Unit 8: Innovation and Commercialisation
Unit code M/508/0494
Unit Level 4
Credit value 15
Introduction
This unit aims
to equip students with a comprehensive understanding of innovation and commercialisation.
In today’s competitive landscape it is critical that organisations continually innovate both their product
offering and processes to ensure that
they remain competitive in the market. Furthermore, adopting a more
commercially driven approach
is vital to maximise the Return
on Investment (ROI).
In this unit, we will
look at a number of tools and
techniques organisations use to
drive innovation and become more
commercial in their
approach. The aim of the unit
is to give students
cutting-edge knowledge as well as practical application of the key ways organisations become
more innovative while
remaining commercially driven.
Learning Outcomes
By the end of this unit a student will be able to:
Explain the context for
innovation and determine the difference between invention and innovation.
Explain the different types
of innovation.
Discuss the
process required to commercialise innovation.
Evaluate the
range of methods
for protecting ideas
and understand their advantages and disadvantages.
Essential Content
LO1 Explain the context for innovation and
determine the difference between invention and innovation
Innovation vs invention:
Definition of innovation and commercialisation, taking into consideration
the challenges
this creates for small businesses.
Definition of invention and how invention is created. Turning invention into innovation and sources of innovation.
Innovation management:
Creating a structure and culture of innovation; getting the organisation
to know the
difference between invention and innovation.
Developing innovation vision and leadership, entrepreneurial teams and innovation networks.
LO2 Explain the different types of innovation
Processing different types of innovation:
The use of the innovation funnel to manage new solution/idea development.
Overview of the different types
of innovation with
a focus on disruptive and incremental innovation, and exploring pros and cons
of each approach.
The 4Ps and innovation space strategy.
The development of frugal innovation in response to necessity vs market driven innovation.
LO3 Discuss the process required to commercialise innovation
Commercialisation of innovation:
Adopting the New
Product Development (NPD)
and commercialisation funnel
to drive new products to market; building the Innovation Business Case,
in-market testing and iteration routes to market
and market launch.
Planning innovation:
The impact of advanced technology and information management on research, testing and
developments methods.
Consideration of big data and cognitive systems
to predict behaviours and future trends, social
media and constructing multimedia platforms for
promotion and distribution.
Accessing funding and resources:
The reasons why an organisation would want to access funding
(e.g. product development,
marketing) and the different types of funding sources available.
Consideration of resources a small business may require to commercialise
their offering
(e.g. office space, etc.)
LO4 Evaluate the range of methods for protecting ideas and understand
their advantages and disadvantages
Intellectual property:
The definition of intellectual property (IP).
Exploiting knowledge and intellectual property rights.
Overview of key IP tools including copyrights, trademarks, design rights
and patents.
The role of branding in protecting the innovation and the limitations of IP in an
international context.
The implications of growth of open source
and open innovation platforms upon IP.
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.
|
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