Unit 8 - Innovation and Commercialisation

Feasibility Research

If the ______ finds that the idea is WORTH pursuing and is DOABLE, the product development process begins

New Product Development

- Come up with a conceptual product idea; profiled our target market "customer" ; and performed a competitive analysis "competition" - a matter of process

Patent

- an exclusive right granted for an INVENTION - provides the patent owner with the right to decide how - or whether - the invention can be used by others

Innovation

An improvement of an existing technological product, system, or method of doing something.

Frugal Innovation

An innovation that denotes a new frame of mind: one that sees resource constraints not as a liability but as an opportunity — and one that favors agility over efficiency. Innovation that aims to radically lower the price of a product.

Importance of Business case

It collects the proposal, outline, strategy and marketing plan in one document and offers a full look at how the project will benefit the organization.

Innovation Funnel

It is a mechanism that enables a constant stream of ideas that can be screened for viability. It is a popular approach for innovation that is used by many companies to create an innovative and realistic action plan

Position Innovation

It is the change in the context in which the products/services are introduced or in other words where the target of the offering lies and what the story told about it is.

Paradigm Innovation

It is the change in the underlying mental models which frame what the organisation does or alternatively how the company frames what it does.

Product Innovation

It is the first thing that comes to mind when talking about innovation and conveys the changes in the things (products/services) which an organisation offers.

Business Case

It is the way you prove to your client, customer or stakeholder that the product you are pitching is a sound investment.

Intellectual Property

It refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.

Bank Loan

The now-incorporated business might need a ______ for various such as operating capital and long-term growth. the ___ will become familiar with the company and the entrepreneur will be in a better position to seek additional banking products - including loans - when needed.

Commercialisation

The process by which a new product or service is introduced into the general market.

Tidd and Bessant

These people described the 4 P's of innovation

Angel Investors

This affluent individual - or a group of individuals who pool their research and resources - provides capital for a business start-up usually in exchange for convertible debt or ownership equity. They can be found in communities

Concept Development and testing

This stage allows a person to see if the product prototype works and to allow your target market to use it/provide feedback for improvements

Broadcast Recording

Validity Period - 20 years from date of broadcast

Art

Validity Period - 25 Years from the date of creation

Photographic work

Validity Period - 50 Years from publication

Audio-Visual Work

Validity Period - 50 years from publication

Sound Recording

Validity Period - 50 years from year recording took place

Literary Works

Validity Period - During the lifetime of the author plus 50 years after death

Invention Patent

Validity Period - Valid for 20 years from filing date application

Trademark

a SIGN capable of distinguishing the goods of services of one enterprise from those of other enterprises

Commercialization

a stage that is introducing a new product into the market

Architectural innovation

a type of innovation that is simply taking the lessons, skills and overall technology and applying them within a different market. This innovation is amazing at increasing new customers as long as the new market is receptive.

Creative Commons

an American non-profit organization devoted to expanding the range of creative works available for others to build upon legally and to share

Idea Generation

an invention or innovation; an idea to produce a product or service that is not currently available that may give the result of a gap in the market

Industrial Design

constitutes the ornamental or aesthetic aspect of an article example: headphones and helmet design

marketing strategy development

designing an initial marketing strategy for a new product based on the product concept

product development

developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering - What the product will look like and it must satisfy what the target market wants

Business Analysis

evaluating the potential impact of a product idea on the firm's sales, costs, and profits; or the proposal of the initial marketing strategy

Innovation Matrix

it is a diagram that shows the four types of innovations which are break down into two dimensions.

Incremental Innovation

most common form of innovation; It utilizes your existing technology and increases value to the customer (features, design changes, etc.) within your existing market. Almost all companies engage in incremental innovation in one form or another.

Process innovation

refers to changes in the way things are created and delivered

Invention

refers to creating a concept, an idea, or an item physically new or unique that may haven't been verified. An _______ cannot occur without an individual's creativity and full of insight.

Idea Screening

screening new product ideas to spot good ones and drop poor ones as soon as possible

Geographical Indications and Appellations of Origin

signs used on goods that have a specific geographical origin and possess qualities, a reputation or characteristics that are essentially attributable to that place of origin most commonly includes the name of the place of the origin of the goods — Philippine Brand Dried Mangoes

Disruptive Innovation

stealth innovation; involves applying new technology or processes to your company's current market. It is stealthy in nature since newer tech will often be inferior to existing market technology.

Test Marketing

test acceptance of the product; the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation Customer feedback can improve the product and can determine when to officially enters the market

Fair Use

the conditions under which you can use material that is copyrighted by someone else without acquiring license example: COMMENTARY, CRITICISM, REPORTING, RESEARCH

Copyright

the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.

Crowdfunding

the practice of funding a project by raising many small amounts of money from a large pool of small investors with fewer restrictions, typically via the Internet.

Friends and Family

these are the second source of funds for many new ventures. These people are investing in you, not your business. Both parties should think of this investment as a grant with no strings attached. If the enterprise succeeds, a reward to these risk-takers would be a nice gesture.

Venture Capital

these investors, who have money to deploy, conduct their due diligence to ascertain the viability of the enterprise. Their ultimate goal will be to sell your business to garner a financial return for its limited investment partners and the entrepreneur.

Radical Innovation

type of innovation that gives birth to new industries (or swallows existing ones) and involves creating revolutionary technology.

Bootstrapping

using your own financial resources, such as money from a savings account or careful use of personal credit cards. Wise deployment of these precious dollars is critical.