Innovation and Commercialization: A guide for UK Businesses

Activity One:

Content for a Brochure

Types of Innovation

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

LO2 Explain the different types of innovation

Imagine that the Investment Associate at Ascension Ventures has asked you to develop some content fora new Brochure, which Ascension Ventures wants to add to its website. The Investment Associate has asked you to write one section of the Brochure to inform UK Businesses about the importance and variety of innovation, introducing them to any tool or approach to innovation they might apply to their own organisation. You need to explain the concept of innovation compared to invention and appraise at least two types of innovation and the 4Ps of  innovation. You need to analyse how the innovation funnel can be used in one or more organisation(s) of your choice, in order to develop an  innovative product, service, software or process. You also need to appraise the role of frugal innovation in one or more organisation(s) of  your choice. You may add images to your text as you see fit, in order to make your section of the Brochure look interesting and attractive.

The required submission is in the form of a Brochure Section. It must be word-processed, written work but you may add images and logos as  you see fit. You need to provide a completed cover page with clear indication of the unit number and title, the relevant task being addressed,  your name and registration number. You should write in a concise, formal academic style using single spacing and font size 12. Youare required ake use of headings, paragraphs and subheadings as appropriate. Any sources you draw information from should be referenced  using  the Harvard referencing system. The recommended word limit is 1000 - 1500 words excluding references. You will not be penalised if you exceed  the word  limit.

Business Case Report

Commercialisation

LO3 Discuss the process required to commercialise innovation

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

the Ascension Team was impressed with the content you provided for the new Brochure. The Investment Director has asked you to build a  detailed innovation Business Case for an organisation of your choice, which can also be added to the website. If your business case is  appropriate and good enough, you may even be invited to pitch the idea to the Ascension Team. You need to choose any business that has  potential for growth through innovation including a UK start You need to critically evaluate the nature of innovation in the organisation of your  choice. You need to explain how the commercial funnel and application of New Product Development (NPD) processing can help the  organisation commercialise its innovation. You also need to evaluate the advantages and disadvantages of different methods (at least two) for  retaining and/or protecting knowledge and intellectual property; and you need to recommend ways the organisation can access funding for  their innovative product.

The required submission is in the form of a report. You need to provide a completed cover page with clear indication of the unit number and  title, the relevant task being addressed, your name and registration number. The Report should be written in a concise, formal academic style  using single spacing and font size 12. You are required to make use of headings, paragraphs and subheadings as appropriate. Any sources you  draw information from should be referenced using the Harvard referencing system. The recommended word limit is 1000 - 1500 words  excluding references. You will ot be penalised if you exceed the word limit.