Icon College: Innovation and Commercialisation Report - Business HND

This report delves into the concepts of innovation and commercialization, with a particular focus on the Greenhouse restaurant in London. It explores the significance of innovation in business growth, particularly for small and medium-sized enterprises. The report examines the adoption of digital menus and robotic technology within the restaurant to enhance customer service. It provides a detailed explanation of innovation versus invention, the impact of innovation on organizational vision, leadership, culture, and teamwork. Furthermore, it discusses the 4 Ps of innovation (Product, Process, Place, and People) and their application in the context of the restaurant's new technological implementations. The report also touches on new product development and its importance in a competitive market, highlighting how the restaurant aims to attract customers and maintain a competitive advantage through innovative service offerings. The report is a comprehensive analysis of innovation strategies and their practical application within the restaurant industry.

Innovation and
commercialisation

INTRODUCTION
The term innovation has become main focus of interest for various organisation whether
it is large, medium or small. Innovation has a major role in organisation as it helps in increasing
the business growth and development. According to some researches, it is concluded that small
medium enterprises are able to introduce innovative ideas more quickly than larger firms. These
have less bureaucracy and greater enthusiasm for taking risks and rapid respect for dynamics of
the market. On the other hand, commercialisation is defined as process for converting ideas,
knowledge and invention into bigger capital for enterprise, individuals and communities. In the
following report the company considered is The Greenhouse restaurant. This is a restaurant
which is situated in Mayfair, London. The following report includes various perspectives of
innovation and it's importance within the organisation. The 4 P's of innovation are discussed
effectively and new product development is also mentioned in this report.
In this report, the restaurant which is taken is Greenhouse restaurant and this is doing
innovation in serving food to customers by using robot technology. It has also introduced digital
menu by which customers can provide their orders by using the tab and automatically they will
be served food within less time.
TASK 1
Explain innovation
Innovation is termed as inventing new fresh ideas, thoughts and imagination that are
implemented on services and products of various organisations (Innovation, 2019). On the other
hand, innovation is defined as an essential factor of the organisation that helps in creating
business models and implementing changes in current business surrounding. This helps in
delivering quality services and products. Such innovations contribute to increase in value of
customers and delivering of products and services effectively. In today's world of competition,
innovation helps in maintaining god reputation and image of the organisation in market. It is
necessary for companies to undergo innovation as this helps in providing quality services and
products. The management of The Greenhouse restaurant focuses on providing quality services
to people. This will help in maximising the number of customers who visits this place. In this
way, it will be easier to make money and profits. The Greenhouse restaurant is introducing new
innovation in it's organisation i.e. digital menu tablet and robots for serving food to customers.
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This is a new innovation that will attract a lot of customers to enjoy service of this restaurant.
This will be a unique restaurant where there is availability of new technology. This helps in
providing effective services and fast service to customers. On the other hand, invention is
defined as creation, development, designing & discovering of various methods, process &
approaches which are not available in present market and business environment.
Difference between innovation and invention
Basis Invention Innovation
Definition
Invention is defined as
producing of new ideas and
thoughts for changing products
and services.
Innovation is termed as
developing new ideas which
are implemented on present
services, products and process
of the company.
Emphasis
The main emphasis is on
creation of new service and
products.
Innovation focuses on creating
values for the services or
products offered by the
company.
Aspect
This is generation of ideas and
their functioning in theory.
This is practical
implementation of creative &
new ideas.
Skills needed
Entrepreneurs must have
skilled and talented employees
who can provide innovative
skills, scientific skills,
creativity and analytical
thinking. This helps in making
attractive and effective ideas in
the product or service offered.
This individual must be having
good marketing research
ability and skills. This must
have strategical thinking and
technical skills.
Occurrence
This is created when there is
occurrence of new ideas in any
individual's mind.
This occurs when there is
requirement of creating change
in product or service of the
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company.
Example Nikola Tesla is a great
inventor.
Ada Lovelace is name of an
innovator.
