Innovation and Commercialisation | My Assignment Tutor

ICON COLLEGE OF TECHNOLOGY AND MANAGEMENTPearson BTEC HND in BusinessUnit 8: Innovation and Commercialisation (RQF)Assignment BriefSession September 2020 Programme titleBMKT6 Pearson BTEC HND in Business (RQF)Unit number and titleUnit 8Innovation and CommercialisationUnit TypeOptionalUnit Level and CreditValueLevel 515 CreditAssessor (s)Prof Zakir Hossain, Mr Harish Jyawali, Mr Christopher Ngwasiri, MsCheryl Osborne-GibbonsIssue Date3 October 2020Final assignmentsubmission deadline04-09 January 2021Late submission deadline11-16 January 2021The learners are required to follow the strict deadline set by the Collegefor submissions of assignments in accordance with the BTEC level 4–7submission guidelines and College policy on submissions.Resubmission deadlineTBAFeedbackIn-class feedback will be available from draft submissions on a task-bytask basis as a formative assessment as well as summative feedback inthe form of initial submission.Final feedback will be available within 2 weeks of the assignmentsubmission date. GeneralGuidelines• The work you submit must be in your own words. If you use a quote or anillustration from somewhere, you must give the source.• Include a list of references at the end of your document. You must give allyour sources of information.• Make sure your work is clearly presented and that you use correct grammar. Internal verifierDr Walter GunetillekeSignature (IV of thebrief) *Walter@iconcollege.ac.ukDate26/9/20 Assignment Brief – continued2ICON College of Technology and ManagementPearson BTEC HND in Business (RQF)Unit 8: Innovation and CommercialisationSession: September 2020CourseworkRecommended Word limit: 3,500–4,500This Unit will be assessed by assignment.You are strongly advised to read “Preparation guidelines of the CourseworkDocument” before answering your assignment.ASSIGNMENTAssignment Context and Scenario:A UK-based organisation of your choice wants to introduce new products into its existingmarket due to increasing demand. The Innovation Manager has studied the market forgrowth and potential profitability and is convinced that the organisation should certainlydevelop new products. Your chosen organisation’s competitors are currently engaged indeveloping new products, so developing new products is a must in this industry. In fact, theUK market is increasingly becoming competitive.You have been hired as an innovation consultant to evaluate the situation and presentrecommendations on how the company should move forward with developing newproducts. Your answer should be in form of a business report format to be presented to theInnovation Manager. The business report will address the following:1. Explanation of the difference between invention and innovation.2. The value and importance of innovation to organisations and how this can be embeddedwithin the organisational leadership and culture.3. The different forms of innovation and the four directions of change an organisation cantake. Explain the 4Ps of innovation and how this supports capability and management ofinnovation. Advise the Innovation Manager which form of innovation he should engage in.4. Discuss the approaches that the Innovation Manager can take to process innovativeideas, including the innovation funnel and frugal innovation.5. Explain the steps the Innovation Manager should go through to derive a new andinnovative product.Assignment Brief – continued3What you must doThe following issues are required to be carried out:LO1 Explain the context for innovation and determine the difference between invention andinnovation.For your chosen organisation to see the benefits of new products, explain innovation anddetermine its importance to organisations in comparison with inventionUsing your chosen organisation, explain how organisational vision, leadership, culture andteamwork can shape innovation and commercialisation.For the benefit of your chosen organisation, analyse different sources of innovation, and how theorganisation can foster and develop an environment and culture of innovation. You should alsocritically analyse how innovation is developed, embedded and measured in your chosenorganisation.LO2 Explain the different types of innovation.You are required to explain the 4Ps of innovation and explain the use of the innovation funnel toexamine and shape innovative ideas. You should also analyse the innovation funnel and apply thisconcept in your chosen organisation.To demonstrate your understanding of innovation, explain developments in frugal innovation andprovide examples of how it is used in an organisational context. You should also evaluate the roleof frugal innovation in your chosen organisation.To further demonstrate your understanding of