Innovation, Commercialisation, and Product Development Report

This report provides a detailed analysis of innovation strategies, commercialisation processes, and new product development within the context of Granite Properties, a real estate development company. The report explores the importance of innovation, differentiating it from invention, and examines the organizational elements required to foster innovation, including vision, leadership, culture, and teamwork. It delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the application of the innovation funnel to shape ideas. The report also discusses frugal innovation, its uses, and its role in the organizational system. Furthermore, it covers the commercial funnel, new product development processes, innovation business cases, and methods for accessing funding. Finally, it examines various tools organizations use to develop, retain, and protect intellectual property, offering a comprehensive overview of innovation management.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Innovation and its importance and difference between invention .......................................3
P2. Organisational vision, leadership, culture and teamwork needed to shape innovation and
commercialisation ......................................................................................................................5
TASK 2............................................................................................................................................6
P3. 4P's of Innovation and use of innovation funnel to examine and shape innovative ideas....6
P4. Developments in Frugal Innovation and its use in organisational system............................7
TASK 3............................................................................................................................................7
P5. Importance of Commercial funnel and application of new Product Development
processing....................................................................................................................................7
P6. Innovation Business Case and ways to access funding requirement ...................................7
TASK 4............................................................................................................................................7
P7. Different tools that organisation use to develop, retain and protect intellectual property....7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is an important process that is executed in organisational system that aims in
carrying out the process in an effective manner. Its basic motive is to attract large number of
customers that are present in the market place. It helps company to produce such products and
services that help in gaining the final goals and objectives in set time period. The company
chosen for this report is Granite Properties, which is a real estate development sector that offer
best quality services to prospective customers by satisfying their needs and wants. This report
highlights the importance of innovation and application of new product development processing
for commercialisation of innovation. Apart from it, there are some uses of innovation funnel that
is introduced in company institution. There are different tools that is adopted by organisation
system to protect, retain their intellectual property rights. Innovation process assists any business
system to gain competitive advantage in current market area.
TASK 1
P1. Innovation and its importance and comparison between invention
Innovation is an essential method that helps in introducing new process, product, ideas
and thoughts in order to achieve set targets effectively (Birkeland, 2012). There are number of
opportunities and process that are available in market area that can able to provide successful
competitive edge. Employees of Granite Properties play important role in introducing innovation
concepts and aspects that assists them to execute their functions effectively and efficiently. It
become necessary for Granite Properties to implement their overall working process in
innovative way so that they can able to beat their competitors in effective way. It is the duty of
company to develop such working environment that continuously promote innovation process
that focus on rendering best services to their consumers so that they can retain for longer period
of time. Today's world in full of modern terminologies and techniques and hence it become
necessary to adopt innovation process in their organisational system.
Importance of Innovation for workers employed in Granite Properties:
 Innovation aids in increasing productivity and efficiency of employees so that they can
contribute to produce maximum outputs.
 It also encourage to increase their overall working effectiveness so that they can
contribute to best of their efforts.

 It promotes working creatively so that final outcomes can be in accordance to set
standards (Larkins, 2011).
Importance of Innovation in Business system:
 It aids business organisation to conduct their work process in such a way so that they lead
to achieve their final goals and objectives.
 It helps in increasing value of products and services so that they succeed in maintaining
their well established image and goodwill for longer period of time.
 It motivates to produce new and fresh products in accordance to current prevailing
market conditions.
Difference between invention and Innovation that is illustrated below:
Basis of Difference Invention Innovation
Meaning Thought and idea of inventing
something is emerged for the
first time in mind of inventor.
It refers to the process of
producing any particular
products and services in a
innovative and new method.
Impact on organisational
system
It may lead to introduce
changes and sometime not.
It results in introducing some
changes in whole
organisational system.
Skills Needed The main skills needed in
invention process is scientific
in nature.
The major skills that is
required in conducting
innovation process comprises
of marketing, management and
research.
Actions Involved In this main actions are
performed by research and
development section.
The set of activities are located
in overall company institution.

P2. Organisational vision, leadership, culture and teamwork needed to shape innovation and
commercialisation
As Granite Properties is a small scale industry and hence, it is very much essential to
know the importance of innovation process. There are certain elements that are required to shape
innovation and commercialisation process that include organisation's vision, leadership, culture
and teamwork. The brief explanation of all these components is discussed below: Mission: It contains short term goals that Granite Properties must make plans to achieve
that in set period of time. The mission of Granite Properties is to establish healthy and
conducive relations with their customers for longer period of time by satisfying their
needs and desires. Therefore, innovation play a necessary role in framing mission of the
business organisation (Greenaway, and Rudd, 2014). Vision: It refers to accomplishment of long term objectives that have been set by
company. Innovation helps in farming vision in proper format so that each and every
individual works in accordance to it. Granite Properties have clear and transparent vision
that is not possible without applying innovation process in conducive way. Leadership: leadership is a crucial process that is carried out in every business
organisational system so that managers play role of leaders that guide the performance of
workers in single direction. Its basic aim is to motivate employees to think in innovative
way so that they can contribute efficaciously in attaining set mission and vision
(Ragsdell, Probets, Ahmed, 2014). Culture: It refers to working conditions that are prevailing in organisational system. It
has a direct impact on innovation and commercialisation process. Granite Properties
employ large number of employees from different culture and backgrounds. Therefore, it
become essential to maintain coordination among each other so that final goals can be
accomplished.
 Teamwork: Granite Properties have system of teams that have assigned some tasks that
need to be completed in particular time period. Its basic aim is to contribute maximum
strength of each employee so that their knowledge and skills can be contributed.
Innovation procedure helps employees to apply best of their skills so that ultimate
objectives can be accomplished. This process also encourage them to work in accordance
to high of their ability and capacity so that they can be praised for their performance.

