There are following questions which helps in accomplishing the given report are illustrated below:
- Define the context for innovation and analyse the difference between the innovation ad invention.
- Enlist various types of innovation.
- Discuss the process required to commercialise innovation.
- Analyse the range of methods for protecting ideas with its advantages and disadvantages.
INTRODUCTION
Innovation is illustrated as converting creative thinking or idea into goods and services for which consumers are ready to pay in open market place (Fini, and Wiklund, 2018). Every firm conduct research and development activities in order to come up with innovative product for customers. Innovation is core element as it assist the firm to survive for longer time period. To complete the project Chilly is selected. It came into existences in the year 2010 by James Butterfield and Tim Bouscarle. The main aim of the firm is to render cold water on-the-go without purchasing single-use plastic water bottles. Company is coming up with silicon bottles which has features of keeping the water cold for 24hr if the outside temperature is 45 degree Celsius. This report covers difference between innovation and invention. Firm's vision, leadership etc. is studied as they shape innovation and commercialization. 4Ps of innovation is examined has helps to gain productive results. Along with this business case is prepared in order to gain competitive advantages against rivalry.
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LO 1
P1) Illustrate innovation and measure it's importance to company in comparison with invention.
According to Craig Mengel, 2014, Invention is refers to as discovering of any device, tool, services or product in the market in order to solve the current issue prevailing in the intense competitive world. Example: X firm has done invention in water bottles which can keep water cold for 24hr in 45 degree Celsius. As global warming is raising day by day and temperature is raising every year so coming up with this idea in the market is termed as invention. This is important to company as they are able to solve the issue of keeping water cold while moving in the temperature of 45 degree Celsius (Fisher and Qualls, 2018).
According to Eric Shaver, 2014, Innovation is explained as successfully translating new and unique idea into goods and services so that customers are willing to purchase and pay for it in the market. Example: X firm is coming with creative silicon bottle and is capable of keeping water cold if outside temperature is 45 degree Celsius. This possible because of innovation done in the existing plastic water bottles. Innovation is important to firm because through this tough and challenging bench mark is created for others in the global market.
The difference between innovation and invention are discussed below:
|
Basis |
Innovation |
Invention |
|
Meaning |
Innovation refers to as change which adds value to the goods or services and are able to full-fill the needs of the customers. |
Invention is the process of creation of the goods and services for the very first time in the global market in order to solve the existing issues prevailing in the market. |
|
What is it |
Adding value to the present product and services. Example: X firm is coming up with silicon bottle who can keep water cold in the temperature of 45 degree Celsius. This is the addition feature in silicon bottle to keep water cols in the temperature of 45 degree Celsius (Gbadegeshin, 2018). |
Formation of new goods. Example: Keeping water cold on the way till the temperature is 45 degree Celsius outside is invention. This is because plastic bootless keep the water cold but in the temperature is 45 degree Celsius outside. As well it can be changed into different shape to use it in multi-purposes also like for keeping earphone, rubber band, pairs of shocks etc. |
|
Activities |
Innovation can be done at any time at any place. |
Invention can be done by research and development. |
According to Ross Devol, Joe Lee and Minoli Ratnatunga, 2017, Commercialization is elaborated as promoting the goods and services across the globe so that customers are aware about them and huge profit can be gained. By effectively commercializing the product globally the national economy of the nation is uplifted.
P2) Discuss how firm vision, leadership, culture and teamwork can shape innovation and commercialization.
The role of leadership, culture, and teamwork in promoting innovation and commercialization are explained below:
Vision: The vision of Chilly is to provide cold water to the customers on the way without purchasing plastic water bottles. In order to full-fill this statement team of Chill is working effectively and efficiently. They are training their employees timely in order to raise their overall workforce efficiency (Henttonen and Lehtimäki, 2017). Vision is the main element which promote innovation and commercialization as they boost company to add value to their present goods and services in order to to be in the leading position. While, vision statement push the business associates to conduct research and development activities in order to come up with unique ways of commercializing services in the global village.
