Innovation Report: Innovation and Commercialization at Periscopix

This report provides a comprehensive analysis of innovation and commercialization strategies, using Periscopix, a UK-based consultancy, as a case study. It explores the differences between innovation and invention, the role of leadership, vision, and teamwork in shaping innovation, and the importance of commercialization. The report evaluates the 4 Ps of innovation (product, process, position, and paradigm), discusses the development of frugal innovation, and examines the significance of the commercial funnel and new product development (NDP) in a business firm. It also includes an analysis of tools used by organizations to foster innovation. The report highlights the importance of adapting to market demands and customer needs to achieve business success.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1. Innovation and its significance to organisations in comparison to invention.......................1
P2. Way in which organisational leadership, vision and teamwork can shape innovation and
commercialisation.......................................................................................................................2
TASK 2 ...........................................................................................................................................4
P3 Evaluating 4 P'S of innovation...............................................................................................4
P4 Frugal Innovation's development...........................................................................................6
TASK 3 ...........................................................................................................................................6
P5 Importance of commercial funnel and NDP in an business firm...........................................6
P6 Valuation of Innovation Business Case.................................................................................8
TASK 4 .........................................................................................................................................9
P7 Different tools used by organisation......................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In the modern scenario, when a business process turns its vision into reality by
implementation of various tools and techniques so that organisation can have better future is said
to be innovation process. There are several things which comes under this kind of process is
opportunities, prototyping, sales, marketing and production. Different kinds of innovative ideas
and thoughts which can be utilised in order to manufacture and sell products and services to the
customers in marketplace (Ariga and et. al., 2013). Invention and innovation are two different
aspects but they have a common goal which is providing betterment to social and economic
factors. Company chosen for this report is Periscopix which is consultancy services working in
UK. There are various things which will be discussed in this report like major difference between
invention and innovation and apart from that, various effective functioning of innovation and
invention will be discussed in an effective manner.
TASK 1
P1. Innovation and its significance to organisations in comparison to invention
INNOVATION: This f approach can be said as a process in which thoughts and ideas
are converted into products and services and for the same, consumer exchanges in monetary
terms. An idea can only be called innovative when it reduces the economic cost and thus, fulfils
the demands. Apart from that, innovation is a process in which the vital data is being exchanged
and optimum utilisation of resources are being done so that products and services can be
modified and developed for satisfying customers in an effectual manner. Innovation can also be
done in providing services to the customers. Innovation is basically divided into two parts and
they are described as below:
Evolutionary Innovation: In this kind of approach, evolution occurs when the
technological modifications are being done on a product again and again. This whole process can
be said as an evolutionary innovation on single product (Boons and Lüdeke-Freund, 2013).
Revolutionary Innovation: This kind of approach states that reason behind innovation is
not modification on single product but it occurs from new ideas.
Importance of Innovation

Growth of an organisation totally depends on the ways by which innovation and other
techniques are being adopted so that effective outcomes can be obtained. Innovation is the major
cause behind the growth and success of firm right from start. New innovative techniques mainly
focus on providing advantages to an organisation like competitive advantage and other paths by
which the development can take place. For implying creative and innovative ideas into reality,
organisation adopts innovation and the latest technologies. Moreover, people have positive
perception towards the innovation in products and services and this can help organisation to
attract a large number of customers and enhancement can be done on image of brand. There are
various other benefits which are being provided to the organisation as well as employees by
innovation like it can improve productivity and profitability of firm (Drucker, 2014). Along with
that, it can enhance the performance level of staff members. There are some other benefits which
are being adopted like new tools and techniques as well as other benefits
There are certain differences between innovation and invention and they are as follows:
Basis Innovation Invention
Definition Process in which new thoughts
and ideas are being formulated
for attainment of objectives.
Formulating a new and fresh
idea for completion of
objectives as well.
Base Idea can be applied for
implementation.
Unspoiled and genuine
thought.
Activities It endeavour in entire
institution.
Limitations are being created
up-to R&D sector.
Reason of occurrence Enhancement of products and
services for maximum
satisfaction of customers.
Sudden spark of new thought
and ideas.
Allocated with Several processes Single process
P2. Way in which organisational leadership, vision and teamwork can shape innovation and
commercialisation
Each and every organisation focuses on earning revenues by manufacturing products and
services so that more number of customers can be acquired for achieving the set targets

