Innovation and Commercialization Report: Strategies and Frameworks

This report provides a comprehensive overview of innovation and commercialization, emphasizing its importance in the global market. It defines innovation and highlights its role in creating new products, processes, and services to meet market demands. The report explores key factors shaping innovation and commercialization, including leadership, vision, culture, and teamwork. It then delves into frugal innovation, its impact on product development, and its application within an organizational context. The report analyzes the innovation funnel and discusses how it can be used to create sophisticated products and services that cater to all segments of society. The study uses the example of 3M, which innovates a product 'eureka' which is an air purifier. Finally, it concludes by emphasizing the significance of innovation in fostering a safe working environment and providing strategic marketing management.

Innovation and
Commercialization

Table of Content
• Introduction
• Main Body
• Conclusion
• References

INTRODUCTION
• In the global market, the innovation of new and latest
technology is important. Not only establishing the new
technology, making a possible way to reach out to the new
innovation and making it possible to happen in the market.
In this fast changing technical environment, every company
needs to innovate some new ideas on the daily basis. The
commercialisation is the part of making the new innovation
successful in the market. It is the process or path by which
the new innovation or idea can get implemented.

Innovation and its importance
• Innovation can be defined as creation of new ideas and
thoughts which can bring about the change in the modern
world. New innovation can be implemented with the ideas
and so as to meet the demands of the market innovation is
also a way to meet the solutions of innovation and to create
a satisfied channel in the market. Innovations aims to
generate new product, process, services etc. that are
modified to create more effective innovations. Innovation
aims to create a meaningful impact in the market

Factors that shape innovation and
commercialization
• • Leadership
• • Vision
• • Culture
• • Team-work

4 P’S OF INNOVATION
• Product: 'Eureka' is developed with the aim to create a
sustainable environment which eliminates all the pollution
within the closed atmosphere which creates a working culture
within the environment(Koirala and et.al, 2016.). This product
is developed with the aim to provide a sustainable and safe
working atmosphere within the enclosed home or offices.
Product is developed with the aim to meet the needs of the
offices and the health related problems concerning with the
persons health. This aims in the development of new product.

Development in Frugal
Innovation
• Frugal innovation refers to the reduction of complexity of
the work and reduction in the cost of goods and services
which provides durable goods in the market. The durability
is improved and the product life cycle is increased(Laurell,
2018.). This aims to create a thin margin of profits.
Globalization and more income generation in developing
countries may drive frugal innovation. These are made to
provide a durable product in the market which can be used
for the lifetime.

Analyze and apply the
innovation funnel in an
organizational context
• Frugal innovation is a sensitive design which are valued and
marketing strategies that bring out the sophisticated products and
services(Madsen, 2017). Which can liable to all the class and
sections of the society. The services and the products made in frugal
innovation are highly functional and robust which are made for aim
to fit in the future. This aims for the frugal design and creation of a
product which is focused for all the segments of the society. As the
low resource is generated innovation is carried out with the aim of
fulfilling the need of the society. This will help in profit generation of
the firm which will help to overcome the market.

CONCLUSION
• This study concludes the innovation a bloom to the society
which provides us towards a safe working environment.
What innovation is explained in this study with the
example of on organization 3M which innovates a product
'eureka' which is an air purifier. How leadership
approaches improvise vision is explained in this study. with
the strategic approach towards the product which can help
in strategic marketing management of the product.

REFERENCES
• Laurell, H., 2018. An international new venture’s
commercialization of a medical technology innovation: The
role of institutional healthcare settings. International
Marketing Review. 35(1). pp.136-163.
• Madsen, L.D., 2017. September. From Discovery through
to Commercialization: Federal Support. In Meeting
Abstracts(No. 39, pp. 1684-1684). The Electrochemical
Society.