Innovation and Commercialization: Softwire Case Study Report

This report delves into the concepts of innovation and commercialization, emphasizing their significance in the business world. It examines how organizations, particularly Softwire, can foster creativity, shape their vision, and leverage leadership, culture, and teamwork to drive innovation....Read More

INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1. Explaining innovation and its significance in contrast to invention .....................................1
P2. Explaining employees, the way in which the vision of the organisation along with their
leadership, working culture and group-work can be shaped through creativity and
commercialization........................................................................................................................3
P3. Explaining the 4P's of innovation and the uses of the innovation funnel to analyse and
shape innovative thought to employees.......................................................................................4
P4 Explain Softwire can develop frugal creativity. Examples of given organisations in the case
study.............................................................................................................................................5
P5 Significance of the commercialized funnel and its utilization of New Product Development
processing for commercialisation to workers of Softwire, with practical examples...................6
P6: Different ways to access funding with the Apple and Virgin case study..............................7
P7 Evaluating different techniques used by Softwire for the development, retainment and
protection of their knowledge by together securing their intellectual property...........................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Creativity can also be termed as the multi-faceted and quite complex process. It will be
having very diverse set of activities which is being used to get the final outcome. On the other
hand, commercialisation is the process which is used in transforming the ideas, invention and
knowledge into greater wealth for the business processes used in the organization as well as for
an individual. The prime focus of both the approaches is to provide better productivity of the
organization. This can be done by adopting unique ideas and new techniques, so that the business
process can be increased.
This report contains the business approaches and processes selected by the organization
in UK named Softwire. This study is also having two case studies on Apple and Virgin group
respectively. This will show the importance and effectiveness of the innovative and
commercialized processes used in the company. The present report also shows the tools which
will be used in developing, protecting and retaining the knowledge of the property in context
with the given case study. Invention is another process which is shown in this report. This means
the development of new idea and approaches to improve the services and products of the
organization.
P1. Explaining innovation and its significance in contrast to invention
Innovation simply means introduction of new products or services in your organisation or
it may also mean the way an organisation carries out its business decisions. Innovation
encourages new and different ways of using resources, like technology, improved industry
methods, raw material and human resources. To be a successful business, innovation would need
to be supported by the organisation, its employees and all its business partners (Alhaddi., 2016).
To succeed and thrive many organisations are embracing creativity and innovation,
because of unprecedented economic, demographic, social and environmental challenges. Without
innovation, many organisations have failed to create the conditions for sustainable growth.
Therefore, it is very important to for the organisations to prioritise innovation for their long term
success. The importance of innovation could only be explained to the employees by engaging
them with ongoing innovation in the organisation (Ali and Shah., 2016).
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The chosen organisation Softwire Technology Ltd. started back in 2000 and has grown to
over 130 employees. They have created the best possible environment to produce outstanding
software and deliver unmatched customer satisfaction (Asmawi and Chew., 2016).
There are some strategies through which employees can be engaged, so as to strengthen the
organisational culture towards innovation:
1. Build a diverse and Team-work place - It means, the projects and tasks should be divided
by an assortment of employees with distinct set of skills and thoughts. Organisation
should also promote teamwork in both their local and international set of teams, and it
should offer opportunities for workers to operate on ground-level with other team
members in international offices. By structuring a solid basis for employee’s in terms of
variety and amiability, cited organisation can gear up creativity with better approaches to
resolve the issues supported by some sort of invention at their workplace (Carayannis and
Meissner, 2017).
2. Create a culture of continual learning – Organisations who tends to focus upon the future
growth of their employees are apparent to get major returns in the form of an increased
level of production, innovation along with engagement. Organisations should authorise
workers by investing funds in programs like hands-on that in turn concentrates on the key
technological skills that are beneficial for innovations. Also, it must enable similar set of
abilities supported by design- thinking models and such measures that in turn enhances
the presentation skills that improves the experience of consumers (Chang, Rasiah and
Chan., 2016).
3. Provide modern and engaging tools to the workers– Apart from specialised improvement,
it is highly recommended to the quoted entity to offer such effective tools to their
employees that in turn improves their efficiency level by together simplifying their jobs.
Organisations should plan, build and create such effective work experiences for their
employee's that in turn modifies their presentation along with efficiency (Clay, 2017).
