Innovation and Commercialization: A Dyson Case Study

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INNOVATION AND COMMERCIALISATION
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Table of Contents
Introduction......................................................................................................................................3
LO1..................................................................................................................................................4
Explain innovation and determine its importance to organizations in comparison with invention.4
Explain how organizational vision, leadership, culture and team work can shape innovation and
commercialization............................................................................................................................6
Critically analyze different sources of innovation and how innovation is developed, embedded,
and measured in an organizational environment.............................................................................8
LO2..................................................................................................................................................9
Explain the 4Ps of innovation and explain the use of innovation funnel to examine and shape
innovation ideas...............................................................................................................................9
Explain the development in frugal innovation and provide examples of how it is used in an
organizational context....................................................................................................................11
Analyze and apply the innovation funnel in an organizational context.........................................12
Provide an evaluation of the role of frugal innovation using an organizational example.............13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15
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Introduction
In business language, an idea is followed by a particular organization for satisfaction of needs. In
simple words, innovation is a process of converting the design into services that create values
according to the customers need. In this report, it explains innovation and commercialization
concept. It is based on the innovation of an organization. Dyson is a famous British company
which established in the United Kingdom by James Dyson, 1991. It manufactures vacuum
cleaners, hand dryers, lights and bladeless fans. In this report it discussed various types of tools,
techniques regards innovation and its commercialization. The purpose of making this report is to
provide information about innovation concept, its values, and importance within the company. It
also defines the development of frugal innovation and its significance for the organization. The
company make innovative products and services by the support of useful techniques, theories
which fulfil the organization aims and objectives.
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LO1.
Explain innovation and determine its importance to organizations in comparison with
invention.
Innovation is an idea for creating the thoughts, new imaginations towards device and method. It
is an application for better solutions which connect with the unique fundamental needs, hidden
needs, and existing market requirements.
The invention is a unique method, composition and different process as compared to Innovation.
It is a cultural invention which is a set of social management follow by the people and pass for
the others. It is an essential key element of art and design artistry (Kirkegaard, et. al., 2017).
Importance of Innovation for organizations:
Innovation is useful for both types of organizations which is established and new. It is essential
in charismatic for new trends and changes the atmosphere. Innovation is helpful for
organizations by providing new ideas, information, process and services for company benefits. It
helps in creating development, improve organizational sustainability. By using innovative
approaches and process help to upgrade the organization brand; it is not about only focus on
creates new things but also focus on improving the business procedures.
Invention Innovation
1. It refers to make ideas for products and
process which never made in the past called
innovation.
2. It means the invention of new products or
services.
3. It needed scientific abilities are required.
4. It involves research and development
activities.
5. Its concern for single products and process.
1. It means implement for the first time; the
ideas towards products and process.
2. Innovation uses extra values which are
already in existing (Avdeitchikova and
Coenen., 2015).
3. In this concept, the actual and practical
adaptation of new ideas.
4. Marketing, technical skills are required.
5. It concerns the combination of various types
of products and process.
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Explain how organizational vision, leadership, culture and team work can shape innovation
and commercialization
For implementing the innovation within the organization; it set a clear vision, mission, and
values.
Many companies use innovation management to upgrade the business and make their position in
the marketplace. Innovation mainframe is a set of tools, mechanism which gives directions to the
managers, employees, workers to provide support by focusing the organizational goals and
objectives. Innovation management gives instructions to the organization to react on external and
internal chances for gaining profits, use unique ideas for products and process.
Organization vision: Company vision is to make the world in a better place and create things for
doing the work in better form. On the other hand, it’s another view is to provide cost-effective
products and sustain it, maintain it. The purpose of integrating the products is to support the
growth of consumer’s goods. Its focus on what is actually profitable for people
Organization mission: Dyson company mission is to solve the gaps between skills. The
company focus on inspiring new generation engineers. In the current time, period engineers play
a significant role in solving the world’s problems. In this century air pollution is increasing day
by day, so the company needs professional engineers to fulfil their needs. It gives money,
materials, and leadership so youth people can handle the problems and learn the techniques on
how to solve the issues (Blok and Lemmens., 2015).