Leadership: Effective leaders in a organization aid company to come up with innovative idea in order to make the enterprise in the leading position. By this employees can be boosted to perform effectively and efficiently to meet the set goals and objectives. Leaders guide the management of Chilly regarding how to commercialize their silicon bottles in the international market so as to attract large customer for the the product.
Culture: The working environment of the Chilly also plays a significant role in promoting commercialization and innovation. Firm's working place is flexible in nature and accept dynamic changes easily. This type of flexible culture in the company encourages innovation in their working style and product. By this switching ratio of customers to other brand can be reduced. Also, with with diverse culture suggest creative ways to promote silicon bottle in the global market (Isaksen and Jakobsen, 2017).
Teamwork: Team members who are easily adopting to the dynamic changes helps Chilly to add value to their existing product as well as guide them distinguish ways to commercialize their creative thinking across the globe. By this tough challenges can be formulated for others which is a positive mark for the company.
LO 2
P3) Elaborate 4ps of innovation and discuss use of innovation funnel to examine and shape innovative idea.
Joe Tidd and John Bessant has developed 4ps of innovation. It includes process, position, product and paradigm. The brief explanation of this points are as follows:
Product: In this step which type of product is offered to the customers are explained . Chilly prepare a blueprint of the product in which all the details of the goods are mentioned like, type of good, price, targeted customers, additional features and so on.
Position: Here, firm decide the market segment in which they want to position them in the coming years. For this proper scanning of the market done in order to understand the threats and opportunities prevailing in the open market place (Mazzarol and Reboud, 2017).
Source: 4ps of innovation, 2019
Process: This is another stage of 4ps of innovation in this change in the way things are created and delivered to the end user is discussed. In this how improvements can be done in the existing product is also showcased so as to attain productive outcomes.
Paradigm: In this particular stage, end users are made aware regarding the innovative product and need for that good is created in the eyes of the customers so that they are willing to pay for it in cut throat competitive world.
Innovation funnel is a mechanism which enables a regular stream of idea which can be scanned for viability. The other name of this is funnel management it is widely used by firm to design innovative and realistic action plan in the open market place.
Source: Innovation funnel, 2019
Ideas: From the external environment idea is selected in order to mould it in innovative goods and services so that customers are willing to pay value fort it (Nambisan and Kenney, 2018). Example: X firm idea is to come up with silicon bottle that keeps water cold for 24hr if the outside temperature is 45 degree Celsius
Idea management: When the idea is selected from the pool of creative thinking then its is management properly in order to frame all other strategies, resources etc. accordingly. Example: X firm frame strategies, resources in order to develop this idea in realistic term.
Development of project: When all the resources need to frame the idea is gathered then development of the idea takers place. All the resources are utilized in effective manner in order to attain productive results in intense competitive world. Example: X company uses of the finance resources, raw material in effective way to develop the project properly in open market place.
Protection and exploitation: Innovative idea sis protected and safeguard from the rivalry in order to reduce the chances of duplication (Novikov, 2018).
Market introduction: When the innovative idea is physically prepared it is promoted in the market by using digital marketing tool . By this sales ratio can be raised and profits can be maximised in the market.
Results:In this step feedbacks from the end user is taken and their reviews are evaluated for future improvements in cut throat competitive world.
P4) Showcase development in frugal innovation and explain how it is used in the company.
Frugal innovation is the procedure of reducing complexity of cost of goods and it's production. Here, all the non-essential elements are eliminated in order to raises the sales volume of the goods in the marketplace. There are six principles of frugal innovation which are highlighted beneath:
Find opportunity in adverse condition: Chilly by capturing the opportunity in adverse condition helps them to gain competitive advantageous in cut throat competitive world. Example: X firm is coming with silicon bottles which keep the water cold for 24h in the temperature of 45 degree Celsius. This is the opportunity that is captured in the ear of global warming.
Do more with less: Innovation is done by Chilly by using less resources they did made innovation in the existing product for better outcomes. They made the water tool capable to hold cold water for 24h in the temperature of 45 degree Celsius. Example: X firm came with silicon bottle by modifying the present plastic water bottles (Oderanti and Li, 2018).
