Innovation and Commercialisation DBM2163 PDF

Innovation and Commercialisation DBM2163 By Madam NurMaisarah Carry marks : 1- Quiz 10% 2- Midterm 25% 3- Individual assignment 15% 4- Presentation 10% 5- Final examination 40%...

Innovation and Commercialisation DBM2163 By Madam NurMaisarah Carry marks : 1- Quiz 10% 2- Midterm 25% 3- Individual assignment 15% 4- Presentation 10% 5- Final examination 40% Total: 100% Understanding the fundamentals of Innovation and Commercialisation  Introduction Innovation and commercialisation are two pillars of modern business strategy, essential for organizations to thrive in a competitive market. In this introductory chapter, we will explore the basic concepts of innovation and commercialization at the diploma level, laying the groundwork for further exploration and practical application. Innovation Innovation is the process by which a domain, product or service is renewed and updated by using new processes, introducing new techniques or creating successful ideas to create new value. Value creation is the defining characteristic of innovation. Concept of innovation in business : The process of business innovation can produce an invention. However, the term is broader in scope and includes applying existing concepts or practices in new ways or applying new technologies to existing products or processes to improve them. Commercialisation Commercialisation is the process by which a new product or service is introduced to the general market. Commercialisation is broken down into several phases, from the initial introduction of the product through mass production and its use. Concept of commercialization in business: Commercialization is the process of bringing a new product or service to market. The launch or commercialization of a new product is considered the final stage of new product development (NPD).  Innovation VS Invention - Invention is about creating something new or significantly improving an existing concept, often in a laboratory or research setting. Innovation involves bringing these inventions to market, adapting them for practical use, and creating value for consumers. The Essence of Innovation At its core, innovation is about finding new and better ways of doing things. It encompasses the development and implementation of novel ideas, processes, products, or services that create value for individuals, organizations, and society at large. Innovation is not limited to technological advancements but also includes improvements in business models, marketing strategies, and organizational practices. The 4 phases of innovation 1.Idea: collection of innovation potentials, derivation of ideas, evaluation and release of ideas. 2.Concept: Extensive analysis and derivation of concepts for the solution, implementation and marketing. 3.Solution: Development and testing of the solutions to the finished product. 4.Market: Arouse and fulfill a customer's needs by implementing in procurement, production and logistics as well as marketing and sales. Types of Innovation 1.Product Innovation: Involves the creation of new or improved products or services to meet the changing needs and preferences of customers. 2.Process Innovation: Focuses on enhancing efficiency, productivity, and quality by reimagining existing processes or introducing new methodologies. 3.Business Model Innovation: Involves rethinking the way value is created, delivered, and captured within an organization, often leading to disruptive changes in industry dynamics. 4.Marketing Innovation: Entails the development of innovative marketing strategies, campaigns, and channels to reach and engage target audiences effectively. 5.Organizational Innovation: Refers to innovations in management practices, organizational structure, culture, and human resources management aimed at fostering creativity, collaboration, and agility. The Importance of Commercialisation The process of bringing innovative ideas to market and generating value from them. Commercialization involves market research, product development, pricing strategies, distribution channels, and marketing efforts aimed at maximizing the adoption and profitability of innovative offerings. Elements of commercialisation CONCLUSION Innovation and commercialization are fundamental drivers of economic growth, organizational competitiveness, and societal progress. By mastering the principles and practices outlined in this chapter, students will be better equipped to harness the power of innovation and commercialization to create value and make meaningful contributions in their chosen fields of study and professional endeavors. In the subsequent chapters, we will delve deeper into specific aspects of innovation and commercialization, exploring case studies, industry trends, and practical applications to further enhance students' understanding and skills in this critical domain.  Questions & answers (Q&A) Task: Describe one new invention in business. The tasks will be discussed in the next class. Come up with a list of different problems you face going about your day. Once you have a list of about 10 different problems, try to brainstorm 1 to 3 different solutions that don't exist yet. By identifying these pain points and coming up with a solution, you'll be well on your way to starting a successful business.