Business Innovation and Commercialization: A Comprehensive Guide

Business Innovation and Commercialization

Table of Content

Introduction
Innovation is the process where one person needs to translate their knowledge into
growth to the company that includes creativity, ideas, practical process etc. It includes a
series of organizational, technological, financial, scientific and commercial activities. It
also includes the process where new and improved ideas are developed and take into
marketplace for the growth of the company. The most important thing is the successful
implementation of the ideas in a way that it will benefit the company.
When it comes to commercialization, it is the process where new product or service has
been introduced in the market with full force so that the product or service will be a
successful one. The process of commercialization is starts from initial introduction of the
product and ends in adoption and mass production. After that, it will make the further
production, marketing, distribution, sales and customer support that is necessary for
commercial success.
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LO 1
P 1: Explain innovation and determine its importance to organization in
comparison with invention (460 words)
Every business in today’s scenario is aimed at gaining profits. The market is becoming
very competitive with every passing day. Innovation and invention are vital points in
which a business can be expanded. Organizations can belong to different domains such
as technological, humanitarian, goods, services and research. The attitude of every
business should be to be involved in innovation and invention (Molnar, 2018).The focus
of every organization should be in the minds of the customers. The business
organization should have a clear idea of what the demands of the customers are.
Innovation, invention and creativity are three different aspects. Every organization
needs to grow with the help of innovation and invention (Wonglimpiyarat, 2016)
Innovation
Everything in business is held together with innovation. Business is nothing but the
ways in which successful ideas are exploited in a business domain. Innovation can be
defined as the ways in which invention are altered so that it can be used in large-scale
and commercialized. Innovation involves creation of bold ideas, which should be
properly developed. All the innovations done should catch the attention of the public so
that it gets promotion. The products developed should benefit the public (Dutta and
Folta, 2016). Invention includes widespread marketing plans and business plans. Mr.
Green who is the owner of the company named ‘Healthy Juice’ should use expansion
plans to increase his business. He should venture into the smoothie sector as the
market demands to do so. The juices produced by his company can be milk based. In
this way, he can incorporate the juice factor, which will have the milk component as
well.
Invention
The physical invention of a new concept or idea is known as invention. An invention is
something without verifications (Hausman and Johnston, 2014) Inventions are not