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.