Innovation And Commercialisation Assignment Sample

Exploring Innovation and Commercialization: Assignment Insights

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Introduction Of Innovation And Commercialisation

Background to the company and its commercial potential

In 2019, Johnny Boufarhat established the virtual events platform Hopin in the UK. For a completely virtual event experience, the platform provides real-time video conference calls, breakout rooms, virtual booths, and other interactive elements (Hopin, 2023). Since the COVID-19 pandemic has made it difficult to hold in-person events, Hopin has grown in popularity. In just a few years, it has raised over five hundred million dollars in capital and grown to be valued at over $7 billion. More than 100,000 organisations currently use the platform, which has advantages including lower expenses and a bigger audience reach. Hopin has the potential to innovate and develop in the market as interest in online events rises.

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Innovation and commercialisation

Finding new chances, coming up with creative solutions, and putting new ideas into practice all refer to innovation, but commercialization refers to the process of turning an idea into a viable product or service that can be offered for sale. Innovation is essential for small firms like Hopin to remain competitive, but it can also be expensive and hazardous (Sabando-Vera et al. 2022). Hopin must reconcile its creative initiatives with its financial and operational constraints in order to stay current with market changes. Small businesses may struggle with commercialization because they lack the resources and expertise necessary to market and sell their goods. To overcome these obstacles, careful planning, wise decision-making, and a readiness to accept reasonable risks are necessary.

The link and the difference between invention and innovation

Innovation helps an invention reach the market and makes money off of it, therefore the two-go hand in hand. Innovation, which may be divided into internal, external, and open innovation, is the cornerstone of Hopin's philosophy. For internal innovation, Hopin makes significant investments in R&D, and for external innovation, it makes purchases of goods or services from external suppliers (Marzi et al. 2023). Collaboration with external parties including customers, suppliers, and stakeholders is a key component of open innovation. In order to foster a sense of community, Hopin engages with its users and requests their feedback and suggestions for improvements. The company also hosts hackathons and other events to motivate programmers to produce fresh features and connections for the platform.

The innovativeness of a specific organisation and its elements

The creative organisational structure, senior leadership, and emphasis on partnerships and cooperation are just a few of the key elements that make Hopin successful. With a culture that enables people to take chances and learn from their failures, Hopin supports creativity and adaptation. The organisational structure of the company is created to promote collaboration and communication, enabling teams to react swiftly to changing circumstances in the market and test out new ideas and concepts (Valdez-Juárez et al. 2022). Overall, Hopin's commitment to innovation has produced new goods and services that have assisted in making the business stand out in the competition for online events while also encouraging connection and collaboration between staff and customers. creating a culture that values creativity and ongoing learning, as well as investing in multidisciplinary groups and collaborations to bring together different viewpoints and skill sets, in order to promote innovation in other organisations is important.

Examine different types of innovation and approaches to it.

In general, there are four forms of innovation: radical innovation, architectural innovation, disruptive innovation, and incremental innovation. The most frequent form of innovation is incremental innovation, which is making little adjustments to current goods, services, or procedures. The term "disruptive innovation" refers to the development of new goods, services, or business models that alter current trends and establish a new market (Hanaysha et al. 2022). The most important kind of innovation is radical innovation, which entails developing completely original goods, services, or procedures that upend current markets and establish new ones.

The 4 Ps of innovation, the innovation funnel and frugal innovation

The four pillars of innovation—Product, Process, Position, and Paradigm aspects—are essential ingredients for effective innovation.

  • Product: The creation of new or enhanced goods or services is referred to here. Hopin's commitment to product innovation is evident in the way it is constantly improving its online meeting platform. Breakout rooms, virtual booths, and interactive aspects are just a few of the additional features the company has added to improve the user experience and provide a complete virtual event solution (Minatogawa et al. 2022).
  • Process: Process innovation entails enhancing internal procedures for operation in order to increase effectiveness as well as effectiveness. Hopin has demonstrated innovative processes by reducing its online conference and organising events procedures. Hopin has simplified the setup and management of virtual events for event planners by offering an easy-to-use interface and simple controls.
  • Position: Position innovation focuses on creating a unique position in the market or repositioning an existing product or service. Hopin has positioned itself as a leader in the virtual events market by providing a comprehensive and customizable platform (Sharafuddin et al. 2022). The company has successfully differentiated itself by offering a wide range of features and options, enabling event organisers to tailor their virtual events to specific needs.
  • Paradigm: Paradigm innovation involves challenging existing assumptions and disrupting established norms. Hopin has demonstrated paradigm innovation by revolutionising the events industry through its virtual events platform. The company has challenged the traditional notion of in-person events and introduced a paradigm shift towards virtual and hybrid events, especially in the context of the COVID-19 pandemic.

