Innovation and Commercialization Report - Reliance 5G Technology

This report, prepared for a BTEC HND in Business, Unit 8 (Innovation and Commercialization), analyzes the significance of innovation in business, focusing on Reliance Worldwide Corporation and its potential 5G technology. The report delves into key concepts such as the 4Ps of innovation (Paradigm, Product, Process, and Position), the innovation funnel, and commercialization strategies. It explores the relationship between innovation and invention, the importance of leadership, culture, and teamwork in fostering a successful innovative environment. Furthermore, it examines the commercial funnel, new product development (NPD), and the creation of a business case. The report also addresses the critical aspect of intellectual property and its protection. By analyzing these elements, the report provides a comprehensive overview of innovation and commercialization within a business context, offering insights into Reliance's strategic approaches for future growth and market competitiveness.

Submission Front Sheet
Programme BTEC Higher National Diploma (HND) in Business (RQF)
Unit Title and
Number:
Innovation and Commercialization (Unit 8)
Assignment title Innovation and Commercialization Assignment Brief
Unit RQF
level/Code
Level4/ (M/508/0494)
Module Tutor
Name /Email
Credit Value 15
Assignment
Brief Code
Cohort Name Sep 20B Assignment
Date Set
04/05/21
Student’s Name Student’s
Registration
Number
Submission Date
09/07/2021
Distribution
Date
05/05/2021
Is this a first
submission
YES
Is this a
referral
submission
Word Count
6018
Learner’s statement of authenticity
Student’s
Signature
Date 09/07/2021

Innovation and
Commercialization

Table of Contents
INTRODUCTION.......................................................................................................................1
Innovation and Invention.........................................................................................................1
Importance of innovation........................................................................................................2
4Ps of innovation.....................................................................................................................4
Innovation funnel....................................................................................................................5
Frugal Innovation....................................................................................................................6
PART B...............................................................................................................................................7
Commercial Funnel, NPD and Business Case............................................................................7
Intellectual Property..............................................................................................................13
CONCLUSION.........................................................................................................................15
REFERENCE............................................................................................................................17
Books and Journals...........................................................................................................................17

INTRODUCTION
Innovation play an important role in development of an organization as it facilitates new
techniques and tools for running a business. It is essential for a business to adopt precise
innovation techniques in order to formulate various effective methods of business functioning.
The application of innovation in a business is helpful in increasing income of a business as well
it is also helpful in increasing business efficiency (Aldea, 2018). Reliance worldwide corporation
is a multinational industrial service provider at the marketplace which provides effective
solutions to several industries all over the world. The organization was established in the year
1949 and mainly provides water and plumbing solutions to different industries.
Scope - The report will analyze the innovation and invention of the product which Reliance will
be producing. Along with this, importance of innovation will be articulated which will also
explain the 4P’s. Innovation funnel will be explained and evaluated in detail with the innovation
funnel management process. Other than this, commercial funnel, NPD and a business case will
be explained in detail. The intellectual property aspect will be explained in detail and in precise
form. This will help in the overall analysis of Reliance’s new product development. The scope of
this assignment will help in evaluating the future and the current Reliance trends which will be
helpful in gaining the technological advantage effectively and efficiently. The assignment will
focus on the Reliance’s 5G technology which is to be invented in the mobile phones to make the
customers available the effective and efficient sources of how and when the technology will be
gained.
Scenario – The scenario will entail the basis and the explanation for Reliance to seek rapid
growth of the operations when it will launch the new product and continuous rise in the sales will
be observed while company innovates the new product and service and as per its distribution
capability. When the organization, enters into the fourth years it observes the decrease in the
sales. The founder thought to innovate and invent new range of products and services and in this
I am hired as the brand strategy innovation consultant to provide recommendations to the
organization.
