Innovation, Leadership, and Commercialization Report for SBT

This report delves into the concept of innovation and its crucial role in transforming ideas into valuable products and services, focusing on Southern Business Technologies (SBT) and its telecom services. It distinguishes between invention and innovation, highlighting the importance of leadership, teamwork, and culture in shaping the innovation process. The report analyzes the 4Ps of innovation (product, process, position, and paradigm) and the use of the innovation funnel. Furthermore, it explores frugal innovation, exemplified by companies like Virgin Group and Apple Inc., and its six core principles. The report also analyzes how the vision, leadership, and teamwork shape innovation and commercialization. Finally, the report discusses the role of the innovation funnel in developing new products, from investigation to shipping.

INNOVATION

INTRODUCTION
Innovation can be simply defined as the process of transforming the thought or invention
into a product and services that are creating values or for which consumers may pay. For
innovation, the idea must be re-creatable, at an commercial cost and must fulfil a particular need.
It includes intentional application of data, creativeness and initiative in explaining greater or
antithetical values from resources and includes overall methods by which fresh and creative
ideas are created and converted into useful goods or services (Amit and Zott, 2012). The present
report is based on innovation of Southern Business Technologies whereby their services are
examined that how innovation aids in generating new telecom services. In this project, the
difference between innovation and inventions are explained.
TASK 1
P 1 Describe innovation and its importance in relation to invention
Innovation is simply a new idea, instruction, or processes. It is sometimes viewed as the
utilization of best solutions that fulfil fresh need, inarticulate requirements, or the basic need of
existing market. It can also be defined as turning new idea into solutions that are adding value
from the view point of consumers (Davila and et. al., 2012). Apart from this commercialisation
can be defined as presenting a new and fresh product into commerce and making those
acquirable on the market. It is often confused with sales and marketing. To differentiate this, its
three key aspects must be visualized. They are following:
 The funnel: It is necessary to view all ideas so that few products can be acquired that can
sustain for long-term.
 Commercialization: Ii is nothing but a step wise method and each step has its own aims
and objectives.
 Stakeholders: They are someone who are interested in business like partners, consumers,
etc.
The term invention and innovation are different. The difference between invention and
innovation are listed below:
 Invention is the creation or introducing any process for first time. While the innovation
occurred when someone makes a important attempt to something that has already been
invented or existed.
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 Invention is an primary idea but it is written in theory. Where as innovation are practical
implementation of those newly created ideas.
 The first one involves or requires scientific skills but the latter one needs a collection of
marketing, technical and strategical skills.
 Invention occurs one new idea strikes a scientists while the innovation occurs when there
is a need of improving any product or goods (Drucker, 2014).
 Former one is concerned with a single product or procedure while the latter one is
concerning with combination of various products and processes.
The importance of innovation in Southern Business Technologies are listed below:
 It is easy to copy anything like product of services of others but now-a-days , it is
difficult to create a new one. While if company starts being innovative and giving start-
up by developing new business then the will enjoy their own idea without copying any
one else model.
 The products that are created via innovation attract a large number of people including
the government, consumers, competitors of company, etc. This aids in advertising new
goods or services.
 The corporation becomes an inspiration for others and by this way they earn more profits
in market of telecommunication.
 Newly created service or product may acts or works as per the demand of consumers.
This will increase selling rate of company. For example, Souther business technologies
need to do more inventions as well as innovation in their business so that they can attract
large number of customers towards them. As they can offer innovative services and
goods in the range of bespoke solutions by improving communication techniques.
P 2 How vision, leadership and team work shaping innovation and commercialisation
The vision, leadership, culture and team work influences the innovation and process of
commercialisation. Each of them are described below:
 Vision and innovation: The vision or objectives of Southern Business Technologies
shapes the innovative process . The aim of corporation must be clear as if it is not then
innovation will not occur in the same field and company do not get any profit (Goldberg,
2013). Therefore, the enterprise must have a clear and correct vision so that innovation
may continue as per that.
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 Leadership and innovation: There must be a good leadership in firm so that employees
work appropriately as they resist the innovation. So, it is the task of a leader to motivate
and ready them for manufacturing the new innovative product. It is only leaders who
educate workers in a company and perform task as per the vision of them. This will shape
the practice of innovation. Therefore, leadership is very necessary in order to
manufacture a targeted product. If the goods or services are produced as per the notion of
consumers then company will enjoy the profitability as large number of people get
attracted towards their company.