There is a substantial discrepancy among creativity and innovation. It is basically on
referring to the definition of invention that is defined as the initiation of a new product or launch
of such process that is going to be introduced for the very first, for instance Thomas Edison was
referred to be a creator in terms of invention. However, innovation is said to be occur at the time
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any changes are being done by the organisation as a way of contributing into something that is
already signifies an invention, like for instance, Steve Jobs was referred as an innovator
(Erdemir, 2016).
P2. Explaining employees, the way in which the vision of the organisation along with their
leadership, working culture and group-work can be shaped through creativity and
commercialization
For an company like Softwire Technology Ltd., to become successful, the top-level
management needs to have a clear vision of the goals, mission and values of the organisation.
These key elements help and guide the team and the vision of the organisation towards
commercialisation. With wide and open vision, the organisation can emphasise on innovation
and commercialisation (Hojnik, and Ruzzier, 2016). Vision is the aspirational description of
what an organisation wants to be or want to achieve or accomplish in the long-term future. It is a
futuristic approach to define the whole organisation.
Organisational culture is a buzzword that can be hear now and then, as in, our organisation
has a “strong” or “innovative” or even may be “toxic” culture. But an organisational culture is
said to be how people inside the organisation interact with each other. With a strong and
innovative organisational culture, the employees' can easily develop their attitude towards
innovation and commercialisation (Meissner, Polt, and Vonortas, 2016).
This is written proof from the aspects of group work maintaining within the company their
whereby talented employee also motivates others for achieving the goals of the organizations ,
working in a team for achieving the task with high effectiveness, contempt the informal and the
anti-corporate working culture at the company (Micaëlli and et.al., 2016).
Leaders are responsible for assembling teams and guide or lead them for their optimal
performance outcomes. Innovation begins with those people who are diversified in all the
functions and departments of the business (Obumba and et.al., 2017). Leadership skills are the
basic requirement for innovation to take place in the organisation, these skills include passionate
explorer and courageousness, just like the consistent and constant growth of Virgin Group can be
attributable to Richard Branson’s entrepreneurial aggressiveness and state of mind to explore
new horizons in business.
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Leader position is obviously a shared responsibility, it is not specifies the role and
responsibility of a single senior executive. While Apple’s Steve Jobs is an example of a
successful entrepreneur, who is grown with own self then achieve the position. Hence expands
the business globally with valuable brand image or different businessman at the international
level (Ojo and et.al., 2017). To succeed in the long-run organisations must implement the right
kinds of innovation-focused skills with different leadership style in the organization.
Teamwork is another factor that can shape innovation and commercialisation in the
organisation. Hence, some levels of all the organisation carries the potential to innovate in the
variety of thought described by different subject in an organisation. The challenging task is to
bring these diversified groups – many of whom speaks various professional languages and even
have different perspectives – together to routinely share their views in the spirit of collaboration
and to encourage and develop the spirit of innovation in the organisation (Strese, Adams, Flatten,
and Brettel, 2016).
P3. Explanation of 4P's of innovation and the way of using the innovation funnel for examining
and shaping inventive ideas
The 4P's of creativity were invented so that any investigation regarding the organisation can be
narrow down to a specific area or specific functionality of the organisation. These 4P's are also
known as innovation mix and it enables the strategists or managers to discover what the
innovation process can improve and bring to their business (Tiwari and et.al., 2017).
The 4P's of innovation are:
 Product: The innovation that can be made in the products or services the organisation
offers.
 Process: It provides the way through which we can achieve innovation in products and
services or it also means to innovate in the internal procedure and process of the
organisation (Vanhaverbeke and et.al., 2017).
 Position: Position is related to organisation's own perception. It can be described as the
mental concept and promotion and motivation is the best processes in the organisation
that affects these mix of innovation (Weyrauch and Herstatt 2017).
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 Paradigm: It concerns with the change in the way something is done in the organisation.
The change may include anything that is related to the organisation (Ojo and et.al., 2017).
An Creativity funnel is utilized to explain the tr exception ack that take place in the
development of any process or product (Tiwari and et.al., 2017). The ultimate goal of all
innovation is to make up processes or products production that meet the market needs and wants
according to the customer preferences. exception
This process of innovation beginning with a large range of inputs and gradually redefines
and select from among them, then those selected input program can be pushed to rapid closing
and introduction (Micaëlli and et.al., 2016).
