Innovation and commercialization

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ContentsIntroduction:.............................................................................................................................................3

Task 1.......................................................................................................................................................4

P1 Explain innovation and determine its importance to organisations in comparison with the invention..............................................................................................................................................4

P2 Explain how organisational vision, leadership, culture, and teamwork can shape innovation and commercialization................................................................................................................................6

M1: Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation................................................................................................7

D1: Critically analyse how innovation is developed, embedded and measured in an organisational context..................................................................................................................................................8

Task 2.......................................................................................................................................................9

P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas...................................................................................................................................9

P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context........................................................................................................................10

M2 Analyse and apply the innovation funnel in organisational context of Mr Green’s healthy drinks.................................................................................................................................................11

M3 Evaluate the role of frugal innovation in the organisational context of Mr Green’s healthy drinks.................................................................................................................................................12

D1 critically analyse how innovation is developed, embedded and measured in an organisational context of Mr Green’s healthy drinks................................................................................................13

Task 3.....................................................................................................................................................14

P5 Explain the importance of the commercial funnel and the application of new product development (NPD) processing for commercialisation of innovation..............................................14

P6 Build an innovation business case for an organisation, including ways to access funding..........15

M4 Build a detailed innovation business case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve............................16

D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations.........................................................................................................................................17

Task 4.....................................................................................................................................................18

P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property....................................................................................................................18

M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment.........................................................................................................................19

Conclusion:............................................................................................................................................20

References:.............................................................................................................................................21

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Introduction:

Innovation is an iterative process of doing both matching the needs and desires of the clients

to the technological competencies so that they could fill the gaps of the knowledge about the

product conception, design, marketing and several other processes. The commercialization

has been depending on the abilities of the firms such as of Mr Daniel Green in the project so

that they could establish and protect the development and along with it protect the

propitiatory benefits in the marketplace. In the assignment below the difference between

invention and innovation will be explained along with the value and vitality of difference to

the diverse organisations and the different ways to engage with the leadership and culture.

The 4p’s of innovation will be discussed and the diverse approaches that Mr Green can adopt

for his Healthy juice firm will also be deliberated. The recommendations will also be

provided so that Mr Green can take the sips of innovation for his innovative and high-end

products that would be ruling the market for their uniqueness.

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Task 1

P1 Explain innovation and determine its importance to organisations in comparison

with the invention.

In the purest form invention can be said as the development of the products or determining

certain new elements whereas innovation can be said as the part when someone improves or

update certain products along with their significant contributions. There are certain

differences in innovation and invention such as inventing means coming up with a new idea

and innovating means updating that certain idea. There are requirements of scientific skills at

the time of invention and innovation requires the marketing, technical and the strategic skills

(Gavira, et. al., 2016).

The comparison between invention and innovation is done in the chart below,

Basis of comparison Invention Innovation

Meaning The invention has been

about inventing a fresh idea

and making a new product

or service.

Innovation is about

upgrading those products

and producing unique

materials.

What is it? It is the development of a

fresh product

Developing value and

advancement of the

originated ideas.

Concept An original as well as the

unique idea.

Already existing idea.

Skills required Scientific skills are crucial Skills such as marketing and

strategic are required.

Occurs when When a fresh idea strikes the When a need of certain

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scientists mind. product is raised in the

market

Concerned with Individual products as well

as the services

An amalgamation

of various products as well

as services

Activities They are limited to the

research and Development

department.

It is spread all over the firm.

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P2 Explain how organisational vision, leadership, culture, and teamwork can shape

innovation and commercialization.

In the current fluctuating digital markets, it is very much crucial to constantly innovate the

products and services so that the business persons such as Mr. green could stay ahead of the

business competitors. It can be very much crucial for the business to have diversity for their

products and if all the diverse viewpoints could be collected together and all the wide pool of

ideas could be beneficial for it. Effectual teamwork cold enhances the products and the

services. The clear vision of the business could assist in keeping the team members of the

business engaged with the services and all the beneficial points that are needed to be covered

(Kralisch, et. al., 2018).

The clear vision of healthy juice is to develop a certain innovative range of products and

services and keep the tradition of juice along with it. It has all been depending on the

leadership for developing the vision. Mr Green needs to have a more accurate vision of the

goals and all the values of the company. In an organisation, a leader can get as good as his

team so it is essential to focus on effectual teamwork (Tanev, et. al., 2015). There are certain

elements that are needed to be focused on at the time of planning for the success of the

company such as teamwork, vision and goals. The leader basically needs to aware the team

about all the benefits of innovation and motivate them towards innovating the ways they

work and focus on more productive work. Innovation basically means the change and the

individuals, teams and the organisations that find the old problems uncomfortable and

unproductive (Tanev, et. al., 2015).

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M1: Analyse different sources of innovation, and how organisations can foster and

develop an environment and culture of innovation.

The diverse sources of innovation:

The unexpected: The best place to look for the opportunities in the market and a good leader

needs to constantly track the activities of the market and engage with his team in the terms of

innovation and changes.

