This sample will let you know about:
- What is the role of innovation in today's business landscape?
- What are the key benefits of a strong innovation?
Innovation and commercialisation are two business aspects which are always occurring together. Commercialising a innovation is most important aspect that is used by companies for achievement of social benefits (Christensen, Raynorand McDonald, 2015). There are many influences that have a impact on commercial success of a business. Present report is based on Bigbelly smart solution for cities. This is a waste management company and is having specialisation in recycling and management of waste.
It was founded in year 2003 and has a goal of managing waste and having effective process of waste collection. Big Belly is bringing a new innovation in their exiting process where this company will be using their collected waste for converting it into manure and then there is further planning to do horticulture. This attempt will help in innovation and at same time contribution towards environment. In present report there is a discussion of meaning of innovation and its comparison with invention. Management of innovation is also discussed, vision, leadership and innovation networks are further discussed in the report.
Innovation vs Invention
Meaning of Innovation & Commercialisation taken in consideration challenges for small business
Innovation is a term having relation with creation of new ideas, technologies and process. Their application is done for adding of new value to the exiting product or service by a organisation (Lusch and Nambisan, 2015). In present scenario, the innovation for small organisations is a big challenge as they posses limited amount of resources hence, they have to make maximum output from available limited amount of resources.
In present report, there is a explanation of how unique and creative ideas can be used as a part of innovation in organisation.
Commercialisation is a process in which there is a transformation of ideas, invention and knowledge for earning of more wealth by businesses, individuals and society (Azar and Ciabuschi, 2017). This aspect is related to motives of a organisation for earning of higher profits.
Challenges for small business
With regards to Innovations and invention there are some challenges faced by small business as discussed below :
Here are some of the challenges faced by small business:
1) Finding Customer: It is very important to attract customers for the process of increasing sales of a organisation. Various marketings strategies can be used for the purpose of attraction of customers. Such as growing use of digital media platforms is used by hospitality organisation such as Marriott hotel UK etc. for the purpose of attracting customers.
2)Hiring Talented People: To have a competent workforce is one of the essential requirement for having smooth functioning in a organisation. Such as organisation are making use of providing attractive salary packages and incentives in order to attract moper skilled workforce.
3) Lead Generation: There are many process that can be used for generation of sales it includes making the target customers aware by organisation of various marketing campaigns. Gfor examples, there has been use of marketing campaign by companies such as Aldi which is helping them in attracting of customers and making them aware of various product and services that are being offered by the organisation (Kahn, 2018).
Current offerings are successful: If for any small business present position is quite satisfactory then it becomes very difficult for a company to make any further innovation. In case of organisational targets are achieved then it becomes very difficult for making efforts for further improvement or working on objectives (Weisburd and Braga, eds., 2019). For example in Tesco, present offerings are satisfactory for their customers this leads to companies feeling that there is no requirement for any type of innovation to improve their service level.
No motivation: Motivation is a key for working towards innovation or building up of diverse teams that can help organisation in achievement of their objectives (Doherty, and Morgan,2016). There can be situation where no motivation for employees can act as a barrier for organisation to introduced or implement any new innovation. Many times organisation is not able to have a motivated workforce so they are not willing to implement a new innovation in the organisation. Order assignment help from our experts!
Meaning of Invention and its Creation
Invention basically denotes to physical creation of a new concept or idea. This tool is used for creation of a new idea which is commercially viable. Invention cannot take place without creativity.
Invention can be created from anywhere many times it is regarded that necessity of anything leads to invention. There is a problem and for developing its solution there is a requirement that society are facing some problems or issues and for solving them there is a requirement of some new invention. The process of invention is developed with overall changes made in exiting product or making modifications in new process. This will help in creation of innovation in a organisation. Innovation of new process being bought by organisation by addition of some new steps in their exiting process (Van der Have and Rubalcaba, 2016). That can be in any form such as a restaurant can make use of their fruits and vegetable wastes related to use of waste as a manure for horticulture practises. This innovation will result into increase in percentage of revenue and will also be helpful in fulfilment of corporate social responsibility buy this organisation.
Converting of Invention in Innovation and sources of Innovation
There is a quest by many companies in which they are willing to convert their invention into innovation with help of various commercialized products. There is use of research labs, capital and other resources so that invention can be converted into innovation.
Sources of Innovation
Process: There can be a change in process that involves indemnification of weak spots in the present process of a company and then correct or redesign it. This is a task oriented approach and is a source of innovation coming from exiting competence of a business. A invention can be turned into innovation for example of a organisation is planning to make a new invention in form automation of technology and if such technology has not been used till date by any other similar organisation then that is turned into a innovation in external environment. Need Assignment Samples?Talk to our Experts!
