Innovation, Leadership, and Commercialization Report for Periscopix

This report provides a comprehensive analysis of innovation, leadership, and commercialization strategies, focusing on the case of Periscopix. The report begins by defining innovation, contrasting it with invention, and exploring the importance of leadership, teamwork, and organizational culture in fostering an innovative environment. It then delves into the 4 Ps of innovation (product, process, position, and paradigm) and the concept of frugal innovation, evaluating their significance in the business context. Furthermore, the report examines the value of the commercial funnel and the application of the New Product Development (NPD) process, alongside the development of business cases for innovation and methods for securing funding. Finally, it addresses the tools and strategies used to protect and retain knowledge and intellectual property. This report serves as a valuable resource for students studying business development, offering insights into the practical aspects of innovation management and commercialization.

INNOVATATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Defining Innovation and comparison between innovation and invention.............................1
P2) leadership in Organisation, innovation and teamwork for commercialisation....................4
P3) Evaluating 4 P'S of innovation............................................................................................5
P4 Concept of Frugal Innovation................................................................................................7
P5 Value of Commercial funnel and application of NPD process.............................................8
P6 Business case of innovation and ways to access funding......................................................9
P7 Tools use to protect retain knowledge and intellectual property.........................................10
CONCLUSION..............................................................................................................................11

INTRODUCTION
Innovations is defined as developing ideas which creates values for goods and services
that are useful for customers. It includes various business process like selling and marketing,
evolution of new ideas for business, production designing and prototyping. Innovations deals
with generation of new ideas according to trends in market which satisfy needs of customers.
Innovation in products cab be made with the help of new technologies and changes can be
implemented in existing products or new products can be developed which expand product line.
This process helps in developing brand images of products which results in increase in sales.
Apple had implemented innovations in products which expanded their production image and thus
they were successful in retaining brand image (Aryal and et. al., 2016). Periscopix company
offers services related to marketing in UK. This report contains study about difference between
innovation and inventions, various types of innovations and process involved in commercialise
innovations, various methods through which innovative ideas can be developed and determining
their advantages and disadvantages.
TASK 1
P1 Defining Innovation and comparison between innovation and invention
( Source: Innovations, 2017)
Innovation: It is defined as the process by which ideas are turned into reality. It involves
modifications in existing products or development of new products which are helpful for
customers. It is helpful in serving differential needs of customers thus satisfying their needs. It
creates competitive advantages of firms due to discovery of new products and results in increase
profits for firms and creating brand images (Breznitz and Etzkowitz, 2016). As the demands in
the economy are changing it is helpful in providing services to customers according to their
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Illustration 1: Innovation

requirements. Modifications in products can be developed with the help of new technologies and
changes in products and services. Product redesigning are helpful in fulfilling present market
conditions. Innovations are umbrella in which plans and policies are made about innovative
products.'
Importance of innovation are discussed below:
 It is helpful in developing skills of employees which are required for making innovative
in products. Thus activities are carried out in an effective and efficient ways.
 It is helpful in enhancing skills and knowledge of employees as they are helpful in
developing innovative ideas for products.
 It is helpful in increasing productivity of firms as product line are expended due to
innovative products.
 It is helpful in developing capabilities of employees to achieve desired goals for firms.
 Capturing unique images of business with innovative process.
 Developing best strategies for achieving competitive advantages so that unique products
are easily available around the globe (Datta and Jessup, 2015).
 It is helpful in fulfilling demands in economy by making effective supply of innovative
products and achieving economies of scales for Periscopix.
 Due to innovations various choice are available with customers to buy products according
to their choices.
( Source: Innovation and invention, 2016)
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Illustration 2: Difference between
innovation and invention

