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This unit aims to equip students with a comprehensive understanding of innovation and commercialisation.
By the end of this unit a student will be able to:
LO1: Explain the context for innovation and determine the difference between invention and innovation
Innovation vs invention:
LO2: Explain the different types of innovation
Processing different types of innovation:
LO3: Discuss the process required to commercialise innovation
Commercialisation of innovation:
LO4: Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages
Learning Outcomes and Assessment Criteria
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.
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