 Culture and innovation: Culture closely relates to the innovation as company should
develop product as per the tradition or culture of their customers. If they will not
manufacture their goods as per the view of users then no will purchase the goods of
company (Huberman and Miles, 2013). For example, if the people of United Kingdom
wears western dresses but there is company who manufacture dress of other nations like
India. Then that enterprise have to face losses as no one buy their product. So, the
company of UK should make innovation as per their culture and tradition. The
telecommunication services should be created according to the view point of consumers.
 Team work and innovation: The team work is very important in creating any
innovation. As the new product cannot be developed with the labour of team members. A
single person can bring the change but it cannot develop the complete production by its
own as there are so many tasks available (Huizingh, 2011). A collection of tasks can be
done effectively at time when each and every person work together towards a common
goal. This will also consumes less time. Innovation is the practical implementation of a
newly created idea or doing improvement in already existed product. So, this requires a
hard man power and this is received via the team work. A team leader should be present
for a group because all members are from different field and so to avoid conflict between
them, a team leader is very necessary. For example, at the time of development of new
devices or services in Souther Business Technologies , team work is very necessary as so
many changes and activities are performed that can not be done by a single person. So,
great innovation requires plenty of workers so that it can be prepared effectively in less
time period.
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TASK 2
P 3 4Ps of innovation and use of the innovation funnel
An innovation funnel is used in describing the steps that are carried on while developing
a process or product. The aim of all innovation is to generate process or goods that may fulfil the
needs or demands of market. In the starting stage of improvement, some of the ideas are
gathered from the refinery system. There are four types of innovation that can be utilised by
Southern business technologies that are listed below:
 Incremental innovation: It is the most ordinary kind of innovation. It uses the existent
technology and tries to increase the value to their consumers within existed business. For
example, addition of new features and designs to already existed products or services.
This may also include removal of some features from the same.
 Disruptive innovation: It is also known as stealth innovation. In this type, new
technology or processes are applied in the current market of enterprise (Johnston and
Marshall, 2016). It is furtive in nature as new technology might be of low-level than the
existed one. This is also high-priced and due to this fewer one use this.
 Architectural innovation: This type of innovation simply takes lesson, power and
overall technology of others and apply them to several markets. This is very effective as
it increases the number of consumers for a long period of time or until new market is
hospitable (Krishnan and Ramachandran, 2011). The risks involved through this are of
low level as reintroduction of proven techniques are carried on.
 Radial innovation: It is the most considering innovation. It produces new organisation
or market by ingesting old ones. This involves creation of revolutionary technology.
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(Figure: Types of innovation, 2107)
The 4Ps of innovation that are used by Southern business technologies are listed below:
 Product: The most commonly understandable form of innovation is product innovation
whereby a product or service get improved. Product can be anything that are used to offer
in a market which fulfil the demand of consumers. They are bring as a raw material and
sell as finished good (Kwon and Adler, 2014). It is created by using the thinking of a
scientist or innovator. Team work is needed as per their development. Southern
Business Technologies offer products in the form of telecommunication services like
making new schemes which reduces calling rate or creating new data packs.
 Process innovation: The innovation also concentrates on different processes by which
products are developed or transferred to consumers. In order to improve the common
process into innovative process corporation have to increase the effectualness and
efficiency. The process must follow some rules and regulations so that no fault will
occur at last (Manso, 2011). Here telecom services are developed by a series of
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Illustration 1: Types of innovation, 2107

processing. The process also include examination of feedbacks of consumers and solving
those on priority basis.
 Position innovation: The third focus of innovation is positioning of existed product or
services in a particular context. It refers to modification in special processes or products
so that the aims and objectives of company can be achieved. The company need to alter
their old services and plans by making new innovative one. They should make cheap and
best services like providing 3 G or 4 G data packs with high speed at minimum prices.
 Paradigm innovation: The final part of innovation is paradigm. This is the definition of
dominating paradigm. This is related to mental models that are contributing in shaping
an organisation.
An innovation funnel is simply referred as process of developing a new product. Some steps are
followed in this which is stated below :
 Investigations : This is the first step whereby gathering of information is carried in
context with the development of new product.
