Innovation and Commercialisation in Magic Whiteboard Limited

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INNOVATION AND COMMERCIALIZATION

Table of Contents
INTRODUCTION........................................................................................................................1
LO1........................................................................................................................................... 2
P1 INNOVATION AND ITS IMPORTANCE TO ORGANISATION IN COMPARISON WITH
INVENTION........................................................................................................................... 2
P2 HOW ORGANISATIONAL VISION, LEADERSHIP, CULTURE, AND TEAMWORK CAN SHAPE
INNOVATION AND COMMERCIALISATION...............................................................................3
M1 DIFFERENT SOURCES OF INNOVATION, AND HOW ORGANISATION CAN FOSTER AND
DEVELOP AN ENVIRONMENT AND CULTURE OF INNOVATION............................................5
LO2........................................................................................................................................... 7
P3 THE 4 P’S OF INNOVATION AND THE USE OF INNOVATION FUNNEL TO EXAMINE AND
SHAPE INNOVATIVE IDEA..................................................................................................... 7
P4 DEVELOPMENTS IN FRUGAL INNOVATION AND HOW IT IS USED IN MAGIC
WHITEBOARD COMPANY.....................................................................................................9
M2 ANALYSE AND APPLY THE INNOVATION FUNNEL IN AN ORGANISATION....................10
M3 THE ROLE OF FRUGAL INNOVATION IN AN ORGANISATION........................................11
LO3......................................................................................................................................... 12
P5 IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE APPLICATION OF NEW
PRODUCT DEVELOPMENT (NPD) PROCESSING FOR COMMERCIALISATION OF
INNOVATION...................................................................................................................... 12
P6 BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION, INCLUDING WAYS TO
ACCESS FUNDING............................................................................................................... 13
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M4 DETAILED BUSINESS INNOVATION CASE WHICH INCLUDES MEASUREMENT OF
EFFECTIVENESS USING APPROPRIATE TECHNIQUE AVAILABLE TO TEST, ITERATE AND
IMPROVE............................................................................................................................ 14
LO4......................................................................................................................................... 15
P7 DIFFERENT TOOLS THAT ORGANISATION CAN USE TO DEVELOP, RETAIN AND PROTECT
KNOWLEDGE AND INTELLECTUAL PROPERTY.....................................................................15
M5 EVALUATION OF DIFFERENT TOOLS IN CONTEXT TO WIDER BUSINESS ENVIRONMENT
ENTREPRENEURS................................................................................................................16
CONCLUSION.......................................................................................................................... 17
REFERENCES........................................................................................................................... 18
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INTRODUCTION
As the world is growing rapidly the innovation of new product and commercialisation is also
growing in the business industry. Innovation is the process of converting an idea into a
product or service that is consumed by the people in values of money. Innovation includes
the improvement of the services or products to do something different but in a better way.
Magic Whiteboard limited is a stationary product manufacturing company based in the UK.
The company needs the innovation of new products due to the changing demand of the
customers. For the innovation of the products, the company needs to analyse the market
properly and then has to make a proper plan for the innovation of the new product. In this
assignment, the learner will come to know about the innovation and commercialisation of
the products and services in the market and the strategies used for the innovtion of the
product.
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LO1
P1 INNOVATION AND ITS IMPORTANCE TO ORGANISATION IN COMPARISON WITH
INVENTION
Innovation
Innovation may be defined as the transformation of the idea into reality. Innovation is the
changes that add value to the product and fulfil the need of the customer. All the processes
that generate new idea and fulfil the demand of the customer are included in the innovation
(Jensen et al., 2016).
Invention
The invention may be defined as the process of creating, discovering products that don't
exist before. Inventions are patented and different countries have different rules for
patenting. The patenting of the products cost high and the invention must be novel and
have value to get patent (Derrida, 2017).
Figure 1: Magic White Board (LI, 2019)
Importance of innovation in an organisation
Innovation is one of the important aspects of the growth and development of the
organisation in comparison to the invention. Innovation is important for the development
and improvement of the product that is already available in the market whereas invention
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helps in developing new products that are not yet introduced in the market. Invention leads
to the reinforcing of the brand by developing the qualities of product and services and
invention helps in making a brand name by the introduction of new products in the market.
Innovation helps in maintain the competition among the market and provide better use of
social media for the promotion of the new qualities and services. The invention does not
relate to the competition in the market as the invention is the process of introducing new
products or services that never existed before in the market. Innovation emphasis on
fulfilling the demand of the customer by knowing their willing and fulfil them with the help
of developing new product and in invention the emphasis is on development of new
products which brings something new in the market that never exists before. Magic
Whiteboard is a stationary manufacturing company based in London and wants to do
innovation of new products for satisfying the need of a customer. The company first need to
analyse the need of the customer for innovation of product (Johne, 2018).
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P2 HOW ORGANISATIONAL VISION, LEADERSHIP, CULTURE, AND TEAMWORK
CAN SHAPE INNOVATION AND COMMERCIALISATION
ORGANISATIONAL VISION
Organisational vision plays an important role in shaping innovation and commercialisation.
Innovation is the development of the products to fulfil the need of the customer that is
already available in the market. The organisational vision is the thinking viewpoint of the
organisational in regards to the fulfilment of the customers need. Magic Whiteboard is
stationary manufacturing company and wants to new fulfil the demands of the customers
with the innovation of the products according to the willing. The organisation vision will
help the company in thinking about the demands of the customer and the ways that will
help in fulfilling the demand according to company and customer point of view that help in
the growth of the business (Paliokaitė and Pačėsa, 2015).