Difference between innovation and invention
Basis Innovation Invention
Meaning
Values
Skills requirement
Happening
Relationship
Activities
It is the process of developing
new ideas for products which
are helpful in development of
new products.
It is helpful in generating
values for products and
services
Innovative product requires
technical, marketing and
strategic skills for different
operational activities.
It occurs when new products
are to be developed in
economy according to
changing needs or changes are
to be made in existing products
It is related with offering
different innovative products
and services to customers
(Aryal, 2015).
The activities which are
linked with innovations are
carried out in whole
organisations
It requires ideas to be
developed for products first
time which have never evolved
before.
New products are developed in
this process.
Scientific skills are needed in
inventions process.
It starts when ideas emerges in
individual minds.
It is linked with designing of
single products.
Activities are linked with task
carried out research and
development and on this basis
inventions are made in
products.
Thus it can be said that innovations and invention are two different concept and they
spend large amount of finance in their research and development activities. New innovations are
adopted by Apple and Virgin mobile accordingly to different needs of customers and trends in
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markets which can satisfy them. This process in helping in retaining loyal customers towards
products and services offered by them thus results in increasing profits. To make people aware
about new products awareness had to be created by using different forms of media. Thus
innovations are related with discovering of new products in economy which results in increase in
demands (Jessup, 2015).
P2) leadership in Organisation, innovation and teamwork for commercialisation
Innovations are made in products according to trends at market places and demand of
customers. Commercialisation is the process which is linked with development of new ideas for
cited firms which results in increased in profits and attaining high market shares in economy.
This process starts when new products are introduced in market and ends with development of
innovative products. Various plans and strategies are formulated in relation to distribution of
products. It is also helpful in examine benefits of innovation process and supports growing
competition at market place.
Example: Apple and virgin company are focusing on supplying innovative products
according to current trends in economy and needs of people.
Factors which are contributing in commercialisation process are discussed below:
Vision: It is the statement which reflects the position where the company wants to see
itself in future time. These objectives should specific, reliable and measurable with time. Vision
should be challenging which had to be achieved by firms in reality. It is helpful in designing
various plans for innovations. Innovations process should be commercialised and if they are not
achieved than expenses incurred on it goes waste.
Leadership: This factor is vital for innovation and commercialisation process. Effective
leadership strategies are helpful in shaping innovation in cited firms. Leaders should focus on
achieving goals and objectives which are designed for firms. It they are achieved successfully
than it results in growth and development of firms. This will be helpful in order to achieve
desired goals of commercialising innovations (Mukherjee, 2016).
Culture: Process which are involved in innovations should be designed according to
culture which are followed at Periscopix. Cultures should be adopted which are completable at
work place so as to achieve strengths for firms. Work process should be carried out according to
cultures to achieve commercialisation in an effective way.
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Team works: This factor plays an important role in designing innovation process. Team
management are helpful in achieving business goals and objective in an effective way. Team
consist of 2 or more members who works on specific task and they have to produce good results
which are useful for cited firms. Team should focus on designing innovative products by using
commercialisation process. Thus organisation focus on team work in order to produce specific
and timely result which are pathways for success (Chun and et. al., 2015).
Example: Apple and Virgin company had used all these factors which are linked with
commiseration process in order to increase profit ratios and increase productivity of cited firms.
Ten organisational step for developing innovative environment
1. Create a need list: This is a process for thus include product development leaders, senior
innovation leadership, research and person form an organization. They create a list of critical
business and strategic needs which help to initiate the search for making new innovative ideas.
2. Define firm's core competencies: Company want to identify their core competencies like
unique knowledge, expertise, technology for an organization where firm are operating their
business activities to gain competitive advantages at market place.
3. Initial scouting: This is a fastest way to receive impact of new innovation on companies
product and services thus help to increase customers satisfaction and enhancing market share.
This is a formal request for proposal process by informal out reach.
4 Develop an IP strategy: Organization policies of standard are related to a property of
intellectual which have to modified for promoting innovation. Strategy is developed which
facilitate collaboration and discussions which will enable organization for moving forward and
outside collaboration.
5 Broaden outreach to additional stakeholders: Many organization engage in finding consumers
and explain next product. others internal leverages "brain trust" to tap into expertise and
knowledge which are hidden within a company.
6 Create awareness about 'company is open to innovation': An organization are creating
awareness among persons, that company are open to innovative new product and services for
their customers. They keep suggestion alive form both external and internal sources.
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7Transform existing relationships: It deals in transforming suppliers and vendors into strategic
partners by incorporating their confidentiality as a trust factor. They exchange ideas and
innovation to achieve long-term goals. Suppliers are front liners of a business therefore trust and
loyal relation must be build by having discussions in front room rather than back room.
8 Build a knowledge base: This is not to be practised in initial phase of a business but when it
reaches to second year of its life. Develop a metrics system for evaluation of progress. Also,
mentors are to be appointed by seeking their records of success. It also helps in transforming
corporate culture using experience that comes with time.
9. Collaborate with peer organization: Be the pioneer to articulate the big challenges faced by
your industry and to be the figurehead in addressing those challenges. This will provide you with
an opportunity to collaborate with your competitors & cease differences in dealing with
industrial issues like regulations, safety and sustainability.
10. Create accountability: This deals with celebrating successful outcomes from collaborative
innovation projects. The company should encourage employees by highlighting company's
virtue of recognizing individual and team efforts & their achievements both internally and
externally .
TASK 2
P3) Evaluating 4 P'S of innovation
Innovations are linked with making changes in existing products or developing new
products according to requirements of people. This concept was generated as the demands of
people were changing in economy. Periscopix is focuses on making innovative products in order
to increase growth and achieve sustainable positions at market places. This will also help in
creating brand images for their products. The 4 P of innovations includes product, process ,
position and paradigm in relation to distribution of goods and services.
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(Source: 4 P of Innovation, 2017)
Product Innovation: This Process is related with offering innovative products and
services to customers. Innovations in products implies that products are developed with use of
new strategies which increases profits of economy. Modifications can be applied in existing
products considering quality of products which are helpful in adding values for goods and
services (Datta, 2015). This is also helpful in attracting large volume of customers who can
consume innovative products.
Process Innovation: It involves modifications in production process or changes which
are to implemented in delivering goods and services to customers. This is helpful for business
activities as it support its operations by implying effective delivery process which can increase
their sales ratio. Thus this process is beneficial in making changes in production process which
results in increasing effectiveness of cited firms and increases their productivity (Song, 2016).
Position Innovation: This stage deals with repositioning of products and services which
are offered by Periscopix. It is helpful in creating awareness about products so that people can
consume them. They also reflect changes in products and services which are adopted by making
innovative product.
Paradigm Innovation: This phase is related with making modification in size and
structure of business. Innovative methods are developed using various process which are helpful
in reaching large volume of customers. This is also helpful to generate money by selling its
products and services.
Innovation Funnel: This process is related with managing new products by developing
new ideas for innovative products and select the best one out of them. It is helpful in developing
New Product Development process according to demand of customers. Effective utilisation of
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Illustration 3: 4 P of Innovation