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PART A
Innovation and Invention
Innovation is the practical implementation of ideas that result in the invention of new
goods and services which creates the progress and the growth along with development on large
scale.Invention is the unique way which initiates in the product development process
(Varadarajan, 2018). Innovation is mainly related to formation and development of new effective
ways in development of a particular product or service. Innovative products and services are
major demand of market in order to attract large number of customers. In era of stiff competition
between different companies it is essential to involve major operations and business functions
with the help of innovation. It is the major responsibility of a business to facilitate and support
innovation in order to increase efficiency and revenue of a business. At Reliance worldwide
corporation, practice of innovation plays a crucial role by facilitating business development in a
precise manner. It is essential to involve innovation related operations at the marketplace to
facilitate overall business development. Most of the times in global company’s market growth
are dependent upon innovation related operations. In the era of globalization it is important for
various companies to follow innovation related techniques to maintain a professional level in
operations. It is essential for a business to take precise help of innovation techniques in order to
gain competitive advantage.
Invention is the method of process or composition of something new which is creative
and reflects something other than the usual. Invention is done in the product development
process which helps the organization in making and attaining the results of how invention along
with changes can take place (Richter and et.al., 2020). Invention will help Reliance in knowing
what the process is and how to invent something new which is according to the product or
service development which they have decided to take the action towards.
Importance of innovation
The concept of innovation is described as in recent times competition has increased
between different companies thus it is essential for a business to implement innovation
techniques in a precise manner (Amara, 2019). Innovation is very much helpful in providing
competitive advantage to a business and also helpful in achievement of organizational goals and
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objectives. Most of the business organizations in this competition world are majorly dedicated to
involve deploying professional management in innovation related operations to gain business
development. Reliance worldwide corporation is also effective in applying universal tools and
techniques of bringing innovation in order to lead the marketplace. In business environment
traditional methods are considered as old ways of performing different things. With the
application of innovation a business can easily set up new ways and products in order to attract
large number of customers from the marketplace. Innovation also plays a critical role in business
development by facilitating quality management. As innovation takes support of different
activities which are related to functioning of information and technology it is helpful in
performing accurate operations (Amara, 2019). Innovation also facilitates a business to earn a
good amount of profit from the marketplace in order to achieve several business related goals. In
an organization it is essential for the top level management to take support of various innovation
management models to develop a competency edge. With the application of famous management
models in innovation field a business can easily gain competitive advantage.Innovation and
invention are differentiated as – Invention is the creation of the services and the products and
presenting the procedure for the first time in the market. Whereas Innovation is when there is
some type of changes or improvisation in the products and services.
Every organization has specific vision regarding different aspects of leadership and culture in
order to gain competitive edge. It is essential for a business to formulate effective team work by
the help of different employees to achieve different organizational goals and objectives. In vision
of a company there is a major role played by strategic and human resource management. The
importance of different managerial aspects for Reliance worldwide corporation is mentioned
below:
 Vision- The vision of an organization plays a major role in bringing different
innovation practices in the business. Most the business in competitive market
formulate effective vision with help of professional strategic management.
Innovation related organization is helpful in formulating effective products and
services which are also precise in attracting customers. Reliance worldwide
corporation effectively formulates vision at the starting of a financial year and takes
support of management to achieve that vision.
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 Leadership- The act of leadership is also essential for an organization to achieve
several operations and functions to facilitate workforce. It is important for an
organization to implement leadership related operations and tasks in order to gain
competitive advantage. In era of stiff competition it is important for a business to
hire effective innovative leader for managing large number of employees using
innovative techniques (Geng, 2021). In organizational activities and functions it is
important for a leader to provide innovative solutions related to team decision
making.
 Culture- In organizational development culture plays an important role as it
influences various aspects and dimensions of a business. As Reliance worldwide
corporation is one of the major global organizations where people come to work
from different parts of society. The human resource management of Reliance
worldwide corporation is also effective in providing best culture management
solutions. In functioning of an organization it is essential to perform different
practices which are culture oriented to effectively manage large number of
employees.