 Development : In this step, those information which is collected in first step is used in
developing new ideas and concepts. On the basis of that some strategies are made for
creating innovative goods and services. In the same process, product development goes
on.
 Shipping products : This is the last stage where delivery of products is done to the end
customers and in the market place.
Southern business technologies need to do investigate by doing surveys and experiments. They
require to hire skilled managers, employees and leaders so that innovative products and services
can be manufactured by them effectively.
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Illustration 2: Innovation Funnel
(Source : Innovation Funnel, 2016)
P 4 Developments in frugal innovation
The Virgin group and the Apple Inc uses frugal innovation. It is process where models
of new business , re collected value chains and re- designing of product take place. This faces a
intense affordability restraints in a scalable manner. It is reacts to the limitations in resources or
raw materials. It is the process of minimizing the complexities and pricing of goods and its
manufacturing. Commonly the features which are not necessary are removed from the existed
good such as garments or phone to sell in most developing nations. Designing goods for those
nations may needed an increment in permanency. There are six principles of frugal innovation
that are listed below:
 Engage and iterate: The conventional models of top- down research and development
are more time taken, intransigent, complex and more pricey and also can estrange
consumers and cause more wastage of environmental resources (Mariadoss and et. al.,
2011). Iterative model and highly speed innovation needs new types of incentives and
titles.
 Flex the assets: The fresh materials, tools used in manufacturing and techniques of
supply chain may diminishes the gap of supply- demand and aids in improving
distribution and acquisition. These can be from carbon fibre to the micro- industries.
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 Create sustainable solutions: The sustainability of environment is not an elective
corporate social responsibility channel but is an essential scheme for making long term
success. The users and regulators are expecting more environment- friendly and
responsibility from organisation (Metcalfe and Miles, 2012). This will increase cradle to
cradle solutions in order to recycle and upcycle which is going beyond the orbicular
economy to spiral one. The sharing of economy is rising as a new trend or activity.
 Shaping customer behaviour: In addition to modifying the ambition of structures, the
corporation can also actively involve with their customers in order to promote
sustainable life style. Visualizing tools, self-correcting, gaming, social comparison,
learning and story telling are some of the important techniques so that motivation,
inspiration and empowerment of consumers can be done properly.
 Make innovative friends: The hyper -collaboration call is needed in order to increase
skills in corporation to partner with suppliers, competitors, authorization, hacker, etc. The
company also require broker of innovations who has the power to understand the
language of firm, their creative partners and consumers also.
Frugal innovation can be used in Southern business technologies in the process of
decreasing the complexity and costing of a product and its manufacturing. This can be done by
using modern technologies in production of goods. This helps in development of goods in very
less time and low budgets. By this way, corporation can sell their products to customers at
affordable prices.
TASK 3
P 5 Importance of the commercial funnel and the application of NPD
The commercial funnel is also known as sales funnel. It It refers to the process of buying
that corporation lead consumers at the time of purchasing goods. Following steps are involved in
the process of commercial funnel :
 Sales lead: A lead is nothing but an organisation or person who is interested in
purchasing a service. It is sometimes also called rumour. Leads are created with the help
of cold calling, advertisement, participation in trade show, business developers and
networking (Rice, 2013). In order to find lead, listening that is open ear is needed.
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Management of lead is simply giving value to an item in return of their contact
information.
 Qualified prospect: Here lead is being filtered on the basis of their likelihood to ever
making a purchase. The company have to set parameters of their prospects that what
their business needed. For instance, are they a decision takers who can really aid in
purchasing at the ending of selling process.
 Need identification: After qualification of prospects, the determination of adding value
to them is carried on. This is done by understanding the needs of consumers by different
methods like conducting survey, taking interviews, putting questionnaires, etc. A best
salesman tries to ask question as well as listening to them so that they interpret the
demands of their client.
 Proposal: After conforming the need by the prospects, it is the time to action. A proposal
aids in educating the customers about the abilities and capabilities of company in order to
satisfy their needs, so that a successful project can be made (Sawyer, 2011). This helps
in making a purchasing decision as knowing the value of product. Now proposal of
services can be made and this allow them in taking decision. It is a successful proposal
that resulted in either a win or allow seller to move their selected for presentation.