The Incongruity: There is a vast discrepancy in between what exists in the market and the

things that are needed to be in the market. It has been a key to the success of the company but

it can be certainly risky at the same point (Tolikas, et. al., 2017).

Process need: Identifying the process, weak points and the ways to solve them of Mr

Green’s company is incorporated in the process needs, it can be basically said as a task-

oriented process.

Demographics: There has been constant change in the population, income and the other

ranges of the elements and it is crucial to pay attention to these demographics (Bonazzi and

Zilber, 2014).

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D1: Critically analyse how innovation is developed, embedded and measured in an

organisational context.

Innovation could be said as the process that has been managed from the long-haul

perspectives that can’t be measured for the competitive goals of Mr Green's company.

Determining the goals and discovering the activities:

For developing the innovation, it is crucial to determine the goals of the company and have a

track of them, they need to discover the various activities that would lead to success

(Zeschky, et. al., 2014).

Short and long-term deliverables:

After defining the goals, it is crucial to accomplishing the goals. The step is about developing

the goals as per the needs of it in short or long-term.

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Task 2

P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to

examine and shape innovative ideas.

The 4Ps of innovation that can be utilised by Mr Green in shaping the innovative ideas are

such as,

Paradigm: The paradigm is a step where Mr Green can start watching the new aspects of his

business. At the time of producing the juices, they can start an innovative way to sell their

milkshake long with the juices to keep the customers attracted.

Product: The product of the company needs to be completely unique as the success of a

company directly depends on the product as well as the ways in which they present their

products.

Process: The process includes the steps that are apart from the product such as of

distributing the products, manufacturing them and presenting them in the market (Tian, et.

al., 2015).

Position: Mr Green has to depend upon the various market segments that are targeting the

individuals based on their age and tastes. The step process could harshly affect the innovation

process.

Innovation funnel:

In the case of Mr Green, the chief concern for any kind of product is to develop a company’s

image as well as the firm’s product which was tended to be milkshake at the time of market

trends. The innovation funnel can be said as the processes that could take place in the market

for all the steps needed to develop the specific product.

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P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context.

Frugal innovation can be said as a procedure for reducing the complexity of diverse goods

and services and also to diminish their prices. Basically, the frugal innovation leads to

removal of the non-required feature of the products that could affect its performance and

increase the cost of the product (Ke, et. al., 2016). The frugal innovation could be categorised

in the terms of circular economy, open innovation, the maker movement, shared economy,

social innovation and the co-creation.

In the context of the health juice organisation of Mr Green, they can cut down on the

unnecessary costs so that their product could be more competitive and they could also

contribute to the economy. Mr Green can start utilising the upgraded technology for the

manufacturing of their products so that they could cut the costs and also, they could change

the packaging techniques which will save the cost of current expensive packaging techniques

(Ke, et. al., 2016).

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M2 Analyse and apply the innovation funnel in organisational context of Mr Green’s

healthy drinks.

The innovation funnel is separated into three segments which start with the opening of the

funnel which is of idea development, the second step is of concept development and the

narrow segment is of concept to launch. Mr Green can utilise the innovation funnel in their

juice business by first developing the new ideas that are needed to be developed. The second

step of the concept which is of development includes of discovering the new product and

then finding out the scopes that are useful for the product and the third step at the narrow

segment is of concept to launch which incorporates of building the business case for Mr.

Green and then developing the products, testing the products and at last launching the

products (Weng, et. al., 2018).

(Figure 1: Innovation Funnel).

(Source: Sketch bubble, 2017).

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M3 Evaluate the role of frugal innovation in the organisational context of Mr Green’s

healthy drinks.

The role of the frugal innovation is in the context of the organisation that has been done by

Mr Green in their healthy drinks business can be highly profitable if it could be used in it.

The business group could easily put on the surveys and gather feedback from the clients and

gather knowledge regarding the products and know about the points where they could cut the

costs. The feedback’s that are collected by the firm could be utilised to point out the ways in

which they could cut down the costs of their products at various levels. The business could

also be settled with the assistance of diverse outlets so that Mr Green could sell diverse kinds

of products at the business (Yu, et. al., 2016).

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D1 critically analyse how innovation is developed, embedded and measured in an

organisational context of Mr Green’s healthy drinks.

Innovation is a term that takes place when there are requirement of resources and the time

when the customers start demanding more reliable and high-quality products, the term

innovation is developed by finding out the gaps between the products by conducting various

surveys and researches and then finally coming up with ideas to meet those requirements

(Yu, et. al., 2016).

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Task 3P5 Explain the importance of the commercial funnel and the application of new product development (NPD) processing for commercialisation of innovation.

The commercial funnel could be said as a visual representation of a product which is

associated with the implementation of diverse ideas to the old products and the services and it

also is known as sales funnel. There are diverse characteristics of commercial funnel such as

of assisting the producer for managing the demands of the market. The adoption of the New

Product Development (NPD) process for the purpose of commercialization of the innovation

could put a large influence on a large segment of the consumers. There are diverse channels

for the purpose of marketing, it is crucial to utilise those channels for the development of

various products and services. Mr Green can concentrate towards the development of the

products and services that they offer so that they could attract a large number of clients. With

the assistance of commercial funnel, Mr. green could attract the strangers, convert the

visitors, close the leads and finally delight the customers (Weng, et. al., 2018).

