Innovation and Commercialization: NPD, IP, and Business Case

This presentation provides a comprehensive overview of innovation and commercialization, emphasizing the importance of the commercial funnel and new product development (NPD) processes. It details the steps involved in NPD, from idea generation to product testing and monitoring, highlighting the significance of internal and external factor analysis. The presentation also addresses building an innovation business case, including accessing funding through retained earnings and external sources like venture capital. Furthermore, it explores various tools for developing, retaining, and protecting intellectual property, such as trademarks, copyrights, and patents. The effectiveness of an innovation business case is measured using techniques like benchmarking. Finally, the presentation identifies challenges to successful innovation, such as intellectual property issues and efficient idea processing, and suggests strategies for overcoming them. The presentation concludes that innovation is crucial for creating new products and maintaining a competitive edge in the market.

INNOVATION
AND
COMMERCIALISATION

INTRODUCTION
•Commercialization and new product development is the process of
launching an introducing a new product or service in the market.
•Innovation plays a great role in launching new product as it helps
in developing the product and leads the business to be successful.
The presentation will help in understanding the importance of using
commercial funnel.
•The presentation will explained the application of new product
development. Further, the presentation will discuss various tools
for protecting the intellectual property of organisation.

Explaining the importance of the commercial funnel and the application
of New Product Development processing for commercialisation of
innovation.
A commercial funnel is the path from which customer is moving
towards of becoming a customer. The commercial funnel helps the
company in understanding their sales process and can measure their
success rate in each step. Importance of commercial funnel:
It is a useful model that helps in understanding the journey of customer
from awareness of bike through purchasing it.
It helps in measuring the performance of business at each stage and
identifying the area which needs improvement.

Continued…
 It assist the management of organisation promote the bike and
help in increasing the revenue of business.
 Commercial funnels helps in tracking the potential customer in
the target market.

Continue.
•New product development is the process of bringing a new product to the
market. developing new and innovative product that can help in attracting
more and more customers is the main target in order to achieve success.
There are various steps involved in product development. New product
development will help in creating a product that will help in competing with
a similar type of product in market.
•The application of new product development involves following steps, they
are:
Generating a product with the help of internal and external factor
analysis.
Screening the idea on the basis of particular criteria.
Testing the concept of new product.
Monitor the progress of new product development process.
Testing of product on the basis of valuable information from private test,
beta versions.

Continue.
 Preparation of final database,
estimation of server resources,
planning automated logistics with
technicalities and product
development.
 The product has gone through
mainstream, customer will purchase
the goods and technical team will
continuously monitor the progress.
 This process includes the efficiency
of new product development and
improve the area where needed.

Building an Innovation Business Case for an
organisation, including ways to access funding.
Making a business case with innovation is one of the main aspect of
developing a new project. Developing an innovative product is important to
grow in market and to avid becoming irrelevant in the market. To gain all
the competitive advantage in the market, it is important for the
organisation to develop the new product and moving it to the mainstream
market. The organisation is going to launch an innovative product “ Hover
bike” for younder generation.
•There are different ways available to access funds for building business
vase for innovation. Some of them are:
The main source of finance for innovation is retained earning. It is a
internal source of finance which are easy and quick to access than the other
sources.
The other way of funding innovation business case can be external sources
that includes issuing shares and debentures inn financial market.
Individual investors, venture capital funds,banks and capital markets can
be another sources through which organisation can access the funds for

Intellectual property is used for different set of intangible assets that are legally
owned and protected by a company from outside use and implementation without
permission. Intellectual property helps in providing competitive advantage to the
intangible assets the protective right as the tangible assets of the organisation. There
are different tools of protecting and retaining the knowledge and intellectual property
of an organisation. Some of the tools are:
Trade Mark
Copyright
Patent
Evaluating different tools that organisations can use to
develop, retain and protect knowledge and intellectual
property

How to measure its overall effectiveness of innovation
business case using appropriate techniques.
•It is important to measure the efficiency of the innovation business case, as
it will help in knowing the performance. With the help of evaluating the
performance area of improvement can be identified. An appropriate
techniques which helps in evaluating the efficiency of performance is
Benchmarking techniques. It is an effective tool for evaluating
performance. It helps in measuring the performance of the case by
comparing it to other set of performance. By evaluating the performance of
the company's innovation strategy with other organisation will help in
providing results that can be taken as a objectives to be achieved. Like,
increased number of new idea, improvement in quality of ideas, more
efficiently implementing the idea and improve the success of the result.

Evaluating different tools that organisations can use to develop, retain
and protect knowledge and intellectual property
Intellectual property is used for different set of intangible assets that are legally
owned and protected by a company from outside use and implementation without
permission. Intellectual property helps in providing competitive advantage to the
intangible assets the protective right as the tangible assets of the organisation. There
are different tools of protecting and retaining the knowledge and intellectual property
of an organisation. Some of the tools are:
Trade Mark
Copyright
Patent

Critically evaluating how organisation can overcome
challenges to develop successful innovation.
•By increasing the efforts to create and develop the new products more
efficiently and effectively the organisations are continuously working to
face the challenges to develop the successful innovation. Some of the
challenges are:
Intellectual property issues and legal risk.
Processing of ideas efficiently
Establishing an efficient internal structure
Overcoming these challenges will help the organisation in developing
successful innovation.

CONCLUSION
•By summing up the above presentation, it can be concluded that
innovation plays a significant role in creating and developing new product
in market. The presentation has concluded the need of commercial funnel
and the application of new product development process of
commercialisation. Further, innovation business case with the different
ways to access funds. Later, presentation has included different tools which
can help in protecting the intellectual property of organisation.