Unit 8Innovation and Commercialisation(I & C)Assignment BriefGroup 1Innovation for Ascension Venturesemail: [email protected]Page | 2 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Assignment BriefQualificationPearson BTEC Level 4 Higher National Certificate in BusinessCampusWest LondonPeriod of StudyTerm 2: 17 May 2021 – 22 July 2021Class Days & TimesWeeks 1-10 (Tue) Weeks 11 – 20 (Mon & Tue) 16:30 – 18:30Unit Number & TitleUnit 8: Innovation and CommercialisationAssignment TitleInnovation for Ascension VenturesUnit CodeM/508/0494Tutor(s)Assessor(s)Internal VerifierAssignment TasksActivity One:Content for a BrochureTypes of InnovationActivity Two:Business Case ReportCommercialisationWeighting100% email: [email protected]Page | 3 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Assignment Brief Instructions and GuidanceBackground ScenarioImagine that you work as an intern for Ascension Ventures www.ascensionventures.com/investors.Ascension Ventures is a UK Venture Capitalist (VC) founded in 2012, which provides capital (UK seedinvestment money) to companies with high growth potential in exchange for an equity stake. They canprovide funding for start-up ventures or to support companies that wish to expand. They particularlytarget UK entrepreneurs seeking funding and generally consider 2,000 investment opportunities a year.Ascension Ventures specialise in managing Seed Enterprise Investment Scheme (SEIS) funds which comewith UK tax reliefs. Specific funds include Fair by Design for tech businesses helping to reduce povertyand the Good Food Fund for innovative food businesses tacking obesity. Organisations with innovativeideas for growth may approach Ascension Ventures for funding if they meet the following criteria:• A strong, dedicated team with a deep understanding of the problem their product is trying to solve• Robustness of IP / tech development• A clear route to market and a compelling business model capable of rolling out globally• Strong leveraged marketing / distribution strategies built into the proposition• At least 12-18 months runway, assuming no revenue growth• An opportunity for Ascension to add value in supporting your access to revenue and fundinghttps://www.ascensionventures.com/entrepreneursActivity One: Content for a BrochureTypes of InnovationLO1: Explain the context for innovation and determine the difference between invention and innovationLO2 Explain the different types of innovationScenarioImagine that the Investment Associate at Ascension Ventures has asked you to develop some content fora new Brochure, which Ascension Ventures wants to add to its website. The Investment Associate hasasked you to write one section of the Brochure to inform UK Businesses about the importance andvariety of innovation, introducing them to any tool or approach to innovation they might apply to theirown organisation. You need to explain the concept of innovation compared to invention and appraise atleast two types of innovation and the 4Ps of innovation. You need to analyse how the innovation funnelcan be used in one or more organisation(s) of your choice, in order to develop an innovative product,service, software or process. You also need to appraise the role of frugal innovation in one or moreorganisation(s) of your choice. You may add images to your text as you see fit, in order to make yoursection of the Brochure look interesting and attractive. email: [email protected]Page | 4 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Submission format – Content for a BrochureThe required submission is in the form of a Brochure Section. It must be word-processed, written workbut you may add images and logos as you see fit. You need to provide a completed cover page with clearindication of the unit number and title, the relevant task being addressed, your name and registrationnumber. You should write in a concise, formal academic style using single spacing and font size 12. Youare required to make use of headings, paragraphs and subheadings as appropriate. Any sources youdraw information from should be referenced using the Harvard referencing system. The recommendedword limit is 1000 words excluding references. You will not be penalised if you exceed the word limit. email: [email protected]Page | 5 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Activity Two: Business Case ReportCommercialisationLO3 Discuss the process required to commercialise innovationLO4 Evaluate the range of methods for protecting ideas and understand their advantages anddisadvantagesScenariothe Ascension Team was impressed with the content you provided for the new Brochure. TheInvestment Director has asked you to build a detailed innovation Business