Introduction Innovation and Commercialisation Assignment
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Innovation can be explained as implementation of new practical ideas that can help organization to develop new products or services and solve different problems in business process. Business organizations use innovative approach to improve their performance in business operations. Innovation can be applied in both internal and external operations of organization. In other words, innovation can be considered as process of improving existing products or services with help of new ideas and processes(Ortiz-Villajos and Sotoca, 2018). This can help company to improve their performance in market place and maintain high satisfaction level of customers. This report will be explaining importance of innovation for Urban Point. Difference between invention and innovation will be explained in report. Various aspects related to innovation will be analyzed in report to develop better understanding of innovation in business organization. 4 P’s of innovation, Commercial funnel, and new product development processes will be considered in report to make innovation successful for organization.
1 INVENTION VS INNOVATION
1.1 Invention
Invention can be explained as action of developing new device or product based on creativity. Products and systems that are newly designed can be explained as invention. Unique tools and products that are developed by person or organization to address solve a problem can be explained as invention. Inventions are key to future and inventions can be helpful to solve different problems that are faced by people or organization in operations.
1.2 Innovation
Innovation can be explained as implementation of different ideas and processes in products, services and methods to improve overall productivity(Bouncken, Kraus and Roig-Tierno, 2019). Innovation can be explained as developing an idea or process to solve problems that occur on daily basis in operations. Innovation is creation, development and implementation of new ideas in products and services can help organization to improve productivity in market place.
Basis
Invention
Innovation
Meaning
Development of new idea or product which never has been made before.
Implementation or development of new idea for first time.
Concept
It is an original idea and theoretically working.
Practical implementation of new idea.
Activities
Invention practices are limited to the R & D department of company.
Innovation can be implemented or suggested by any person in organization.
1.3 Importance of Innovation in Organization As Compared to Invention
In different ways, innovation is most important for the business organization as compared to invention. Innovation can help the organization to improve overall performance in market place. Creative development in Company can help them to improve their business operations. Innovation is important to improve productivity of organization. It also can help to reduce operational cost of company and increase the marginal profit of company. Competitiveness of organization also can be improved in market place with innovative practices. Brand recognition and brand value of Company also can be improved with innovative approach. Innovations in business practices can help organization to improve their overall productivity in target market. As compared to invention, innovation can be considered as continuous improvement process(Lüdeke?Freund, 2020). This can help the organization to perform effectively with their existing products and services but invention is development of new product and it is also important to be innovative with new invention to improve their performance and effectiveness for customers. It is how innovation is more important for company as compared to invention.
2 ROLE OF VISION, CULTURE, LEADERSHIP AND TEAMWORK TO SHAPE INNOVATION IN ORGANIZATION
2.1 Vision
Role of vision is crucial to shaping innovation in the organization. Vision of organization can be explained as goals that are developed by them from future perspective. The vision of organization explains business goal. To achieve these goals, it is important for organization to regularly improvetheir products, services, and methods to achieve business goals effectively. In this case, vision of organization encourages employees and management of company to think more creatively to plan innovations in products, services or business process to increase productivity.
2.2 Culture
Organizational-culture is major aspect that can drive innovation in organization. Positive and creative culture of company can encourage the employees to give their efforts to improve productivity and performance of Urban Point in business operations. Effective culture can help organization to work creatively and develop innovations in business operations to meet business objectives effectively.
2.3 Leadership
Role of leadership is most important element to shape innovation in the organization. Attitude of leadership can develop positive impact on the workforce of the company to work innovatively in business operations. Positive attitude of leader, risk-taking capability of leader and openness of leader can be considered as effective factor to develop innovative practices in workplace of company.
2.4 Teamwork
Teamwork can be explained as most important element to develop innovations in organization. Within teamwork, people from different background come together to perform different operations and actions(Goncharenko, 2020). This collaboration helps them to exchange ideas and knowledge. This communication of ideas, knowledge and work orientation can help them to develop innovative ideas that can drive success of company in target market.
Sources of Innovation, Ways to Develop Innovative environment and culture in Company
2.5 Sources of Innovation
Different sources of innovation can force organization or individuals to develop innovative practices. Major sources of innovations that can drive need for innovation in business organization are- problems in operations, change requirement in business operations, changes in business or local conditions, changes in industry markers and changes in global conditions in which organization is currently working. All these conditions can be considered as sources of innovation in organization. Certain change in business conditions can force organization to work innovatively to maintain performance in business operations. The factors which are mentioned above can be explained as sources of innovation in business organization.