resources helps to achieve sustainable positions of products and services at market place.
Innovation Funnel are also helpful in attaining competitive advantages by adopting best methods
for innovation process. In this process workers are forced to give stress on their mind and reach
at an idea which will help in successful development of products. Ideas can be implemented
keeping in consideration trends in market and demands in economy about goods (Mowery and
et. al., 2015).
Innovation Funnel consist of following :
 Opportunities for development of products and expanding product lines by making
innovative products.
 Marketing research can be organised in order to know about recent trends according to
which products are developed which satisfies needs of individuals.
 Testing of products to determine that product has meet with specific levels as desired by
individuals. This will help managers to take important decision weather innovative
products has reached at desired level or not.
( Source: Frugal Innovation, 2017)
P4 Concept of Frugal Innovation
Frugal innovation is related with reducing problems or complexity which are faced
during production process. This is useful tool which is used in both innovations and invention
process. This concept is used by firms to develop new process for development and innovations
can be done by making changes in products. Periscopix deals in marketing activities and develop
new innovation strategies for marketing of products and services:
The development in frugal innovations are discussed below:
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Illustration 4: Frugal Innovation

New opportunities at market: This process is helpful in carrying market analysis for new
products. Thus identifying various opportunist that are opened at market places. Cited
organisation faces difficulty in marketing of products so they should adopt different strategies
related with marketing of products.
Resources: Resources which are available in economy should be effectively utilised in
order to make innovation in products. Frugal innovations can be gained by various segment and
resources which are developed for enhancing capabilities.
Innovation Funnel: This process is used when new products are developed according to
demands in economy. This phase starts from idea development and ends with implementation of
ideas ( Koirala and et. al., 2016).
Frugal innovations are divided into two different segments:
The first segment deals with product. It reflects how goods will be sold at market place.
Tools and techniques should be used that are helpful in determining best marketing strategies so
as to increase sales of products. Another segment is related with problems solving. Innovative
technologies are used in this regard. This innovation is attached with technological solutions that
are based on problem that are to be solved (Novikova, 2015).
These steps are considered in this process
 Generation of new ideas for product development.
 Screening of ideas.
 Test marketing for selecting products
 Internal analysis for managing resources
 Market analysis to identify conditions of products at market place
 Commercialisation of products and services.
 Review by taking feedback to check performances of products at market place.
Six principal of innovation:
Design with the user: Company develop innovative product and services according to
customers needs and wants. They include all consumer's group in development, planning,
assessment and implementation of new idea of innovation. Company want to ensure outcome are
useful and sensitive for all marginalized population like women, disable person, children etc.
those are affected by conflict and disaster.
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Understand the existing ecosystem: Company want to align current technological,
regulatory and legal policies. An organisation has participate in communication and network of
like minded professional.
Build an sustainability: Company's management develop plan for achieve sustainability
at market place form the start thus include long term financial planning etc. Firm engage with
government to insure integration of national strategies.
Be data driven: Company design project plan, so that effect can be evaluated at discrete
milestones with focus on outcome rather then outputs. An organisation use real time information
at their work place to inform management decision at all level.
Use open data, standard, source, innovation: Company adopt and expand their current
open system and standards. They want to invest in software to provide satisfaction to public.
Improve and resume: Company can improve their tools, techniques, platforms,
framework on an continuous basis in order to achieve competitive advantage at market place.
TASK 3
P5 Value of Commercial funnel and application of NPD process
The main aim of funnels are related with development of products. Commercial funnel
are needed by firms to sell their goods at markets and increase profit ratios for firms. Innovations
need to be adopted by firms in order to satisfy needs of customers by providing effective services
for individuals. This types of funnel provides strengths to firms so that can provide better
services at market places. This results in achieving competitive positions and taking stand as a
leading business as compared with other firms.
Periscopix company uses innovation process to develop new products. Various steps
which are included in NDP process includes:
 Idea generation involves searching of new ideas by using innovative skills which are
helpful in developing products in effective ways so as to increase sales. Identifying
related areas which are affected by product development (Sharifian, 2015).
 Idea screening involves choosing the best ideas among various ideas that were evolved
for developing innovative products. The best and suitable ideas are selected which are
helpful in production process and achieving desired standards which results creating
brand images.
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