 Teamwork- There is great value of teamwork in an organization as it establishes
feeling of unity in different employees. With the deployment of team in an
organization most of companies formulate harmony between different workers. In
organizational functions and activities which are related to innovation teamwork
plays an important role and it is also essential in maintaining equilibrium. In
achievement of different organizational goals and objectives it is essential for a
business to deploy innovative leader. Reliance worldwide corporation always hire
professional staff for effectively formulating business related innovative strategy.
In various innovative tasks related to human and consumer behavior which is
related to leadership teamwork is considered as most important function.
4Ps of innovation
In whole process related to innovation it is essential for a business to involve major Ps
which are also helpful in business development. It is essential for Reliance worldwide
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corporation to involve all the Ps in a precise manner to perform efficient operations at the
marketplace. The 4Ps of innovation for Reliance worldwide corporation are:
 Paradigm- The paradigm aspect in innovation is related to formulation of decisions on
the basis of different angles. It is recommended for a business to think out of box in order
to perform effective and efficient operations at the marketplace. There is always scope of
various angles in a business so it should be utmost responsibility of business to take
decisions (GUO, 2018). In the business there should be involvement of professional
management in order to take responsibility of formulating a precise strategy.
 Product- In innovation process there should be involvement of production management
who is efficient in taking new decisions related to a product (Chen, 2018). Different
products with professional innovation techniques should be manufactured by a business
to attract large number of customers. In organizational development it is essential to
introduce several products at the marketplace in order to increase revenue and efficiency.
Reliance worldwide also tries hard to provide effective and new products which are
beneficial for several industries. The organization has also hired professional marketing
management and takes regular feedbacks from clients in order to satisfy major demands.
 Process- In the field of innovation process plays a major role by facilitating
manufacturing department and product distribution. There should be involvement of
innovation techniques in operations management of a business to gain competency
related advantage. In business development it is essential for the production development
department to take support of information and technology to formulate different
decisions. In the era of stiff competition it is essential for a business to include
professional IT experts who are actively concerned with different innovation related
techniques (GUO, 2018).
 Position- Innovation process also involves selecting target customers for the business
growth. The target customers are also essential in increasing revenue of a particular
business. Targeting different customers is essential with allocation for specific ages and
target customers. Innovation is as always essential for a business to formulate effective
functions and operations to generate effective product for target customers.
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Innovation funnel
Figure 1Innovation funnel used in innovation
The innovation funnel is mainly used by a business to formulate a precise innovation
action for achieving different organizational goals and objectives. In era of stiff competition it is
essential for management to deploy innovation funnel for getting competitive advantage in the
field of innovation. In organizational functions most of the companies are trying to innovation
funnel in order to achieve different targets related to innovation. In organizational growth there is
so much importance of innovation funnel in order to lead the marketplace. The management
which is present in Reliance worldwide corporation always takes essential steps which are
related to performing innovation techniques. In business development it is essential to perform
the use of innovation funnel in order to achieve business efficiency (Lee, 2017). The professional
management which is working for Reliance worldwide corporation is also fully dedicated.
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Four stages in innovation funnel are explained below –
Ideas – Generation of the idea is the first stage in which what is to be done and how the company
will innovate the new product or service is defined. With the help of idea, new product
development and the technique of how the product or the service is to brought in the market and
to the customers is also evaluated (Anzola-Román and et.al., 2019).
Criteria – In this stage which is the criteria, the steps for the idea is set which helps the company
in setting up whole plan of how to invent the product or the services which has been planned. On
what criteria’s will the new service or product will be described and taken into action. This is the
base of setting up of criteria.
Finetuning/Testing – Fine tuning or testing is the fourth stage where the invention of the new
product or service is analyzed and in this the main thing which is observed is to test whether the
new product or service will work or not. Therefore, testing is done when the product or service is
invented perfectly (Franken and et.al., 2020).
External Environment – External environment is the fourth stage where the company analyses
that how the external environment is helpful and useful in development of the new product or
services that will be introduced in the business environment.