(Goldberg, 2013). Citied firm exercises commercialisation for innovating new products and
services for high amount of sales. For example: Apple and Virgin group mainly focuses on
analysing the actual needs and wants of customers and thus fulfilling them by providing effectual
products and services.
Vision:
Vision can be stated as a statement which is being planned before starting process and
other operations. This is basically a path on which company walks and achieves the set targets.
The reason behind calling this pre-determined statement because it determines the aims and
objectives of firm and bridges the gap between current and future position.
Culture:
Culture of an organisation is basically an environment which defines the performance and
ways by which tasks and objective are being attained for getting effective outcomes. There are
number of things which are being included in the working environment like mission and vision,
authorities, ethical process and objectives (Huberman and Miles, 2013).
Leadership:
Leadership is one of the most important elements of company as it provided guidance to
employees for completing various tasks which are being allocated to them. Main role of a leader
is to analyse deeply the capabilities of staff members and thus provide them work accordingly.
Every leader should have capability of motivating their team members at the time it is highly
required so that performance level would not go down. Apart from that, training and
development sessions can be provided for polishing the skills and capabilities.
Team Spirit
Growth and success is an element which is being wished by every organisation and thus
it can be implied by innovating new ideas and techniques. Delegation is a technique which can
be used by an organisation for motivating and regulating team work. This can have several
number of positive impacts like it can improve the productivity and profitability of firm and long
with that can reduce chances of political issues arising (Jaffe and Lerner, 2011).
Each and every kind of business has curiosity towards establishing effective and ethical
environment for their employees so that their morale level can be improved. Invention and
innovation can be acquired through number of ways which can guide towards the path of success
of Apple Inc.

TASK 2
P3 Evaluating 4 P'S of innovation
Presence of innovation can be seen everywhere and to some it can be new and for some it
can be old. The main focus point of Periscopix is on defining modification in several products
and services so that satisfaction criteria can be expanded and from tarty profitability ratio can be
improved. There are four elements of innovation through which they are determined and they are
as follows:
Illustration 1: 4P'S of Innovation
(Source: 4P's of Innovation,2017)
 Product Prospective: In this kind of approach, main focus of Apple is on sections which
have scope of enhancement and can attract large number of customers. Apple basically
has adopted various tools and techniques which are utilised for modifications and

development in their products like their product iPhone, iPad, iPod and others. Example
can be taken of iPod which is known as smallest music player. This product has been
evolved over time like earlier it just played music but now after evolution it has many
other features like camera for video calling, voice assistant and many others (Jiménez-
Jiménez and Sanz-Valle, 2011). Process Prospective: This is one of the essential elements which comes after innovation
of products. This is all about process of modifying and developing products and
manufacturing additional features in it. Example can be taken of iPod which is being
manufactured in China and thus other parts are being assembled in California. Position Prospective: This kind of approach is highly essential for a firm in present
situation of market because now-er days every company is focusing on attracting large
number of customers. This kind of process is also being followed by Apple for attracting
large number of customers and thus they can do by adding on new and innovative
features in every product they provide. Paradigm Prospective: this kind of approach is being continuous in nature and thus in
this process add ons are being to the products and services in order to make them more
attractive and effectual. Basically it provide modifications to the product and does not
change entirely (Leonard and Sensiper, 2011). For example: Virgin group provides extra
benefits to the various kind of packages and Apple has provided system updates as an
additional feature in their product.
Innovation Funnel: The ways and channel through which innovation is implemented is said to be
as innovation funnel. In simple words, the process of gathering new innovative ideas and other
vital information and thus analysing them in deep manner and after that best idea is being
implemented for obtaining effective outcomes. Company analyse the demands and desires in
marketplace and thus hire effective employees who can achieve the allocated tasks and
objectives within desired time frame and thus production can be started along with resources
required.
P4 Frugal Innovation's development
While manufacturing products and services, an organisation majorly faces issues and
situation because there are high chances of arising conflicts, economical cost adjustments,
resources allocation and many more. Issues and difficulties totally depends upon the size of

