Innovation and Commercialisation: Business Strategy and IP Report

This report examines the concepts of innovation and commercialization, focusing on the JW Marriott Grosvenor House in London. It begins by defining commercialization and its significance, followed by an analysis of the commercial funnel, including idea generation, screening, concept testing, product development analysis, and commercialization stages. The report then presents a business case study, outlining the hotel's mission to provide customized services, resources, market analysis, and financial projections. Funding options, including bank loans and family contributions, are discussed. Furthermore, the report explores intellectual property tools, such as copyrights, trade secrets, and patents, essential for protecting the hotel's innovations. The conclusion emphasizes the importance of a well-defined business plan and the safeguarding of intellectual property for competitive advantage within the market. The report uses concepts of innovation and commercialization, business case study, commercial funnel, and intellectual property tools.

Innovation
and
Commercialisation

Table of content
 Introduction
 Importance of commercial funnel
 Innovation business case study
 Estimation of intellect property tools
 Conclusion
 References

introduction
Commercialization refers to process of framing of financial
viable values for an organization. By making use of information and
transforming them into final products and accomplish the desires of
customers. This presentation is based on JW Marriott Grosvenor
House London which renders luxury services to their customers. This
comprises of importance of commercial funnel and their formative
applications. Along with this various methods of funds are analyzed
and diverse tools are identified which can be used for development
and retention of information.

Importance of commercial funnel
Commercial funnel refers to sales as well as revenue funnel. Generally,
it is pictorial representation of sales process which customers undergo
while they opt for services or products.
Idea generation: It is crucial stage within development of product where
management will be responsible for bringing innovative idea through which
sales margin can be enhanced (Pellikka, 2014)
Idea Screening: In this aspect management o Grosvenor Hotel will analyze
feasibility of their services which also comprises of response of customer in
market with respect to services which are given to them. (Sengoku, 2015)

Importance of commercial funnel
Commercial funnel refers to sales as well as revenue funnel. Generally,
it is pictorial representation of sales process which customers undergo
while they opt for services or products.
Idea generation: It is crucial stage within development of product where
management will be responsible for bringing innovative idea through which
sales margin can be enhanced (Pellikka, 2014).
Idea Screening: In this aspect management o Grosvenor Hotel will
analyze feasibility of their services which also comprises of response of
customer in market with respect to services which are given to them.

https://www.google.com/search?q=process+of+New+Product+Development+(NPD)for+
commercialisation+and+innovation.&
source 6-07-2019

Cont…
 Testing Concepts: Research and development department can
thoroughly identify requirements customers so that they can render
services accordingly and gain their loyalty as well as retain them
 Analyze needs of product development: It is essential action;
strategies are formulated for launch of new services within market.
Furthermore, by this Grosvenor Hotel will gain recognition with respect
to unique services which they are giving to their customers.
 Commercialization: It is final step in which Grosvenor Hotel can bring
their innovation within market with an attempt to acquire huge market
share and improvise profitability.

Innovation business case study
Business case refers to an organization which accumulates significant
and obligatory things that are crucial for achieving business goals and
objectives.
Executive summary: The business case of Grosvenor Hotel is to transmit
their customized services within market of United Kingdom. In these
customers can make changes in their room with their own preferences like
curtains, bed sheets, style of room and many other.
Mission statement: Grosvenor Hotel aims at providing their customers
with luxury lifestyle where they can make changes according to their own
taste and needs (Sterckx and Cockbain, 2014)

Cont…
 Resources: The performance can be administered in flouring manner by
taking into consideration different possessions which are required by
management of Grosvenor Hotel.
 Market analysis: This is mandatory for Grosvenor Hotel to analyze
entire market in appropriate manner to differentiate with their
competitors and take into account the views of customers with respect to
their innovation.
 Cost and benefit analysis: This can be analyzed by carrying out
analysis associated with taste of customers and will be the reasonable
price at which they can be acquired by management of hotel.

Cont…
 Financial projection: To bring customized services within market of
United Kingdom, around £1, 00,000 to £2, 50,000 amounts is required.
Funding ways: It acts as a backbone of business and without these
operations of organization can be carried out in desired manner. For
bringing customized services for their customers, Grosvenor hotel can have
funds from various resources. They are illustrated below:
 Bank and Financial institute: Grosvenor Hotel can attain credits from
banks for raising their funds.

CONT…
 Bench-marking: This is a strategic tool which can be utilized by
Grosvenor Hotel for comparing their processes and their services with
best options which are given by other organizations
 From Family and friends: Grosvenor Hotel can take money from
people they know, it will assist them to maintain their money which they
have to invest within payments of interest.


Estimation of Intellect property tools
 Intellect property refers to group of elusive creations which
includes human intellect. They comprises of copyrights and industrial
property rights. In context of Grosvenor Hotel for securing their
properties and rights, they need to acquire different kinds of legal
property rights they are explicated below:
Copyrights: This is a legal term which depicts privileges which must be
given to owner for defending their services and other form of literary works
which are crucial. For an instance, Grosvenor Hotel can have copyright for
services provided by them so that they can protect their services from being
getting copied from others.

Cont…
Trade secrets: It is proprietary or undisclosed information and data which
is anxious with trade norms & values. It is a intellectual property which
comprises of processes, methods or information that are not known to
public. For an example processes used by employees of Grosvenor Hotel
for transformation of raw materials into other usable services.
 Patent: It protects intellectual property rights of products and services.
By this no one can make illegitimate use of services which are being
furnished by others. With respect to Grosvenor Hotel, they can make
their services accessible at intellectual property if they are interested in

Conclusion
From above it can be concluded that, business case will help
organization to assess entire business plan which is required for execution
of innovation. It is obligatory for an organization to defend their
knowledge, intellectual property rights and maintain their innovative ideas
and innovation to attain competitive assets within market. By this
organization can bring out their operations efficiently and effortlessly.

References
 Pellikka, J., 2014. The commercialization process of innovation in small high-
technology firms–theoretical review. Handbook of Research on Techno-
Entrepreneurship: How Technology and Entrepreneurship Are Shaping the Development
of Industries and Companies. pp.91-109.
 Sengoku, S., 2015. Innovation and commercialization of induced pluripotent stem cells.
Stem cells in regenerative medicine: Science, regulation and business strategies. pp.423-
446.
 Sterckx, S. and Cockbain, J., 2014. The UK national health service's ‘innovation
agenda’: Lessons on commercialization and trust. Medical law review. 22(2). pp.221-
237.