The innovation funnel operates to methodically evaluate, pick, and test concepts for growth, managing the innovation procedure from idea generation through marketing. The success of Hopin, which enables them to continuously develop and release new features and enhancements, exemplifies the significance of the innovation funnel. Market-driven innovation aims to meet the demands and wants of the market, whereas frugal innovation concentrates on creating economical solutions (Dogru and Peyrefitte, 2022). For identifying consumer requirements and market developments in the online event industry, market-driven development is essential in the case of Hopin. Efficiency is crucial, but the platform's effectiveness and quality shouldn't be sacrificed.

Section 2

1. Innovation business case

Executive summary

With its online event platform, Hopin has revolutionised the events sector, and to stay at the top of its game, it must keep coming up with new ideas. Hopin may achieve long-term growth and success by concentrating on innovation in products and procedures, building an innovation culture, and utilising external innovation networks. Innovation may improve user experience, set Hopin apart from rivals, increase productivity and flexibility, and promote an innovation culture. Development and research, employees, cooperation and partnership, facilities and technologies are the necessary assets and resources. Hopin can continue to overturn the events sector and enjoy long-term success by matching its approach to innovation with its corporate objectives.

The problem and/or need

Although there are many platforms for online events, they frequently lack the functions and options for customization necessary to design engaging yet effective online events. Here's where Hopin steps in, providing a complete platform for virtual events with a variety of capabilities and customising choices (Lupu et al. 2023). The requirements and desires of consumers are continually changing, and the virtual events sector is still developing. Hopin must keep updating the system with new capabilities and enhancements in order to keep its spot as a market leader and satisfy customers' changing needs.

The solution

Hopin should concentrate on innovation in products and processes in order to fulfil the requirement for ongoing innovation. In order to do this, it is necessary to undertake surveys in order to determine the requirements and preferences of the target demographic, develop novel capabilities and customisation choices, and improve the experience of users. To inspire creativity and collaborative thinking among the staff, Hopin should promote an environment of creativity within the business (Estanyol, 2022). Access to cutting-edge concepts and technology can also be made possible by utilising external innovation networks, including partnerships and collaborations. The funds required to promote innovation can also be obtained through investing in R&D, human resources, infrastructure, and technology. Hopin is able to preserve its status as the market leader in the online event field, experience sustained development, and achieve longevity by matching its innovative approach with its commercial objectives.

Suggested solution/idea innovative

Because it requires Hopin to remain ahead of the competition and adjust to shifting consumer demands and market trends, the suggested solution/idea to concentrate on ongoing innovation in products and processes is novel. The virtual events market is still developing, and to keep up with consumer expectations, new, distinctive characteristics and customization choices are constantly needed (Ghelani, 2022). Hopin can consistently innovate and set itself apart from rivals by making investments in R&D and building a culture of creativity within the business. Access to cutting-edge concepts and technology can also be made possible by utilising external innovation networks, including partnerships and collaborations. Hopin can continue to expand and preserve its status as a market leader in virtual events by remaining proactive and creative.

Evidence (brief market analysis)

Customers would likely seek innovation from Hopin in the form of improved and novel functions for their virtual events platform, there is good data to support this. Research estimates that the market for virtual events will increase from $12.4 billion in 2022 to $30.6 billion in 2027, with a compound annual growth rate (CAGR) of 19.8%. The need for organisations to cut expenses and reach a larger audience, the worldwide epidemic, the rising popularity of online events, and other factors all contribute to this increase. Customer critiques and feedback show that there is a need for new and improved features to improve the effectiveness and engagement of virtual events (Cowie et al. 2022). Hopin can meet these consumer expectations and stay on top of competitors in the quickly expanding online event market by making investments in ongoing innovation in both products and processes.

Actions required to design and implement innovation

A comprehensive market study should be carried out to determine customer preferences and wants. This can give important insights into what areas need innovation and what features or functionalities users would find most appealing. To encourage staff members to submit fresh ideas and point out potential areas for development, an innovative culture can be developed within the business. To oversee the innovation process, which includes concept spotting, concept evaluation, and concept selection for development, a team of innovators or a department might be established (Panjaitan et al. 2022). To methodically screen and assess concepts for development, an innovation funnel might be used. Through partnerships and collaborations, it is possible to gain access to external innovation networks and new concepts and technologies. Continuous improvement and efficiency can be ensured through regular examination and review of the effectiveness of innovations put into practice.