innovation, you should critically analyse howinnovation is developed, embedded and measured in your chosen organisation.LO3 Discuss the process required to commercialise innovation.To demonstrate your understanding of the innovation, explain the importance of thecommercial funnel and the application of new product development (NPD) processing forcommercialisation of innovation.The Innovation Manager needs to be convinced that developing a new product is the way forwardfor the organisation. You are required to build an innovation business case for the organisation,including ways to access funding. The innovation case should also be detailed and should includehow to measure its overall effectiveness using appropriate techniques available to test, iterate andimprove (e.g., market survey, projected fund flow statement, etc.LO4 Evaluate the range of methods for protecting ideas and understand their advantagesand disadvantages.Using your organisation, evaluate the different tools that it can use to develop, retain and protectknowledge and intellectual property. You should also present supported evidence-basedevaluation of these different tools in the context of the wider business environmentTo further demonstrate your understanding of innovation, you are required to critically evaluate thenature of innovation and the context in which it is developed, providing evidence-based judgementson how your organisation can overcome challenges to develop successful innovations.Assignment Brief – continued4Relevant InformationTo gain a Pass in a BTEC HND Unit, you must meet ALL the Pass criteria; to gain a Merit, you mustmeet ALL the Merit and Pass criteria; and to gain a Distinction, you must meet ALL the Distinction,Merit and Pass criteria. Grading CriteriaLearning OutcomePassMeritDistinctionsLO1 Explain the contextfor innovation anddetermine the differencebetween invention andinnovation.P1 Explain innovationand determine itsimportance toorganisations incomparison with invention.P2 Explain howorganisational vision,leadership, culture andteamwork can shapeinnovation andcommercialisation.M1: Analysedifferent sources ofinnovation, and howorganisations canfoster and developan environment andculture ofinnovation.D1: Critically analyse howinnovation is developed,embedded and measured inan organisational context.LO2 Explain the differenttypes of innovation.P3 Explain the 4Ps ofinnovation and explain theuse of the innovationfunnel to examine andshape innovative ideas.P4 Explain developmentsin frugal innovation andprovide examples of howit is used in anorganisational context.M2 Analyse andapply the innovationfunnel in anorganisationalcontext.M3 Evaluate therole of frugalinnovation in anorganisationalcontext.LO3 Discuss the processrequired to commercialiseinnovationP5 Explain theimportance of thecommercial funnel and theapplication of new productdevelopment(NPD) processing forcommercialisation ofinnovation.P6 Build an innovationbusiness case for anorganisation, includingways to access funding.M4 Build a detailedinnovation businesscase which includeshow to measure itsoveralleffectiveness usingappropriatetechniquesavailable to test,iterate and improve.D2 Critically evaluate thenature of innovation and thecontext in which it isdeveloped, providingevidence-based judgementson how organisations canovercome challenges todevelop successfulinnovations.LO4 Evaluate the range ofmethods for protectingideas and understand theiradvantages anddisadvantages.P7 Evaluate the differenttools that organisationscan use to develop, retainand protect knowledgeand intellectual property.M5 Presentsupportedevidence-basedevaluation of thesedifferent tools in thecontext of the widerbusinessenvironment.entrepreneurs Assignment Brief – continued5Relevant InformationGuide to student1. Preparation guidelines of the Coursework Documenta. Document margins must not be more than 2.54 cm (1 inch) or less than 1.9cm (3/4 inch).b. The assignment should be in a formal business style using single spacing and font size 12.c. Standard and commonly used type face such as Arial should be used.d. All figures, graphs and tables must be numbered.e. Material taken from external sources must be properly referenced using the Harvardreferencing system.f. You should provide references using the Harvard referencing system.g. Do not use Wikipedia as a reference.2. Plagiarism and CollusionAny act of plagiarism or collusion will be seriously dealt with according to the College regulations. Inthis context the definitions and scope of plagiarism and collusion are presented below:Plagiarism is presenting somebody else’s work as your own. It includes copying information directlyfrom the Web or books without referencing the material; submitting joint coursework as an