Innovation, Commercialization, and NPD: Orion Electrotech Ltd. Case

This project report provides a comprehensive analysis of innovation and its importance, focusing on how organizations can foster a culture of innovation. It differentiates between innovation and invention, emphasizing the role of organizational vision, leadership, culture, and teamwork in shaping innovation and commercialization. The report explores various sources of innovation, the 4Ps of innovation, and the innovation funnel. It also examines frugal innovation, its applications, and the importance of the commercial funnel and New Product Development (NPD) processes. Furthermore, the report details how to build an innovation business case, access funding, and measure its effectiveness, including tools for developing, retaining, and protecting knowledge and intellectual property. The analysis is contextualized with examples related to Orion Electrotech Ltd., providing practical recommendations for growth and development. Desklib provides access to similar solved assignments and study resources for students.

Unit 8 – Innovation and
Commercialization
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Table of Contents
Introduction....................................................................................................................................2
LO1..................................................................................................................................................3
P1. Explain innovation and determine its importance to the organization in comparison
with the invention..........................................................................................................................3
P2. Explain to employees of your chosen organization how organizational vision,
leadership, culture and teamwork can shape innovation and commercialization...................4
M1 Analyze different sources of innovation and organization can foster and develop an
environment and culture of innovation.......................................................................................5
D1. Critically analyses how innovation is developed, amended, and measured in an
Organizational context..................................................................................................................6
LO2..................................................................................................................................................7
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas............................................................................................................7
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organizational context...................................................................................................................9
M2 Analyze and apply the innovation funnel in an organizational context...........................10
M3 Evaluate the role of frugal innovation in an organizational context................................11
LO3................................................................................................................................................12
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialization of innovation....................................12
P6. Build an Innovation Business Case in an organization, including ways to access
funding..........................................................................................................................................13
M4 Build a detailed Innovation Business Case for the chosen organization which includes
how to measure its overall effectiveness using appropriate techniques available to test,
iterate and improve......................................................................................................................14
LO4................................................................................................................................................15
P7. Evaluate the different tools that the organizations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................15
M5 Present supported evidence-based evaluation of these different tools in the context of
the wider business environment.................................................................................................16
D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgments on how the organization can overcome challenges to
develop successful innovations....................................................................................................17
Conclusion....................................................................................................................................18
References.....................................................................................................................................19
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Introduction
The entire project report elaborates on the concepts of the innovation along with the importance.
In addition, the project report elaborates on the various sources of innovation that can be used by
the organization in order to develop a proper environment and culture of innovation. The project
report also addressed the difference between the process of innovation and invention for better
understanding. The project report further elaborates on the role of the employees in relation to
the innovation and commercialization so as to shape a better working for the organization. The
report also provides for various sources of innovation that can further assist in the new product
development in an effective and efficient manner. The project report enhances the benefits that
can be gained with the proper implementation of the concept thereby leading to a successful
position in the market. The report also contains useful recommendations that can assist in the
growth and development.
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LO1
P1. Explain innovation and determine its importance to the organization in comparison
with the invention.
Innovation is an element of crucial importance in the growth and success of any organization.
Innovation is a concept that focuses on the new and quality ideas so as to bring proper and
effective growth. It is a basic concept that involves transforming new and creative ideas into
good and services so as to satisfy the goals and objectives in an effective manner (Chesbrough,
2015).
Importance of innovation
In the context of the Orion Electrotech Ltd., the following importance can be grasped so as to
avail the maximum benefits. In addition, this importance will enable the company to have a
better and successful position in the market. Some of the importance can be:
 The concept of innovation will enable to attract varied sets of the customer from all around
the world.
 Innovation will tend to increase the level of productivity of the concerned company.
 Innovation will assist the company to diversify and expand its business activities.
 It will support the facing the intense level of competition due to changing environment.
 It will support the concerned company in capturing a greater share of the market.
 In addition, the concept of innovation will tend to save the time and cost resources of the
company in an effective manner.
Difference between innovation and invention
Innovation and invention are two different concepts that are required to be understood by the
concerned organization in an effective manner so as to be successful in an effective manner. The
aspect of the invention includes creating something new while the process of innovation
enhancing the existing product or service through some value addition. In addition, the invention
has a broad scope while innovation is narrow in comparison to the invention (Huang, et. al.,
2017).
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P2. Explain to employees of your chosen organization how organizational vision,
leadership, culture and teamwork can shape innovation and commercialization.
