Report: Innovation and Commercialization Strategies for Hakim Group

This report provides an in-depth analysis of innovation and commercialization strategies tailored for the Hakim Group, a small and medium enterprise in the optical industry. It explores the importance of innovation for business growth, outlining different types of innovation like technical, process, and administrative. The report delves into the application of the 4Ps of innovation (Product, Process, Position, Paradigm), the innovation funnel for product development, and the concept of frugal innovation. It also examines the significance of organizational vision, leadership styles, culture, and teamwork in fostering innovation. Furthermore, the report addresses the tools and strategies necessary for developing and retaining intellectual property within the organization, emphasizing the benefits of innovation in enhancing competitiveness, staff retention, and proactive business approaches. This report serves as a comprehensive guide for Hakim Group to embed innovation and commercialization into its organizational culture.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1..................................................................................................................................................3
TASK2.............................................................................................................................................7
P3..................................................................................................................................................7
P4..................................................................................................................................................8
TASK3...........................................................................................................................................10
P5................................................................................................................................................10
P6................................................................................................................................................11
TASK4...........................................................................................................................................14
P7................................................................................................................................................14
CONCLUSIONS............................................................................................................................14
REFERENCES..............................................................................................................................16
.......................................................................................................................................................17

INTRODUCTION
In modern era, the primary concern of every company is to refocus on their growth and
innovation strategy. It has been analyzed that around 83% of executive state consider innovation,
an important part for growth strategy for an organization. The purpose of this assignment is to
give brief about the impact of the innovation and its importance to the workers of Hakim Group.
Hakim Group is one of the small and middle enterprises with the intention to embed innovation
and commercialization in the organization culture over the next 12 months. In addition to this
information is being collected in context of 4 Ps innovation, commercial funnel innovation
funnel, and frugal innovation. Beside this it gives the brief about the tools required for
developing and retaining intellectual property of worker within Hakim Group. Lastly, this file
present about how organizational vision, leadership, culture and teamwork can shape innovation
and commercialization.
TASK1
P1
Hakim Group which was established in 2001 is known as a portfolio brand which
specifically signifies the interest group business. (Birkeland, J., 2012). This business mainly
deals with optical industry and focuses on providing required opportunity for Optometry
practices. They also provide investment opportunity to the people who desire to open up their
personal eye care centre. For both recognized organizations as well as new organizations
innovation become significant in energetic, changing surroundings. When an organization fails
to innovate and change as required, by its clients, workers and the community at large can all
suffer. There are basically three types of innovation:-
 Technical,
 Process, and
 Administration
Technical innovation involves formation of new goods and services. Many technical
innovations occur through investigation and expansion efforts projected to satisfy challenging
customers who are always looking for, new, better, faster and cheaper products and services.
Process innovation involves creating a new technique of generating, promoting or
distributing an accessible goods and service.

Administrative innovation occurs when formation of a new association intend better supports
the formation, production and delivery of commodities and services.
The term innovation is totally different from the word invention: The term ‘invention’, is
refer to as the act of generating, manipulating or discovering a device, technique, method, that
has not existed earlier. Whereas, the word ‘innovation’ itself denote its sense, as the alteration of
an idea into realism. Moreover invention is the process or can be termed as an act of bringing
objects or ideas in a novel way in order to create something which doesn't exist before.
In order to achieve further growth innovation can act as a major source of retention for
Hakim Group. The significance of innovation is not only beneficial for the firm but the workers
working in the firm are also related to it. So as to run business more independently, workers of
Hakim Group are well trained to offer practitioners (Cunningham, S., 2013). The workers
working in a team in Hakim Group are talented enough to support their practices. The Hakim
Group can be independent business only by adopting innovation strategy. Innovation strategy
leads to increase in worker retention as well as profitability with the culture. In order to achieve
maximum effectiveness with minimum cost Hakim Group continues to innovate their services
with the increase in preferences of global economy (Greenaway, D. and Rudd, C.D. eds. 2014).
The workers of the Hakim Group are well informed about the future benefits that the
company would achieve by making proper uses of innovation strategy. Some of the important
benefits of innovation strategy in comparision with invention for Hakim Group are as stated
below:
 Proper utilization of resources
 Enhanced competitiveness
 Proactive business approach
 Increase the level of staff retention
 New clients get attracted
Workers who deliver high quality services with increase in efficiency can lead to
enhancement of competitiveness. By adopting innovating motivational in comparision to
inventio Hakim Group can lead to increase in the level of staff retention (Balmer, A., Bulpin, K.
and Molyneux-Hodgson, S., 2016). As Hakim Group matches the changing condition of the
target market leads to generation of proactive approach to a firm. On the basis of existing

