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Unit 8 Innovation and Commercialization

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Aim of Unit 8 Innovation and Commercialization

This Unit mainly aims to provide a detailed analysis of innovation and commercialization. A variety of tools and techniques can be used to drive an innovative and commercial approach in organizations. This unit aims to give knowledge about the key ways organizations become innovative and driven by commercialization. In a competitive era, it is vital for companies to build up innovation in their product processes so that the companies can hold their stand in the market. Building a commercial approach will enable companies to have a greater ROI (Return On Investment). Development of a wide range of products will enable companies to shape up and restructure their outlook.

Learning outcomes

LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages

LO3 Discuss the process required to commercialize innovation

LO2 Explain the different types of innovation

LO1 Explain the context for innovation and determine the difference between invention and innovation

LO1 Explain the context for innovation and determine the difference between invention and innovation

Innovation and commercialization is the building up of ideas and thoughts to device a new method and process in business strategies. Due to challenges faced by some of the small businesses it is often seen that they adopt a process of innovation and commercialization. Invention is the creation of something that has never been seen before. It is to turn invention into innovation and sources of innovation. Organizations need to understand the difference between innovation and commercialization, develop a vision of innovation and leadership, networks on innovation and build up entrepreneurial teams.

LO2 Explain the different types of innovation

There are two types of innovation, disruptive and incremental innovation and a need for developing the pros and cons of each approach. A funnel of innovation is used to manage a new solution and support system. A development of innovation is made for necessity and another is a market driven approach. A focus should be built on innovative space technology identifying the 4 Ps in the marketing processes.

LO3 Discuss the process required to commercialize innovation

For commercialization of businesses and driving new processes into the market, adopting new product development and business cases of innovation market testing is done. For planning data, consideration of big data and cognitive systems to enable analysis of market behavior and future predictions is needed for promotion and distribution. Small businesses often want to commercialize their market for enhancing the market growth. Organizations want to enhance their market by getting access to proper funding and resources.

LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages

Intellectual Property is a product of human intellect in the form of copyrights, patent rights and trademarks. It is necessary to avail the knowledge from the rights of intellectual property. The role of branding in protecting innovation and the limitations of Intellectual Property is important. The development of open platforms and open innovation platforms is extensive.

Learning outcomes and assessment criteria

Pass Merit Distinction
LO1 Explain the context for innovation and determine the difference between invention and innovation  
P1 Explain innovation and determine its importance to organisations in comparison with invention. P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation. M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. LO1 and LO2 D1 Critically analyse how innovation is developed, embedded and measured in an organisational context.
LO2 Explain the different types of innovation  
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas. P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context. M2 Analyse and apply the innovation funnel in an organisational context. M3 Appraise the role of frugal innovation in an organisational context.  
Pass Merit Distinction
LO3 Discuss the process required to commercialise innovation  
P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. P6 Build an Innovation Business Case for an organisation, including ways to access funding. M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. LO3 and LO4 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.
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages  
P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property. M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment.  

Links

This unit links to the following related units:

Unit 9: Entrepreneurship and Small Business Management

Unit 22: Product and Service Development

Unit 27: Identifying Entrepreneurial Opportunities

 Unit 28: Launching a New Venture

Unit 42: Planning for Growth