An innovative business case

AN INNOVATIVE
BUSINESS CASE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P 1: Innovation and its importance in comparison with invention..............................................1
P 2: Ways in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation...............................................................................................2
LO 2.................................................................................................................................................2
P 3: 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas
.....................................................................................................................................................2
P 4: Developments in frugal innovation and ways in which it is used in an organisational
context..........................................................................................................................................3
LO 3.................................................................................................................................................4
P 5: Importance of the commercial funnel and the application of new product development
(NPD) processing for commercialisation of innovation..............................................................4
P 6: Innovation business case for Trunki, including ways to access funding..............................4
LO 4.................................................................................................................................................5
P 7: Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property.....................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is one of the most important thing that an organization should focus on as it helps
the organization to grow. In order to bring innovation within n organization innovation manager
need to think of various ideas for innovative development of product and its commercialization
(Amabile and Pratt, 2016). This assignment will lay emphasis on concept of innovation, different
types of innovation, process required to commercialise innovation and methods for protecting
ideas and understand their advantages and disadvantages.
LO 1
P 1: Innovation and its importance in comparison with invention
Innovation can be defined as a procedure of converting an idea or concept into a new
product or service. The main aim or objecting on the basis of which innovation is done is that it
should be liked and valued by people and they should be ready to pay for it. An organization
need to think and develop new ideas in such a manner that, that idea can be replicated in reality
in an economical cost such that need of their customer’s is also satisfied. An organization needs
to think of various things before developing an innovative idea in reality such as: whether
customer’s need will be satisfied, ways in which it will be created, ways in which relevant
information will be gathered, resources that will be required by the organization and applications
that will be required to be complied together. There are mainly two types of innovations. When
positive changes or advancements are brought together it is known as evolutionary innovation.
When Discontinuous innovations that can be disruptive sometimes but a huge success are known
as revolutionary innovation. So, it can be said that innovation is all about thinking and
developing a new idea. Trunki is a brand which is mainly known for their hand luggage’s
specifically designed for children. Main target of Trunki is children. They innovated ride on
suitcases or luggage’s for children. But after suffering a loss for back to back 2 years they
invented another type of ride on suitcase for children. Innovation is one of the most important
thing an organization should focus on as it leads an organization towards various kinds of
opportunities.
 Innovation helps in maintaining creative development whereas invention helps in
professional development.
 In order to become an innovative organization they need to focus on continuous development
whereas for invention they need to simply build a network and stay inspired and motivated.
1