Analysis of Innovation, Commercialisation, and IP for Magmatic Trunki

This report examines the innovation and commercialisation strategies of Magmatic Trunki, focusing on the development and launch of the Jurni suitcase. It begins by defining innovation and comparing it to invention, then explores how innovation can be integrated within leadership and company culture. The report delves into the 4Ps of innovation (Product, Process, Position, and Paradigm), the use of the innovation funnel, and the importance of frugal innovation. It then discusses the commercial funnel and the new product development process, including idea generation, evaluation, concept development, strategy development, business situation examination, product improvement, and test marketing. Finally, the report analyzes methods for protecting intellectual property, including patents and trademarks, along with their respective advantages and disadvantages. The conclusion emphasizes the importance of adapting to rapidly changing market scenarios and highlights the significance of implementing creative changes in operations.

INNOVATION
AND
COMMERCIALISA-
TION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Importance of innovation and compared it with invention as well as examine how it can be
integrated within leadership and culture at Magmatic................................................................1
TASK 2............................................................................................................................................3
Explain the 4P's of innovation and use of innovation funnel......................................................3
TASK 3............................................................................................................................................4
Importance of commercial funnel and application of new product development process for
commercialisation of innovation.................................................................................................4
TASK 4............................................................................................................................................5
Methods to protect ideas and intellectual property along with advantages and disadvantages.. 5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
To make a business growth market trends and analysis is very essential to takes place
changes in an effective and efficient manner. Innovation and commercialisation will facilitates
the growth and development of an organization as well as helps in taking competitive
advantages. This report is based on the Magmatic Trunki, it is a brand of carry-on hand luggage
for children which is designed by the Rob Law. Product of this company become well-known
after featuring on the UK television series Dragons Den in 2006. Now owner takes initiate to
launch the Jurni a ride-on suitcase for kids. under this report discussion about the concepts of
innovation, invention, comparison between both, funnel innovation, frugal innovation, 4p's of
innovations, commercial funnel, new product development as well as methods to protect the
intellectual property.
TASK 1
Importance of innovation and compared it with invention as well as examine how it can be
integrated within leadership and culture at Magmatic.
Innovation refers to the alteration in their existing products and services and create new
concepts and methods in an effective as well as efficient way. Trunki inventor rolls out new
design of suitcase Which is Jurni, it is being released by Law's Bristol based company Magmatic
as a biggest innovation of original Trunki. Recently many changes takes place in the market a
company needs to introduce innovative concept to build long term relations (Aarikka-Stenroos
and Sandberg, 2012).
Importance of innovation:
It is essential to make policies and strategies to accomplish the objectives and goals of a
company in an effective manner. Rob Law innovation helps in solving the copycat problem by
introducing Jurni a ride-on suitcase for kids. This will helps in increasing the profits as well as
productivity and a company able to compete with their competitors such as PMS' Hong Kong-
made kiddee case. Also, it enhance the employees knowledge and skills for taking competitive
advantages by using their capabilities and competencies.
Difference between innovation and invention:
Basis Innovation Invention
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Definition It refers to the improvement in the
existing products and services to create
a new device or concept effectively.
It defines as a creation of new
products or process in the market for
the first time.
Concept Practical implementation of new idea is
done and it requires strategic, marketing
and technical skills.
Through the scientific skills idea is
originated and working in theoretical
application.
Role of vision, leadership culture and teamwork in innovation:
Innovation consists of different sources which helps in implementing changes in an
effective and efficient manner. This will happen because of the customer’s demand, variations in
market conditions as well as rivals strategies (Bogers and West, 2012). Rob Law is responsible
for choosing the right kind of policies and makes effective plans after targeting the best source
options.
For effective innovation Trunki shapes its vision, culture, teamwork goals as well as
leadership skills within the environment of company. Vision: The company have been creating children's luggage for nearly ten years and
become one of the best known family travel brands. This is a fundamental driving forces
that can encourage innovation and commercialisation towards the commitments of
relatedness pursuance of sustainable growth and success. Leadership: It is essential for promoting the awareness of innovation within company.