There is requirement of innovation in Greenhouse restaurant as it deals in food sector
industry. In this type of business sector there is huge competition. So it is advisable that
restaurants must develop new innovations in order to maintain competitive advantage. The
innovation done in Greenhouse restaurant is that it is using digital menu tablets and robots for
serving food. It will contribute in attracting more customers.
organisational vision, mission and leadership
Innovation & commercialisation are both factors which are associated with vision,
culture, leadership and teamwork of the company. Innovation in the product of the company
effects vision, mission and leadership within the organisation. The reason behind this is that the
aim of innovation must be made inclined to the innovation so that there is achievement of
strategic objectives of the company. Leaders have to change their ruling and guiding when new
products are launched in markets.
Organisational Vision – Every organisation has particular vision and this helps in
providing information regarding the objectives and goals of the company. The vision of
organisation affects employees and managers of the company. Vision explains what are the goals
of the organisation for future. Thus it is important that vision of the company is clarified to
employees so that they can work effectively in the company. The employees of Greenhouse
restaurant are working hard for providing innovative and quality services to their customers. The
main objective of managers of this restaurant is to provide quality and attractive services to
customers by offering them fast and quality food. For sustaining in market, it is necessary for
this restaurant to continuously innovate the services provided to it's customers. The
organisational vision of this restaurant is linked with promoting change in the company. This
restaurant always motivates it's staff to produce new and creative ideas so that they can work in
an effective manner.
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Leadership – Leadership is termed as skill and ability that helps people to make other
individuals work according to their instruction. The managers and leaders of the company must
manage and control processes for taking effective actions in order to achieve their desired goals
of the company. The different type of leadership styles followed by managers and leaders of
organisations are democratic, autocratic, participative, laissez-faire, decisive & consultative.
Innovation of products affects the way in which a leader manages and controls business
operations. In the business surrounding of Greenhouse restaurant, it is seen that there is
autocratic style of leadership followed by managers and leaders. In this restaurant, business
owner or manager make rules and regulations that are to be followed in the company. All staff
members and employees have to work according to the instruction and guidelines given by
business owner of this restaurant. The business owner of this restaurant has thought of
introducing new innovation in this restaurant. After analysing the new technologies within the
restaurant industry, the business manager has decided to introduce digital menu tablets and
robots in the restaurant. It is a good idea as it attracts a lot of customers. The innovative mind of
Greenhouse restaurant helps in attracting a lot of customers in less time. In this way, profits
earned by this restaurant increases in less time. This provides competitive advantage for the
company within marketplace. The type of leaders who are most effective for working in the
company are those who adopt democratic style of leadership. These leaders are able to take
innovative ideas and thoughts of different employees working in the company.
Culture – It is termed as various value, belief, assumptions, way which are chosen by
organisation for functioning and operating in business surrounding. This is known as
expectations, philosophy, experiences of organisation and this is helpful in achieving
organisational goals and objectives in less time. The different types of culture followed in an
organisation are person, role, power, task. In case of Greenhouse restaurant it is concluded that
business owners of the company provide instructions and orders to their subordinates for doing
effective work. The manager of Greenhouse restaurant is adopting task culture in the
organisation. In this, manager and leader of restaurant given instructions and guidance for
adopting new and latest technologies within the company. There are different types of cultures
such as Power, Role, etc. There could be differences in innovation approach as per the type of
culture. In the power culture, the leader who is given responsibility for managing operations is
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one who makes decisions regarding innovations. The role culture means different managers are
provided various tasks. In such kind of culture, leaders are not able to perform effectively.
The employees of Greenhouse restaurant are very talented and skilled for doing their
work in an effective manner. Talented employees are required in restaurants for doing new
innovations for attracting a lot of customers. Staff of Greenhouse restaurant are proactive and
they are able to make attractive innovative products and services. Employees of Greenhouse
restaurant are not provided rest periods as this reduce their capability of creating innovative
thoughts and plans. In context of Woodland restaurant, there is strong culture at workplace
where employees are allowed to share their ideas and thoughts with leaders and managers.