services and new services the difference between innovation and invention can be analyzed
which helps to achieve the desired goal.
P2
The Hakim Group performs excellent innovative research to benefit the community
which indirectly defines the relationship between the innovation and commercialization
(Schroder, C., Baaken, T. and Korff, N., 2012). An significant part of innovation is creativity —
organization that promote and use creativity are more liable to be innovative.The following
information is delivered to the worker of Hakim Group so as to shape their innovation and
commercialization practices:-
Vision
In order to run business smoothly and individually the vision of the company is to avail
investment opportunities for the optometrists.Additionally main vision of Hakim group is to
build long term mutually profitable realtionships with its partners by rendering the goods and
services which meet and surpass their expectation. To earn nationwide reputation investment
opportunity has been marked as an evidence for the firm (Moir, H.V., 2013). The other vision of
the company is to offer practitioners the capability to run their own business independently. In
addition to this workers are further trained so that they can give stiff competition in the global
market.
Leadership
Leadership is termed to be the art of motivating or influencing workforce to work harder
in order to accomplish organisational aims and objectives. There are different types of leadership
like democratic, transformational, autocratic etc. Democratic style of leadership refers to the
style in which the leader render flexible environment to its workers, like by allowing them to
take part in different activities of an organisation even in decision making process. On the other
hand transformational leadership style is the type of style where the leader motivate others to do
more then they originally intended to do. In addition to this a leader here sat mnore challenging
expectation from employees and typically achieve higher performance. Whereas, autocratic
leadership style is the one where the leader holds itself all the authority and responsibility and
does not allow any interference of subordinate in any kind of decision making process or

activities.
Therefore transformational leadership style is being followed by Hakim Group which
directly relate to commitment of workers to work in a collaborative format (Chun, D., Chung, Y.
and Bang, S., 2015). Hakim Group thinks outside the box, as the firm seeks only those workers
who are talented and ambitious toward their task. Thus, it aid in creating positive impact on the
workforce of the Hakim Group.
Culture and teamwork
Culture here refers to the social behaviour or norms which are found in human societies.
In addition to this it is termed to be the characteristics of a particular group of people who
encompasses language, social habits, musics, arts, religion etc. As per Handy's typology
organisation culture posses four types of culture which can be adopted by Hakim group and they
are namely role culture, task culture, person culture and power culture. Therefore Hakim group
takes into consideration task culture in order to carry out its activities smoothly. As task culture
specifies that each activities are allotted of different team member by segregating the activities
into different task so that each members becomes specialised in their performance. Thus, it helps
to achieve increase in productivity and profitability ratio of Hakin group.
In order to make professional journey smoother Hakim Group follows the culture of
working all together with a happy face. Beside this, workers are given training to perform their
respective task by adopting collaborative format (McGillivray, A., and et. al., 2014). This in turn
will help to satisfy customers and along with this the company believes on the fact that nobody
want to be treated or served by a robot. Hakim Group is mostly known for its well established
culture of happy staff which helps in attracting and making customers comfortable.
Moreover there are different types of team in Hakim group who perform their respective
roles task and responsibilities. Team like problem solving and virtual team. As main role of
problem solving team is to solve the issues or problems which might take place during the
working of different operational activities of an organisation so as to run business smoothly.
Whereas virtual team is formed so that important projects or task can be completed on time with
the help of specialised person in world via video conferences, etc.
In addition to this company also render flexible working cultural environment as well as adopt
democratic leadership style model so as to create better working and friendly cultural
environment. Therefore, it helps in overall development of the team members in the form of