Leadership helps in facilitating the opportunities to team members, helps in developing
supportive and constructive surroundings as well as motivate them by giving rewards. Culture: Favourable culture results in positive performance, it is related to the
willingness of an organization which is required to present the creative ideas and
thoughts of workforce and developing the innovative environment (Chun, 2015).
Magmatic Trunki provides several schemes for their employees to maintain effective
culture such as incentives, motivation, reward, training as well as resources.
 Teamwork: It is an important element to initiate the innovative concepts because
interaction between team members could generate creative thoughts that can be
influenced the creativity level of an individuals.
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TASK 2
Explain the 4P's of innovation and use of innovation funnel.
The owner of Magmatic Trunki, Rob Law planned the alterations and development of
new strategies, policies to innovate in existing products and process (4 P's of Innovation, 2018).
For this mainly 4p's are needs to determined that can be described below: Product innovation: It refers to the alterations in the existing products and services of
Trunki. This company innovate their products by introducing Jurni suitcase by targeting
young travellers and develop innovative features like pop-out pod and seat to rest on. Process innovation: Several process are used for making products and services unique.
This kind of innovation takes place in the production and supplying procedure of an
organization which will helps in the cost and time reduction by facilitating effective
services. Position innovation: This is related to the means of product related to the customers and
target market instead of functions and structure. This emphasised on the re-positioning its
products in eyes of their potential users as well as re-organise business activities and
functions to attain the organizational goals. Paradigm innovation: This is related to the alteration in existing plans for designing
business policies ion an appropriate manner. It shows the path of operational activities
and ensure the corrective action in future.
Use of innovation funnel:
This is a technique which is used by the Rob Law to identify the innovating plan as a
whole which includes area, policies etc. At a initial stage of innovation several alternatives
comes in mind of owner as well as ideas and opinions. In the funnel all thoughts puts into the
funnel and it compared with other determinants (Cui and Wu, 2016). Through this alternatives
return scoured because of resources availability and its uses so, a company needs to consider all
options and choose best factor. With the help of innovation funnel company comes with the
option of Jurni, a ride-on suitcase for kids.
Frugal innovation:
It means to come with new approaches that is less expensive and impacts on the business
policies. The company has to come with the product innovation that is less costly and more
effective. This innovation is based on the company's products by introducing Jurni suitcase and
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target young travellers as well as develop innovative features like pop-out pod and seat to rest
on. This will helps in effective utilization of resources and long term future growth. This
alteration has to taken in order to satisfying the demands of customers and society (Cunningham
and Porter, 2011). It is necessary to identify market situations and then come up with innovative
idea which is efficient and easily available as well as helps in increasing the profits and market
shares.
TASK 3
Importance of commercial funnel and application of new product development process for
commercialisation of innovation.
Magmatic Trunki has various activities at their workplace which has to be performed
after analysing the market conditions. This is necessary to bring strategic changes in their
existing objectives and goals.
Commercial funnel defines as an important technique that helps in achieving the targets
of a company in an appropriate and effective manner as properly utilisation of all resources. This
will helps in determining the success and failure of innovation funnel process (Eesley, Hsu and
Roberts, 2014). Through commercial funnel, all determinants of markets needs to be analysed
with the help of which alteration takes place in an effective and efficient way.
New product development has been introduced in the market for the purpose of
introducing the innovative and new product with high standards and quality. NPD is essential to
used for the Magmatic Trunki while a company launching creative products that will assists to
analyse the market conditions and customers. Through this strategy a company is able to offer
that product which are demanded in the market this will enables them to achieve the high success
and growth in business (Herath, Cranfield and Henson, 2010). This includes some phases to
launch products in an appropriate manner that can be described below: Idea generation: It is the first step of planning and essential to create idea and converts
into actions in a proper and effective way. Rob Law deals with several activities by
initiating a ride-on case suitcase for adults called the Jurni. Idea evaluation: After initiating ideas, a company needs to evaluate them to know that
what should be needed to achieve targets and objectives. At this stage identify the
resources requirements and analyse the best option that is compatible to compete.
