Innovation and Commercialisation: Money Penny Case Study Report

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the Money Penny case study. It explores the difference between invention and innovation, highlighting the importance of employees in fostering innovation within an organization. The report delves into the 4Ps of innovation (Product, Process, Position, and Paradigm) and the innovation funnel, illustrating how companies can effectively implement new product development. It also examines frugal innovation, emphasizing cost-effectiveness and customer needs. Through case studies of Apple Inc. and Virgin, the report showcases various innovative approaches. The report further discusses the importance of a commercial funnel, the creation of an innovation business case, and the protection of intellectual property. The report concludes with a discussion of the significance of these elements in driving business growth and success.

INNOVATION AND COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation, difference between invention and innovation and importance of employees of
Money penny..........................................................................................................................1
P2 How Employees are interrelated to the vision, leadership and culture with innovation in
money penny company...........................................................................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovation and innovation funnel ..........................................................................3
P4 Frugal innovation..............................................................................................................6
TASK 3............................................................................................................................................7
P5 Importance and need of commercial funnel......................................................................7
P6 Innovation business case...................................................................................................8
P7 Intellectual property of money penny ..............................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

Illustration Index
Illustration 1: 4 Ps of innovation......................................................................................................4
Illustration 2: Innovation funnel......................................................................................................6

INTRODUCTION
Innovation has different from invention. They are inter-related to each other. 4Ps has the
structure to implement the new style product. This innovation methods provides the higher
productivity of the product and enhancement of the item in the industry. Many companies have
different innovative styles to reach at the higher growth. Innovation funnel provides the way of
implementation of products. This report includes 4Ps of innovation and innovation funnel and
different types of innovation that is followed in the companies. This report is based on the case
studies of Apple Inc. and virgin company which showing the importance of these processes.
TASK 1
P1 Innovation, difference between invention and innovation and importance
of employees of Money penny
Innovation provides the better solution for the product that are already in the market. By
applying the new strategies and approaches or invent the new product based on the customer
needs. This term consider as an original and efficient and effective that will break the
performance in the industry(Rice, 2013). The invention is related to innovation but not is not the
same term.
The difference between the invention and innovation is that invention is the planning and
creation of the item or the first step for the new procedure in the product whereas the innovation
is that if product is improved by someone and give the contribution to the existing product.
Importance of employees in innovations:
1.) Motivation: Employees are interested to do new work and style for the existing product.
The way of the working is changed during the innovation. Innovation is that in which
every employee need to work with different styles in existing product. By motivation the
team member encourage with the new work (Davila, 2012).
2.) Communication: This consider the internal communication between the employees. By
communicate with other team member only they make a good and efficient product for
the customers. The cohesion in the organization is only the strength by the innovation and
by team member and that will also improved the Woking culture in the company.
3.) Efficiency: Employer can communicate with the others by discuss the new product ideas
and strategies for existing product. By share innovate ideas that is generated by the
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invention this will affect the efficiency of the product as well as the services (Jain and
et.al., 2013).
4.) Cost: Functional opinions can measured by the fast and economical. Sometimes one call
and e-mail is sufficient for the employee to innovate the product and the services.
5.) Discretion: innovation by the employees will help to find pot the appropriate solution for
the particular problem. They are not bothering abut outer company performance and the
efficiency in the market.
6.) Empowerment: Creativity of the employee can increase the productivity as well as the
authorization in the team. If someone explains the process, new idea for a particular task,
then all team member feels responsible for this appropriate project (Anderson, Potočnik
and Zhou, 2014).
Apple Inc. provides all the computer services to the customers in an efficient way. This
organization innovate and invent the items based on the client needs. To satisfy the customer
needs it creates the new digital player and the weight is very less around 6.5 and held 1000 songs
and the device name is called ipod. This product is enhanced by the new techniques and this is
the biggest volume product in the world (Ariga and et.al., 2013). Virgin is a group provides the
services in different are such as travel, economics, diversion etc. this firm applies the model
which enhance the productivity and expand the business in several areas.