company. Frugal innovation works in this kind of and it aids in reducing and other issues which
are arising in the company. This kind of technique is highly approachable for every kind of
organisation for reducing chances of unwanted things and situations. This kind of technique is
even used by Apple and Virgin group in order to reduce the surplus cost of production while
formulating products and services (Lichtenthaler, 2011). It basically removes the unwanted
elements from the production house and making it more economical framework. Virgin group
services and Apple products are being sold across the globe and in order to maintain the
reputation and attract customers they imply various kind of things which are out of the box.
Frugal innovation is being applied by them while fulfilling the demands of customers so that in
minimum cost applied can give maximum benefits along with enhancement in goodwill.
Frugal innovation is also known as game changer process as it can directly affect the
perception of customers and thus can change the phase or marketplace. This can be made more
clear with the help of an example: there is a new launch of iPhone X by Apple company and it
has feature of 5G technology but in some countries network is limited up-to 4g technology or it
has been not invented yet. In this case, company will apply frugal innovation so that extra feature
of 5g technology can be removed and thus advancement can be done in 4g technology. From the
above statements it can be noticed that frugal innovation does not only remove unwanted
elements but also sometimes add on some useful in place of that.
Many times there are people present in an economy who has lower purchasing power and
they are not able to purchase luxury services and products. Apple is a company which provides
luxury products to the people. So frugal innovation can be used so that services can be utilised by
common users (Rosenbusch, Brinckmann and Bausch, 2011).
TASK 3
P5 Importance of commercial funnel and NDP in an business firm
For meeting up the requirements of customers, it is highly essential for a firm to enhance
products and services and this can be done with the help of innovation. This in turn can help
company to enhance the productivity and profitability of firm and lastly it will help in obtaining
growth and success. Commercialisation of products is highly important in the marketplace. It
can be considered as an process in which the new products and services are being innovated.
Commercial funnel can be said an technique or a process by which the new kind of products are

being introduced globally. When the funnel gets narrow in nature, then company has to reduce
the extra ideas and have to select the best possible idea which is based on market trends, costs,
feasibility and thus gather the best thought (Sawyer, 2011). This in turn which can be utilised in
attracting large group of customers and provide them product and services for maximum
satisfaction.
New Product Development:
There are certain plans and strategies which needs to be formulated for development of new
product. There are particular steps which needs to be followed for developing new product and
they are described below:
Idea generation: In this stage, an idea needs to be developed and generated on which the
management team will perform and give effective outputs. Research is being conducted for
formulating and generating ideas and thus SWOT analysis can be done for determining the
situations and opportunities in marketplace.
Idea screening: After gathering the list of ideas, screening needs to be done and every element
of idea will be implemented virtually so that best of it can be selected and others can be
eliminated.
Concept testing: In this stage , idea which is being selected is testes thoroughly and thus
management team formulates the prototype of product and thus they test each and every element
of idea. This aids management team to reduce the chances of mistakes occurring. If entire
process goes as it is expected then the idea gets pass and thus it is ready to launch.
Analysis of product: In this kind of stage, strategies are being developed by evaluating market
size, its shares, profit goals, budget and many others (Schaffers and et. al., 2011).
Test marketing: In this kind of stage, management team launches product in a particular area and
thus observe the reaction of people towards the product and performance or product is also
notified.
Commercialisation and launching of product: This is considered as last stage of development
of new product. As after getting expected reactions from customers, management team launches
the product into whole marketplace so that it can reach to every customer out there.