skills and knowledge. Thus, it result in the overall development and increase in the productivity
and profutability of an organization.
TASK2
P3
During the new product development process, innovation funnel is being used as a
common model so as to evaluate the ideas and top conceptualize the products in an accrate and
appropriate manner.
The main application of innovation funnel at Hakin group is that it evaluates the different
ideas over an extended period of time by checking their viability through the process of gates,
rules and filters and can be illustrated as converging funnel.
The application of 4Ps of innovation can be helpful in evaluating the impact led by
innovation, which plays a vital role in shaping innovative idea within Hakim Group (Wang, Y.,
Vanhaverbeke, W. and Roijakkers, N., 2012). Innovative strategy is one of the best
multidisciplinary fields which result in the overall growth of the organization. Along with this,
4Ps of innovation deals with respective factors:-
 Product
 Process
 Position
 Paradigm
Future business goals are mostly dependent on the type of product which is the main
elements for the Hakim Group. Product needs to be appreciated by the potential customer so as
to attract more new customer towards the innovative products of a firm (Hemphill, T.A., 2014).
Hakim Group delivers quality eye care service so as to innovate their services. Besides this they
also render investment opportunity to deliver optometrist.
One of the 4Ps of innovation is process, which refers to the development of product making
procedure in order to make it effacement and cheaper. This intern will be beneficial for both the
customer as well as the employees (Youtie, J., and et. al., 2012). In context to Hakim Group,
process innovation refers to the reinvention and to work with full freedom.
Position refers to those activities which are being performed by the Hakim Group in order to
promote its brand image in market and to establish its existence.

Paradigm refers to the needs and the changes that need to be consider so as achieve
specified target of Hakim Group. Like Hakim Group mainly consider to deliver investment
opportunity to practitioners instead of other business individual (Abdul Razak, A., Murray, P.A.
and Roberts, D., 2014). The other aid used by Hakim Group to shape innovative idea for the
worker is innovation funnel. This is use to describe the process which take place in developing a
product. Innovation funnel involves three stages; first to collect ideas; second process of
screening those ideas so as to make sure weather the ideas match the goal of the firm or not; third
stage to select the best idea and to deliver the objective set by the Hakim Group. In addition to
this it is the best techniques which is used to describe about the different steps which tages place
during the development of products process. Moreover while development of new product in the
marketplace innovation funnel model plays an essential role so as to evaluate ideas and to
conceptualize product in the marketplace.
Source:2011
P4
Frugal innovation refers to the process which is applied to reduce complexities as well as
to minimize the cost of goods and its production process. The exact demand of the customer is
Illustration 1: Innovation funnel

met only by adopting frugal innovation strategy as this strategy helps in removing the non-
essential features of the product. Thus, this intern helps in achieving better quality of the product.
Frugal Innovation is a perception that urges businesses to retort to limitations in possessions;
whether economical or institutional, and turn these variables into inventive ideas and practical
solutions.
In context to Hakim Group, some of the application which need to be taken into consideration
by Hakin group so as to reduce complexities in investment opportunities are sepcified below:-
 Quality
 Distribution
 Affordability
 Adaptability
 Performance
 Servicing
 Input cost
 Scale up
Taking into consideration the requirement of customer, Hakim Group provide the quality
services. While distribution Hakim Group thinks about rendering accessible services to the
customer (Edison, H., Bin Ali, N. and Torkar, R., 2013). One of the other application of frugal
innovation for Hakim group is the output cost which directly link with the affordability feature
for potential customers. Adaptability on the other hand refers to the loyal nurture that the firm
adopts for their practitioners. Along with this, there are other application of frugal innovation
which include performance, servicing, input cost and scale up which help in reducing
complexities` for investment opportunities of practitioners. The view point of Hakim Group is
that the hard work on real investment begins, once the sale goes through.
In order to receive benefits from frugal innovation Hakin group need to emphasize
quality solutions that are accessible created with:
 Design thinking at the product/ service level,
 Thinking about the product system at macro level,
 Thinking about different technique used for product design and development,
 Thinking about leveraging modern technology so as to deliver low cost solution,
 Adopting innovative business strategy so as to make solutions accessible