P2 How Employees are interrelated to the vision, leadership and culture with innovation in
money penny company
Money penny company provides the services in different fields like mobile answering,
phone systems, services of telephone answering etc. it has the enhanced and innovative services
for the clients. This company create and reproduce the product based on the customer needs to
grow in the industry. The vision of the company affect the employees working style because
depends on the clear vision only employee do their work (Zandoval Bonazzi and Ari Zilber,
2014). The main purpose and the vision is of this firm is to provide efficient services through
calls and phones to the consumers. If vision is clear for the team member then they will work
according to them. There are some factors that will affect innovation and commercialization to
get the actual objective:
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1.) Define type of innovation that derives vision and help to get desired objectives: The
main purpose of Money penny is that in which it provides the good and efficient mobile
systems and telephone answering to the customers. Innovation must be clear for the
employees to get the actual vision and provide good quality items. The working style is
based on the new idea of the product for the client (Hartley, 2013).
2.) Innovation should have appropriate criteria in the leadership meeting: In the
meeting the employees should share the different idea for the existing product. This will
helpful to the leadership for the team. Involvement of employees in innovation will give
the perfect way to achieve the goal. Criteria must be clear this will effective for the
working style (Soares Figueiredo and Loiola, 2012).
3.) Set performance matrices and targets for innovation: In the Money penny company
there is a two types of metrics one is financial and other one is activity. These factors
help to create a good working styles and get the desired objective of the firm.
These all are the factors that will helpful for the employee during the innovating the
product for the firm. The apple and virgin companies have different strategies for innovate the
product in the industry. Apple in. applies the strategy like create the digital music player that is
held a lot of songs. This is the large volume product in the industry. Whereas the virgin creates
the new techniques in the market like this was the small groups but they invest in the various
fields in the market to expand and enhance the efficiency of the items (West and Bogers, 2014).
Money penny innovate the technologies like telephone answering, enhance the quality of voice
process and add the chip in the mobile to store huge data as compared to other telecom
companies. That techniques give a lot of profit to the company.
TASK 2
P3 4Ps of innovation and innovation funnel
4Ps of innovations:
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This model is used for analysing the level of business competition. It builds on the
possibility that successful innovation is necessary for positive change. The four Ps is as follows:
1.) Product: In this type of innovation firm must know what product and the services is
needed for the customers in the market. Based on the client needs they will reproduce the
item with an innovative idea (Dul and Ceylan, 2014).
2.) Process: This innovation includes the strategies to enhance the process of the product in
the firm. This innovation has a positive effect on the business because they produce only
those products and services for the customers that will satisfy the customer needs.
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Illustration 1: 4 Ps of innovation
source: Types of Innovation The ‘4PS’

3.) Position: This part of innovation includes the perception of an existing item and services
in a particular field. This includes changes in signals that are clarified about the company.
They relate the work to the marketing and packaging of the item to the market (Zeschky,
Winterhalter and Gassmann, 2014).
4.) Paradigm: This type of factor involves how to define and redefine the appropriate item
of the company or whole unit. It relates to the rational model the will identify and give
the accurate information about the firm.
Innovation funnel:
This funnel is used to define the steps of product during development. The main purpose
of this technique is that in which first understand the market needs and then reproduce the item
based the customer needs. It involves three main steps as follows:
1.) Focus on broad mouth of the funnel: The main objective of this stage is to collect many
ideas. The more ideas can give more advantage to produce the product for the client.
Information can come by the competitors, research, existing partners etc. data should be
suitable for the appropriate problem (Basu, Banerjee and Sweeny, 2013).
2.) Narrowing segment of the funnel: The information of the particular idea that is
generated in the first stage of the funnel. These data and information is matching with the
goal or not and also they are related to the problem or not.
3.) Narrow segment of the funnel: At this stage the idea is to be implemented with the new
product in the market to enhance the business and increase the performance of the
company in the world.
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Apple inc. and virgin both the companies following the innovation funnel. Only the
difference is that in which apple creates a new and efficient ideas to promote and sale their
product in the market as compared to the virgin. Apple first collect the information is like what
are the customer needs what are the efficient techniques to satisfy the customer needs. This
company follows the structure of funnel in the firm. Virgin group focus on big investment to
enhance the performance of the company (Bhatti, Khilji and Basu, 2012). Money penny also
follows the structure of the funnel to make sure that there is a good and appropriate phones or
telephone answering are existed or not and what problem should be solved by apply innovative
ideas.
P4 Frugal innovation
This is the process of reducing the cost and complexity of the product in the company.