Case for an organisation ofyour choice, which can also be added to the website. If your business case is appropriate and goodenough, you may even be invited to pitch the idea to the Ascension Team.You need to choose any business that has potential for growth through innovation including a UK startup. You need to critically evaluate the nature of innovation in the organisation of your choice. Youneed to explain how the commercial funnel and application of New Product Development (NPD)processing can help the organisation commercialise its innovation. You also need to evaluate theadvantages and disadvantages of different methods (at least two) for retaining and/or protectingknowledge and intellectual property; and you need to recommend ways the organisation can accessfunding for their innovative product.Submission Format – Business Case ReportThe required submission is in the form of a report. You need to provide a completed cover page withclear indication of the unit number and title, the relevant task being addressed, your name andregistration number. The Report should be written in a concise, formal academic style using singlespacing and font size 12. You are required to make use of headings, paragraphs and subheadings asappropriate. Any sources you draw information from should be referenced using the Harvardreferencing system. The recommended word limit is 1000 words excluding references. You willnot be penalised if you exceed the word limit. email: [email protected]Page | 6 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Please submit your assignment on Moodle by 5pm deadline dayImportant Information:Academic Misconduct PolicyAcademic misconduct applies in any situation where a student is attempting to gain credit by unfair or impropermeans and covers cheating, attempts to cheat, plagiarism and collusion. For more information on misconduct and thepenalties you may face, please refer to the Academic Misconduct Policy which is issued and explained at induction andis also available on the College VLE (Moodle).Appeals PolicyYou have the right to appeal against assessment decisions if you feel that the grade and feedback youhave received is incorrect or unfair. You may appeal to the College and you may appeal to the Pearsonawarding body if you are still not satisfied. For more information, please refer to the College’s AcademicAppeals Policy explained at induction and also available on the College VLE (Moodle).Complaints PolicyYou have the right to complain if you feel that you have been unfairly or badly treated by anyone at theCollege including students and staff. You may appeal to the College and you may appeal to the Pearsonawarding body if you are still not satisfied. For more information, please refer to the College’sComplaints Policy explained at induction and also available on the College VLE (Moodle).Extenuating Circumstances PolicyIf you are unable to submit your work by the deadline, you should submit a request for extenuatingcircumstances before the deadline passes. You may only request extenuating circumstances if you havegenuine reasons for not being able to submit you work by deadline such as illness. In these cases, youmay be granted an extension to the deadline with no penalties. For more information see the College’sExtenuating Circumstances Policy on the College VLE (Moodle).Resubmission and Retake PolicyIf you fail to submit your assignment by the deadline without extenuating circumstance or if you submitbut fail, you will be able to submit it on the resubmission deadline. However, all resubmissions arecapped at a Pass. If you fail the resubmission, you will have to retake the unit. This will mean attendingthe course again which will take more time and can incur costs that you would need to pay for. For moreinformation see the College’s Resubmission and Retake Policy on the College VLE (Moodle).Return of Assessed WorkThe College aims to return your work to you with feedback within three to four weeks after submissiondepending upon the date of the Assessment Board Meeting. For more information see the College’sReturn of Assessed Work Policy on the College VLE (Moodle).Other PoliciesYou may also refer to the College’s Learning Teaching and Assessment Policy and the HND StudentHandbook for more information on all of the policies and procedures listed above. email: [email protected]Page | 7 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Additional GuidelinesFor higher grades you are required to consider developing your answers further based on the givenlearning outcomes and assessment criteria given at the end of the assessment brief.Across the report you are required to provide various examples to enhance