Objectives are:
 Design the machines which are no longer in uses in upcoming years.
 It also improves shipping towards components for minimizes the wastages of energy.
 Aim of the company is to reduce unwanted consumptions such as bags which pollute the
environment.
Leadership and culture:
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Team works of the company manage the work-life and focus on making the products and sell in
the global market. The company hire the professionalisms, experts and experienced people for
fulfilling the organizational goals and objectives. Managers give directions to the team to make
an innovation which is sustained and meet the market requirements.
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Critically analyze different sources of innovation and how innovation is developed,
embedded, and measured in an organizational environment.
When analysis various types of innovation and creativity, it shows positive and negatives both
the aspects which mentioned below:
Innovation plays a vital role in the 21st century time period. Many companies believe that
innovation is the principal tool to achieve success such as; Amazon, Google and Facebook.
There are various types of sources which helps the companies to create something unique.
Sources of innovation:
 Market structure
 Demographics
 New knowledge
 Modify the perceptions
The purpose of developing innovation within the organization is to sustain and fulfil the market
requirements. It provides benefits, profits and manages the business in a different style. It helps
to develop the research and development process for achieving the market needs and offer
innovative products to capture the market and increase the customer’s interest (Dyson and
Money., 2017).
Innovation is developed and measured in an organizational atmosphere in many ways, which
mentioned below:
 It is designed by setting the purpose of change, consults with the experts, does market
research, clarifies the process, minimizes the workload, manages time, provides
information in front of the team members and introduces to the innovative plan.
 Company measure the innovation components, key features, uses and outcomes by key
performance indicators.
 Dyson measure product innovation by modifies and does changes in the existing products
for improvement, better quality and then innovate the products.
 In the process, innovation develops for uses of production method and takes new process.
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LO2.
Explain the 4Ps of innovation and explain the use of innovation funnel to examine and
shape innovation ideas
4 P’s of innovation is explained by Tidd and, which is product, process, position and paradigm.
These innovations help to the company to make qualitative products for meaningful purposes.
These innovations help to the companies by providing the directions what the actual position of
the company, what is necessary for it and which areas need improvement. It is helpful to make
new ideas and covert these ideas; information’s into products and services.
Innovation mix is used for how the company can improve its products by innovating, which
includes product, price, process, position and paradigm.
Paradigm:
 This feature refers that use the innovation to improving the methods for doing business.
 This concept defines that how company frame and what is done. In this feature, it helps to
do changes in the business model.
 Company require modifying its methods to upgrade the business and maximizes the sales
(Aloini, et. al., 2015).
Product:
 In this concept, it defines what product is an offered by the company.
 In this case, it is challenging for the company how it can improve the products and
services.
 It is essential for a company to adopt the ways to make product qualitative and beneficial.
It is also called incremental changes.
Process:
 It is necessary for companies to know how they create offers for sale the products.
 It includes supply the products, hires the right people, trains them for it and manages the
workflow.
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Position:
 After completing the procedure of giving the offers, the next step is to where do company
target the offer.
 It is directly connected with the team employees, competitors, retailers and business
partners.
 These people help to the companies to promote the products and maximize the sales of
the company.
Innovation funnel
It is useful for companies to operate the ideas which help to develop products and services. The
innovation aims to create products which meet with the market needs. Many companies use it in
evaluating the purposes and define whole products details. It is made up of three steps, which are
the full mouth of funnel, narrow segment of the funnel, shrink of the tube (Rosca, et. al., 2017).
Uses:
 It is helpful for the company because it provides directions for upgrade the business.
 It also helps to maximize the sales, achieve the business goals and support to the
organization management.
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Figure 1 Innovation funnel
Source: (Sketch bubble.com, 2012)
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