This will eliminate the non essential features from the items like phones, heavy cost machines in
order to sell it in the non-industrial countries. There is no need to sell the product in the
developed cities. Affordability is the main key of this innovation like while planning for
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Illustration 2: Innovation funnel
source: Evaluation of Innovation funnel

innovation in pyramid format this key is the big issue. Companies need to understand what are
all the customer needs what they can afford (Ahuja and Chan, 2014). Money penny company
apply the strategy like they remove the features from the phone and add the essential feature in
the phone. In given case study the apple Inc. add the new features like handling the huge number
of songs in digital music player. By using these kinds of services in the product easily get the
higher performance of the company.
The main purpose of the frugal innovation is that in which companies can get the higher
performance and higher productivity of the product. The virgin invest in the different fields to
innovate the business in the market. This company invests the venture in various departments to
improve the productivity of the product. This is the strategy for innovating the product and give
appropriate services. All three companies has various strategies to innovate the product in the
industry. Money penny applied the advanced legal partnership to the other company to provide
the wide range of products and the services that is designed to help law organization grow, run
and manage their products efficiently and effectively (Jha, and Krishnan, 2013). This strategy
gives the higher performance of the company and this is very innovative idea to expand the
business in the world. Different companies applies different innovative strategies to improve the
productivity and expand the business.
TASK 3
P5 Importance and need of commercial funnel
The main purpose of commercial funnel is first understand the customer needs and then
reproduce the product in the market. Different companies has various strategies and innovative
ideas to enhance the business performance in the industry. Apple Inc. produce new digital music
player that will held the large number of songs in the phone. It is needed because by applying the
approaches and new ideas in existing product that would be helpful for the firm. The virgin firm
applies innovative idea like this companies invest the ventures in the different branches of the
firm. This kind of strategies gives more profit to the company.
Money penny company provide wide range of access in the world by advanced legal
partnership. This is the recent strategy of the firm to maintain and enhance the performance of
the company. This funnel helps to improve the productivity and also provide the efficient
services to the customers. This funnel is needed to measure the success of business in the market.
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The main objective is that develop the new product and expand the business in different fields
based on the customer needs (Lundstedt, and Colglazier, 2013). In this study one company
produce the new product with new features and another company publish own ventures in new
departments. These are the types of innovation that companies can apply in the organization.
Benefits to innovate the product in the market:
 Enhanced the productivity and performance of the company.
 It extends the quality of the existing product.
 It provides high performance and effective services to the customers.
The aim of the commercial funnel is to give enhancement to the business n the market. It
selects only essential innovative ideas and help in implementation of the product in the industry.
The firm will able to satisfy with their client needs.
P6 Innovation business case
The business case of the money penny provides a way how to produce a product
efficiently. The innovation in the existing product gives the profit to the firm and increased the
productivity of the product. In case of apple Inc. it produces a new product digital music player
that has the large number of storage and this product has the biggest productivity in the industry.
The firm apply this innovation to the existing product to enhanced the productivity.
In case of virgin group that group has many areas such as travel, entertainment etc.
It invests the ventures in the market to enhance the productivity in the industry. This firm growth
is very high because this company produce new ideas of products in different fields. Innovative
ideas can give the large brand recognition and also increased the growth.
In case of Money penny company this firm applies the new technology in the phone
system and also in the voice process like it adds the chip in phones to store the huge data. This
organization mission is to provide good quality products and services to the customer. This firm
create the services depends on the client needs. This company has a lot of services that is
provided to the customers (Radjou and Prabhu, 2013).
Innovation funnel has the steps that is helpful in the planning of the product and the
services. First need to collect the information from the customer what are all the problem that
client has, second is give the appropriate innovative solutions for the problem, third one is
implement the new idea for the customers. This is the technique to create the new product for the
client. This is the way to produce the new item with appropriate form.
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P7 Intellectual property of money penny
Intellectual property
This is basically any new think developed by a person, that is his intellectual property as
a result he can have the patents and copy right of that work.
Retention of intellectual property
Money Penny is operating in telecom sector and in order to maintain innovation it is
necessary to consistently conduct research on specific product. Research and development
project will be performed in different stages and time to time accordingly investment will be
made. In order to retain intellectual property and to prevent other firms to develop its alternative
it is necessary to do patent of product.