Technological revolution: Use of new technology can also act as a source of innovation. Updated technology can also be used as a source of innovation by many companies. Such advancements lead to innovative opportunities (Huber, Kaufmann, and Steinmann, 2017).
Creation of a structure & culture of Innovation and understanding of difference between invention and Innovation
Structure & culture of Innovation: Innovation is a phenomenon that is very important for creation of a competitive advantage. Organisational culture is a very important factor that is stimulating innovation. It has a impact on employee behaviour, commitment level of employee and creation of organisational value (Wang, 2017). Organisation must be promoting a innovative culture that can have a impact on promoting innovation. There is a cultural transformation which must be done for implementation of innovation.
To create a culture of innovation you need to do the following:Understanding of various different types of innovation that can be adopted by a organisation: One of very popular problem that are being faced by companies is related with employees are not willing to work for development of new products (Otto, 2018). The overall innovation done by Microsoft in encouraging their employees to work for three typed of innovation that is products, policy and business models.
Empower champions to push back against bouncers: There is very large base of employees for various big business. They have a structure that is helping them in gaining various benefits such as creation of a innovation culture. Example: Bret bishop is a strategies that is examining their teams of grow to make those people to pay attention who are very busy in their lifestyle.
Redefine metrics and incentives: New business organisation have to struggle as they have to evaluate their business that is relate with suffering with performance metrics. Employees have to be more innovation so that they are able to focus on their performance objectives (Otto, 2018). Example : In Microsoft cathy Wissink is the director who is sharing how their organisation is by creation of a atmosphere where employees are willing to take challenges.
Give employees the tools they need to make their case: the best approach is to bring the value to organisation by investing in innovation programs (Bradley, Kim and Tian, 2017). Example: in autodesk a leader who is building 3D designs has made efforts in creating of a culture of innovation for their employees.
Create a safe space for experimentation: There are many business who are willing to work for start-ups and are making experiments Cheap experiments can only be helpful if they are providing positive results. Example: Director in Susan Ngutyen is expanding the system that project can succeed of the department is willing to take the credit.
Difference between innovation and Invention:
Invention is creation of a new product or introduction of a new process for first time.
Innovation is done to make improvement or significant contribution in a exiting product, service or process.
In case of invention there may or may not be commercialisation (Balsmeier, Fleming, and Manso, 2017).
Innovation always leads to commercialisation
Invention can be induced or autonomous depending on the type of invention that is being done (Bagno, , Salerno,. and da Silva, 2017).
Innovation is mostly induced.
Invention can be for economic or non economic activity
Innovation is mostly for economic activity in all organisation (Florida, Adler, and Mellander, 2017).
Developing Innovation Vision & Leadership, Innovation Networks and Entrepreneurial teams
When there is invention or innovation taking place in a organisation there is a ned for formation of a vision of leadership in a organisation that marks the beginning of a innovation. This also sets the basic framework and standards that have to be achieved by different functional departments in the organisation (Ceyda and Tecim, 2017).
Vision: vision of a company is evolving by development of complete and unique solutions by use of information technology in case of innovations.
Leadership: While any organisation is planning for new innovation there is also requirement of adequate leadership skills that can help in smooth implementation of new process. There is requirement of competent leaders who can help employees in smooth and timely implementation of change in form of innovation.
Culture: A culture in a organisation is very helpful in bringing new innovations. Such as if leaders & managers are promoting a culture of innovation then it will help in encouragement of employees in development of new innovative and Creative ideas.
Teamwork: In every organisation teams are helpful in carrying of work in a more simpler way. Leaders posses the responsibility of making employees work together as a team for development of new innovative business ideas.
Innovation networks: They have successful facility of transforming operations, increasing productivity, driving of efficiencies and working towards improving quality of life of people society. The new innovation which is being done in a company will have a implementation across various places where they are having presence (Rubin and Abramson, 2018).
Entrepreneurial Teams: Entrepreneurial teams play a very crucial part in all organisations as they are ultimately the responsible authorities for developing new innovation ideas and then planning its implementation in a business (Bagno, Salerno and Silva, 2017). The overall longevity and industry knowledge in market is providing all organisations with unparalleled insights further backed by analytics, extensive data and customer success.
In every organisation especially small organisations where there are no enough resources to make a separate department for research and development, a structure can be created in form of functional structure where each functional department such as marketing, finance, human resource work together in achievement of a common vision that is innovation. Leadership will play a role in affecting such structure in both positive and negative manner.
