Aim of Unit 8 Innovation and Commercialization
The unit provides detailed information regarding the background knowledge of innovation and commercialization within the organization to acquire a better business environment. Acquiring knowledge about innovation in business environment enables a student to understand the effectiveness of the organizations to remain competitive within the market. The students would further be able to analyze the innovative operations performed by these sectors. In addition to this, the student would be able to acquire knowledge about the tools and techniques used by the organization to drive innovation. They would further be able to analyze the fact of how the organizations remain commercially intact by incorporating innovation.
LO1 Explain the context for innovation and determine the difference between invention and innovation
Innovation refers to a significant contribution to a pre-existing process or product to improve its characteristics. However, the invention refers to the production of a new product. The commercialization, on the other hand, refers to making a product available in the market. As an organization requires financial support to introduce innovative techniques, therefore, it acts as a challenge for small business. Thus, organizations require a defined structure possessing proper management to incorporate innovation.
LO2 Explain the different types of innovation
There are different types of innovations among which innovation funnel is used to develop and manage new ideas and solution. Other innovation strategy includes disruptive, incremental, innovation space strategy and frugal innovation. It has been observed that different types of innovation possess advantages as well as disadvantages. Thus, the organizations are required to implement the innovation strategy that is suitable for the accomplishment of their objectives. Moreover, the organizations could incorporate frugal innovation in order to retain a position in the market.
LO3 Discuss the process required to commercialize innovation
Organizations adapt to the commercialization funnel and New Product Development to introduce new products within the market. Moreover, the organizations are required to plan properly before the implementation of innovation with the incorporation of advanced technology and information management. The planning is further required in order to analyze the expenditure as well as resources for implementing an innovative strategy.
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages
Property that is created by the human intellect is referred to as Intellectual property. Thus, the organizations are required to comply with intellectual Property Rights in order to avoid exploitation of knowledge. The intellectual properties further include trademarks, copyrights, patents and designed rights. However, there are certain limitations to the use of IP in an international context. It has also been identified that branding plays a key role in protecting innovation. Moreover, the enhancement of open source and innovative platforms possess a great influence on IP.
Get assignment help services from: www.hndassignmenthelp.com
Learning outcomes and assessment criteria
|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 & 2 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 Evaluate the role of frugal innovation in an organisational context.|
|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 & 4 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.|
|LO1 Explain the different types, size and scope of organizations|
|P1 Explain different types and purposes of organisations; public, private and voluntary sectors and legal structures. P2 Explain the size and scope of a range of different types of organisations.||M1 Analyse how the structure, size and scope of different organisations link to the business objectives and product and services offered by the organisation.||LO1 & 2 D1 Provide a critical analysis of the complexities of different types of business structures and the interrelationships of the different organisational functions.|
|LO2 Demonstrate the interrelationship of the various functions within an organisation and how they link to organisational structure|
|P3 Explain the relationship between different organisational functions and how they link to organisational objectives and structure.||M2 Analyse the advantages and disadvantages of interrelationships between organisational functions and the impact that can have upon organisational structure.|
|LO3 Use contemporary examples to demonstrate both the positive and negative influence/impact the macro environment has on business operations|
|P4 Identify the positive and negative impacts the macro environment has upon business operations, supported by specific examples.||M3 Apply appropriately the PESTLE model to support a detailed analysis of the macro environment within an organisation.||LO3 & 4 D2 Critically evaluate the impacts that both macro and micro factors have upon business objectives and decision-making.|
|LO4 Determine the internal strengths and weaknesses of specific businesses and explain their interrelationship with external macro factors|
|P5 Conduct internal and external analysis of specific organisations in order to identify strengths and weaknesses.||M4 Apply appropriately SWOT/TOWS analysis and justify how they influence decision-making.|
|P6 Explain how strengths and weaknesses interrelate with external macro factors.|
This unit links to the following related units:
Unit 27: Identifying Entrepreneurial Opportunities
Unit 28: Launching a New Venture
Unit 42: Planning for Growth