Innovation and commercialization are very core elements that can affect the operations in long
run. Both the innovation and the commercialization are the elements that can assist the
concerned company in attaining effective growth and success (Sağ, et. al., 2016). However, there
is a great and crucial role in the company vision, leadership, culture and teamwork for the
concepts to be effective. Vision supports the concerned company in meeting the challenges that
emerged from the surrounding environment that supports the concerned company in creating
new ideas so as to face the challenges. Leadership supports the participation of all the
employees so that more and more ideas can be gained and a better and effective decision can be
made. The culture of the organization plays a positive role in motivating the employees to
perform well as well as participate in the process of decision making. Teamwork supports in
collaborating the individual ideas and knowledge towards the attainment of the organizational
goals and objectives (Chesbrough, 2015).
As such the management of the Orion Electrotech Limited must focus on the clear understanding
of the vision statements, leadership, culture and teamwork so that all the aspects can be properly
understood by all the employees in the organization for proper and effective results (Huang, et.
al., 2017). This will also support in having a better and sound position in the market of intense
competition leading to greater profitability.
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M1 Analyze different sources of innovation and organization can foster and develop an
environment and culture of innovation.
Innovation is a significant concept that focuses on the enhanced success of the company. As such
there are various sources of innovation that can be used by the Orion Electro tech Limited in
order to have better operations and working (Huang, et. al., 2017). The concerned company can
utilize the following sources such as process need, changes in the industry and the market
structure, changes in the perception and the meaning, the incongruity and the new and enhanced
knowledge. All these sources tend to bring a positive and required change in the products and
services so as to attract the customer in an enhanced and better manner.
Orion Electro tech Limited must ensure proper adoption and implementation of all these sources
in its operations and work so as to face the competition and bring appropriate changes so as to
have effective growth and success (Chun, et. al., 2015).
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D1. Critically analyses how innovation is developed, amended, and measured in an
Organizational context.
With the changing market scenario, the organizations are required to bring changes in the
operations and working in accordance with the needs of the market environment. As such the
process of innovation serves to be a useful resolution to all the problems and aspects so that the
concerned company can ensure effective growth (Chesbrough, 2015). In addition, the concept of
innovation is developed through the active participation of all the employees so that more and
more ideas can be grasped. Apart from that the management of the concerned company is
required to make appropriate amendments from time to time so that operations can be carried in
accordance with the market structure.
Further provided it is also essential that the management of the concerned company continuously
monitor and measure the performance relating to the activities of the concerned company so that
effective measures can be taken in case of any barrier or the drawback (Sengoku, 2015).
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LO2
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas.
The concept of innovation involves in its parameters 4Ps that assist in improving the
effectiveness and efficiency of the Orion Electrotech Limited. In addition, the aspect of the
innovation involves innovation funnel that elaborates that the business enterprise must focus on
the collection of the relevant data for the production of the goods and services so that the
required objectives can be attained (Sengoku, 2015). In addition after the collection of the data,
the management of the concerned company must continuously screen and monitor on the various
ideas so that all the positive and negative aspects can be evaluated and an effective decision can
be in relation to the operations of the concerned company. In the last, the innovation funnel
requires that the all the ideas must be collaborated for attaining better success and growth.
The 4Ps of innovation also assist in the better operations and as such involves:
Product: The concerned innovation deals with the making of the product more attractive in
order to gain the customer from the wide market so as to increase the productivity of the
concerned organization. This also supports the management of the concerned company in facing
the intense level of competition (Chun, et. al., 2015). Apart from that, it deals with the
introduction of the new ideas and knowledge to the existing products to make it more enhanced.
Process: In this, the efforts are made to bring the changes in the process so as to make the
process more attractive and easy so as to bring effectiveness and efficiency in the operations of
the company. In addition, the innovation in the process tends to have optimum utilization of the
resources (Sağ, et. al., 2016).
Position: In order to have an effective position in the competitive market efforts are required to
be made and rearrange the products so that it can gain a strong position in the market. With the
good and attractive position, the concerned company can also get the opportunity to launch a
new product in an easy manner.
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Paradigm: The last P of the innovation deals with the development of the effective models that
define the organization and its operations in an effective manner. In addition, it defines a model
that depicts the needs and wants of the customers so that the management of the concerned
company can easily focus on the issues and aspects in a better manner (Sağ, et. al., 2016).
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P4. Explain developments in frugal innovation and provide examples of how it is used in an
organizational context.
The concept of the frugal innovation deals with the development of the model that further
defines various strategies and approaches so that the goals and objectives of the concerned
company can be attained ineffective and easy manner (Sağ, et. al., 2016). In addition, the aspects
related to the frugal innovation deals completely on the various models of the business and
making changes in the existing products and services so that the customers can be attracted from
a greater scenario.
In brief of the Orion Electrotech Limited, frugal innovation will support the management of the
concerned company in reducing the level of complexity in the operations as well as supports in
the reduction of the cost involved in the process of production.
For example, the technologies used by the concerned company can be advanced by the adoption
and implementation of the frugal innovation as it will provide various strategies that will assist
the authorities of the company in making appropriate and suitable decisions (Chun, et. al., 2015).