the credibility, currency anddepth of the answer. You are also required to support your report and presentation with academic andprofessional source material as well as statistics when relevant.Headings and subheadings should be included for all written work submitted. Final Submission InstructionsYou should be aware of the OBC guidance and regulations concerning plagiarism (see policies on ourwebsite for full details). The Harvard referencing system should be used, and the Wikipedia website mustnot be referenced in your work. Aim to keep your Turnitin similarity score below 20%.You have the right to appeal against assessment decisions. Please see the Head of Academics if you wishto do this.You are required to complete and submit a cover page with your assignment. You must download thecover page template in Word format from Moodle. The cover page will ask you to sign a declarationverifying that the submitted assignment is your own work and that you did it without any help apart fromacceptable support from your Tutor(s). email: [email protected]Page | 8 Issue date: 26 May 2021 Created on 27th April 2021 (V4)Please see Moodle for links to:✓ Recommended reading list✓ Viva Procedure✓ Cover sheet templates✓ Assignment templates✓ Links to other units✓ Slides and class documents✓ Guide on commanding verbsemail: [email protected]Page | 9 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Learning Outcomes and Assessment CriteriaPassMeritDistinctionLO1 Explain the context for innovation and determine the differencebetween invention and innovationD1 Critically analyse howinnovation is developed,embedded and measured in anorganisational context.P1 Explain innovation and determine itsimportance to organisations incomparison with invention.P2 Explain how organisational vision,leadership, culture and teamwork canshape innovation andcommercialisation.M1 Analyse different sources ofinnovation, and howorganisations can foster anddevelop an environment andculture of innovation.LO2 Explain the different types of innovationP3 Explain the 4Ps of innovation andexplain the use of the innovation funnelto examine and shape innovative ideas.P4 Explain developments in frugalinnovation and provide examples ofhow it is used in an organisationalcontext.M2 Analyse and apply theinnovation funnel in anorganisational context.M3 Appraise the role of frugalinnovation in an organisationalcontext.LO3 Discuss the process required to commercialise innovationD2 Critically evaluate the natureof innovation and the context inwhich it is developed, providingevidence-based judgements onhow organisations canovercome challenges todevelop successful innovations.P5 Explain the importance of thecommercial funnel and the applicationof New Product Development (NPD)processing for commercialisation ofinnovation.P6 Build an Innovation Business Case foran organisation, including ways toaccess fundingM4 Build a detailed InnovationBusiness Case which includes howto measure its overalleffectiveness using appropriatetechniques available to test,iterate and improve.LO4 Evaluate the range of methods for protecting ideas and understand theiradvantages and disadvantagesP7 Evaluate the different tools thatorganisations can use to develop, retainand protect knowledge and intellectualproperty.M4 Present supported evidencebased evaluation of thesedifferent tools in the context ofthe wider business environment. email: [email protected]Page | 10 Issue date: 26 May 2021 Created on 27th April 2021 (V4) Useful resources for Management and OperationsTextbooksBESSANT, 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 toOutlier Strategies. London: Pearson FT Press.LinksThis unit links to the following related units:Unit 9: Entrepreneurship and Small Business ManagementUnit 22: Product and Service DevelopmentUnit 27: Identifying Entrepreneurial OpportunitiesUnit 28: Launching a New VentureUnit 42: Planning for GrowthCase StudiesMultiple cases of frugal innovationLeadbeater, C. 2014. The Frugal Innovator: Creating Change on a Shoestring Budget. India: PalgraveMacmillan.Glaxo Smith and Kleinhttps://purehost.bath.ac.uk/ws/portalfiles/portal/88560707/Frugal_Innovation_paper.pdfHPI AB, Stockholm, SwedenAdari, P. & Ganesh, L. 2015. Frugal Innovation in Smaller Firms in the West. Master’s Programme inTechnical Project and Business Management, Halmstad University.Four Cases in the Indian subcontinent– Grameen Shakti (GS) Biogas– Frugal Innovation for Empowerment– Frugal Cotton Deshelling– Agricultural Biomass GasifierPansera, M. & Sarkar, S. 2016. Crafting Sustainable Development Solutions: Frugal Innovations ofGrassroots Entrepreneur. Sustainability (pp.9-14).
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