Understanding Innovation and Commercialization
In the ever changing technological world, innovation is a key aspect in ensuring an organization remains relevant and competitive in the marketplace. Moreover, innovation puts companies to efficiently run their organizational structures, which comprises workforce management and leadership paradigm. On the other hand commercialization equips the company with opportunities to increase profitability through innovation. Innoway is an innovation consultancy firm dedicated to aiding other companies to advance through the modern innovation methodologies and commercial approaches to enable them cope with sustenance in the marketplace. The Innoway report shall entail innovation, invention and commercialization concepts configures in the contemporary time. Moreover, the report shall establish factual examples, methodologies and approaches presented in companies.
Innovation simply refers to the strategies and processes that add certain value to services or products. It comprises the act of introducing certain changes to a particular process to come up with modifications in a service or a product. Through innovation, the market is served with better products and services. Moreover, innovation can be the introduction of a new product, technology, service or idea that redesigns the current product or service to be relevant to the current market requirements.
On the other hand, invention refers to the process of discovering, creating, designing or developing a new idea or service. The process of innovation outputs a completely new item in the market that has never existed before. Innovation is considered a scientific process that passes through the processes of research and implementation before coming up with a new product in the market. Inventions are origin ideas on a working theory; they are scientific and concerned with a single service or product. To achieve realism on invention, the inventor shall acquire patent intellectual rights as security to the invention and avoid duplicate or copies from other individuals or companies.
The major differences between innovation and invention are that innovation is mainly for economic-purposes where an organization sees a need to introduce certain services or processes in the day-to-day operations, whereas invention may be for economic or non-economic purposes. Innovation results in the commercialization of a product whereas invention may not require the commercialization of the product or the service. Invention is limited to the research and development section of an organization whereas in innovation takes place all over the company processes in updating its services and goods as per the market demand. Invention requires scientific skills whereas innovation comes about when an organization, through the marketing department introduces a set of technical and strategic skills to the ongoing processes and tasks in an economic viable perspective.
McDonald’s boasts as the second largest fast-food restaurant with multiple chains across the globe. The fast-food establishment has over 119 country-scopes with averagely having 36,900 restaurants and a total of 68 million customers visiting the restaurants in a single day. McDonald’s innovation strategy has played a key role in the success of the business on a global context. Since its inception, McDonalds has constantly invented its particulars for instance, the introduction of McDelivery, which is an improved delivery service that is in collaboration with Uber. Inventions have insignificant contribution to the success of the company as compared to innovation which has attracted a lot of customer base throughout the globe (Butryumova, 2015). Major inventions include introduction of recyclable cups and self-service kiosks.
Samsung is one of the most innovative companies in the world. The tech giant stands out in the technology field being a global leader in screen technology, battery maker, TVs and chip design. Samsung leads in global innovation in diverse fields such as security, privacy, artificial intelligence, digital health, the Internet of Things and many more (Almaraz, 2018). Samsung takes advantages of partnerships and the changes in technology to stand out as one of the giants in innovation.
The company’s innovative strategy involves the introduction of new products to the market and innovative business models. The Company delights its users with a succession of enticing products in its cycles to the market. They come up with great new ideas and that includes hardware and software improvements. Moreover, Samsung pioneers into new business models and gathers new market niches remaining competitive in the market.
P2
An organizational vision, structure and culture are essential in the shape of the entity’s innovation and commercialization framework. The management can create a framework that supports innovative processes and develop multidisciplinary department teams to collaborate. At Samsung, the innovative leaders think regarding pipelines and platforms and tirelessly think push for innovation throughout all the departments. Concurrently, McDonalds Company’s strategy is encouraging employees to be imaginative as further as possible. The company encourages free thinking among the employees and allowing the employees to develop a sense that they are essential idea sellers.