2.6 Ways to Develop Innovative Culture of environment in Company
Various processes and methods can be used by organization to develop innovative culture and environment. Major approaches that can help organization to develop innovative culture in organization are- develop clear vision for the employees to keep their work and approach aligned with company, leader can lead changes, and innovations in organization to develop innovative environment, rewards on failure or success can be provided to employees to encourage employees on their efforts. Effective communication also can be considered an effective process to develop innovative culture or environment in workplace.
2.7 Development, Implementation and Measurement of innovation in Organization
This is important for the organization to develop, implement, and measure innovation in business practices to get better result in business process. This approach can help organization to make innovation successful and beneficial for them. Innovations are developed in organization to address certain problem in business process or improve performance.
3. 4 P’S OF INNOVATION AND INNOVATION FUNNEL
4 P’s of innovations that are considered for the business organizations are- Product, Processes, Position and Paradigm. These aspects must be considered by the organization to implement innovation successfully.Each element of the 4 P’s must be considered by the organization to get maximum results with the innovations that are implemented by them.
3.1 Product
This is most important for the organization to make regular changes in their products and services to meet requirements and needs of customers(Kim and Choi, 2018). All the changes that are needed to be implemented in company products should be based on customer needs. In case of Urban Point, this is most important for them to make innovative changes and improvement in their products to meet customer needs effectively. In this process, organization can implement various innovations in quality, shape, packaging and design of product to get better result in business operations.
3.2 Process
Process is also important element in 4 Ps of innovation. Process can be explained procedure that is used by organization to design, manufacture and deliver product to the customer. According to changes in market trends and technology, this is important for Urban Point to make relevant changes in operation processes to maintain higher productivity of organization and deliver high-value product to the customer. Innovative approaches that are implemented in the processes of organization can help them to get better result in market place and this innovative approach also can help company to improve their productivity in marketplace.
3.3 Position
In the current situation, position can be considered as most important aspect for success for organization in target market. This is most important for organization to analyze perspective of different stakeholders to implement relevant innovation. In process of positioning company product in target market, organization can consider perspective of these stakeholders to make effective changes in positioning their product in target market. Urban Point can implement innovative strategies in positioning process to generate higher profit from market place.
3.4 Paradigm
Paradigm can be explained as fundamental changes in the business situations that must be considered by the organization to keep their business operations successful in target market. In business operations, this is important for organization to consider various innovative practices that can help them to stay profitable and productive in market place(Kirikkaleli and Ozun, 2019). Effective and innovative changes can be implemented in the business operations as per fundamental changes in core values and mindset of people. This is how paradigm can help organization to improve their performance in target market.
4 APPLICATION OF INNOVATION FUNNEL FOR ORGANIZATION
Innovation funnel can be explained as mechanism that can be used by the business organization to implement or plan innovation for the business operations. There are different stages are considered in innovation funnel that can be used by Urban Point to implement innovation in organization. Major stages that are considered in the innovation funnel are- Idea Generation, Idea Harvesting, and Idea development, Idea Tested and Idea Implemented. All these stages are followed by the organization to implement innovation.
4.1 Mouth of Funnel
This is initial stage of innovation in the business organization. Mouth of funnel is wide open and it reflects a large number of ideas organization have. All these ideas are suggested by management, employees, or leadership of Urban Point. Various information sources are considered in this stage to get different ideas that can help organization to plan innovation in business processes.The main objective at this stage is to collect as many ideas as possible that can be used by organization.
4.2 Narrowing Funnel
This is next stage of innovation funnel. In this stage, different screening processes are used by management and leadership of Urban Point to shortlist effective ideas for company. This shortlisting and screening process can help organization to shortlist relevant ideas that can be implemented as innovative practice. This can help Urban Point to reduce number of ideas and find innovative practices that are effective for company.
4.3 Testing
In this stage feasibility of ideas is tested by the company to evaluate their effectiveness for organization. On different level of organization, these ideas are tested to shortlist most effective idea for Urban Point.
4.4 Idea Implementation
This is final stage of innovation funnel. In this stage, finalised innovative idea is considered by the company to improve their productivity in internal and external business operations. In this stage, selected idea is implemented by Urban Point in business process.
5 FRUGAL INNOVATION
5.1 Concept of Frugal Innovation
Frugal innovation also can be considered a frugal engineering process. In frugal innovation, the main objective of organization is to reduce the complexity of a product or service. This also can be explained as process of reengineering to remove irrelevant parts from the product or services to reduce overall cost of company product(Turnbull, Slow, and Richmond, 2019). In case of Urban Point, organization can remove irrelevant processes and offers from its services to provide more relevant and effective offers to the customers. For example, additional costs can be avoided to offer better discounts to customers. In the frugal innovation, reengineering processes are used by organization to develop products and services at lower cost. This can help organization to reduce operation cost reduce overall cost of product or service.