Different types of innovation
Innovation funnel for managing new solution
Innovation funnel is used for management process where there is management of new idea or innovation. There are certain steps in type innovation funnel as discussed below:
- Idea Generation: It is the first step in every process of innovation funnel in this the management team of organisation is developing various innovative thoughts & ideas for enhancement of profits and sales in the competitive market. In BigBelly there is generation of idea that waste collected can be used for a productive development by converting it into manure (Yun, 2017).
- Idea Screening: There is assistance that is provide to organisation with respect to response and feedback of their customers. There is examination of every aspect a company can identify if new product or process will be beneficial or not in the present market. In Bigbelly, after idea has been generated there will be screening of idea where it will be tested based on cost associated, labour requirement for the new process and such related aspects to test the feasibility of idea.
- Testing Concepts: There is a detailed testing in which there is a analysis of expectations and demands of customers that can help in manufacturing of products accordance to such requirements. Different test associated with the new process is tested by the Bigbelly. There will be a complete analysis that will be done based on increasing of brand image for their customers.
- Analysis of product development: After there has been successful implementation of above discussed steps in this step there is a detailed analysis of various aspects of the new process or product that has been developed by the organisation. In Bigbelly there is a detailed analysis of different aspects which help in smooth implementation of the new process in their existing procedure (Rasmussen and Eliason, 2017).
Different type of innovation with a focus on incremental and disruptive innovation with exploring of pros and cons of approaches
There are different types of innovation that can be adopted by organisations this can be understood with the explanation given below :
- Incremental Innovation: Incremental innovation is a very commonly observed innovation and it is based on exiting technology for increasing value for a customers. This innovation is based on changes being made in feature, design etc. in the exiting market (Paudel, Xiao and Yan, 2015). Every company is involved in this type of innovation in some way or another. Small companies are using this experience for addition of value top their exiting products & services.
- Disruptive Innovation: It is also regarded as stealth innovation in this there is application of new process or technology to present market in a company's present market. Many times updated technology is expensive and it can result into disrupting of the product or service being offered presently in existing market. In such innovation there are few iterations which get newer tech surpasses and this leads to disruption of the existing companies (Types of Innovation, 2015).
- Architectural Innovation: This type of innovation is in relation to skills, lessons and technology that is applied in different markets. Innovation is used for increasing base of present customers. Risk present in architectural innovation is comparatively low as there is reintroduction of proven technology (Kim and Park, 2018). It is mainly done for purpose of matching requirements of new target market of customers.
- Radical Innovation: Radical innovation is with respect to establishment of new industries and involves creation of revolutionary technology. This type of innovation is concerned with creation of a entirely new system by replacing with existing one. There is a completely new value network which displaces established alliances, firms and products.
From above discussion on types of innovation it can be said that Bigbelly has used architectural innovation as they are not disrupting or making changes in their existing process. Instead, this company is adding more steps to their present process. All this will help them in increasing present base of customers as there is a new technology which this organisation is adopting for having sustainable development.
4Ps and innovation space strategy
4 Ps of innovation:
- Product Innovation: This is a type of innovation there are changes made in the exiting product of a organisation. There are various creative and innovative modifications that are made in existing products or services offered by a organisation.
- Process Innovation: According to the mane of this innovation there are various changes made in existing process of a organisation. There are modifications made in way process is being implemented and carried on in a organisation.
- Position Innovation: This innovation is related to changes being made in products/ services being introduced (Gassmann, 2018). There is a creation of a unique position for the existing target market by a organisation.
- Paradigm Innovation: In this type of innovation there are changes in models and there is effect of change in one model to another. There are changes made in one dimension which affects other various dimensions of a business process (Islam,2018). There is innovation having effect on all business process in a organisation.
From above discussed 4 Ps of innovation it can be said that in present scenario of Bigbelly, there are changes made in process by this organisation. Innovation is bought in form of addition of various steps to make the process more useful and have innovation on form of having sustainable development and making contribution towards external environment in which organisation is functioning.
Innovation funnel is used for description of various steps for development of a product or process. Objective is to create a product for meeting various market needs. IT consist of four steps as discussed below:
1. Mouth of funnel: In this step organisation is willing to collect large number of ideas. If a organisation is planning to make use of e commerce for their marketing activities then they will have to develop innovative ideas on how to use digital media as a tool for new innovations.
2. Narrowing of funnel: In this step idea developed in first step has to be screened. There is matching of ideas with overall goals of organisations. Such as if goal of Tesco is to maximize profits then a limited amount of investment can only be made by the organisation on such innovative plans.
3. Narrowing part of funnel: in this step organisation ensures that idea selected is used in the company according to requirements of new products or services. In case of Tesco a new product can be developed and for that specially digital marketing tools can be used for the purpose of making customers aware.