The management should ensure the entire company’s processes entice and delight the customers of the company. This shall be achieved by seeking customer feedback and recommendations to enable the entity develop initiatives to prioritize the feedbacks that gather the highest potential of achieving customer objectives and on the other hand remain competitive in the marketplace (Goffin and Mitchelle, 2016). The team’s culture should be experimental oriented and futuristic too, by studying the different solutions for existing problems in the organization. Through rigorous experiments, the workforce members can be able to learn how to design hypothesis and test it out repeatedly then come up with a solution for the problem. In this case, Samsung has employed great innovators who are exclusively focused to making the world a better place. McDonalds Company believes quality pushes for innovation, through maintaining high standards of excellence in the workplace, the standards in the products appreciate thus innovation in the company.
Organizations should adopt a cross-functional working system and replace the step-by-step processing. Directorates should work concurrently which enables them achieve high accurate prototypes and at a faster rate as compared to individual working sections of an organization. Leaders should advocate for an organizational structure that is characteristic of adaptability, curiosity and flexibility at all times. Samsung’s push for contribution in the tech world makes them a step ahead with competitors chasing Samsung finding themselves just behind months late in the market (Goffin and Mitchelle, 2016). There should be a culture of on-going change in the organization with high levels of flexibility among the employees. Flexibility and change in the company need support from the management and workforce members in efforts to move along swiftly to both planned and unplanned changes in the organization. Understanding that the workplace is more of a community, McDonald’s has a unique organizational culture that creates a positive environment that supports flexibility and move swiftly through planned and unplanned changes in the organization. Walt wasn’t afraid of changes in the company, wasn’t afraid of big and utopia ideas, and through this he managed to come up with success at the end (Chia et al, 2018).
A strategy of having innovative business models as a significant framework of the organization is essential to the company. Samsung does not only focus on the design of beautiful and innovative products. Incorporating innovative business models in the organization such as introduction of the A series then integrating it with artificial intelligence. The innovative business model ensured there was no software gap after unveiling the new software gaps in the market.
Commitment to innovation should be cultural and not process driven. The most successful products at Samsung were started at elementary levels with the lack of a formal structure or hierarchy in the organization. Through the discipline, Samsung has come up with effective innovative systems and harnessed creative mindedness among the employees of the organization (Goffin and Mitchelle, 2016). Additionally, Samsung has tapped commercialization and launched profitable and successful products in the tech world. Moreover, Samsung has demonstrated that innovation management can instill user friendliness and successful designs in the market.
Partnerships are essential innovation drivers in the marketplace. Through partnership, business entities can tap different opportunities in the market and grow their businesses exponentially. Samsung’s innovation strategy considers partnerships as an essential factor in the success of commercialization and a larger market seize.
Communication through the organizational structure should be open and comfortable. McDonald’s Company has a participative leadership style, which permits the workforce members to be part of the team and community essential for the restaurant’s essential innovation culture. Moreover, their strict leadership culture gives the management and leaders legitimate energy. However, those with high authority share same standards with those who don’t have leadership styles thus encouraging an open and comfortable communication in the organization making it stand out as a giant innovator.
P3
There exist four different types of innovation, which can be categorized according to the changes in things that organizations offer, changes in which the products are developed and delivered, changes in the context of which the products are introduced, and changes in the mental paradigm that the organization does.
Product innovation refers to innovation that is geared towards redesigning a product that already exists in an organization. The product might be undergoing gradual changes since its inception into the market or the product is recently introduced and now improved in different ways. A clear example is the series of Samsung As which were basic but are gradually being improved into complex forms for the market.
Process innovation is a kind of innovation that focuses on improving the process in the manufacture or development of a product or service. Product innovation to change the way a product is conveyed into the market or to change certain customer details on delivery.
Position innovation refers to altering the perception or position of an already established product or service in a definite context.
Paradigm innovation refers to changing or altering the process or the product completely. They are drastic changes that an organization introduces in the market, altering the processes and consumption patterns.
Advantages of the four types of innovation are that it shows the relationship between change and innovation in an organization. The range from incremental to radical indicates the position of an organization and provides a starting phase for changes an organization should incorporate in the company. However, the model lacks guidance for further steps that can be taken by an organization. Moreover, the model does not account for underdeveloped organizations and poor markets that lack the necessary infrastructure in place.