 Closing: In this stage, all the problems or issues of consumers are reviewed and solved
by the corporation. After that resolution is made and the process is closed.
 Deal transaction: This is last but not the least step. Here as the consumers are attained,
so delivering of goods are done as per their order or agreement.
NPD stands for New Product Development. It covers overall process of bringing a new or
fresh product in market. It is explained as transformation of a market opportunity in literature.
This is very important process as through this new innovation can be taken in action. The fresh
one gives a new taste or their taste gets changes as they get bored after using same type of
product. If fresh goods appears in corporation, then selling rate of them increases drastically as
this ultimately enhances their turnover. It also aids in giving good competition to their
competitors. Southern business technologies can take use of NPD in creating new products and
services. And in turn large number of customers gets attracted towards their services. In addition
to this, Commercial funnel can also be used by this organisation in increasing their selling rate.
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This helps them in developing products as per the demand of customers so that they can
increment their turn over drastically.
P 6 Innovation Business Case for an organisation
The innovation business case used by Southern Business Technologies are listed below:
 Generation of idea: The creation of product starts with an idea. Ideas can be realistic and
logical that can be practically implemented. For this SWOT analysis that is strength,
weakness, opportunities and threats of company must be recognized (Tebbe, 2011). This
helps the innovator to think about how and what product should be developed so their
weakness can be removed. This also aids in finding the position of corporation and the
direction where the strategy should apply. The product get developed as per the need of
consumers.
 Screening of idea: This is the process of rejecting the ideas that are not useful. This can
be done so that less time do not get wasted in developing a product from wrong idea.
Hence, time gets saved due to this process.
 Funding : In this process, company collects funds for the manufacturing of products and
services. Some of the funds are taken from shareholders and banks as well.
 Development and testing: After passing the screening stage, working on idea should be
started. The works are carried on after testing its process, so that no conflict or problem
rises at other stages.
 Analysis of businesses: After testing the concepts, a business case have to put together in
order to assess profitability of all newly created product ans services (Van Eck and et.
al., 2011). This includes a detailed marketing strategy, focusing the targeted market,
market mix, etc. are used.
 Development of product: Then product or services are developed after the above
phases. The process of manufacturing starts here. This finishes after manufacturing the
new goods.
 Testing market: The market testing is done where consumers or their needs are being
tested where goods according to their need are identified. Now if any update is noticed
then ,it is applied on whole processing of manufacturing.
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 Commercialisation: After testing and developing, final decision are needed to take in
which products should be moved into market for its launch. The pricing and risk
management plans needs to be done in order to ready for final stage that is launch.
 Launching: After going through all the above listed processes, in this stage launching of
goods or services is finally done here.
Southern business technologies can use innovative business case such as Generation of
idea, Screening of idea, Funding, Development and testing, Analysis of businesses, Development
of product, Testing market, Commercialisation and Launching in their ventures so that they can
manufacture innovative goods and services for seeking attention of large number of consumers
and competing with its challengers.
TASK 4
P 7 Tools used to develop, retain and protect knowledge and intellectual property
Southern Business Technologies uses different tools in developing, retaining and
protecting intellectual property that are listed below:
 Trade marks: The innovations are protected by developing a new trade mark or sign for
their business ( Amit and Zott, 2012). This make the difference from the product of their
competitors.
 Patents: Patents must be done for newly created product so that no other can blame
about its creation or development and prove that it is theirs' innovation.
 Copy right: Copy right is another measure to protect intellectual property. After taking
copy right for any good, no other can make changes or development on the same product
and blame for making new innovation (Davila and et. al., 2012). If any one do this, they
are given punishment by government, they also have to do compensation for this activity.
Hence, these types of crimes must not be done.
Southern Business technologies should take use ways of developing, retaining and protecting its
intellectual properties. They can utilise trade marks, patents and copy right acts in its business so
that no one can copy their innovation and inventions as well.
CONCLUSION
From the above based report it has been concluded that innovation is nothing but
development done in existed idea or product. It is different from inventions as it is new idea of
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any scientist. The act of innovation proved to be very helpful in increasing turn over of
corporation and making a revolution in the market by creating new products. Certain tools are
used in order to protect intellectual property developed by organisation. These are copy right,
patents, making trade mark,etc.
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REFERENCES
Books & journal
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