Commercialisation Process: This is a process that involve many steps to be followed starting
from finding out the solution of problems that get arise during conducting work process and than
evaluating all the options. Finally, selecting best one that is required to correct any obstacles
(Balmer, Bulpin, and Molyneux-Hodgson, 2016).
TASK 2
P3. 4P's of Innovation and use of innovation funnel to examine and shape innovative ideas
Innovation process involve importance of 4P's that have certain features attached to it
which is illustrated below:
(Source: 4P's of innovation, 2018)
 Product: Every business organisational system is there is to deliver some quality of
products and goods to the target customers which are present in market place (Maritz,
and Donovan, 2015). Granite Properties offer excellent designs of commercial real
estates to their customers which are present in number of places in all over nation. Proper
attention should be made in continuously improving the features of products so that they
can able to satisfy the demands of their clients. Process: The second important “P” of innovation is process that refers to steps and
methods that are followed by business organisational system in order to produce outcome
and products. Regular improvements in process system allow Granite Properties to
produce high quality services for their customers.
Illustration 1: 4P's of Innovation, 2018

 Position: It involve products and goods of particular company is positioned in market
area. This means what is the image of organisation in customer's mind whether it is
positive or negative. As Granite Properties is a small scale organisation they have to
position their company's image properly in market place. There are number of established
competitors that may pose threat for the company thus, they have to perform reposition
process if it is required (Cunningham, 2013).
 Paradigm: This “P” involve developing mental models that consider formulating plan of
actions that enable organisational system to execute their set system in proper manner.
There are people who provide distinctive point of views but company have to consider
only those that is best suited for them.
Innovation Funnel
It is a important procedure that is conducted that is applied in company institution. It
consists of several steps that must be followed one after the other. This process involve so many
actions that are present and managers have to choose best of the options and execute in decorous
mode. There are numerous alternatives that can be beneficial for the company performance but
they have select best out them all (Clausen, and Rasmussen, 2011). This funnel helps in finding
out several ideas and thoughts that can be implemented in system and than selecting the one
option that is associated with final aims and vision of company institution. The primary motive
of every business entity is to develop creative and new products for the people that are present in
market area so that they get satisfied and enjoy number of benefits for which it is produced.
P4. Developments in Frugal Innovation and its use in organisational system
Frugal Innovation is a process that concentrates on simplifying the process of production
and manufacturing. It does not focus on generating new and fresh products or goods. There are
number of complexities that may generate while conducting work process. Thus, frugal
innovation provide full attention on these aspects and try to remove it so that company do not
face any trouble associated with it. It put emphasis on adopting various cost effective methods
that enable to eliminate extra costs that may generate in business organisational system (Chun,
Chung, and Bang, 2015). There are different type of resources of diverse nature that have
specific roles and functions therefore, there is proper management system that is executed in
proper and accurate mode. This process consider utilisation of materials in effective and

efficient mode. Another aim also include earning huge profits and outcomes. There are number
of uses of this system which is as follows: Shaping behaviour of consumer: It is indispensable to make decisions regarding buying
behaviour of customers(Hemphill, 2014). Increase in value with the clients: This procedure involve establishing effective
communication system with customers so that they can results in carrying out developing
process that occur in organisational system. Innovative Stakeholders: Every company have employees, customers, creditors, debtors
and many others have to be creative in their work process so that organisational system
can work innovatively (Kianto, 2011). Creation of sustainable statement: This involve finding out major reasons of problems
and issues so that solutions can be determined in accordance to it. Flex the company's assets: Granite Properties have proper system in which they save
some part of their total earnings. This retained earnings can be utilise in innovative way
so that business can expand their current position at sustainable manner.
 Engage and iterate concept: According to this conception it is not compulsory for
company to adopt new aspects every time instead they can repeat same innovative work
process but according to modern and advanced style.
TASK 3
P5. Importance of Commercial funnel and application of new Product Development processing
Commercial funnel is a important component that focuses on supplying final outcomes
and results in conducive way. The basic motive is to help organisational system to earn huge
financial gains and profits. Commercial funnel is to provide assistance that intent to produce
such results in proper and correct way. There is proper steps that is present under commercial
funnel that is described below:
 First step pertain all processes that is required to locate all ideas, processes that is directly
linked with increase in profits and gains of organisational system. There are several
activities that is focused on considering components that may involve huge amount of
investments so that it is required that there is proper management of ideas can be done.