For the protection of intellectual properties there are basically three ways
1. Patents
2. trade marks
3. copy right
The over all explantation of these points are as follows -
1.) Patents –
Patents are government approved licences on any work for the duration. This is consider
very important to company so that no one can use or make substitution of that patent work this is
government authorised and treated legally. Person has right that no one could use his idea, he
have a proper right on it. there are many benefits to have patents of the products. If one have
done patent of their work then no other can use that patent work and no one can make substitute
of that patent product,
More than that person should have idea of having time duration of their license or patent. so
that's the reason why patent is important for any company.
2.) Trade Marks -
Trade marks are identified sign, logo, or symbols of person, who have been authorised
for this, these are basically expressions of any company, person or legal entity.
Trade marks usually present on the label, packets or vouchers (Strumsky and Lobo, 2015). By
having trade mark anyone can find the brand owner of the product and company. There are
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common laws preposed for the trade marks, trade marks give lot many advantages to company or
to the product.
3.) Copyrights -
Copyrights are subject to any Person, firm, movies and music material. These are
basically legal rights. By having this no other person can use their copyright stuff.
Development
For the development of intellectual properties company are engaged in research
programs, Company Heading a wide range of research and development projects, and carrying
Continuous research, for the life expectancy of their existing products company is doing
patenting and copyrighting on their products and expecting to secure their work.
CONCLUSION
Innovation gives the enhancement and high productivity in the business. Innovation
funnel helps to implement the innovative style product for the customers. Innovation plays a very
vital role in an organization. Different firm has various innovative ideas to produce a good
quality products. In this report apple Inc., virgin and money penny companies has different idea
to innovate the item. 4Ps is the structured format for knowing the accurate problem and
implement the product efficiently. By innovating the product and the services in existing item
then it will give the higher performance of the company.
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REFERENCES
Books and journals
Rice, A. K. ed., 2013. Productivity and social organization: The Ahmedabad experiment:
Technical innovation, work organization and management. Routledge.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it,
measure it and profit from it. FT press.
Jain, A. and et.al., 2013. Commentary: The Materials Project: A materials genome approach to
accelerating materials innovation. Apl Materials. 1(1). p.011002.
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal of
Management. 40(5). pp.1297-1333.
Ariga, K. and et.al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Zandoval Bonazzi, F. L. and Ari Zilber, M., 2014. Innovation and Business Model: a case study
about integration of Innovation Funnel and Business Model Canvas. Revista Brasileira de
Gestão de Negócios. 16(53).
Hartley, J., 2013. Public and private features of innovation. Handbook of Innovation in Public
Services. pp.44-59.
Soares Figueiredo, P. and Loiola, E., 2012. Enhancing New Product Development (NPD)
Portfolio Performance by Shaping the Development Funnel. Journal of technology
management & innovation. 7(4). pp.20-35.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Dul, J. and Ceylan, C., 2014. The Impact of a Creativity‐supporting Work Environment on a
Firm's Product Innovation Performance. Journal of Product Innovation Management.
31(6). pp.1254-1267.
Zeschky, M. B., Winterhalter, S. and Gassmann, O., 2014. From cost to frugal and reverse
innovation: Mapping the field and implications for global competitiveness. Research-
Technology Management. 57(4). pp.20-27.
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Basu, R. R., Banerjee, P. M. and Sweeny, E. G., 2013. Frugal innovation: core competencies to
address global sustainability. Journal of Management for Global Sustainability. 1(2).
pp.63-82.
Bhatti, Y. A., Khilji, S. E. and Basu, R., 2012. Frugal innovation.
Ahuja, S. and Chan, Y., 2014. The enabling role of IT in frugal innovation.
Jha, S. K. and Krishnan, R. T., 2013. Local innovation: The key to globalisation. IIMB
Management Review. 25(4). pp.249-256.
Radjou, N. and Prabhu, J., 2013. Frugal innovation. A New Business Paradigm.
Lundstedt, S. B. and Colglazier, E. W. eds., 2013. Managing innovation: the social dimensions
of creativity, invention and technology. Elsevier.
Strumsky, D. and Lobo, J., 2015. Identifying the sources of technological novelty in the process
of invention. Research Policy. 44(8). pp.1445-1461.
Online
Evaluation of innovation funnel. 2016[online].Available
through:<http://innovationexcellence.com/blog/2011/04/10/evolution-of-the-innovation-funnel/
>[Accessed on 4 October 2017]
Types of Innovation The ‘4PS’.2017[online].Available
through<http://www.elrha.org/hif/innovation-resource-hub/innovation-explained/types-
humanitarian-innovation/>[Accessed on 45 October 2017]
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