Unit 8 Innovation and Commercialisation
Unit Specification
Unit code M/508/0494
Unit type Core
Unit level 4
Credit value 15
Aim
This unit aims to equip students with a comprehensive understanding of innovation
and commercialisation.
Unit abstract
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.
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).
Learning outcomes
On successful completion of this unit a learner will:
1. Explain the context for innovation and determine the difference between
invention and innovation.
2. Explain the different types of innovation.
3. Discuss the process required to commercialise innovation.
4. Evaluate the range of methods for protecting ideas and understand
their advantages and disadvantages
Essential Content
1. Explain the context for innovation and determine the difference
between invention and innovation
Innovation vs invention:
1
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.
2. Explain the different types of innovation
Processing different types of innovation:
The use of the innovation funnels 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.
3. 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.)
2
4. 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 M1 Analyse different LO1 and LO2
determine its importance to sources of innovation, D1 Critically analyse
organisations in comparison and how organisations how innovation is
with invention. can foster and develop developed, embedded
P2 Explain how an environment and and measured in an
organisational vision, culture of innovation. organisational context.
leadership, culture and
teamwork can shape
innovation and
commercialisation.
LO2 Explain the different types of innovation
P3 Explain the 4Ps of M2 Analyse and apply
innovation and explain the use the innovation funnel in
of the innovation funnel to an organisational
examine and shape innovative context.
ideas. M3 Appraise the role of
P4 Explain developments in frugal innovation in an
frugal innovation and provide organisational context.
examples of how it is used in
an organisational context.
3
LO3 Discuss the process required to commercialise
innovation
P5 Explain the importance of M4 Build a detailed LO3 and LO4
the commercial funnel and the Innovation Business Case D2 Critically evaluate
application of which includes how to the nature of
New Product Development measure its overall innovation and the
(NPD) processing for effectiveness using context in which it is
commercialisation of innovation. appropriate techniques developed, providing
P6 Build an Innovation available to test, iterate evidence-based
Business Case for an and improve. judgements on how
organisation, including ways organisations can
to access funding. 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 M5 Present
tools that organisations can supported evidence-
use to develop, retain and based evaluation of
protect knowledge and these different tools in
intellectual property. the context of the
wider business
environment.
Recommended Resources
Textbooks
BESSANT, J, and TIDD, J. (2015) Innovation and Entrepreneurship. 3rd Ed. Oxford:
Wiley. DRUCKER, P. (2006) Innovation and Entrepreneurship. London: Harper
Business.
MATTHEWS, C and BRUEGGEMANN, R. (2015) Innovation and
Entrepreneurship: A Competency Framework. London: Routledge.
TROTT, P. (2012) Innovation Management and New Product Development.
Harlow: Pearson.
VALIKANGAS, L. and GIBBERT, M. (2015) Strategic Innovation: The Definitive
Guide to Outlier Strategies. London: Pearson FT Press.
4
Links
This unit links to the following related units:
Unit 9: Entrepreneurship and Small Business Management
Unit 22: Product and Service Development
Unit 27: Identifying Entrepreneurial Opportunities
Unit 28: Launching a New Venture
Unit 42: Planning for Growth