Teamwork - Team in organisations are essential factor which enables in accomplishing
the work given to group of individuals in given time. Teams give opportunity to employees that
they can show their potential of working effectively in groups. Also this helps in expressing
thoughts and views of assigning particular tasks in specified interval of time. Teams give
opportunity to workers in developing new ideas while working with each other. A good team
management will help in minimising the case of conflicts and fights among employees. The
business owners of Greenhouse restaurant are involved in making new innovations and
commercialise processes & products. A good and strong network is available when there is
presence of plans and strategies that help in achieving organisational goals. There are teams
made in this restaurant which include 7 – 8 members. It is helpful in fostering of innovation for
collaborative environment. Employees are encouraged for working effectively in teams and
increasing productivity and efficiency of commercialisation in the company.
Leadership, culture and teamwork are different elements that is helpful in promotion and
commercialisation in the Greenhouse restaurant. The restaurant forms various strategies and
plans for attaining organisational objectives and goals of the company. In this company, plans
and strategies are developed by the owner or executive. In context of Greenhouse restaurants,
owners are adopting task culture within their company. The leaders and manager of each
department gives instructions and guidance for working effectively and attaining desired goals of
the organisation. Effective teams are developed in Greenhouse restaurant and these are able to
make new innovations and commercialise processes & products.
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TASK 2
4 P's of innovation
Innovation is termed as development of new plans and ideas which are present in services
and products offered by the organisation. In business environment, there is 4 P of innovation
strategy which describes different P's that help in planning an attractive and effective innovation.
The innovation mix was given by two philosophers naming John Bessant & Joe Tidd. According
to this mix, the business owners of the company can improve market share and sales of the
company. The 4 P's of innovation in context of new technology adopted in Greenhouse
restaurant is given below -
Product innovation- It is necessary for companies to create and develop strong planning
and strategies that will help in maximising profits and revenue generated by the company. The
innovation of product within the organisation is essential for enhancing the satisfaction level of
customers. When there is no innovation in company's product or service, their profit becomes
stagnant. There is no seen of increasing the customer satisfaction. Thus for generating more
revenue and maximising profit, it is concluded that companies must develop innovations in
products and services they are offering. In context of Greenhouse restaurant organisation, value
is added to it's service by providing AI technology service to customers. By using digital menu
tablets and robots, it will help in attracting a lot of customers.
Process – This includes process used by company for generating products and services
offered by the company. Greenhouse restaurant focuses on providing quality food and attractive
ambience to the customers. There is need of providing quality food to customers by using latest
technology as this will help in increasing customer satisfaction. The process used by this
restaurant for doing work is using robotic technology and digital menu tablets.
Position- This includes maintenance of strong brand image and reputation in marketplace
for the organisation. The leaders and managers of Greenhouse restaurant have to conduct strong
and effective market research in order to know what is the requirement and demand of
customers. This is helpful in identifying what are the ways by which the restaurant is able to
provide good service to it's customers. This is an essential concept for the companies to launch
good and effective innovation within the company. It is concluded that Greenhouse restaurant is
using new innovation for robotic technology of serving food and using digital menu tablets. This
will attract customers to use this for giving food orders.
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Paradigm- This process is for handling changes and innovations which are implied
when there is execution of new ideas & innovation. It helps in creation of various aspects used
for employees of Greenhouse restaurant. The staff of this restaurant must know what is the
change which is going to be done in the company.
Sources of innovation
The unexpected – Innovations can take place within an organisation unexpectedly. These may
happen be chance.
Incongruities – Innovation occurs when the need is incongruent with the supply.
Market structure – The present market structure can rise chances of innovation. If there is
demand of innovating service or product within market then new features are added.
Necessity – If there is necessity of something in doing business, then innovation is done.
Changing perception – The changing perception of things towards customers is the main thing
that creates innovation within product or business.
Innovation funnel at Chilly organisation:
This is process for developing new thoughts and ideas which help in making new
products that attract more customers. As the development of technology, it is needed that
organisations keep changing their process and offerings. This keeps customers satisfied and also
profit maximisation of the company is achieved. Various ideas of innovation are implemented
on products & processes for enhancing customer satisfaction and customer retention.
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Illustration
1: INNOVATION FUNNEL
(Source: Innovation Funnel, 2019)
Greenhouse restaurant is situated in Mayfair, London. It provides food and dining
facility to people of London. It is ensured that all employees of this company are doing well and
providing satisfactory services to customers. The leaders and managers of this restaurant must
adopt new technologies so that they can provide good and quality services to customers.