5.2 Effectiveness of Frugal Innovation for Organization
There are different examples of frugal innovations that are used by organizations to provide goods and services to the customers at much lower costs. For example, Tata Nano and Jaipur prosthetic foot are best examples of frugal innovation process that are implemented by the organization. In both cases, irrelevant parts of products are removed by the companies to reduce cost of product and deliver it to customer effectively.
5.3 Nature of Innovation and Ways to Overcome Challenges in Development of Successful Innovation
Nature of innovation can be explained with its goals. The main purpose of innovation in business procedure is to deliver valuable products or services to customers by implementing various effective changes in it.Nature of innovation is effective for both customers and business organization. It can help Urban Point to attract more customers to improve their business and customers can get value products and services from company. Both can be benefitted from innovation process.
There are different processes and methods can be used by organization to reduce complexities in implementation of innovation in business operations. For successful implementation of innovation in organization, company can use specific and well-defined process to avoid complexities in implementing innovative idea in business operations(Ransbotham and Kiron, 2017). Openwork culture can be developed in organization to effectively plan and implement innovation in business practices. This is how different processes can be used by organization to develop successful innovations.
6 IMPORTANCE OF COMMERCIAL FUNNEL AND APPLICATION OF NEW PRODUCT DEVELOPMENT FOR COMMERCIALIZATION OF INNOVATION
Commercial funnel also can be explained as sales funnel that can be used by the organization to explain customer journey to purchase product. There are some stages that are considered in sales funnel or commercial funnel of company to explain it effectively.
Figure 1Commercial Funnel
(Source: What is a Sales Funnel?, 2021)
Major stages that are considered in the commercial funnel are- Awareness, Interest, Decision, and Action. All these stages can be used to design commercial funnel for organization. This is a basic marketing approach that can be used by the organization to improve their business in marketplace.
6.1 Awareness
At this stage target customers get information about the product or service that is offered by the organization. For example, advertisements or social media platforms can be considered as sources that can spread awareness about the company product. For example, landing page or advertisements can be used by company to make customers aware of company products and services.
6.2 Interest
At this stage target customers of Urban Point learn about the organization and assess the products offered by the company based on their requirement and needs. With help of effective market and customer research organization can develop effective products to fulfil customer needs.
6.3 Decision
After getting aware of company and its products, customer performs deep research of company, their products and customer reviews to make final purchase decision(Hájek and Stejskal, 2018). To sell product to customer, organization can offer better services and packages to them to make their final decision to buy products from them.
6.4 Action
This is the last stage of the sales funnel. At this stage, prospect has purchased product or not, organization plan for further processes and approaches that can be used by them to develop high brand value in target market.
6.5 Importance of Commercial Funnel
In different ways, sales or commercial funnel can be used by organization to meet their business objectives effectively. This process can help to develop effective marketing strategy for company, commercial funnel also can help organization to develop effective relationship with customers. Sales numbers also can be increased with help of commercial funnel in business process. This approach is also effective to ensure growth and development of organization in target market.
7 INNOVATIVE BUSINESS CASE AND WAYS TO ACCESS FUNDING
7.1 Innovative Business case
Innovation Idea
The innovation idea that can be used by Urban Point is directly related to the marketing of products and services that are offered by the company. In this process, organization can use is strategic partner Ooredoo to perform marketing of its products and services in target market. In this process, Urban Point can use services of Ooredoo to perform business activities and promotions.
Benefits
There are many benefits of this approach for both organizations. Major benefits of innovative solution are- With this approach both organizations will be able to meet business goals effectively. Customer base for both organizations can be improved. This strategic partnership can help both companies to perform their business activities and develop relations with businesses to improve their productivity.
Risk
There are some risks are associated with this innovative approach. If any organization fails to meet the strategic target then it can reduce the profitability of both organizations. It can cause financial loss to both companies in case of innovation failure.
Technology
Ooredoo is a leading communication company that is providing various telecommunication services to its customers.All the technical processes will be handled by the company to meet business goals successfully. In case of technical ability, Ooredoo is leading communication company in country. So, it will help Urban Point to perform its business activities effectively.
Impact on Operation
The impact of innovative approach will be positive for Urban Point. This will improve technical ability of company and organization can perform all its business activities with high speed communication.