Innovative funnel
An innovative funnel is a concept used to describe the steps and processes that take place in the development and processing phases of a product. Every innovation is characteristic of the creation and development of processes that meet the market demands either in manufacturing or processing paradigm. The first stages of innovation involve a range of processes that go through a refinery system to bring out the output result thus an innovative funnel. The innovation funnel filters out ideas, remaining with only concrete and sure ideas for the implementation of the innovation product or service. Product or service development first begins in the idea generation phase that takes place in the R and D department or in the outsourced entity (Dasgupa et al, 2010). The idea is screened and then the innovation concept generated. After concept generation, there is concept realization and validation after which the launching phase comes next.
The development of an innovation funnel involves three stages. On the first stage at the wider mouth input of the tunnel, is characteristic of knowledge and information feeding which usually takes place at the R and D department. Numerous ideas are collected in this phase, which in return shall determine the number of products or the services the company shall be able to provide in return. A high number of input ideas shall suggest that the number of products or services shall be more. Information is gathered from different platforms such as competitors, the marketplace, research, outsourced information, and partner institutions. Additionally, information can be gathered from the customer base, by either evaluating the customer feedback or visiting customers to acquire primary information. For accurate information gathering, the organization should focus on objectivity before venturing into information gathering. On receipt of the ideas, an organization should evaluate them to develop different points of alignment and focus. Moreover, the ideas in the system should match user expectations and recommendations.
The narrowing segment is the second stage of the tunnel which involves the screening of the ideas that came from the first stage. The screening phase involves matching of the ideas with the anticipated goals ensuring that every information and knowledge gathered aligns with the company’s agenda or strategy. The screening phase shall as well involve the assessment of risks and returns prior to the implementation of the ideas. Testing segment comes to play in the second stage where the organization tests the product or service with definite customers. Testing includes launching test prototypes to selected users and having the engaging feedback on the same. After the testing stage, resource are then allocated to the most viable and opportunistic ideas in the organization (Dasgupa et al, 2010). The organization should look at the best ideas that shall in turn capture then maximum profits in the marketplace. Ideas and innovation strategies at play should strategically be aligned with the company’s futuristic vision. The research and development team shall come up with actual concepts including package designs, different product configuration features, and advertisement models.
The third stage which is the narrow stage of the segment ensures that all ideas selected in the second phase are aligned to the overall company’s objectives when the company was first incepted by the founders. On alignment with the objectives of the company, the product or service is then released to the market. The funnel is an effective way that sees the realization of ideas in an organization. However, the major disadvantage of the funnel is that certain ideas and concepts are blocked on the initial stage, thus does not support expounded creativity.
P4
Frugal innovation can be defined as commercialization which is in the context of limited resources which aims at reducing the costs and the complexity incurred in its production. Frugal innovation takes place in four stages which include define, discover, develop and demonstrate.
Define the Innovation
In this phase, the organization identifies present innovation gaps which are based on the unmet customer expectations or user needs. This can be through observing the customers and their struggles consuming the current products and understanding their needs. The organization can identify a focus market, identify the jobs the customer is trying to get done, categorizing the jobs and coming with expectations regarding the opportunities met (Leliveld, 2018). The types of jobs to be done may include analyzing why customers don’t buy goods and derive clear interventions on statements.
Discover the Innovation
The organization in this case has to find opportunities in which they can tap to fulfill the customer needs and expectations in a big way. Idea generation should give insight of the closing gaps and outcome expectations. Expectations include customer and provider expectations that can be avoided or tapped. After establishing the outcome anticipations, the organization now shall look into the jobs to be done, list the expectations, create outcome statements, and determine the priority outcomes of the selected jobs to be done. The organization shall establish a value quotient where they agree on the job to be done, identify desired outcomes, plot opportunity gaps, and identify the opportunity value gaps.