Frugal Innovation
In today’s innovative world frugal innovationis the process of minimizing cost of a good
and its production. In other words at Reliance worldwide corporation this refers to removing
nonessential features from durable goods for example car or mobile phone. This technique is
majorly used by most of the business organizations which are helpful in defining innovation
related operations (Pérez, 2017). The unnecessary part and techniques are removed from the
product in order to minimize cost related to a product. This technique is helpful in increasing
cost of a particular product and is also helpful in growth of business.
Reliance worldwide corporation was started with normal techniques of innovation. Now
the company has adopted technique of frugal innovation in order to utilize resources in an
optimum manner. In achievement of financial objectives of a business, there is an important role
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played by frugal innovation (Tokareva, 2019).While most of the companies in global market like
Apple, Samsung, Hyundai and Toyota deploy frugal innovation in order to minimize cost of
product at marketplace. It is essential for a business to mainly perform several functions which
are related to minimization of cost in order to improve market share of the company. In the
recent times famous global companies are actively involved in adopting different techniques
which are helpful in facilitating financial management. It is essential for business development to
involve frugal innovation related operations for facilitating customers in providing cheap cost
products to them. In business and financial management activities it is the most important
function of manpower to facilitate whole process related to deployment of frugal innovation.
Frugal innovation is universally adopted technique of performing innovative functions which are
effective in minimizing price of a particular product. From old times due to introduction of
information and technology there is immense development recorded in the field of frugal
innovation. In frugal innovation professional and scientific management is required with
essential skills related to information and technology (Tokareva, 2019). Frugal innovation is
facilitated with the help of strategic management and manpower in bringing several aspects of
technology. Reliance worldwide corporation is also involved in taking assistance from
information and technology experts in order to perform frugal innovation in a more precise
manner. The business development is essentially facilitated by frugal innovation as it helps in
achievement of business equilibrium within a short span of time. Generally in the competitive
global business environment it is essential for a business to mainly perform different functions
which are related to the achievement of frugal innovation (Xiaohan, 2020). In overall functioning
and operations of a business it is essential for the manpower to learn IT skills for effectively
performing several functions with help of innovation. Most of the businesses are also selling
cheap products at marketplace with good quality with help of frugal innovation.
PART B
Commercial Funnel, NPD and Business Case
Executive Summary –The Part B will constitute the importance of commercial funnel and
application of new product development for commercialization of innovation. This will be
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explained on the basis of what commercial funnel along with its importance included and the
idea of how it was generated, the problem statement, its solution, customer/market research,
timescale, expected benefits, evaluation and recommendation, investment requirement.
The Problem Statement –The new product development was done for reaching the customers
on high scale but it resulted in the poor network issues which India is facing through which 5G
network to the Reliance users becomes a difficult work to complete (De Filippi and et.al.2020).
What is your Solution –The solution to the problem is that India can still work upon the
technological factors so that they are able to promote and brand the services of the Reliance
Worldwide.
How and why is it an Innovation –Providing 5G technology in the mobile phones is an
innovation because it has not been used in any other company therefore, the scale of expansion
on this technology aspect is being created as an innovative practice for the customers (Schulman
and et.al., 2019).The 5G technology will provide the customers high range of network by
fulfilling their needs and demands effectively.
Market/Customer Research –The market or customer research is done so that Reliance
Worldwide network provide effective and significant service to the customers and the market
scale is analyzed which helps the customers to know more about the trends which are being
followed in the market.
Investment Requirement –Reliance Worldwide will need the investment of 51 Dollars.
Sources of Fund –There will be various sources of fund through which Reliance will seek to
invent and introduce the new product in the market. Sources such as loan from bank and through
shares will be taken for the innovation to be launched in the market for customers (Cuervo-
Cazurra and et.al.2018).
Expected Benefits –The technology of Reliance Worldwide will serve the customers the 5G
experience on significant scale and will make the work more effective and efficient overall.
Timescale –The time this innovation will take will be in 5 years.
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