Project Outcomes
Project outcomes are positive for Urban Point. This innovative approach can help the organization to perform its business activities effectively without any technical failure.
7.2 Fund Access
There are different processes can be used by organization to develop funds for innovative business case. Major funding processes that can be used by organization are- Boostrapping, Crowd funding, Angel Investors and Bank Loan. All these processes of funding can be used by organization to rise fund for business operations in innovative business case. These are most common processes that can be used by organization to rise fund for business practices.
7.3 Tools and Techniques to Evaluate Effectiveness of Innovation Business Case
There are different processes that can be used to analyse the effectiveness of the innovation that is implemented by the organization in business project(Kodama, 2017). For example, Return of investment, Leadership metrics, and organization capability metrics can be used to analyse the effectiveness of innovative practices that are implemented.
8 TOOLS FOR DEVELOPMENT, RETENTION, AND PROTECTION OF KNOWLEDGE AND INTELLECTUAL PROPERTY
This is most important for the business organization to develop, retain and protect its knowledge and intellectual property to maintain effectiveness in market place. Some of most effective tools that can be used by organization to develop, retain and protect knowledge and intellectual property are- Trademark and Patent. These are most effective ways develop, retain and protect knowledge and intellectual property of company(Hájek and Stejskal, 2018). Through this process, organization can get ownership of the ideas or process that are developed by the company. Patent can be used by the company to get right of the invention to get legal protection against illegal use of technology or processes that are developed by company. Trademark is also considered as effective process to differentiate their products from other companies in market place. Trademark also can be used by company to get protection against illegal use of their logo, name or symbol on other products.
CONCLUSION
This report is concluding importance of innovation for business organization. In this report importance of innovation has been evaluated for Urban Point. Difference between innovation and invention ash been analyzed in report. Different driver of innovations also has been evaluated in report. 4 P’s of innovation has been analyzed in report to improve innovation process for Urban Point in business operations. Frugal innovation also has been studied in report to make improvement in company products to offer better services to customers at low cost. Commercial funnel and its application for Urban Point also has been studied in report. Importance of innovation funnel also has been evaluated in report. Tools like patent and trademark also have been studied in report to improve ability of organization todevelop, retain and protect knowledge and intellectual property.
RECOMMENDATIONS
This is most important for organization to improve implementation of innovative approaches in organization. Successful implementation of innovative practices in workplace can help them to make more profit from business operations and gain high productivity. Major approaches that can be used by organization to implement innovation are- Dedicated innovative teams can be developed in organization to make innovation successful. Innovation centers can be developed to get more control over the innovative changes that are implemented in the organization. Open innovation can be promoted in organization to improve the internal operations of company and make innovation successful for them. Various digital and smart tools can be used by organization to effectively manage innovation in the organization. These are some common approaches can be used in organization to make innovation successful in target market.
References
Books and Journals
Bouncken, R.B., Kraus, S. and Roig-Tierno, N., 2019. Knowledge-and innovation-based business models for future growth: Digitalized business models and portfolio considerations. Review of Managerial Science, pp.1-14.
Goncharenko, T., 2020. From Business Modelling to the Leadership and Innovation in Business: Bibliometric Analysis (Banking as a Case).
Hájek, P. and Stejskal, J., 2018. R&D cooperation and knowledge spillover effects for sustainable business innovation in the chemical industry. Sustainability. 10(4). p.1064.
Kim, D.G. and Choi, S.O., 2018. Impact of Construction IT Technology convergence innovation on business performance. Sustainability. 10(11). p.3972.
Kirikkaleli, D. and Ozun, A., 2019. Innovation capacity, business sophistication and macroeconomic stability: Empirical evidence from OECD countries. Journal of Business Economics and Management. 20(2). pp.351-367.
Kodama, M., 2017. Developing Holistic Leadership: A Source of Business Innovation. Emerald Group Publishing.
Lüdeke?Freund, F., 2020. Sustainable entrepreneurship, innovation, and business models: Integrative framework and propositions for future research. Business Strategy and the Environment. 29(2). pp.665-681.
Ortiz-Villajos, J.M. and Sotoca, S., 2018. Innovation and business survival: A long-term approach. Research Policy. 47(8). pp.1418-1436.
Ransbotham, S. and Kiron, D., 2017. Analytics as a source of business innovation. MIT Sloan Management Review. 58(3).
Turnbull, J., Slow, J. and Richmond, K., 2019. Innovation and business performance. Fraser of Allander Economic Commentary. 43(3).
Online
What is a Sales Funnel?, 2021. [Online]. Available Through. <https://keap.com/product/sales-funnel>.