Develop the Innovation
This is the actual phase of converting ideas into workable models. The great considerations are what the design innovation shall perform and how it shall be designed. Due planning is expected to be of importance in the realization of the innovation. The organization shall establish the scope of the project, put right initiatives for stakeholder management, develop a clear project charter, analyze potential income and operating expenses and their impacts, and gather the team’s resources (Leliveld, 2018).
Demonstrate the Innovation
This is the final stage of innovation where the organization tests the product or service. Feasibility establishment is expected to be provided in this phase. The organization is expected to build a working model or a prototype for purposes of showcasing or piloting techniques.
The Toyota Company has incepted a more powerful productive approach to car production by adopting the frugal approach. The idea in Toyota came from a resource constrained environment and challenged the traditional innovation approaches. The concept is applied in all manufacturing processes. Enhancing consumer value became crucial in every step in the production chain in the organization.
P5
The difference between commercialization and marketing is that marketing is done on both new and existing products, whereas commercialization is only applicable on novel goods in the market. The commercial funnel therefore refers to the process by which the inception of a product or a service passes through screened ideas to realize long-term solutions are sustained. Each phase has its independent objectives and goals, which involves stakeholder involvement such as the customer base.
Before commercialization of a product, it is important to consider the appropriate time to introduce the product or service in the marketplace, that is having in mind key economical considerations such as the economic viability and if the product should be delayed for some time for improvements and realize optimal conditions for thriving. Moreover, an organization should look into the current market trends where the product is set to be launched. Launching of the product often occurs on national or international base but depends on the capital and operational capabilities on specific regions. Companies may enter markets through research and market analytics analysis (Trott, 2018). Commercialization shall primarily target specific market capture such as early adopters, leaders, and innovators among others. Early adopters and opinion leaders shall ensure the product grows during a great market capture.
Figure 1 Showing a commercialization funnel (Rantala, 2020)
New Product Development (NPD) refers to the entire process of introducing a novel product to the market. A product in this case refers to tangible or intangible output. NPD entails two parallel channels of process which includes the idea generation, product design and engineering specifications. The other channel of processes is marketing analysis and market research.
Idea Generation
Idea generation is a creative task that involves definite ways of thinking. The generative ideas originate from customer feedback, the organization’s research and development department, marketplace competition data, open innovation policies, trade shows among other sources. Idea generating initiatives include brainstorming and problem analysis.
Idea Screening
The second phase in the NPD is idea screening. The reason of idea screening is to sideline any concepts or ideas that may require the allocation of resources and may not be required in the further process in the product development. Important considerations included in the Idea Screening include if there shall be a customer base for the desired product (Trot, 2008). The organization should be able to determine it is cost and technically effective to produce the product and if the product will be profitable and gather a substantial customer capture with the anticipated price.
Business Analysis
After the product concepts have passed through the idea generation and screening phases, there shall be very little proposals at hand. However, further information gathering and evaluation is conducted to ascertain the details and cost implications of the proposals. Estimations to be reinstated include costs, value, profitability and customer-base capture.
Technical and Market Development
After business analysis on the product, it now gets ready for the technical and market development aspects. Technical development involves specification of the exact product details prototypes and, after which they can be initiated to manufacturing processes. Manufacturing comes after analyzing the best prototype models under the normal manufacturing conditions. The management needs to provide a clear distinction of what an engineer can produce at the laboratory and what a normal worker can produce at a factory. The marketing department works in hand with the technical department and performs testing that is scheduled for the consumers. Marketing analytics involves ascertaining the target market, cost implication, consumer reaction, and if it would be cost effective to produce the novel products.
Manufacturing Planning
After the product has gone through the phases of technical and marketing, the manufacturing department now prepares to develop it. Planning shall include evaluation in gathering the right tools required for manufacturing at a relatively economical cost. Manufacturing department has to consider the funds needed, personnel, and the total time needed for manufacturing purposes. The department should maintain records and schedules that are well coordinated throughout the process.
Market Planning
In this phase, the product planner has to prepare for an effective marketing plan, which outlines clear objectives of the NPD and the anticipated outcomes. Additionally, the marketing plan shall include details of promotion, distribution and pricing.
