Business Innovation and Commercialization: A Case Study of 'The Healthy Juice'

BUSINESS INNOVATION AND COMMERCIALISATION
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Table of Contents
Introduction:..................................................................................................................... 3
LO1:................................................................................................................................. 4
P1: Explain Innovation and determine its importance to organizations in comparison
with invention .................................................................................................................. 4
P2: How organizational vision, leadership, culture and teamwork can shape innovation
and commercialization..................................................................................................... 6
LO2.................................................................................................................................. 8
P3: Explain the 4Ps of innovation and explain the use of the Innovation Funnel to
examine and shape innovative ideas...............................................................................8
P4: Explain developments in frugal innovation and provide examples of how it is used in
an organizational context............................................................................................... 11
LO3................................................................................................................................ 12
P5: Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation.............................12
P6: Build an innovation business case for an organisation, including ways to access
funding........................................................................................................................... 14
LO4................................................................................................................................ 16
P7: Evaluate the different tools that Mr Green can use to develop, retain and protect
knowledge and intellectual property...............................................................................16
Conclusion..................................................................................................................... 18
Reference list:................................................................................................................ 19
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Introduction:
In today’s world, Innovation has become the unique factor for a company to establish
itself in the tough competition. Innovation helps the products and services of the
company to occupy a prominent place in the corporate world. At the same time in the
flow of this unbending competition, this has turned to be a necessity for the companies
to blend the innovation with the market commercialization, which is nothing, but to
present the product such a way that meets the present trend of demand of the mass.
This particular project shades light on ‘The Healthy Juice’, a UK based company that
was founded in the year of 2016. This project will focus and explain the importance of
Innovation and Commercialization in the business market full of rigid competition.
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LO1:
P1: Explain Innovation and determine its importance to organizations in
comparison with invention .
Innovation is the fruit of creative ideas in any field. Particularly in the ground of business
Innovation is triggered by the process of brain storming among the heads within the
organization (Burns, 2016). This is the tool that converts ideas into the overall growth of
the company and the well-being of the society. With these developing factors of a
business, new products and processes do come in the way and gradually developed
and commercialized in the marketplace.
Importance of Innovation in Business:
By implementing new ideas a business proceeds towards wider range of success (De
Bono, 2015). Innovation leaves the scope to grow for the company in different aspects
with:
 Diversification of Products
 Increase in Profit
 Differentiation between products
 Meeting the expectations of the customers
 Expanding the market share by providing diverse products with fine difference
from each other
 New business opportunities
 Personalized Services
Mr. Green had successfully launched the product ‘Healthy milk shake’ for the first two
years, but unfortunately after that, the sales figure took an about turn and “The Healthy
Juice” has been facing some serious turbulence in the path of its growth. Here comes
the need of blending the two components, “Innovation” and “Invention”. Overcoming the
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issue will be possible if new ideas are implemented to improve the base product
keeping intact the newly launched product (Healthy Milk Shake).
Invention and the comparison of the same with Innovation:
Invention, a term that is quite similar to the term Innovation, actually has a fine line of
difference (Denscombe, 2014). Invention is all about creating or designing a new
product that satisfies the customer’s demand and Innovation is something that brings in
the diversity to improve the product. In short, ‘Invention’ turns the ‘Innovation’ into
reality.
Elements Innovation Invention
Implication Innovation is all about
implying new ideas to
bring in new products
or processes in the
company.
Invention is about giving
shape to the Innovation
through the creation of
the particular project.
Conception Improving the existing
product
Creation of a fresh product
altogether
Required Skills Knowledge about the
market demand and
creativity in thinking
Scientific and technical
expertise
Concern Area Wide range of products
and processes for
overall advancement
A particular product to
work on at a time
Responsible Departments Entire organization starting
from associates to
management levels is
welcome to input ideas
Only Research and
Development
department is involved.
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When it comes to Mr Green’s company, the marketer is not really interested to shift his
concern totally to the newly launched product from the first one he stepped into the
market with. This can be done only by using the concept of Innovation to implement
some new changes to meet the consumer’s expectations. This is clearly made out of
the situation that the Invention is not actually required here.
With the study above this is to conclude that Innovation and Invention, both are equally
important but according to the situations that a company faces time to time (Cooper and
Edgett, 2012).
P2: How organizational vision, leadership, culture and teamwork can shape
innovation and commercialization
Bhatti (2012) opined that the culture, vision and leadership always have a very positive
impact towards setting up the concept of Innovation. Based on this concept, the
organization must know how to commercialize the products in the market that is full of
competitors. For sustaining the growth of the company the above three components are
very important.
In case of ‘Healthy Juice’ the organizational culture, leadership, structure and the vision
will definitely platform noteworthy effects and will build up the concept of Innovation
within the company. In case of ‘Healthy Juice’, the way of leadership needs to be
modified in order to meet the demand and expectation of the leaders as well as the
vision of the company is another concern area to be focused if required. Even this can
be a subject to change according to the situation. Having a clear idea about the demand
of the consumers is very much essential to bring in a wide range of products to beat the
competitors by meeting the customer expectation.
Leadership plays the equally crucial role to incorporate the innovation among the
workforce of the company (Ashcraft and Cohooni, 2017). For example, in ‘Healthy Juice’
the managers and leaders must have the capability to inculcate creative ideas within
and that only enables them to inspire other employees to implement ideas to produce
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