Frugal innovation with response to necessity vs market driven innovation
Frugal innovation is a procedure that is used for reduction of cost of goods and complexity that is involved in production of goods and services. This procedure is related to removing all the non essential features that are part of final product that is not posing any utility for the final consumer (Lyytinen, Yoo and Boland Jr, , 2016). This procedure is very helpful in bringing overall cost effectiveness for any organisation. For example: In the year 2014, Mozilla, the organisation that is dedicated towards keeping of power of web in people's hands. They held a on Feb 23, 2014 and introduced commercial Firefox OS mobile ecosystem. Mozilla has previewed the event demonstrating overall flexibility and customization for their users related with their mobile experience.
Frugal Innovation is also referred as frugal engineering that is used for reduction of complexity in a business process so that cost advantage can be attained. This is very effective technique and can be used for reduction of overall cost of a business (Febriani and Djatna, 2016). There are many factors which are affecting a particular innovation such as social, political, legal that are part of external macro environment. Such type of innovation process can be helpful in reduction of cost or improvement in existing business procedure. In present scenario, Nissan is a organisation which is making use of Frugal engineering, where they are planning to use cost effective methods and make quick innovation with the help of various resource constraints. They are making improvement in its existing process by addition of new steps so that cost can be effectively managed and it can be used for further development. It is very crucial for every organisation that they are able to adopt sustainable innovation which is not posing any harm to the environment.
Market Driven Innovation
Innovation with respect to necessity is driven by the fact that there is a necessary requirement for some changes and innovation. Hence, for that purpose there is need of innovation. In present scenario, innovation being made by Nissan in terms of frugal engineering is not a necessary requirement but it has and indirect benefit of this innovation to people and society but there is no direct positive impact of such innovation of Nissan.
Market Driven Innovation is based on the fact that there is requirement in the market for innovation there can be many reason behind it such as creative changes made by competitors, utilization of excess resources and many such facts. There are cretin principles on which, such type of innovation is based on this includes technical resources, organisational focus, leaders in a organisation, cross functional approach of a team etc. In Nissan there is usage of existing business process that is further expanded for using it in a more constructive manner. This can be regarded as a market driven innovation as it is going to provide this company a competitive advantage.
Process of commercialising innovation
New Product Development: It is a process of bringing as well as introduced new product ans services in market. Along with this, it is also consider as a procedure of making changes in old product with an aim to compete with rivals in market. New product development includes various steps which are as follows:
Idea generation: Herein, companies emphasis on identifying new and creative idea from different sources such as employees, market trends, customers and so on. In context to Bigbelly, the company has opted an idea of waste management which is different and unique in market.
Idea Screening: At this step, an organisation scrutinize the idea that is collected by workforce. Along with this, they check the feasibility as well as suitability of the idea (DiMasi, Grabowski, and Hansen2016). With reference to BigBelly, its higher authorities adopt the idea of waste management by analysing suitability of it in the market.
Concept Testing: Herein, companies test the suitability of selected idea by considering the points of customer and advice of employees.
Business Analytical: At this stage, evaluation of an idea take place whether it is good for business growth and development or not.
Commercialise: In this step, companies finalised the idea which increases profitability as well as market presence of an organisation. In context to Bigbelly, the company launch its idea of waste management in the market.
Product Development: This is the last stage of new product development process. Herein, companies take reviews from customer after launching product in market so that they can make improvements at the initial stage in a proper manner (Carayannis, Cherepovitsyn and Ilinova, , 2016).
Business Innovative case
It is important for companies to alter and implement innovative things at marketplace that help an organisation to sustain in market for longer time frame. In order to understand this in a better manner, a business case is defined blow:
BigBelly deals in managing and recycling of waste. The company was established in the year 2003 with an aim to recycle waste and produce innovative things.
In order to gain success in market and to compete with competitors, it is essential for an organisation to bring new as well as unique product nad service in market. In context to BigBelly, company enter with a new idea and uses innovation applications for better solution of waste.
BigBelly is a waste management company that provides smart solution of recycling waste in a proper manner.
The higher authorities of BigBelly analyse the requirements of customers and then satisfy them by providing smart solution. They add new services that is innovative in market per customer needs.
The company take funds from financial institutions, banks and from stakeholders of BigBelly.
By the assistance of innovative idea of waste management, the company get many benefits in terms of increases in profitability, market reputation and so on.
On page 5 on Bigbelly(case study) is a necessary information to produce a formal business case,
the expected costs of the project ,a gap analyse and the expected risk.