Test Marketing
This is the final stage before the commercialization of a product. The purpose of test marketing is to test all the variables in the marketing plan including promotion and pricing aspects.
Commercialization refers to the process of introduction of a new product or service to the marketplace. Commercialization is the release of launch of an innovated or invented product or service to the customer base. Commercialization is the last phase of the development stage, the actual launch which involves advertisement and marketing initiatives. Samsung has set up a new project development team that is an incubator team working with any technological innovation in the company. The team focuses in developing production and solution concepts using consumer insight, market-driven technologies and innovation for commercialization.
P6
Developing a business plan
The first consideration before starting a business is developing a clear business plan for the business. Samsung may be introducing a new device to the market for different reasons for instance improving data protection and privacy of a device. The first step is setting out clear objectives pertaining to the business to be introduced in the market. Defining the objecvtives at the start of the business plan is essential; this shall include the clear setting of the goals and anticipations configured for the market. The introduction shall document company’s details, target market and clear objectives.
The company shall identify stakeholders, which in this case are partners and champions for the product who shall want to make it better. Relevant stakeholders shall include individuals from different sections such as the legal base, information security, HR, finance and particulars from the IT sections (Haviland, 2020).
Development of a consensus policy shall be next, covering topics such as the financial responsibility of the intended innovation, accessory and device choices, oversight and control, application control and permission, inappropriate and appropriate use, and what network and connectivity considerations should be put in place.
The next step is finding vendors who align with the goals of the organization. Vendors shall be of help in the provision of device management issues, hardware and software configuration, antivirus and other security issues, and carriers for cellular connections.
Piloting stage is essential to know whether the company has met the user needs after which the organization can consider rolling out the product immediately or making changes on the product before rolling it out. Piloting program is essential for having in mind the right user need specifications and familiarity with hardware and software components.
The company then shall implement the plan on a pilot system which is in phases. The product is ready for market after satisfying the user anticipations and market cover. Finally, the product shall be rolled out followed by the evaluation and review processes to include improvements based on feedbacks and market analysis.
Different factors shall influence the adoption of certain type of innovation. Relative advantage shall be the ability of the consumers to relate the product to be superior over other devices in the market. The product should provide advantage in terms of specifications to the user for adoption. The device should be compatible with the existing digital paradigm and lifestyle patterns of consumers. The innovative product should be easily comprehended by the consumers and yet not so basic to be obvious in the market. Moreover, the product should be easily perceived by the consumers in the market.
Forecasting innovation
Forecasting shall include the market projections of the first sales and market analysis. Moreover, the company shall look for analysis for a more relative example in the field which may include the statistics from a similar project and adopted into special algorithms for analysis. There are many risks associated with the introduction of innovation to a product in an organization. The prime risk is the operational risk where a company fails to meet the cost implications, quality, and schedule requirements. The innovation may fail to attract enough customers thus fail to return the costs incurred in the development process. Additionally, the company may invest in an unsuccessful innovation expedition thus loss over a short time.
In avoiding the uncertainties, the organization should seek professional advice from industry consultants and be availed insight into the innovation venture. A company can license the innovation allowing a third party company to bear the risks of innovation. Organizations should keep up to date on the market research to avoid venturing into less profitable and yet risky businesses.
Funding
There are different ways a company can get its funding for realizing its objectives or goals. An organization would want to access funding for an organization for the purposes of the prototype, advertising and in the product development phase. The different financing methods include;
Debt
Financing through debt is the most common way of sourcing funds for an organization. The organization seeks funding from a third party whereby they set agreements on how the money shall be refunded back and under what period of time. Financing and credit institutions often provide debts in form of loans to companies. The advantages of sourcing a project through debts are that there is a fixed interest rate and the business retains equity. However, for the case of a starting company, it may be hard for an organization to repay back the whole amount due to lack of clientele capacity during the initial stages.
Equity
This refers to the financing of a project from a third party the organization shares some part of the business to the third party individual or organization. Equity funding can come from different sources such as family and friends, corporations, and venture capital investors. The investor gets a certain percentage of shares or units that are derived from an early agreement made between the investor and the organization. The main advantage of the equity sourcing is that one obtains funds without paying back. However, you have less control over the company once you sign an agreement of sharing company units.
