Learning Outcomes:
- Examine the context for innovation and show the difference between invention and innovation.
- Determine different types of innovation.
- Demonstrate the process required to commercialise innovation.
- Elaborate the process required for commercialise innovation.
- Analyse the range of methods for protecting ideas and understand their advantages and disadvantages.
Brief and Guidance:
Introduction:
The purpose of this unit is to explain innovation and commercialisation. Organisations had innovated both the product offering and processes to enable competition in the market. Its main purpose is to maximise the Return on Investment (ROI).
You will analyse the tools and techniques for organisations in order to have a more commercial in their approach.
Scenario:
You are doing a small research as a new researcher which is based on innovation and commercialisation to an organisation of your own choice where there is collaboration of innovation and commercialisation in the culture of organisation for next 12 months. You are representing the CEO of organisation where you have to inform how the organisation can gain benefit from innovative and commercialisation skills in order to maximise Return on Investment (ROI). The activities should reflect the scenario (the chosen company).
- A brief introduction of the chosen organisation's current situation and key activities.
- An examination of innovation and its importance to employees of your chosen organisation with examples from chosen organisation in comparison with invention. Evaluate different sources of innovation and critically analyse how innovation is developed, embedded and measured in your chosen organisation.
- How leadership, vision and culture of organisation and teamwork can help in shaping innovation and commercialisation, improve your explanation with an evaluation of how organisations can foster and develop an environment and culture of innovation.
- Analysis of the 4Ps of innovation and the use of innovation funnel to determine and shape innovative ideas to employees of your organisation. The 4Ps of innovation should include Product, process, position and paradigm.
- How your chosen organisation can develop frugal innovation. Analyse how frugal innovation is used or can be used in the organisation that you have mentioned.
- Determine the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation to employees of your chosen organisation, with practical examples where necessary.
- Develop a detailed Innovation Business Case for your chosen organisation, including ways to access funding.
- An analysis of different tools that the chosen organisation use to develop, retain and protect knowledge and intellectual property with practical examples.
Structure of report:
- Cover page
- Contents page
- Introduction
- Main Body
- Conclusion
- References and bibliography
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Pass |
Merit |
Distinction |
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LO1 Determine the context for innovation and explain the difference between invention and innovation |
LO1 & 2 D1 Briefly evaluate how innovation is developed, embedded and measured in an organisational context. |
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P1 Examine innovation and explain its importance to organisations in comparison with invention. P2 Elaborate how leadership, vision, culture and teamwork can shape innovation and commercialisation. |
M1 Evaluate different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. |
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LO2 Examine different types of innovation |
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P3 Determine the 4Ps of innovation and examine the use of innovation funnel to analyse and shape innovative ideas. P4 Examine developments in frugal innovation and provide examples of how it is used in an organisational context. |
M2 Evaluate and use the innovation funnel in an organisational context. M3 Analyse the role of frugal innovation in an organisational context. |
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LO3 Explain the process required to commercialise innovation |
LO3 & 4 D2 Briefly analyse 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. |
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P5 Examine the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. P6 Develop an Innovation Business Case for an organisation, including ways to access funding. |
M4 Develop a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. |
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LO4. Analyse the range of methods for protecting ideas and understand their advantages and disadvantages |
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P7 Examine the different tools that organisation can use to develop, retain and protect knowledge and intellectual property. |
M5 Produce supported evidence -based innovation and the context in which it is developed, providing evidence -based judgements on how organisations can overcome challenges to develop successful innovations. |
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