Think and act flexibly: By scanning the market condition Chilly designed the silicon bottle for the customers. Firm is flexible in nature and get easily adjust with the dynamic environment. Example: X company understand the issue of global warming and easily garbed the opportunity and came with innovative silicon bottle. This is possible enterprise is flexible in nature.
Keep it simple: Chilly's silicon bottle is simple people can easily purchase it for their use. Innovation done in the bottle is simple and no complex feature is added which arise question in the minds of the customers.
Include margin: To grow Chilly in the international market management need to gain profit from the innovative goods. So, it is important to set the nominal prices so that huge customer base can be raised for silicon bottle.
Follow heart: The zeal and passion to come up creative idea should be continued despite of failure. Chilly focus on the goods and work hard to make it successful in the market (Rasmussen and Eliason, 2017).
LO 3
P5) Showcase the importance of commercial funnel and the application of NPD for commercialisation of innovation.
Commercial funnel is a process of raising gross revenue of the firm. It is used by the business associates to uplift their overall sales volume of the innovative product. This is important to organization as it assist in setting pricing for the goods so that customers can easily purchase it from the market place. Chilly adopts this to increase their overall productivity and profitability ratio.
New product development (NPD) is a procedure by which firm come up with innovative idea in the open market place. This is important to because it aid in creating tough challenges for others in open market place. However, by this new opportunities and new markets can be captured. Following is the procedure for developing a new product:
Idea generation: Chilly select the most appropriate idea from the pool of creative thinking.
Idea scanning: After selection of data it is examined effectively to understand it's efficiency and demand in the market for productive results.
Test market : Sample of the innovative product is given in the market to understand the reaction of the customers. The feedbacks are studies properly in order to make improvements in the goods (Shakeel and Zhu, 2017).
Promote: Digital marketing tool is used in used to commercialize the goods in the market. By this sales volume of creative idea is raised tremendously.
P6) Prepare business case
Executive summary: Chilly came into existence in the market in the year 2010 by James Butterfield and Tim Bouscarle. The main aim of the firm is to render cold water on-the-go without purchasing single-use plastic water bottles. Company is coming up with silicon bottles which has features of keeping the water cold for 24hr if the outside temperature is 45 degree Celsius.
Vision: The vision of Chilly is to provide cold water to the customers on the way without purchasing plastic water bottles.
Mission: Chilly's mission is to reduce the use of plastic water bottles on-the-go. For this tactics are framed to achieve it the global market (Sorenson, 2018).
Target market: Customers who are traveling and are want cold water in their journey. All section of the people are targeted customers as everyone need cold water.
Types of marketing strategy: Social media platform such as, Facebook, Instagram etc. is used by Chilly in order to advertise the silicon bottle.
Swot analysis: It is conducted by Chilly as with the helps of SWOT analysis strengths, weaknesses, opportunities and threat can be evaluated according;y. Management is able to build tactics to overcome threats prevailing in the market.
Budget: To come up innovative idea in the market sufficient fund is required. The deficiency of funds are overcomed by taking loans from banks as well as gather cash amount from friends, relatives and other financial institution.
LO 4
P7) Examine numerous tools which company use to develop and retain intellectual property.
Intellectual Property is explained as intangible property which is the result of innovation like, copyright, patents and so on. Organization need to safeguard creativity from competitors in order to prevent duplication. By using tools which prevent and safeguard property helps organization to serve original product to the customers. The points are illustrated below:
Patents : Patents are valid for a specific period after which they are to be renewed. Benefits of this tool is that it can help in protecting the innovation from other competitors from being copied and selling their ideas to the customers.
Trademarks: Organization uses trademarks as it helps in differentiating its products from other competitors and building a separate brand image. The main drawback of of using it is that the company has to pay heavy fees for continuing the use of trademarks after every 10 years (Suseno and Standing, 2018).