LEADERSHIP
Leadership refers to encouraging people to do work and helping them in gaining better
results. Leadership plays an important role in the innovation and commercialisation of the
organisation as leadership will encourage the employee in making new products in
accordance with the customer's demand. Leadership provides a way to handle the situation
and bring the idea to complete the work efficiently and accurately on time. The work that
fulfils customer need and on time helps in shaping the innovation of the product in an
organisation (Johnson and Dempster, 2016).
CULTURE
Different country has different culture and society and according to the culture and society
the demand for the customer's changes. A better understanding of the culture within the
organisation will help in better innovation of the product. Magic Whiteboard is and
stationery manufacturing company and needs to understand the demand of the customer
keeping in mind the culture of the customer that will help in bringing out a better product
and helps the organisation in shaping a better image in the market (Tian et al., 2018).
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TEAMWORK
Teamwork is one of the major skills every organisation needed for shaping the innovation
and commercialisation of the organisation. Teamwork helps in bringing the innovation in
better form with the help of new ideas and experience. Every employee has skill and
knowledge that will help in understanding and making a better plan for fulfilling the demand
of the customer. Magic whiteboard company has to do innovation and commercialisation of
the product with the help of teamwork by generating new ideas with the help of knowledge
and skills (Johnson and Dempster, 2016).
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M1 DIFFERENT SOURCES OF INNOVATION, AND HOW ORGANISATION CAN FOSTER
AND DEVELOP AN ENVIRONMENT AND CULTURE OF INNOVATION
THE UNEXPECTED
The market is the best place to get an opportunity to innovate new products. The popularity
of the product is unexpected and totally depends on the customers. Magic whiteboard
company can get the opportunity to innovate to expand the business by the innovation of
new products in the market that was unexpected by the customer. The innovation of new
product helps the company in gaining the popularity of the company (Damanpour et al.,
2018).
THE INCONGRUITY
The incongruity refers to thinking differently. Magic whiteboard company is a stationary
manufacturing company and for gaining better resources of innovation the company needs
to think differently from the competitors and society. The different thinking helps in
generating new ideas and that will help in the development of the business and innovation
of new products (Damanpour et al., 2018).
PROCESS NEED
Process need is the thinking ability of the organisation that will help in fulfilling the need of
the company by the innovation of the new product. Fulfilling the process need will help in
developing a different image of the company in the market and also help in the profit of the
company. Process need helps in thinking the organisation differently from everyone
(Damanpour et al., 2018).
INDUSTRY AND MARKET CHANGE
As the business is growing the company and market is also changing rapidly and that force
every organisation to do something different that will help in making the image of the
company in the market. As the demand for market changes the company needs to think
about the innovation that will help in fulfilling the demand of the market and helps in the
development of the business (Damanpour et al., 2018).
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DEMOGRAPHICS
Demographics relates to the change in population. As the population changes the company
get more opportunities for innovation and commercialisation. The change in demographics
changes the way of working of the organisation for innovation and helps the company in
speeding up the work that helps in providing new opportunities and sources for innovation
and commercialisation (Damanpour et al., 2018).
DEVELOPMENT OF ENVIRONMENT AND CULTURE OF INNOVATION
Innovation is important for the growth of the business and can be achieved by fulfilling the
demand of the customer. The organisation needs to have the environment and culture of
innovation and commercialisation within the Company that will encourage the employee in
the innovation of new products. Magic whiteboard company needs to create an
environment and culture of innovation in the organisation with the help of encouraging the
employee for generating new ideas of innovation, by building learning and innovation
capabilities of the employee, expanding the network with other, and by setting of goals that
have to be achieved by the company for the success of the innovation (Adams et al., 2016).
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LO2
P3 THE 4 P’S OF INNOVATION AND THE USE OF INNOVATION FUNNEL TO EXAMINE
AND SHAPE INNOVATIVE IDEA
The 4P'S OF INNOVATION
The 4P’s or the innovation mix developed by John Bessant and Joe Tidd is the process that
will help the company in knowing the need of innovation and helps in improvement of the
business with the help of the 4P’s. Magic whiteboard company has to adopt the innovation
mix strategy for the improvement of the business (Jackson, 2016).
Paradigm
Paradigm is the way of working or the blueprint of the process that is used for doing work.
The innovation in the way of doing business will help in improving the business. Magic
whiteboard company needs to use the paradigm strategy to do innovation that will help in
improving the performance but the company has to be aware of the change in paradigm as
not every change has the positive impact on the business. The company needs to do the
proper evaluation and analysis of the strategy before implementing it (Jackson, 2016).
Process
Process refers to all the activities included in the business like from hiring of the people to
the manufacturing and supply of the product. The Magic whiteboard company needs to
adopt the process strategy that will help in creating new ideas for hiring and manufacturing
of the product that will no doubt improve the performance of the company (Jackson, 2016).
Product
Product is the process in which changes are done for the innovation of new products and
services in the market that will help in the improvement of the business. Magic Whiteboard
is a stationary manufacturing company and needs the innovation of new stationery products
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that are helpful to the customer and also contributes to the improvement of the business
(Jackson, 2016).
Position
Positioning is the framing of the company and the product. The strategy does an emphasis
on how the people see the product and company. The positioning of the product depends
on the company and so the company needs the innovation of positioning strategy that will
help in the improvement of the business (Jackson, 2016).
INNOVATION FUNNEL
Innovation funnel is the model used by the company for developing a product or process.
The main aim of innovation is to produce the product or process that fulfils a market need in
the economic and manufacturable form. Innovation funnel model helps the company in
evaluating new ideas and conceptualization of products. The model includes the entire step
from the opportunity assessment to the innovation to the launching of the product that is
helpful in examining and shaping innovative ideas. Magic whiteboard company has to adopt
the model for the innovation of new product that will fulfil the need of customers (Barbieri
and Álvares, 2016).
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