TASK3
P5
Commercial funnel helps in predicting the customer’s journey and to depict selling
procedure right from awareness to action. They are also refers to as revenue funnel which is
helpful in depicting the beginning and end of sale and purchase (Miller, K., and et. al., 2016).
The major purpose of commercial funnel includes awareness of customers and identification of
their problems thoroughly. Along with this other importance is to find out the probable solutions
to those problems with the help of social media marketing concept. Efforts are made to increase
the sales even with a decrease in customer prospects and it result in deep understanding of the
process and the relation of innovation and commercialization. Thus, it leads to achieve
competitive advantage in the market. Hakim Group has adopted commercial funnel strategy so as
to increase efficiency of the workers and to deliver quality service and products at low cost to
their clients. As well as it has lead to increase in the level of staff retention of Hakim Group.
Hakim Group has inaugurated such concept in order to obtain new ideas and to
implement those ideas on the production of new product development process (Polzin, von
Flotow and Klerkx, 2016). There has been increase in the scope of employment opportunities
due to the incorporation of new product development in the market. This has lead to massive
impact on the development of advanced technology and it has lead to easy access of funding.
New product development include some steps like generation of ideas, screening of
ideas, developing the concepts and strategy, then testing of products last step involve
commercialization..
 During the first step of new product development Hakim group needs to generate ideas
which include brain storming means to come up with different ideas. For example,
generation of ideas by manager of Hakim Group that whether to introducing power
mapping lens analyser or binocular autorefractors.
 In second step Hakim group needs to screen the ideas by filtering out ideas not worth for
taking forward. In this, the benefits received by Hakim Group after launching new
product are identified. As if the company introduces binocular auto refraction then it will

estimated to help in providing a baseline refraction and it can also be used in undilated
pupils
 In the third step Hakim group needs to develop the concepts and strategy in order to carry
out the ideas forward. Under this, the managers of company implement strategies
regarding developing skills and knowledge of employees by conducting training and
development programs so that they can do their best in launching new product more
successfully.
 In fourth step Hakim group needs to test the strategy so the product modification can be
done as per the customers preferences. In this, the managers analyse the results after
launching its new product i.e. binocular auto refraction through comparing the financial
position of company before and after launching of product.
 The last step involves commercialisation, means at this step Hakim group need to
finalise the marketing plan and to launch the product in market. Under this, the marketing
tools and techniques are adopted to promote binocular auto refraction. For example,
social media platform or TV advertisements etc. It requires to prepare an effective budget
to execute marketing activities in desired manner.
Moreover market testing state is given more preferences by the Hakim Group so as to
achieve successful growth in the market.
P6
The Hakim Group is a collection brand that offers the practitioners the potential to run
their personal business successfully and independently. The company is a well-known
association for their innovation. It is worth saying that, the company renders back-office shore up
to the practitioners and so that, it becomes feasible for the company to achieve competitive
advantage in the market (Smith, H.L., and et. al., 2014). As per, Cummings and Worley bringing
of adoption of innovation strategy on a regular basis will be helpful in achieving business growth
in terms of financial profitability. Along with the existing business strategies. Company also
considers some of the innovative idea so as to accomplish company goal and to achieve
competitive market. In order to achieve win-win situation for both the business owners and the
patients company adopts hybrid approach. Hence, Hakim Group encompasses effective and
talented team work force in the work palace. In addition to this company also offer quality eye