Solved: Innovation and Commercialisation
Academic Misconduct:
Any act of Academic Misconduct will be seriously dealt with according to the College’s and awarding bodies’ regulations.
Academic misconduct includes, but is not limited to, the following: Verbatim (word for word) quotation without clear acknowledgement, cutting and pasting from the Internet without clear acknowledgement, collusion, inaccurate citation and failure to acknowledge assistance.
Plagiarism is presenting someone’s work as your own. It includes copying information directly from the web or books without referencing the material; submitting joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own work.
Suspected plagiarism, and any other cases of suspected academic misconduct, will be investigated and if found to have occurred will be dealt with according to the College procedure. (For further details please refer to i. the Academic Misconduct Policy and Procedure; ii Academic Misconduct Student Guide; Academic Good Practice Handbook, all available on HELP.)
| Submission Format: |
| Assignment Guidelines: The submission must be in the specific format(s) as specified in the assignment brief instructions. This could be a variety of formats such as report, essay, presentation, poster etc. The assignment must be submitted in a MS Word© format, or equivalent.A PDF submission will be classed as a Non-Submission Use a standard report or essay structure (if specified), word-process the report and use a normal script of font size 10 to 11. Line spacing 1.5. Pages should be numbered and include a Table of Contents where appropriate. The overall word limit of 3,000 to 3,500 words is recommended, although you will not be penalised for exceeding the word count. Complete the title page and sign the statement of authenticity (see above). These details should be included in the front page of your assignment. All work should be comprehensively referenced and all sources must be fully acknowledged, such as books and journals, websites (include the date of visit), etc. Include a References/Bibliography at the end of the assignment. Use the Harvard referencing system. To achieve a Pass you need to address all Pass criteria. To achieve a Merit you need to address all the Merit criteria along with Pass criteria. To achieve a Distinction you need to address all the Distinction criteria along with Pass and Merit criteria. Use a common structure in writing, for example: Introduction (analyse the question.) Underpinning Knowledge (write about the relevant theory/points) Applied knowledge (Application to a business scenario and supported by applicable data) Conclusions and Recommendations (summarizing the whole scenario keeping in view pass, merit, distinction criteria.) Where you are required to select an organisation please ensure you use your selected organisation(s) to provide context and application of knowledge wherever required. Information about your organisation must be supported by actual evidence with in-text citations and references for the sources of information. General statements that could apply to any organisation should be avoided. Resubmission-A resubmission opportunity Is available to any student that has a referral or did not submit in the first submission period. When resubmitting changes made to the assignment should reflect feedback received. The entire assignment should be uploaded and not just referred sections/tasks. If referred on 2nd submission this may lead to retaking the assignment with full attendance and payment of course fees. Please ensure you are familiar with the learning outcomes and their criteria that must be met in order to achieve a Pass, Merit or Distinction grade. See table below. |
| Unit Aim and Learning Outcomes: |
| This unit aims to equip students with a comprehensive understanding of innovation and commercialisation. 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). 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. Learning Outcomes By the end of this unit a student will be able to: Explain the context for innovation and determine the difference between invention and innovation. Explain the different types of innovation. Discuss the process required to commercialise innovation. Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages. |
| Assignment Brief and Guidance: |
| Scenario and Activity At F-drones, we are building the world’s first transition drone to enable aerial deliveries to ships and offshore platforms. Our unique design will have a combination of heavy payload and long-range capabilities that would put other existing delivery drones to shame. With such incredible specs, our drone can still take-off vertically, fly like a fixed-wing aircraft, and land on a moving target. Consumer-grade drones are passe; We are building aviation-grade drones that would set high safety and reliability standards. We aim to be the leader of heavy payload drone logistics across industries in 5 years. (Source: https://www.f-drones.com/aboutus – Accessed on 24.09.2020 You have recently joined a leading Business Strategy and Innovation Consulting Firm as Junior Consultant and have been asked by the Senior Research Lead to prepare a Report on the topic of innovation and commercialisation in two parts as outlined below. Part One of your report should provide a Critical Analysis of how innovation is developed, embedded and measured in an organisational context (F-drones or any other innovative organisation of your choice). In Critically Analysing, you need to explain innovation and its importance to your chosen organisation in comparison with innovation and how the chosen organisation’s vision, leadership, culture and teamwork can shape innovation and commercialisation. You also need to analyse the different sources of innovation and how your chosen organisation can foster a culture of innovation. The use and importance of innovation funnel and the evaluating the concept of frugal innovation with examples from organisational contexts should also be included. Part Two of the report should present a Critical Evaluation of the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations. In your critical evaluation, you must include an explanation of the commercial funnel and the New Product Development process and build a Business Case for Innovation, which includes measuring overall effectiveness using appropriate techniques including sources of funding. There should be an evaluation of various IP tools that your chosen organisation can use but you can also provide examples of the use of IP tools from wider organisational contexts |
| The module will be assessed and graded against the Pass, Merit and Distinction criteria as specified in the assessment grid below issued by the awarding body, Pearson Edexcel. |
| Learning Outcomes and Assessment Criteria | ||
| Pass | Merit | Distinction |
| LO1 Explain the context for innovation and determine the difference between invention and innovation | LO1 and LO2 D1 Critically Analyse how innovation is developed, embedded and measured in an organisational context. | |
| P1 Explain innovation and determine its importance to organisations in comparison with invention. P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation. | M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. | |
| LO2 Explain the different types of innovation | ||
| P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas. P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context. | M2 Analyse and apply the innovation funnel in an organisational context. M3 Appraise the role of frugal innovation in an organisational context. | |
| LO3 Discuss the process required to commercialise innovation | LO3 and LO4 D2 Critically Evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations. | |
| P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. P6 Build an Innovation Business Case for an organisation, including ways to access funding. | M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. | |
| LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages | ||
| P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property. | M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment. |
| Resources and useful links 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. *Please access HN Global for additional resources support and reading for this unit. For further guidance and support on report writing please refer to the Study Skills Unit on HN Global (www.highernationals.com) 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 |
| Command Verbs-Below is a list of some of the Command Verbs that you will see in internal assessments. Different command verbs will ask for different types of information. Please note that sometimes command verbs may be used across the range of criteria. For example you may be asked to provide an analysis or an evaluation for a Pass criteria. These are common command verbs for Pass Criteria List – Write a list of the main items (not sentences) State– Point out the main features Define– To state the meaning of something using the correct terms Demonstrate – Show that you can do a particular activity or skill Identify– Give all the basic facts which relate to a topic Describe – Give reasons for the points you are marking so that the marker knows how you arrived at that conclusion Summarise – Write down briefly the main points or essential features These are common command verb for Merit Criteria Discuss – To present an argument for and against Explain – Give logical reasons to support your view Describe – Give a full description including details of all the relevant features Suggest – Give your own ideas and thoughts Justify – Give reasons for the points you are marking so that the marker knows Analyse – Identify the factors that apply, and state how these are linked and how each of them relates to the topic Demonstrate – Prove you can carry out a more complex activity These are common command verbs for Distinction Criteria Assess – Evaluate in terms of advantages and disadvantages Analyse – Identify the factors that apply, and state how these are linked and how each of them relates to the topic Recommend – Suggest changes or improvements Evaluate – Break the information into components, examine factors methodically and in detail and bring together all of your information and make a judgement on the importance Select & Demonstrate – Select several relevant examples or pieces of related evidence which clearly support the arguments you are making. This may include showing particular practical skills Review – Consider each factor in turn providing a description and explanation of their uses, strength and weakness, making recommendations |