Hence, initially proper plans are framed that include all steps that need to be followed in
whole working process.
 As Granite Properties is a small enterprise thus it become essential to promote such
system that is directly linked with adoption of such processes that may provide them huge
profits and constituted goodwill for longer period of time.
 The final step involve selection of best selected idea or step after examination of all
options that are present. As small business organisation does not have huge amount of
capital that has to be invested thus, process of conversion rate play a essential role in this
respect (Perks,and Moxey, 2011).
 Changes are very much required in order to keep in pace with the dynamic business
environment and therefore it become necessary to face many problems and issues so that
final objectives can be attained effectively.
New product Development process involve many steps that are discussed below:
 Idea Generation process: This stage include the emerging of nay new idea into
investor's mind related to production of some product or service. It involve considering
various resources that is required to conduct production process.
 Idea Screening Process: This involve finding out number of resources that is required to
carry out the selected steps. These resources must in accurate and proper amount so that
there is no wastage.
 Testing and Development process: The sample process which has been selected is
tested in accordance to its performance in order to determine the results it is gained by
utilising that work process. It can be favourable and unfavourable.
 Product Development stage: This step involve developing particular products in
accordance to the decision that has been taken.
 Commercialisation process: This include convincing customer's mind so that they
become ready to purchase that product of particular company.
 Launching step: After making market research the planned product is launched and
consumers can purchase it in return of some money.

(Source: New Development stages, 2017)
Importance of Commercial Funnel is discussed below:
 Enhance product quality: Commercial funnel helps in increasing the overall quality of
products.
 Encourage creativity: Creativity is a process of performing the work process in different
manner.
 It is directly linked with increasing the overall company's growth and productivity level.
P6. Innovation Business Case and ways to access funding requirement
Granite Properties is a small scale company which is privately and commercial real estate
development company that is present in five national areas all over nation. Some steps that is
executed in innovation business case:
Executive Summary: As it deals in real estate sector its main focus is on delivering high quality
services to their clients that are situated in UK. Their main focus is to work in accordance to
customer's requirements. Therefore, innovation process helps in creating good image for longer
period of time.
Illustration 2: New Product Development stages, 2017

Target: The target group of customers are high middle class society people a they are providing
customised flat structures that cannot be adopted by other level of society (Abdul Razak, Murray,
and Roberts, 2014).
Solution: The type of flat system must be simple so that many customers gets attracted and
become regular clients for longer period of time. Therefore, Granite Properties assists in
delivering services that is in accordance to needs and desires of customers.
Reasons that product is Innovative: In today's world many customer's are focused on high
standard of living and therefore, they require to live in customised flat structures in accordance to
their needs and Necessity.
Consumer's research: Under this stage, Granite Properties take decisions in accordance to
customer's current needs and desires. As they operate to deliver services to satisfy demands of
consumers of different level of society.
Funding: Small business organisations can face problems related to funds available so that they
approach various financial institutions that render help in this aspect. Loans that are given by
banks are most commonly used source in which business have to interest on principle amount.
Other sources involve Angel investors, Investment groups that supply financial aid to business
system. Granite Properties can approach any of the sources according to their requirements.
Final Returns: This step is associated with receiving outcomes from conducting business
innovation case.
TASK 4
P7. Different tools that organisation use to develop, retain and protect intellectual property
Different tools and techniques are adopted by business firms to develop, retain and
protect intellectual property rights. It become essential in case when some individual body
innovate something new and different from existing business entity. Than, the need for
protection rises by introducing some important tools that are discussed below: Copyrights: According to this tool protection is given to some work process that is
specifically for some unique work that include any drawings, song, music etc. Patents Rights: This is very much important to take patent of something that has been
evolved for first time that can be any product or process (Wonglimpiyarat, 2011).

 Trademarks: Every company have specific symbols, sings, slogans that require
protection in proper and correct manner. Thus, they require security in this regard.
 Trade Secret: It involve ideas and thoughts that do not require process to be patented at
initial stage but it can be protected at later step.
All the above tools provide protection of work process that is conducted by Granite
Properties and thus, they can able to conduct their work without any fear and loss. As there are
number of options available company have to choose best of the alternative.
CONCLUSION
From the above report that is made it can be concluded that Innovation is a important
process that is executed in organisational system. Company which is selected for preparing this
report is Granite Properties that is a small scale enterprises dealing in real estate sector. There is
importance of commercial funnels and application of new product development. There are 4P's
of innovation that have its importance and characteristics associated with it. There are several
intellectual tools that are adopted by organisational system that is focused on protecting their
innovation system.
REFERENCES
Books and Journals
Birkeland, J., 2012. Design for sustainability: A sourcebook of integrated ecological solutions.
Routledge.