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 Concept development: After idea screening plan should be prepare through which the
company is able to perform all activities in an effective manner. This helps in facilitating
framework of functions to launch a new product (Huizingh, 2011). Strategies development: Strategies plays an important role in implementing the changes
because it depends on the market situations. This will assists in formulating unique
policies for taking a competitive advantages and promoting brand image in the market. Examine business situations: After strategies preparation business conditions needs to
be identified such as financial status of a company. This step helps in implementing
alterations in an effective and less expensive manner. Item improvement: To avoid the unlike reviews and possibilities there must be
provisions of customized products. If there is requirements to improve in the quality,
design or shape of the Jurni product of Magmatic Trunki.
 Test advertising: In case of negative outcomes improvements, last stage is to
commercialisation of products after testing it among small group of people.
TASK 4
Methods to protect ideas and intellectual property along with advantages and disadvantages.
There are various tools and methods available in the market that are used to protect the
rights of their intellectual property and innovative ideas. Intellectual property right is used for
innovated property in order to safe them by coping by others without approval of owner's. There
are several instruments that can be described below: Patent: It is a exclusive right which are granted by the government to an inventor for a
fixed time duration. Patent provides legal rights to exclude others from the marketplace.
It is beneficial because government facilitates monopoly protection to the owner of patent
for up-to the statutory life (Hoque, Chishty and Halloway, 2011). Although, it is
expensive in nature to acquire and describe the technology to the patent offices as well as
attorney. Trademark: It provides explicit protection for logos, brands, slogans and other similar
things which represents most valuable types of intellectual property in the market. No
statuary limitations for the life of trademark is the biggest advantage of trademark as well
as it is inexpensive in nature. Along with this it can possess remarkable volatility
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magnitude in the marketplace and popular trademark are at risk of genericide that
happens when public begins to associate a brand with common products of same utility.
Both methods are essential for the Magmatic Trunki for reducing the possibilities of
imitability by their competitors such as PMS' Hong Kong-made kiddee case. After analysing the
concepts, advantages and disadvantages of both methods, patent is more suitable option to
protect the Magmatic Trunki rights of intellectual property and idea of Jurni. This is granted by
the government for a fixed time period so it is more appropriate for changing market scenario.
CONCLUSION
It has been concluded from the above report that innovation and inventions are two
different concepts that are needed in rapidly changing market scenario. So the innovative and
creative changes needed to be implemented in operational activity of an organisation. The 4p's of
innovation is also needed to plan and develop the alterations for increasing the productivity as
well as profitability. Innovation funnel refers to that all ideas puts into that and compared with
other elements as well as frugal innovation motive is to launch new concepts with less expensive
strategy. Patent and trade mark are used to protect the ideas and intellectual property.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2).pp.198-206.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1).pp.61-75.
Chun, D. and et. al., 2015. Labor union effects on innovation and commercialization
productivity: An integrated propensity score matching and two-stage data envelopment
analysis. Sustainability. 7(5).pp.5120-5138.
Cui, A. S. and Wu, F., 2016. Utilizing customer knowledge in innovation: antecedents and
impact of customer involvement on new product performance. Journal of the academy
of marketing science. 44(4). pp.516-538.
Cunningham, S. W. and Porter, A. L., 2011, July. Bibliometric discovery of innovation and
commercialization pathways in nanotechnology. In Technology Management in the
Energy Smart World (PICMET), 2011 Proceedings of PICMET'11: (pp. 1-11). IEEE.
Eesley, C. E., Hsu, D. H. and Roberts, E. B., 2014. The contingent effects of top management
teams on venture performance: Aligning founding team composition with innovation
strategy and commercialization environment. Strategic Management Journal.
35(12).pp.1798-1817.
Herath, D., Cranfield, J. and Henson, S., 2010. Understanding the financing of innovation and
commercialization: the case of the Canadian functional food and nutraceutical sector.
Applied Economics. 42(21).pp.2667-2682.
Hoque, M., Chishty, M. and Halloway, R., 2011. Commercialization and changes in capital
structure in microfinance institutions: An innovation or wrong turn?. Managerial
finance. 37(5).pp.414-425.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1).pp.2-9.
Online
4 P's of Innovation. 2018. [Online]. Available Through: <https://appliedinnovation.com.au/blog-
post/general/the-big-p-in-our-4p-innovation-process>.
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