The necessary information & gap analyse for a business case for Bigbelly – waste recycling system is outline on Bigbelly (2020) pg.7 .
The main features are as follow
1.Challenge and motivation
- one of the main challenge is to handle overflow as members did not shown interest in work and get tired.
- The another challenge is to increase number of garbage bins rate by 30% in the year 2017.
- To prove that public recycling works & declines city's environment.
- The first smart solution is introduction of three components by Bigbelly that is bottles, paper garbage and cans.
- Coupling of high quality compactors along with standard capacity compress quantity of waste generated.
- Collection of garbage at early morning is also the smart solution.
3. Meaningful results
- The result that brings out is more than 90 lakh gallons of waste is being captured.
- The capacity of trash is enhance around 200% and more than 20.000 gallons is added for recycling stream.
- the quality of life improves due to decline in the waste level and proper recycle system.
Tharuka, M. N., Bathige, S .D .N. K. and Lee, J., 2017. Molecular cloning, biochemical characterization, and expression analysis of two glutathione S-transferase paralogs from the big-belly seahorse (Hippocampus abdominalis). Comparative Biochemistry and Physiology Part B: Biochemistry and Molecular Biology, 214, pp.1-11.
It is a procedure that organisation follows when their customers purchases products & services. Along with this, it is defined as a journey which prospects go through in order to becoming potential customers. There are various steps of commercial funnel which are as follows:
Attract: The process of attracting large number of people through marketing as well as advertising.
Convert: herein, companies offer good deals to customer who show interest towards their product & services.
Close: After the conversion, companies put their efforts with an aim to close deal with customers.
Delight: At this stage, organisations retain their employees by providing quality and effective service to customers.
ACCESSING FUNDING AND RESOURCES:
a)The reasons why an organisation would want to access funding and the different types of funding sources available.
Every organisation need funds in order to expand their operations and increase their sales. In addition to this, organisation needs finance for marketing activities which help them to aware more number of customers and enhance level of profits. The sources of funding are as follows:
Bank loan: The bank grant loans to companies and charge certain rate of interest from them . It is considered as one of the most secured way to take loans in a proper manner. Banks give loans after checking all the documents properly.
Family & friends: small businesses also take money from friends and fro family members in order to save money of interest. They give funds to companies on trust and sometimes a time period is decided.
b)Consideration of resources a small business may require to commercialise their offerin
The small business require an official space where they can perform activities in an effective manner. The other necessary things require is license, documents, permission from government and many more.
Evaluation of various methods for protection of ideas based on intellectual property rights with their benefits & disadvantages.
Intellectual Property is defined as an ownership of idea that is design by a person for commercial use. It is essential to protect as well as secure ideas and design of an organisation. There are different tools that helps companies to protect their ideas which are as follows:
Patent: It is a tool that is adopted to protect design, invention of an organisation (Ghimire and et. al., 2015). By the assistance of this tool, Bigbelly smart solution can secure their idea of waste management that leads to maximization of sales as well as profitability level of it. Along with this, it assist Bigbelly to gain competitive advantage at marketplace. Patent is determine as most beneficial intellectual property as it protect the unique idea to be copied in market which assist organisation to attain competitive advantage ta marketplace and build their image as well.
Copyright: It is an impeccable tool that assist an organisation to protect their artistic as well as creative work to be copied by other companies. This tool will help Bigbelly smart solution, to copyright its creative idea of waste management so that other companies will not implement its idea in the market. By the assistance of this, company have the opportunity too attract more number of people towards its services that leads to generation of higher profits.
Trademark: This tool is used by companies to differentiate their products as well as services from competitors prevailing at marketplace. With reference to Big belly smart solution, this tool will help them to distinguish its new product as well as services that attracts large number of people in market which in turn leads to raise in sales and profit of company.Along with this, it assist BigBelly to build its position in market and enhance its sales level. Get Finance Dissertation Topics from our qualified experts!
Advantages & Disadvantages of Intellectual Property
Advantage: The benefit of Intellectual property is it enhance value of companies due to which an organisation gain competitive advantage at marketplace (Aarikka-Stenroos and Lehtimäki, 2014). By the assistance of this, companies can easily gain funding for business activities in a proper manner.
Disadvantages: one of the major disadvantage of Intellectual property is it add cost to the company due to which their profitability level declines. Along with this, patent application takes time that affect on overall productivity of an organisation
From above discussed points it is concluded that innovation is most essential tool that is used by organisations for adding value to their present process or products. Role of structure and culture in the overall process of innovation is mentioned. There has been a discussion on meaning of innovation and its comparison with invention. There is a analysis of role played by leadership skills, entrepreneurial ventures and networks in the overall process of innovation.
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