The concept will provide the company with new ideas and knowledge in the thereby leading to
the increased productivity.
Further provided the price factors of the concerned company can be reduced by the company
through proper implementation of the frugal innovation. This will lead to a better and strong
position in the market (Business dictionary, 2017).
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M2 Analyze and apply the innovation funnel in an organizational context.
Innovation funnel involves the concepts that are related to developing the idea into reality so that
it can meet the needs and wants of the market in a better manner. In addition, the innovation
funnels elaborate on the series of the steps that are required to be initiated in order to develop a
product (Business dictionary, 2017). With the proper adoption and implementation of the
innovation funnel, the Orion Electrotech Limited can generate new ideas that can further lead to
the increased level of profitability and increased share in the market. Apart from the authorities
of the concerned company are required to take following steps such as:
 Allocate those ideas that can lead to the enhancement of the quality of the products and
services that are currently being offered to the varied sets of customers.
 Make measures in order to properly check and monitor the changes.
 Ensure that the work is completed in accordance with the standard set by the concerned
company.
 After proper evaluation and review, the authorities are required to select the most appropriate
measure so that the company can avail the maximum benefits (Sengoku, 2015).
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M3 Evaluate the role of frugal innovation in an organizational context.
The aspects and concepts of frugal innovation are very vital and crucial in terms of the
organizational parameters (Business dictionary, 2017). In brief of the Orion Electrotech Limited
the management of the concerned company can avail the following benefits:
 Frugal innovation ensures a suitable reduction in the factors of cost.
 Ensures proper and optimum utilization of the resources.
 Provides flexibility in the operation and working of the concerned company.
 Ensures suitable efficiency in the operations.
 Ensures development of the models that can assist in collecting information from the market so
as to ascertain the needs and desires of the customers.
 The concept of frugal innovation tends to bring innovative ideas so as to enhance the level of
services (Sağ, et. al., 2016).
 Ensures that the products and services are making available to the customers thereby leading to
increased productivity.
 Supports in meeting the short-term objectives that in turn lead to the attainment of the objectives
of the overall organization.
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LO3
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialization of innovation.
The commercial funnel provides the following importance to the organization:
 Supports in creating awareness among the varied sets of the customers in relation to the products
and services that are being offered (Urbancova, 2013).
 Supports in acquiring a sound position in the wide market.
 Supports in facing the intense level of competition.
 Supports aneasy introduction of the new product in the market.
 Supports in enhancing the quality of the products that can easily attract the customers in a better
way.
 Support for providing information on all the aspects related to the product.
In addition, the application of the new product development is the series of various steps that
need to be followed in order to ensure that the operations and working of the concerned company
with respect to the new product development can be carried effectively (Glor, 2014). It involves
series of steps that are as follows:
Idea generation: It involves bringing new ideas that can be implemented in order to have
effective results.
Idea screening: It involves evaluation of various ideas so that the best method or the idea can
opt.
Testing of the product: The next step involves the testing of the product so that the needs and
behaviour of the customers in relation to the product so as to make changes in accordance to the
needs of the market.
Introduction of the product into the market: After the testing of the product, it is required to
be launched in the market so as to satisfy the required demands of thecustomer.
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P6. Build an Innovation Business Case in an organization, including ways to access
funding.
An innovative business case is very essential in order to ensure that all the activities and the
operations of the Orion Electrotech Limited can be carried in a proper and systematic manner so
that no barriers occur in the smooth operations of the business (Khan, 2016). Innovation business
case mainly focuses on the evidence relating to the product so that the customers are clear and
are influenced regarding the purchase of the products, better and enhanced opportunities of the
growth so that a competitive position can be obtained in the market.
In addition, the innovation business case focuses on the barriers, distribution and resources that
are required to assist the development of the product. This is crucial as it requires the authorities
of the concerned company in making proper funding so that all the activities and the working
operations are carried in an effective manner leading to the attainment of the goals and objectives
of the company (Glor, 2014).
Apart from the funding requirements of the company is met by the banks, financial institution,
relatives and friends as the company is required to invest a huge amount of investments for the
development of the new product and the activities related to the commercialization or launching
of the new product.
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M4 Build a detailed Innovation Business Case for the chosen organization which includes
how to measure its overall effectiveness using appropriate techniques available to test,
iterate and improve.
The concept of innovation business case is very crucial and effective in the smooth operations of
the Orion Electrotech Limited. The concepts tend to support in the proper testing and monitoring
of the products and services with the use of various tools and techniques that can in additional
support in measuring the effectiveness and the level of performance of the company (Innovation
Coach, 2017). The tools that can assist the concerned company are listed below:
Benchmarking: The benchmarking is a technique that involves setting up of the standards
against which the performance is required to be measured. This supports in measuring the
performance of each and every employee thereby making the effective decision for the overall
operations of the company.