(Figure 2: Commercial funnel).

(Source: Pressimone., 2018).

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P6 Build an innovation business case for an organisation, including ways to access

funding.

Innovation business case for an organisation,

Sick Games, A gaming Company:

Sick games is an gaming company that has been developing games for diverse age groups as

per their requirements, the company has developed some of the most famous games of the

decade but shifted to the drastic diminishing of clients with unfavourable business conditions.

Due to the trend of more hi-tech and virtual games the company has been lacking behind

their competitors (Yu, et. al., 2016).

Sick games can get access to the profits if it starts focusing on specific age group and

develops more hi-tech and innovative games for such age. The requirement for more virtual

games is high in the age group of 18 to 35 where they prefer more thrilled and realistic

games. The business owners could simply go with the market flow for its development.

The access ways for funding that could be utilised by Sick games are,

Looking for business partners.

Taking loans from banks and other sponsors.

Mass funding from the game lovers.

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M4 Build a detailed innovation business case which includes how to measure its overall

effectiveness using appropriate techniques available to test, iterate and improve.

The business case for effectually incorporating the ways to measure the overall effectiveness.

A thought:

At the time of developing the new products or innovating the new products and services, it is

crucial to develop the thoughts regarding the products. When thoughts start developing about

the certain business it means the new ways for accessing the development of new products

could be done.

Development of idea:

Once the thoughts have been identified and noted down it is crucial to develop those thoughts

so that they could work towards developing the organisation's benefits. After the thought

process, the development process starts (Yu, et. al., 2016).

Strategies and plans:

Once the plans are developed it is crucial to identify the valid strategies and plans that will be

assisting in the development of the products and services. The strategies that could be utilised

for the purpose of marketing the products and selling them are to be determined.

Implementation of the idea:

The idea is further needed to be implemented and the whole process of innovation is further

completed. It incorporates of applying all the plans and strategies towards working off the

ideas and their developments.

Analysing market:

The market could be further analysed and the feedbacks could be collected to know the ways

in which clients have been reacting towards the services of the products.

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D2 Critically evaluate the nature of innovation and the context in which it is developed,

providing evidence-based judgements on how organisations can overcome challenges to

develop successful innovations.

There are several challenges that are to be faced by the organisations for the purpose of

innovation which could affect the performance and the ideas of the business (Weng, et. al.,

2018). The ideas and the vision of the implementation of plans could be assisted with the

strategies which can be utilised by Mr Green for the purpose of their innovation.

Some of the challenges that Mr Green could face in his business are such as,

Harsh competition from clients.

Changing taste of clients.

The constant addition of flavours.

Unavailability of cash inflow.

The nature of innovation is said as a process of developing innovative businesses with the

assistance of only certain limited resources. There are various other issues that could lead to

some serious barriers for Mr Green such as the reaction of the market on the innovative

products and the availability of finance (Weng, et. al., 2018).

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Task 4P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property.

There are different tools that could be utilised by the various businesses so that they could

develop the knowledge and protect the privacy of the business and their products. For saving

the products there are certain tools such as,

Patents: patents are utilised for the purpose of protecting the inventions and the

improvements that have been taken place in the products of the business. Here Mr Green can

safeguard the products of their business (Ke, et. al., 2016).

Trademarks: Trademarks are used for protecting the rights over the names, symbols and the

images that are utilised by the business owners for making their products and company’s

unique and an image so that the clients could easily identify them. This could be utilised to

protect the logo of the healthy juice business of Mr Green.

Copyright: copyrights are utilised for the purpose of protecting the expression of the ideas in

literary, artistic and other musical works. Here Mr Green could protect the advertisement that

is made for the business from getting copied.

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M5 Present supported evidence-based evaluation of these different tools in the context

of the wider business environment.

In the wider section of the business, it is crucial to possess the innovative and skilful minds

so that they could develop and support the innovative methods of the business. The tools that

could be utilised are such as,

Divergent tools: As per the word it can be said that it has been referencing to the acceptance

of the diverse considerations for the last-minute ideas that could be discussed at the same

time. All the innovators and the business owners need to work along with their subordinates

for developing the ideas and work towards it so that they could think about more innovative

works and products (Ke, et. al., 2016).

Convergence tools: The term convergence tools can be referred with the selection of the

ideas that could be turned up at the time during the utilisation of the divergence toll method.

The method of convergence tool is slightly different from the divergent tool method but is

more reliable and innovative at the time of comparing it.

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Conclusion:

From the above task, it can be concluded that there are various requirements of the business

tool and ideas for the development of a successful business. There are also certain barriers

explained in a task that is needed to be avoided for the purpose of developing a successful

business. The above task develops learnings regarding the approaches that Mr. green can take

in the process of the innovative processes. The 4p’s of innovation have also been explained in

the task so that they could understand the requirements of the market and work towards it.

The procedure of the innovation has been varying dramatically through the market and also

the product lines.

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