.692-707.
Akinwale, Y.O., Adepoju, A.O. and Olomu, M.O., 2017. The impact of technological
innovation on SME's profitability in Nigeria. International Journal of Research,
Innovation and Commercialisation, 1(1), pp.74-92.
10

Ausloos, M., Bartolacci, F., Castellano, N.G. and Cerqueti, R., 2018. Exploring how innovation
strategies at time of crisis influence performance: A cluster analysis
perspective. Technology Analysis & Strategic Management, 30(4), pp.484-497.
Majava, J., Kinnunen, T., Foit, D. and Kess, P., 2017. Analysing innovation-driven enterprises'
stakeholders in two spatial ICT ecosystems. International Journal of Management and
Enterprise Development, 16(3), pp.207-220.
Perry, P. and Waite, K., 2017. Fashion Tech Adoption by Micro Fashion Retailers: An
Innovation Pipeline Analysis of Technology Transfer from Academia to Business.
In Marketing at the Confluence between Entertainment and Analytics (pp. 1091-1098).
Springer, Cham.
Rhéaume, L. and Tremblay, D.G., 2017. Cross-fertilisation for innovation and collaboration in
the Quebec multimedia-IT ecosystem. International Journal of Innovation and
Learning, 22(4), pp.458-479.
Huang, Z., Farrukh, C. and Shi, Y., 2018. Commercialisation journey in business ecosystem:
From academy to market. In Entrepreneurial, Innovative and Sustainable
Ecosystems (pp. 129-148). Springer, Cham.
11

12