Innovation and Commercialization: Driving Business Growth
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Introduction - Bridging Academia and Industry Through Campus Innovation Centers
Innovation and Commercialization (I&C) is in charge of protecting, promoting, and licencing ideas and trade secrets developed on campus. Many people believe that innovation starts with a concept, however this is incorrect. An incremental innovation starts with a problem or opportunity that you explore, learn more about, and uncover requirements about, all of which is context, and the next deliverables is a group of feasible solutions to the problem.
Invention is described as the first moment the production of a product or the introduction of a procedure. An invention is only a concept for a potential advance. "The introduction of new items, ideas, or ways of accomplishing something," according to the Latin verb "innovare." Thus, innovation varies from continuous improvement in that the emphasis is to do something radically new between what you're already doing, rather than improving what you are already doing.
Main body
Anglian Windows Limited is a firm located in the United Kingdom. Anglian Windows Ltd. is a home renovation company that makes and instals windows and doors. Windows, doors, garage doors, roof trims, driveways, conservatory, and other external house furnishings and utilities are all installed by the company. Anglian has service and showroom locations all across the United Kingdom. The company has been around for more than 50 years and sells a wide range of goods. For product design, the organisation effectively employs innovation and commensuration.
There are seven sources of innovation, as per Peter F Drucker. The following are some of them:
The unexpected: Innovations might strike at any time. It is possible that they will occur by coincidence. Anyone could just come across a novel concept or product. In human history, there has been a lengthy list of surprising innovations. Thus, fire is seen as a haphazardly discovered human invention.
Incongruities: When a demand and a supply are incompatible, creativity may emerge. People may innovate in an effort to address existing inconsistencies. Incongruities may be a valuable source of new ideas. It is fundamental human nature to strive to make sense of the inconsistencies he observes around him.
Market structure: A market structure that already exists might provide opportunities for innovation.
Necessity: Not only is necessity the mother of invention, but it also gives birth to innovation. We are always thinking when we have a need. Bright ideas are the foundation of innovation. The human brain comes up with new ideas to better meet a current need. During this procedure, he considers new approaches to meet his wants, as well as new items and procedures.
Our lives may also be a source of creativity, according to statistics. We all have different lifestyle requirements. Lifestyle demands are not insignificant, and meeting them is a crucial necessity for us. This is where some of the most significant possibilities for innovators may be found.
Perception shifts: Innovation can be sparked by a shift in one's perspective on things.
New information: new information may be a source of creativity. Every year, new fields of knowledge are discovered and more is contributed to the human base of knowledge(Wang et al, 2021). This new information lays the path for advances that can be reality in some cases.
Organizational issues have an impact on innovation as well. The organisational elements that drive innovation at Anglian Windows Limited are listed below.
Vision: Organizational vision outlines what an organisation aspires to be in the future, as well as assisting and directing the entire corporation toward the intended objective(Wanget al,2019). Any firm that wants to be creative must have a clear vision for their personnel. The organizational vision of Anglian window clearly express that the organization is focused of long-term success and sustainability.
Leadership
For a firm to be sustainable, the CEO must have a clear understanding of the company's goals, mission, and values. These crucial factors aid in the marketing of the team and the company's goal. The CEO and senior personnel of Anglian Windows Limited are highly efficient and active. They are always looking for new methods to expand their product and service offerings.
Culture
It has been noted that if a business is ready to allow its employees to share their ideas in the formation of a stimulating field, creativity and commercialization can grow (Reyes et al, 2021). Various studies have been conducted on the link between organisational culture and innovation in recent years.
Teamwork
The pace of progress in highly inventive ventures is swift, severe, and unpredictable (Walsh et al, 2017). To ensure that the project's subjective performance goals are fulfilled, members of the team should meet on a regular basis to analyse the nature of such changes by looking at where the project is headed, what new difficulties have occurred, and what concerns need to be addressed. Anglian Windows ltd offers a diverse staff of professionals that are both experienced and active. It is advantageous for the development of new products.
Conclusion
It can be concluded that innovation and commercialization are essential factors for sustainable growth of a business organization. There are some certain external sources that influences innovation and commercialization. However, internal factors are also very important to boost product innovation and commercialization. The Anglian windows limited has been successfully using innovation process for years and it is hoped the company will improve its innovation and commercialization in future.
References
Reyes, D.R., van Heeren, H., Guha, S., Herbertson, L., Tzannis, A.P., Ducrée, J., Bissig, H. and Becker, H., 2021. Accelerating innovation and commercialization through standardization of microfluidic-based medical devices. Lab on a Chip, 21(1), pp.9-21.
Walsh, G.S., Przychodzen, J. and Przychodzen, W., 2017. Supporting the SME commercialization process: the case of 3D printing platforms. Small Enterprise Research, 24(3), pp.257-273.
Wang, K.J., Shidujaman, M., Zheng, C.Y. and Thakur, P., 2019, October. HRIpreneur thinking: strategies towards faster innovation and commercialization of academic HRI research. In 2019 IEEE International Conference on Advanced Robotics and its Social Impacts (ARSO) (pp. 219-226). IEEE.
Wang, Y.C., Phillips, F. and Yang, C., 2021. Bridging innovation and commercialization to create value: An open innovation study. Journal of Business Research, 123, pp.255-266.
