Submission Front Sheet
Assignment Code: RQFBMU8SEP24OJ/LM/FK
Programme: BTEC Higher National Diploma (HND) Business (RQF)
Unit Title and Number: Innovation and Commercialisation (Unit 8)
RQF Level: 4 Module Code: D/618/5042
Credit Value: 15 Credits
Module Tutor Dr Lakshani Mendis
Module Tutor Email:
Date Set: 26/04/2024 Distribution Date: 07/05/2024
JANUARY 24 A-A & JANUARY 24 A-B
Cohort:
JANUARY 24 B-A & JANUARY 24 B-B
Student’s Name:
Registration Number:
Submission
First Submission ☐ Formative Submission ☐
Second Submission ☐ Word Count: 4288
Learner’s Statement of Authenticity
I certify that the work submitted for this assignment is my own. Where the work of others has
been used to support my work then credit has been acknowledged. I have identified and
acknowledged all sources used in this assignment and have referenced according to the
Harvard referencing system. I have read and understood the Plagiarism, Collusion and AI
sections provided with the assignment brief and understood the consequences of plagiarising.
Signature Submission Date
1|Page
, Executive Summary
The critical role which is played by innovation for diverse businesses is determined and explored
by the report in an organised way. A comprehensive examination is conducted by the report to
explore the way innovation is sourced and supported by global leading organisations. In addition,
different types of innovation which are applied by global organisations to foster innovation are
assessed, evaluated, and defined by the report. Furthermore, a comprehensive understanding is
provided by the report on the New Product Development framework. The report ensured an
effective contribution to develop an innovation business case for Rolls-Royce so that
sustainability can be promoted by the organisation through innovation. Finally, diverse ways are
determined and defined which are utilised for the protection of the intellectual property.
2|Page
,Contents
Executive Summary.........................................................................................................................2
1.0 Introduction................................................................................................................................5
2.0 The Concept of Innovation........................................................................................................7
3.0 Critical Analysis of Innovation and Embedding in Organisations............................................8
3.1 Importance of Innovation for Businesses..............................................................................8
3.1.1 Innovation and Invention................................................................................................8
3.1.2 Significance of Innovation in Business...........................................................................8
3.2 Sourcing and Supporting Innovation in Organisations..........................................................9
3.2.1 Sourcing Innovation: Approaches and Techniques........................................................9
3.2.2 Supporting Innovation: Structures, Culture, and Leadership........................................11
3.3 Different Types of Innovation.............................................................................................14
3.3.1 Disruptive vs. Incremental Innovation..........................................................................15
3.3.2 The 4Ps of Innovation Space........................................................................................17
3.3.3 Innovation Funnel and Frugal Innovation.....................................................................20
4.0 Business Case...........................................................................................................................23
4.1 Development of New Product..............................................................................................23
4.2 Innovation Business Case for Rolls-Royce..........................................................................24
4.2.1 Executive Summary......................................................................................................24
4.2.2 Background...................................................................................................................25
4.2.3 Problem Statement........................................................................................................25
4.2.4 Solution: Electric Propulsion System...........................................................................25
4.2.5 Why It’s an Innovation.................................................................................................25
4.2.6 Market/Customer Research...........................................................................................25
3|Page
, 4.2.7 Investment Requirement and Funding Sources............................................................26
4.2.8 Expected Benefits.........................................................................................................28
4.2.9 Potential Risks..............................................................................................................28
4.2.10 Time Scale..................................................................................................................29
4.2.11 Evaluation and Recommendation...............................................................................29
4.3 Protecting Intellectual Property...........................................................................................29
4.3.1 Critical Evaluation of Intellectual Property..................................................................29
4.3.2 Impact of External Factors............................................................................................31
5.0 Conclusion...............................................................................................................................32
References......................................................................................................................................33
4|Page
Assignment Code: RQFBMU8SEP24OJ/LM/FK
Programme: BTEC Higher National Diploma (HND) Business (RQF)
Unit Title and Number: Innovation and Commercialisation (Unit 8)
RQF Level: 4 Module Code: D/618/5042
Credit Value: 15 Credits
Module Tutor Dr Lakshani Mendis
Module Tutor Email:
Date Set: 26/04/2024 Distribution Date: 07/05/2024
JANUARY 24 A-A & JANUARY 24 A-B
Cohort:
JANUARY 24 B-A & JANUARY 24 B-B
Student’s Name:
Registration Number:
Submission
First Submission ☐ Formative Submission ☐
Second Submission ☐ Word Count: 4288
Learner’s Statement of Authenticity
I certify that the work submitted for this assignment is my own. Where the work of others has
been used to support my work then credit has been acknowledged. I have identified and
acknowledged all sources used in this assignment and have referenced according to the
Harvard referencing system. I have read and understood the Plagiarism, Collusion and AI
sections provided with the assignment brief and understood the consequences of plagiarising.
Signature Submission Date
1|Page
, Executive Summary
The critical role which is played by innovation for diverse businesses is determined and explored
by the report in an organised way. A comprehensive examination is conducted by the report to
explore the way innovation is sourced and supported by global leading organisations. In addition,
different types of innovation which are applied by global organisations to foster innovation are
assessed, evaluated, and defined by the report. Furthermore, a comprehensive understanding is
provided by the report on the New Product Development framework. The report ensured an
effective contribution to develop an innovation business case for Rolls-Royce so that
sustainability can be promoted by the organisation through innovation. Finally, diverse ways are
determined and defined which are utilised for the protection of the intellectual property.
2|Page
,Contents
Executive Summary.........................................................................................................................2
1.0 Introduction................................................................................................................................5
2.0 The Concept of Innovation........................................................................................................7
3.0 Critical Analysis of Innovation and Embedding in Organisations............................................8
3.1 Importance of Innovation for Businesses..............................................................................8
3.1.1 Innovation and Invention................................................................................................8
3.1.2 Significance of Innovation in Business...........................................................................8
3.2 Sourcing and Supporting Innovation in Organisations..........................................................9
3.2.1 Sourcing Innovation: Approaches and Techniques........................................................9
3.2.2 Supporting Innovation: Structures, Culture, and Leadership........................................11
3.3 Different Types of Innovation.............................................................................................14
3.3.1 Disruptive vs. Incremental Innovation..........................................................................15
3.3.2 The 4Ps of Innovation Space........................................................................................17
3.3.3 Innovation Funnel and Frugal Innovation.....................................................................20
4.0 Business Case...........................................................................................................................23
4.1 Development of New Product..............................................................................................23
4.2 Innovation Business Case for Rolls-Royce..........................................................................24
4.2.1 Executive Summary......................................................................................................24
4.2.2 Background...................................................................................................................25
4.2.3 Problem Statement........................................................................................................25
4.2.4 Solution: Electric Propulsion System...........................................................................25
4.2.5 Why It’s an Innovation.................................................................................................25
4.2.6 Market/Customer Research...........................................................................................25
3|Page
, 4.2.7 Investment Requirement and Funding Sources............................................................26
4.2.8 Expected Benefits.........................................................................................................28
4.2.9 Potential Risks..............................................................................................................28
4.2.10 Time Scale..................................................................................................................29
4.2.11 Evaluation and Recommendation...............................................................................29
4.3 Protecting Intellectual Property...........................................................................................29
4.3.1 Critical Evaluation of Intellectual Property..................................................................29
4.3.2 Impact of External Factors............................................................................................31
5.0 Conclusion...............................................................................................................................32
References......................................................................................................................................33
4|Page