Patent right is adopted by Chilly in order to safeguard their product from duplication in the intense competitive world. By this original product is offered to the customers and productive outcomes is attained.
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CONCLUSION
From the above it can be summarized that in order to survive in the intense competitive world it is important to come up with creative idea. 4Ps of innovation are studied in order to meet the emerging needs of the customers and to gain huge profit as compare to competitors. Organization's vision, teamwork etc. are studied as they contribute in shaping innovation and commercialization. Briefly frugal innovation is evaluated in to make improvement in the near future. By scanning the open market place business case is prepared so that tough bench mark can be created fir them in the global market. Distinguish tools and organizations tools are determined in order to safeguard intellectual property.
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REFERENCES
Books and Journals
Aggarwal, V. and Wu, A., 2018. Inter-organizational collaboration and start-up innovation.Entrepreneurship and Collaboration. Oxford, UK: Oxford University Press. Forthcoming.
Fini, R., Rasmussen, E., Siegel, D. and Wiklund, J., 2018. Rethinking the commercialization of public science: From entrepreneurial outcomes to societal impacts.Academy of Management Perspectives. 32(1). pp.4-20.
Fisher, G. J. and Qualls, W. J., 2018. A framework of interfirm open innovation: relationship and knowledge based perspectives.Journal of Business & Industrial Marketing. 33(2). pp.240-250.
Gbadegeshin, S. A., 2018. Lean Commercialization: A New Framework for Commercializing High Technologies.Technology Innovation Management Review. 8(9).
Henttonen, K. and Lehtimäki, H., 2017. Open innovation in SMEs: Collaboration modes and strategies for commercialization in technology-intensive companies in forestry industry.European Journal of Innovation Management. 20(2). pp.329-347.
Isaksen, A. and Jakobsen, S. E., 2017. New path development between innovation systems and individual actors.
Mazzarol, T. W. and Reboud, S., 2017.Entrepreneurship and innovation. Tilde Publishing and Distribution.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and entrepreneurship.Strategic Entrepreneurship Journal. 12(3). pp.354-368.
Novikov, S. V., 2018. Russian support for innovation and export growth.Russian Engineering Research. 38(4).pp.305-308.
Oderanti, F. O. and Li, F., 2018. Commercialization of eHealth innovations in the market of the UK healthcare sector: A framework for a sustainable business model.Psychology & Marketing. 35(2). pp.120-137.
PC, L., 2018. Research, Innovation and Development Strategic Planning for Intellectual Property Management.Economic Alternatives, (3), pp.303-310.
Rasmussen, T. E. and Eliason, J. L., 2017. Military-civilian partnership in device innovation: Development, commercialization and application of resuscitative endovascular balloon occlusion of the aorta.Journal of Trauma and Acute Care Surgery. 83(4). pp.732-735.
Shakeel, S. R., Takala, J. and Zhu, L. D., 2017. Commercialization of renewable energy technologies: A ladder building approach.Renewable and Sustainable Energy Reviews. 78. pp.855-867.
Sorenson, O., 2018. Innovation policy in a networked world.Innovation Policy and the Economy. 18(1). pp.53-77.
Suseno, Y. and Standing, C., 2018. The systems perspective of national innovation ecosystems.Systems Research and Behavioral Science. 35(3). pp.282-307.
Definition of innovation. 2014. [online] Available through; <https://www.ericshaver.com/the-many-definitions-of-innovation/>.
Definition of invention. 2014. [online] Available through; <https://www.business2community.com/business-innovation/invention-innovation-business-0791814/>.
Definition of commercialization. 2017. [online] Available through; <http://milkeninstitute.org/reports/concept-commercialization-best-universities-technology-transfer/>.
4ps of innovation. 2019. [online] Available through; <https://egyptinnovate.com/en/innovation-tool/4ps-exploring-innovation-space/>.
Frugal Innovation. 2019. [Online]. Available Through: <https://zlearningjourney.wordpress.com/2015/05/09/jugaad-innovation-a-powerful- growth-model-for-complex-times-part-2-of-3/>
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