Risks associated

Risks associated with the deployment of virtual events via platforms like Hopin include technological challenges, network connectivity concerns, and participant disengagement. Due to its reliance on technology, the platform is also vulnerable to security threats like hacker attacks and privacy breaches. Hopin may make significant security investments, offer users technical help, and test and maintain its platform on a regular basis to reduce these dangers. Additionally, the business can increase engagement among participants by utilising interactive elements and tailored experiences (Kharatova and Ismailov, 2022). Hopin can continue to be a market leader in online events by addressing these issues and enhancing its platform on a regular basis.

Control and monitor NPD/NSD

Establishing milestones and timeframes, managing and tracking new product development (NPD), and new service development (NSD), need a number of stages, including the creation of a project management system. Effective resource management and budget management are also critical (Lee et al. 2022). The effectiveness of NPD/NSD activities can be assessed using KPIs including the proportion of items launched on schedule, the number of projects completed under budget, levels of client satisfaction, and income generated from new products or services. Periodic examinations and post-launch assessments can also give important insights into potential NPD/NSD process changes and areas for development.

Reasons for an organisation to access funding

An organisation could look for funding for a number of purposes, including the financing of fresh initiatives, business growth, R&D expenditures, debt repayment, and cash flow management. Organisations can obtain funding from a variety of sources, including grants, loans, equity investments, and subsidies. While funding with equity requires raising funds by selling company shares, debt financing entails taking out cash from lenders and paying it back with interest. Governments, foundations, and other organisations give out non-repayable monies as grants and subsidies (Pill, 2022). The selection of a financing source is based on the requirements, financial situation, and objectives of the organisation, and it is crucial to carefully weigh all available options.

Investment required

The amount of investment needed will vary depending on the type of firm and its future expansion ambitions. Venture capitalists, angel investors, fundraising, bank loans, and grants are a few potential sources of funding (Ning et al. 2022). The precise investment needed would differ and depend on a number of variables, including the sector, size of the company, revenue expectations, and expansion ambitions.

The benefits of the innovation

Financial gains from generating income and cost reductions, social gains from providing a platform for online gatherings that unite people everywhere, and environmental gains from lowering the environmental impact associated with conventional events involving travel are just a few of Hopin's advantages (Urban et al. 2023). Furthermore, Hopin's platform enables businesses to host conferences and events that are more readily available to people with disabilities or who might be constrained by a lack of money to attend in-person events.

2. Evaluation of methods of protecting innovation

Key tools and limitations

In any company, including Hopin, securing intellectual property (IP) is essential to safeguarding innovation. The original pieces of writing are shielded by copyrights, branding and logos are shielded by trademarks, product designs are shielded by design rights, and inventions are shielded by patents. These resources offer legal defence against unauthorised use or intellectual property infringement, which can assist protect Hopin's creativity and competitive advantage. These tools do, however, have some drawbacks. The ideas themselves are not protected by copyrights; only certain expressions of the concepts are. Only certain industries or regions are given geographic or industry protection for trademarks (Yusufalievich and Maripjon, 2022). Design licences may only safeguard a product's aesthetic appeal, not its usability. Patents only offer temporary protection, and they can be expensive to obtain and enforce.

Open source and open innovation

Businesses operating in an open market, like Hopin, can greatly benefit from the ideas of open source and open innovation. Open source implies the notion of making applications' source code accessible to everyone for use, modification, and distribution. Because developers from all over the world can contribute their knowledge and ideas to a project, it fosters greater cooperation and creativity and leads to more rapid and effective development. On the other hand, open innovation is looking for and incorporating outside ideas and developments into an organisation's own goods and services (Cavallo et al. 2022). This strategy enables increased collaboration and may produce more varied and creative solutions. As well as building a sense of belonging and cooperation among their user base, Hopin believes that adopting open source and open innovation will speed up the creation of fresh capabilities and features for their platform. The loss of authority over how development proceeds, the need to properly handle the ownership of intellectual property, and the possibility of rivalry from other businesses in the market are a few potential dangers and restrictions to take into account. As a result, Hopin would benefit from a balanced strategy that carefully weighs the advantages and disadvantages of open source and open innovation.

References

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