Six-Sigma: It is a systematic technique that is used by the company in order to measure the
quality and eliminates the defects if any as early as possible so that the work is carried in a
proper manner (Urbancova, 2013).
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LO4
P7. Evaluate the different tools that the organizations can use to develop, retain and protect
knowledge and intellectual property.
Various tools that can assist in the retaining and protecting the intellectual property can be:
Copyrights: The right given to the originator for a fixed period of time to publish a record or
perform work of literary, artistic, or musical work (Khan, 2016).
Patents: The concerned tool is used for providing protection to some sort of invention so as to
make the inventor feel safe about the product he or she has invented and as such provide a legal
right to the owner.
Trademarks: The concerned tool is supportive in providing legal protection to the image,
words, symbols etc. That is demonstrating a company or a product.
All these tools assure that all the rights of the company are secured and safe thereby ensuring
proper operations of work. (Innovation Coach, 2017).
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M5 Present supported evidence-based evaluation of these different tools in the context of
the wider business environment.
For the purpose of evidence there are following measures that can assist the different tools in
relation to intellectual property such as:
Legislation: There are various laws and rules that provide strict rules and regulations that can
deal in the matter of the intellectual property. As such it supports in advanced protection thereby
enabling the authorities to face the various changes in the environment that can act as a barrier in
the normal and smooth functioning of the company (ZandovalBonazzi & Ari Zilber, 2014).
Rules laid in the provision of various acts: There are various rules that are specified in the
various acts that provide suitable protection to the inventor for the purpose of the invention.
All such rules and acts support in the management Of the Orion Electrotech Limited to manage
and tackle with the varied changes that are taking place in the dynamic environment (Glor,
2014).
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D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgments on how the organization can overcome challenges to
develop successful innovations.
The concept of innovation is highly important but however, the process of innovation is highly
complex and is exposed to great dynamics of the environment (ZandovalBonazzi & Ari Zilber,
2014). As such there are various issues and barriers that can emerge in the operations of the
Orion Electrotech Limited that are required to be overcome by the company so as to have
enhanced working. For the purpose, the authorities can focus on the following so as to have
successful innovation such as:
 Proper planning in relation to the activities of the company.
 Proper flow of communication so that all the procedures are clearly explained.
 Proper monitoring and control of the activities (Khan, 2016).
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Conclusion
The entire project report concludes on the concepts and aspects related to the innovation that is
required to be adopted and implemented by the Orion Electrotech Limited, so as to face the
various challenges and changes that are taking place in the dynamic environment. The project
report also concludes on the various sources of the innovation that can assist in the better
functioning of the company. Apart from that, the report concludes on the role that is played by
the vision, leadership and teamwork so that the concepts of the innovation and
commercialization can be implemented in a proper manner. The project report also concludes on
the series of steps in the development of a new product. The overall project report concludes on
the various recommendations that can be used by the company to gain the importance of the
innovation.
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References
 Business dictionary, 2017.Innovation [Online] Business dictionary.Available at:
http://www.businessdictionary.com/definition/innovation.html [Accessed: 07June2018]. Chesbrough, H., 2015. From open science to open innovation.Institute for Innovation and
Knowledge Management, ESADE. Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialization stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management, Vol.27, No.8,
pp.895-909. Glor, E.D., 2014. Studying the impact of innovation on organizations, organizational
populations, and organizational communities: a framework for research. The Innovation
Journal, vol. 19(3), pp.1. Huang, C. Y., Kao, Y. S., Lu, H. H., & Wu, M. J., 2017. Curriculum Development for
Enhancing the Imagination in the Technology Commercialization Process. Eurasia Journal
of Mathematics, Science and Technology Education, 13(9), 6249-6283.
 Innovation Coach, 2017. 8 Step Process Perfects New Product Development [Online]
Innovation Coach. Available at: http://www.innovationcoach.com/2013/05/8-step-process-
perfects-product-development/ [Accessed:07 June, 2018].
 Khan, R., 2016. How frugal innovation promotes social sustainability.Sustainability,8(10),
p.1034. Sağ, S., Sezen, B., & Güzel, M., 2016. Factors that motivate or prevent the adoption of
open innovation by SMEs in developing countries and policy suggestions. Procedia-Social
and Behavioral Sciences, 235, 756-763. Sengoku, S. (2015) Innovation and commercialisation of induced pluripotent stem cells. Stem
cells in regenerative medicine: Science, regulation and business strategies, pp.423-446. Urbancova, H., 2013. Competitive advantage achievement through innovation and
knowledge.Journal of Competitiveness, 5(1). ZandovalBonazzi, F.L. and Ari Zilber, M., 2014. Innovation and Business Model: a case
study about integration of Innovation Funnel and Business Model. Canvas. RevistaBrasileira
de Gestão de Negócios, vol. 16(53).
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