individualeffort.Collusion is copying another student’s coursework; stealing coursework from another student andsubmitting it as your own work.Suspected plagiarism or collusion will be investigated and if found to have occurred will be dealt withaccording to the College procedure (For details on Plagiarism & Collusion please see the StudentHandbook).3. Submissiona. Initial submission of coursework to the tutors is compulsory in each unit of the course.b. The student must check their assignments on ICON VLE with plagiarism software Turnitin to makesure the similarity index for their assignment stays within the College approved level. A student cancheck the similarity index of their assignment three times in the Draft Assignment submission pointlocated in the home page of the ICON VLE.c. All Final coursework must be submitted to the Final submission point into the Unit (not to theTutor). The student would be allowed to submit only once and that is the final submission.d. Any computer files generated such as program code (software), graphic files that form part of thecoursework must be submitted as an attachment to the assignment with all documentation.e. Any portfolio for a Unit must be submitted as a hardcopy to examination office.f. The student must attach the tutor’s feedback from the First submission in between the cover page andthe answer in the case of Resubmission.4. Good practicea. Make backup of your work in different media (hard disk, memory stick, etc.) to avoid distress for lossor damage of your original copy.5. Extension, Late Submission and Resubmissiona. If you need an extension for a valid reason, you must request one using an Exceptional ExtenuatingCircumstances (EEC) form available from the College examination office and ICON VLE. Please notethat the tutors do not have the authority to extend the coursework deadlines and therefore do not askthem to award a coursework extension. The completed form must be accompanied by evidence suchas a medical certificate in the event of you being sick, and should be submitted to the ExaminationOffice.b. Late submission will be accepted and marked according to the College procedure. It should be notedthat late submission may not be graded for Merit and Distinction.c. All late coursework must be submitted to the Late submission point into the unit (not to the Tutor)in the ICON VLE. A student is allowed to submit only once and that is also treated as the finalsubmission.d. Only one opportunity will be given for reassessment (resubmission) will be permitted and theassessment will be capped at Pass for the unit. In addition, no resubmission will be allowedin any component of the assessment for which a Pass grade or higher has been achieved.e. Repeat Units – A student who has failed to achieve a Pass in both Final/Late submissionAssignment Brief – continued6and in the Resubmission must retake the unit the full attendance and payment of the unitfee. The overall unit grade for a successfully completed repeat unit is capped at Pass forthat unit. Units can only be repeated once. 6. Submission deadlinesFinal Submission date:Late Submission date:Online to the ICON College VLE04-09 January 202111-16 January 2021 Glossary:Analyse: Identify separate factors, say how they are related and how each one contributes to thetopic.Assess: to determine the importance, size and value of something. Or give careful consideration toall the factors or events that apply or identify which are the most important or relevant.Build a case: Answers the question, “What happens if ?” For example, Does the investment innew phone technology justify the cost? A business case is an argument, usually documented, that isintended to convince a decision maker to approve some kind of action. The strength of the businesscase is every bit as important as the value inherent in the project.Critically evaluate: Point out differences which are particularly significant.Evaluate: review the information then bring it together to form a conclusion. Give evidence of eachof your views or statement.Explain: Set out in detail the meaning of something, with reasons. More difficult than describe orlist; it can help to give an example to show what you mean. Start by introducing the topic then givethe ‘how’ and ‘why’ OR provide details and give reasons and/or evidence to clearly support theargument you are making.Explore: Inquire into or research about any factors pertinent to a particular issue.Examine: When you evaluate you look at the arguments for and against an issue.Identify: Point out or choose the right one/ give a list of main features.Illustrate: Include examples or a diagram to show what you mean.Determine: Ascertain or establish exactly by research.

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