Venture Capital
These are investors who invest other people’s money into private businesses and in return expect equity for the business invested in. They are sought to fund high risk projects such as commercialization for early stages of an IP. The venture capitalist does not require the entrepreneur to pay back if the profit does not add up, however, in the case of a separate debt from the venture capitalist, the entrepreneur has to pay separately.
Business angels
They include high net worth individuals who directly invest into an organization for equity. The investors adds value into the organization and wait for the organization to sprout later to get benefits and more profits from the share or equity portion agreed upon. Business angels are experienced and invest on business knowledge and capital for certain anticipated returns. The advantages are that the angel waits for a longer time before the money owed is realized back. The investor can bring a lot of experience and knowledge to an organization, especially a startup company. However, the investor may try to take control over the business because they have more knowledge pertaining business. Additionally, investor angels may be difficult to locate or attract into your business.
PO7
Intellectual Property (IP)
Intellectual property refers to value-adding and unique creations of the human mind that are a product of a human ingenuity, creativity, and inventiveness. Intellectual property entails brand names, formulae, software, registered design, knowledge, inventions and any works of artistic (Drahos, 2016). The particulars of intellectual property have commercial value and are protected and regulated under different tools such as service marks, trademarks, copyright, patent, and many more. Intellectual property is one of the most tradable constituents in the digital commercial world.
An intellectual property right is therefore a legal right, which is based on definite national laws. The owner of the property has all the rights to restrict anyone from benefiting from the property. The rights prohibit anyone from using commercially benefiting from the IP without prior permissions to do so. The IP rights play a key role in ensuring that an innovated product in the industry retains its innovative-based advantage. There are different IP tools that protect and retain the knowledge and intellectual property of an individual or an organization.
Copyrights
Copyrights protect original works of authorship by an individual or an organization. Copyrights may include works of music, drama, literature, sound recordings, graphic works, architectural works, computer software, and scripts. With copyright protection, the owner can manipulate the work in terms of copying and displaying. Samsung has unique source codes for their software thus protected by a copyright.
Patents
A patent grants property rights on an invention and allows the patent holder to for instance an individual or an organization to exclude others in the marketplace from making, selling or manipulating the invention. In this case, the patent shall protect the organization or individual and allow them to be successful by gaining maximum profits from the invention. Invented processes or products offer competitive advantage to the owner (Drahos, 2016). There are different types of patents, they include;
Utility patents which protect functional novel inventions and systems. To qualify for patent utility protection, the invention has to be useful in some kind of way, the invention has to be new and has never been used before by any other organization, and the invention should not be obvious in the case of combining different patents to come up with the current invention.
Design patents cover any new and ornamental design for an item of manufacture. The patent protects the way a manufactured substance should look like and its structure. This kind of patent should be done by an individual or the organization before entering the market to avoid clashes or a competitor from benefiting from the design (Drahos, 2016). Samsung have used a unique design patent on their phones with major distinction from other brand phones.
Plant patent provides protection rights for new invented strains of asexually reproduced plants. These include plants that are produces asexually other than any means such as seeds and budding.
Trademarks
Trademarks refer to designs, words or symbols that differentiate the sources of products or services of a business from competition among other organizations. The mark has to be distinctive in order to qualify for patent protection. The words SAMSUNG and McDonald’s are trademarks for Samsung Company and McDonald’s respectively.
Trade secrets
Trade secrets refer to company devices, formulae, or definite business information that companies keep in secrecy to give them competitive advantage over the market. Examples include computer algorithms in tech companies.
In McDonald’s there have been cases of similarity in the trademark which have confused customers. Recently McDonald’s lost its big Mac trademark to an Irish food company. The European Union Intellectual Property agency ruled that McDonald’s hadn’t proved a genuine use of the Big Mac trademark. Samsung products have been in woes with companies using a similar trademark destined for developing countries.
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