It included three very different steps. The first is to define the funnel the mouth of funnel
The company must expanded its knowledge, ability, skills for new product development and
increase the range of product in the market and introduce the new production processes in the
organization with innovative idea and thought (Alhaddi 2016). The second steps is to narrow the
funnel neck preparation before project implementation and must be focused on the most effective
and attractive the future opportunities. Last step is to ensure that the selected project deliver on
the objectives expected when the project was approved or accepted. Just like the Apple Inc.
approved the idea of launching iPod in 2001.
P4 Explain Softwire can develop frugal creativity. Examples of given organisations in the case
study.
Frugal innovation: - it is a process of frugal creativeness means find-out new business
design and models, assemble value chain and modified products to serve users who face intense
spend restraint, In a ascend-able and right manner (Ali and Shah, 2016). It involves either
upcoming and latest trends invalid and continues optimum utilisation of resources to create more
intension in the markets.
Frugal creativity is use-full process for new product development for the Softwire in term
of collecting information about the product, market demand and customer choice (Carayannis
and Meissner,2017).
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Example furgual innovation are as follows
Apple Inc.- One of the best example of frugal innovation is Apple Inc. iPod. The
company Launch iPod in 2001 (Asmawi and Chew, 2016). It is digital music player in which
around one thousand songs storage. The product of Apple Inc. is just creating boom in the
market. It is great achievement for Steve jobs and other staff of the company, this product of the
Apple Inc. is phenomenon’s growth for the company. Customers are more preference to this
product of the company in terms of other firm’s music player.
Virgin group: - Virgin group is a group of organizations based in UK founded by
Richard Branson. The company expand their business in many areas such as tour& travel,
entertainment, finance and live style. Virgin group operates all the business with different
marketing strategy from the competitors of the markets. The company used frugal innovation for
new product development in terms of business expand into mobile industry for gaining
comparative advantage from the market. Effective management and team building is the key
success factors of the company (Chang, Rasiah, and Chan, 2016). The company aspiring and
highly creative people are always motivating in achieving the task giving their best into the work
as attempt the best level performance level for the organization.
Example of virgin group is started providing addition services on its products and services. The
organisation is changing its products and services as per the demand of customers which help in
increasing the sales and profit.
P5 Significance of the commercialized funnel and the use of New Product Development process
for the development of workers in Softwire
Iconic product development funnels have given very important role because it implies
that product development is a culture process that takes us from the first stage of the projects
(Clay 2017).
Commercialization: - It is the process or starting point of launching a new product into
new geographical area. Product launching into new location commercialisation is helpful tools
for set-up new product into new geographical area (Commercialization. 2017).
Commercialization is essential for Softwire employee’s: -
The company has to decide after new product development where to launch. Its depends
on their marketing strategy where is to sell such as one location or may more regions. This
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decision will very important for the company as well as the employee. And the one where the
organization spend more money for promotion of the product with helps of advertising, free
sample distribution and many other marketing strategy (Hojnik and Ruzzier, 2016).
Business analysis: - Once the top management decides on its new products concepts and
measure the business quality of the proposal. Commercialisation helps to employees for
business investigation concern such as cost of sales, and profit margin of selling the produict into
the markets with level of customer satisfaction (Micaëlli and et.al., 2016).
Product development: - The research and development department will prepare about
one or more version of product content design by the department for pretesting of product sell
into market on target customers for analysis the effectiveness and variability (Obumba and et.al.,
2017). Developing a successful design and models can take the time durations days, weeks,
months, or even years.
Test marketing: - Needs of commercialization for the employee of the Softwire to
consumers tests, marketing is very important tool of testing of new product and their
programmed are introduced into more actual values and market demands and customers
preferences (Ojo and et.al., 2017).
For example: Apple companies every year launch new I phone with additional features in order
to attract the large number of customers. Further the organisation is modifying its products and
services as per the needs of customers.
P6: Different ways to access funding with the Apple and Virgin case study.
There is different funding option which are available for the business through the help of
which fund can be increased. It this context it leads to include to get loan for financial institution,
bank or personal saving. Through all this way company can easily get loan and it can carry out
its business activities. For bringing innovation at the softwire, it can use bank loan as because it
need to pay fixed amount of interest (Strese, Adams, Flatten and Brettel, M., 2016). There are
different sources of funding in which company can focus so that it can produce innovation and
commercialisation. On the other hand, personal saving can be used by the firm so that firm no
need to pay any interest. It leads to avoid opportunity cost which need to pay at the time of
taking loan from financial institution or bank. Through the venture capital, Virgin company can
easily borrow the fund so that new product can be developed (Tiwari and et.al., 2017).