P6 Valuation of Innovation Business Case
The main focus of every company is to analyse the actual needs and wants of customers
and thus provide them products and services so that their satisfaction level can be maximised.
Business firm utilises a business case in order to get help in launching process of new products
and services as per the desires of customers in marketplace. From this aspect, there is an
approach which is being used by Apple company and that is Time gap approach in which
analysation of market is being done by them and thus after that they release and launch new
product every year with additional features that can attract customers. Feedbacks and surveys are
being conducted by company in order to know the exact position of product in market place and
after that modification and development is being done. Strategies is being applied by Virgin
group as well but there is difference that Virgin group formulates plans and strategies as per their
competitor due to their major concern towards competitive advantage and that in turn will help
them to grab large number of customers along with market share (Spithoven, Clarysse and
Knockaert, 2011). Periscopix is a marketing consultancy which is being classified into several
market place. For innovative products, business case is described below:
Funding: In order to attain growth and expansion in global market it is highly required
by business owner to arrange funds or capital from stakeholders and Investors. Moreover, there
are various other ways like loans and subsidiaries can be taken by Govt.
Resources: This is considered as most important element of an organisation because in
order to attain aims and objectives of firm, resources are required to conduct operations.
Therefore, it is required by firm to arrange resources and then they should be utilised in optimum
manner for executing the plans and strategies for new project (What is innovation? 2011).
R&D Activities: in order to identify the current situation of marketplace, organisation has
made up a department known as research and developing sector who analyses and conduct deep
study on marketplace
Management of Time: This kind of approach is highly required for getting effective
outcomes. Completing project effectively in desired time frame is what it is required so that
results can come in favour.

TASK 4
P7 Different tools used by organisation
One of the biggest asset that a company can possess is Intellectual property and thus it is
required to have appropriate considerations so that it can be recognizable in within the company
and high quality products and services can be provided to the customers (Stokes, 2011). Always
its not about making just money, its also about making your brand successful and popular.
However, these types of assets are required to be develop and kept safe.
Developing and Retaining knowledge and intellectual property:
Creating values to the customer is the main motive of an organisation and thus innovation
plays a major role in it. There are some of the ideas which can be applied like adoption of latest
technologies and development of new products and launching them into market for getting edge
from the competitor. Innovation requires creative mind who can think out of box and thus can
apply various kind of innovative strategies and can end up in launching them for gaining new
product and process.
Protecting knowledge and intellectual property
Intellectual properties can be considered as bag of different rights. This bag include trade
marks, copyrights, design, private and other vital data. Business either they are running on profit
or working on non profit, they need to make sure that their financial data is being secured
(Strayer, 2012). It is necessary for an organisation to have information and knowledge about
these kind of rights and some of them can come into existence without any kind of registration.
Some of them are mentioned below: Copyrights- The reason behind this legal act is to prevent someone else copying your
own work or any other innovative things which is being invented. Example can taken of
Cinema. Patents- Patent can be said as similar to copyright for preventing someone to copy your
invention or stopping someone to invent something which already has been discovered.
 Trade mark- protection of product and services which is created by an organisation.

CONCLUSION
From the above report, it can be concluded that innovation and invention are two
different aspects which have different roles to play in an organisation. Commercialisation and
innovation are the ways by which new products can be defined and made available by
distribution channel to the customers. Funnel process can be defined as process for removing out
non essential elements from the organisation so that aims and objectives can be achieved in
effectual manner.

REFERENCES
Books and Journals
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Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-
19.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goldberg, D.E., 2013.The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huberman, A.M. and Miles, M.B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Jaffe, A.B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system is
endangering innovation and progress, and what to do about it. Princeton University
Press.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research. 64(4). pp.408-417.
Leonard, D.A. and Sensiper, S., 2011. The role of tacit knowledge in group innovation. In
Managing Knowledge Assets, Creativity and Innovation (pp. 301-323).
Lichtenthaler, U., 2011. Open innovation: Past research, current debates, and future directions.
The Academy of Management Perspectives. 25(1). pp.75-93.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
Sawyer, R.K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Schaffers, H., and et. al., 2011. Smart cities and the future internet: Towards cooperation
frameworks for open innovation. The future internet. pp.431-446.
Spithoven, A., Clarysse, B. and Knockaert, M., 2011. Building absorptive capacity to organise
inbound open innovation in traditional industries. Technovation. 31(1). pp.10-21.

Stokes, D.E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Strayer, J.F., 2012. How learning in an inverted classroom influences cooperation, innovation
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Online
What is innovation? 2011. [Online]. Available through:
<http://www.innoviscop.com/en/definitions/process-innovation>.