Opportunity assessment- This is known as first step of the innovation funnel. The
managers and leaders of Greenhouse restaurant is involved in evaluating needs and requirements
of customers. They are provided good services and management is done in proper manner. s
Insights based ideation- This consists of formulating strategies that are helpful in
increasing revenue and profits of the company. The managers and leaders of Greenhouse
restaurant conducts effective market analysis ans strategies which helps in increasing customer
satisfaction. It also helps in developing good and strong brand image of restaurant within market
of London. The different ways used by Greenhouse restaurant to evaluate the service provided
by robots and digital menu tablet are surveys, crowd sourcing questionnaire, focus groups,
online communities, online survey ,etc.
Conceptualization- Greenhouse restaurant designs actual concept by using information
extracted from ideas and thoughts of people. Innovation in used in this restaurant is robot
technology for providing service and using digital menu tablet.
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Evaluation and Benchmarking- This step consists of actual implementation of new
thoughts and idea into product of the company. Feedbacks are taken from customers about the
digital menu tablet and robots for food services.
Implement or not implement- Feedbacks provides enough information for estimating
product's services in market. The managers of Greenhouse restaurant are analysing whether
customers of this restaurant are liking the new service or not. The various concepts considered
by manager are cost, margins & consumer behaviour.
Launch- In this step, product is finally introduced in various marketplace.
development in frugal innovation
It is defined as process for finding out new business model which will estimate value
chain and design product for satisfying customers. This is a way of helping Greenhouse
restaurant in helping organisation in developing skills for providing quality services and
products.
Frugal innovation
Frugal innovation is defined as change in the existing product and service that is helpful
in increasing the profits earned by the company. This innovation is helpful for maximising the
opportunities of the company in enhancing market share of the company.
New market opportunities- Greenhouse restaurant is helpful in identifying and analysing
the market opportunities for development and growth of the company. The market research is
helpful in estimating profit that a company can earn by launching new innovative product or
service. The greenhouse restaurant has introduced new robotic service for serving food and
digital menu tablet. This also helps in increasing the number of customers that will maximise
earned money.
Resources- These are essential asset of the organisation and it is necessary for companies
to utilise the resources effectively so that organisation objectives can be achieved effectively.
Frugal development helps in requiring resources and doing work in an effective manner.
Innovation Funnels- Developing of new products and this is essential for companies for
formulating business model. Greenhouse restaurant is providing new experience to customers by
using robot technology for serving food to customers. Also it is using digital menu tablet for
taking orders from customers.
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TASK 3
commercial funnel and new product development (NPD)
Commercial Funnel
This is known as framework that is used by organisations for the utilisation and
reforming the existing products and services by implementing procedures and plans. There are
basically three phases of funnel that are used by organisations. which is helpful for utilising and
reforming present products by implementation of plan and procedures. There are three phases of
this funnel.
Pricing policy- The pricing policy used by Greenhouse restaurant always make in such a
way so that they can be affordable by customers of middle level income people. It is very
necessary for customers to be satisfied so that they will visit the restaurant. In this way,
sustainability of the restaurant in marketplace is achieved.
Improving ways of growing business- The innovation funnel is helpful for understanding
needs and demands of customers. It is helpful in maximising the customer retention and
customer satisfaction. The greenhouse restaurant is using various effective ways of improving
their service offered to customers.
Greenhouse restaurant provides service in Mayfair, London. It is essential that it has to
innovate service in regular interval so that it can maintain sustainability in market.
Process of New Product Development: Idea Generation- This means the developing of innovative and new ideas for existing
product and service of the company. In context of Green house restaurant, it is providing
effective services to people by innovating their service. The managers of this restaurant
have come up with an idea of introducing robot technology in serving food to customers.
Also this restaurant is using digital menu tablets to customers for ordering the food. Idea evaluation- It is implementing of new and creative idea into service or product.
Green restaurant is providing new technology and innovative services to it’s customers.
In this way customer retention is attained and this restaurant is able to make huge amount
of money. Concept definition- The concept of Greenhouse restaurant must be effective so that the
number of customers can be increased and they are satisfied by the service and food
provided by this restaurant.
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