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There is different type of funding sources which is available for the firm that is external
sources in which firm need to be high quality business plan which describes the innovative drive.
Mostly business turn to toward their banks so that it can take line credit or loans it depends on
the borrowing needs and credit. One of another type of funding it through external investor. They
have some release control on business because they are investor (Vanhaverbeke and et.al., 2017).
Further there are two main routes for investment that is business angel and venture capital firm.
Both are effective for the firm. It is so because business angel is known as wealthy individual
who invest in private companies on the other hand venture capital are higher level of investor
who wants share of company in returns.
Different key issues in innovation in business case is that new business is crucial and it is
enabled to improve its process. In innovation company is unable to get appropriate fund from
different sources. Through innovation company can easily improve productivity and be more
competition. There are different problems such as financing problem and untrained employee
problem which is need to solved. Further, the proposed solution is innovative because it assist in
getting valid outcome related to the product.
Customer research outcome lead to help in identifying taste and preference of customer so
that produce can be innovate on the basis of it. Customer survey outcome lead to help in finding
out which product is more liked by customer as compared to other product. Design and
development plan is effective in respect to create new product.
Investment is required for the marketing, finance and project management. As for marketing the
new product different method need to used which required investment.
For example with the financial benefit firm can easily increase sale by selling its innovative
product and service. Further, people like environmental friendly product so company need to
make product which not impact the environment.
P7 Evaluating different techniques used by Softwire for the development, reattainment and
protection of their knowledge by together securing their intellectual property
It is to create and protect the intellectual property and knowledge, there exists different
techniques that can be used by Softwire company in respect to retain the knowledge and
intellectual property (Weyrauch and Herstatt, 2017). By which, suitable results can be achieved
in a right way. Along with this, it also assists in the improvement of the performance carried out
by the business. in Information technology market and enhance the overall sale and profit of the
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firm. This play significant role in IT market and so that company can earn huge profit. Along
with this it is important for the organisation to make some improvement in product knowledge in
respect to create quality product for its customers. For example, it is important to have copyright
and some other components which is for the firm to undertake in respect to get valid results
(Erdemir, 2016).
Furthermore, it is important for the firm to protect and retain the knowledge within the
organisation so that it can easily improve its business performance which result in an effective
outcome (Obumba and et.al., 2017). There are different tools which need to be undertaken in
respect to develop knowledge and efficiency of workforce so that skilled operation can be
performed by employees within the organisation. Employee can be provided training and
development facility so that they can easily improve the productivity of the organisation in a
market as it also results in carrying out best results so that success can be accomplish. Therefore,
it can be stated that through implementing knowledge and intellectual property is result to
enhance the overall performance of the business and overcome the issues which is faced by the
Softwire (Ojo and et.al., 2017).
For example, the Softwire company can undertake effective intellectual property rights so
that all the innovation done in Softwire cannot be copied by any other organisation. It is essential
for the organisation at the time of developing new product that it should be patented so that
chances of getting stolen decreases. There is different condition on the basis of which company
have right to develop similar services or commodities (Tiwari, and et.al., 2017). Apart from this
many other elements which includes. As per this strategy it involved which enables intellectual
property investment, this can be complete thorough providing some legal rules and rights. Along
with this firm have option to optimize the search and actionable insights. This can become easy
if company have advanced tool analysis (Weyrauch and Herstatt, 2017).
There are some advantage and disadvantage of intellectual property which are as follows
There is no legal fees is need to pay. It is potential to maintain competitiveness simply by being
the first into the market. Along with this no office registration is required. On the other hand
there are some disadvantage that is it does not help in protecting the idea and the way through
which idea is expressed. Further there is no guarantee reward for the investor.
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CONCLUSION
From this report, it has been concluded that innovation and commercialization is the
process which helped a lot in the development of the products, services and it also enables the
marketing of the products. These processes helped in retaining the consumers by taking use of
commercial funnel in the processes of business. In context with this only, two companies Apple
and Virgin group made their efforts respectively for developing new products by using new
techniques and methods. This made more number of consumers attracted towards the services
and products offered by them. Various development and retention tools have been utilized so that
the knowledge of the employees can be protected as well as their intellectual property. Further, it
has also been concluded that 4 p's of innovation which is product, process, paradigm and position
is very helpful in the stimulation of the entire business process.
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REFERENCES
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