Innovation and its Driving Forces

This assignment delves into the concept of innovation and examines the various factors that drive it. The text explores different perspectives on innovation, including open innovation models, the role of human capital, and the impact of technology. It also discusses the importance of understanding innovation objectives and knowledge sources for successful implementation. Additionally, the assignment touches upon the link between innovation and financial performance, emphasizing the need to motivate and incentivize innovation within organizations.

Innovation
and Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1
..........................................................................................................................................................1
P1 Innovation, its importance and comparison with invention..............................................1
P2 Organisational leadership, teamwork, culture and vision shaping innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and its uses in funnel innovation examine and shaping a innovative ideas
................................................................................................................................................4
P4 Development in frugal innovation.....................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and applications of new product development...........6
P6 Innovation business case for company..............................................................................8
TASK 4............................................................................................................................................9
P7 Different tools use to develop, protect knowledge, intellectual property and retain........9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation plays a very important role in a success of paramount proportion which help
in developing an existing and innovate products (Melville, 2010). Various innovators and
practitioners had defined the terms of innovation and commercialisation as these facts are
interrelated with one another. Company adopts this approach for more quality and productive
products manufacturing which help in achieving results. Mr Daniel Green was the founder of
healthy juice organisation. This company is launched with a healthy milkshake in the market of
UK through which it helps in increasing sales in first year because of distribution capacity and
innovative formula. In this report, it analyses different components of innovative and
commercialisation by using frugal innovation and commercialisation funnel. It is a report in
which leadership roles and culture are mentioned in a process of invention. Process of new
product development as well as intellectual property is also analysed.
TASK 1
P1 Innovation, its importance and comparison with invention
In the modern times of technology, different modifications take place within an
enterprise. Innovation refers to the procedure of translating or innovating an idea as well as
invention into a product and service which creates value within a marketplace and influence
customer to pay for it. In short, it refers to a great and effectual ideas implementation brightly
and communicate in a proper way. On other side, process of commercialisation in which new
products and services are accepted within the trade. These process and components of Healthy
juice, which create different obstacle within the organisation as it help in restrain their
development and growth. Small enterprises such as Healthy juice are barricaded from growth
because process is not proper in commercialisation activities which give rise to lack of financial
resources (Sartori, Favretto and Ceschi, 2013).
But in initial term, it is necessary for Healthy juice to build an accurate understanding
between invention and innovation terms. Invention is referred to scientific and technical ideas
strategies which are the mediums of their action. An invention is made by a researcher and
inventor by evaluating deeply on certain problems. It is an act of manufacturing something
innovative and creative which has never been formed before in a marketplace.
Innovation and invention are both interlinked with one another. Firstly, goods are
produced by inventor and after that, modifications are done for making a better version by
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adding new and creative features. For example, Healthy juice invented their various products and
they had modified their juice product in a healthy way and named as healthy milkshake through
which it helps in increasing sales and goodwill of the company. They concentrate on using more
modified and advanced technologies for higher reach of Healthy juice in UK.
Sources of Innovation The expected: in place of market there is best place to grab the opportunities. Good
leaders always continuously study market (Leiponen and Helfat, 2010). The incongruity: It is an key to develop a business successfully but it is little bit tricky.
Their is a discrepancy within what should be and what is. Demographics: Frequently see the modifications take place in income levels,
populations, age ranges and human capital. Changes in mood, meaning and perceptions: people changes as well as over time
populations. In a manner they see the modifications, where they think and its meaning
from and how they feel the changes things over time as well as smart organisation should
pay attention for capitalized (Dahlander and Gann, 2010).
Invention and innovation are interrelated. Their are having a differences in both terms
which is given below:
Difference between Invention and Innovation
Innovation Invention
Innovation refer to the modifications in
previous objects, goods, services, methods etc.
It refers to new idea, concepts, products and
methods for constructing a new Healthy juice
concept.
It is done by using the latest trends of market
which conduct innovation and evaluation
process.
It requires accurate and scientific technical
research for achieving a new discovery.
For e.g. Constant improvement of World Wide
Web in digitalisation era is innovation.
e.g. Invention of World Wide Web was a
English scientist Tim Berners-lee in 1989.
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P2 Organisational leadership, teamwork, culture and vision shaping innovation and
commercialisation
Management of an organisation want to establish healthy working environment at work
place in order to achieve set goals and objectives in given time frame (Teece, 2010). Manager of
the company has developed strategies and plan which helps to gain high profitability at market.
Human resource manager of the organisation organise training for employees to enhance their
professional skills and knowledge. That improves worker’s productivity which helps to achieve
long term sustainability at marketplace. Through these activities, the firm encourage individuals
to give innovative ideas at a workplace.
Commercialisation of innovative product is an important task of management. For this,
they use various strategies to sell products and services at market place. They use promotional
strategies to enhance awareness of goods at market as well as among customers. In this process,
manager uses social media platform, advertisement, sponsorship work and many more to create
positive brand image among large number of clients. Mr Green is a founder of healthy juice, they
run their activities of business from last three years. But they find out the difference of sales
from year to year. Thus it, effect their business strategies and plan. Currently, sales are declined
thus reducing their market share as well as profitability. Firm’s vision, objectives, changes,
leadership style, organisation culture and team work, all affect innovation and commercialisation
task.
Organisation culture, leadership and team work impact:
Management of firm is responsible for managing environment culture, leadership style
selection and team working ability of employees. These all fact ability at market place. In order
to promote innovative activities and task at work place, enterprise wants to empower employees
that enhance their morale to take effective decision in critical situation. Following is the impact
of culture, vision, leadership as well as team work on commercialisation and innovation at work
place:
Culture: It is an important element of internal environment of an Healthy juice. That
affects working attitude and behaviour of the employees as well as management which help to
achieve set targets in given time frame. Various elements of culture, language, religion,
education, policies, technology, aesthetics and value can affect innovative environment within a
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workplace. Mr Green want to implementing diversify working culture as it helps in providing
new innovative ideas in Healthy juice (Yin, Shi and Yan, 2014).
Vision and mission: It is very important to communicate all Healthy juice mission and
vision with staff members. That provides direction of work which helps to achieve set goals in an
effective manner.
Leadership: Through effective leadership, healthy juice able to manage innovation at
workplace effectively. Leaders are able to influence employee’s behaviour which affects their
profitability and sustainability at market. As they motivate employees to accept changes without
any hesitation as they cant resist to change. Leaders help in making efficient and effective team
and manage all work among their team members.
Team work: Management of an organisation manage all team members. For this, they
develop policies and plan that are followed by all workers within the Healthy juice to gain
competitive advantages in industry. Innovation and commercialisation of new product is
important to gain high market share. Through team work, Healthy juice is able to produce new
ideas and product to gain customer's attention. Which affect sales and profitability in a long
period of time.
Commercial practices help in marketing and promoting their products for achieving a
targets of launching a innovative and new product within a marketplace. As per discussion of
above components they set main methods of innovation and commercialisation which are
executed and adopted by Healthy juice organisation.
TASK 2
P3 4Ps of innovation and its uses in funnel innovation examine and shaping a innovative ideas
The organisation purpose over innovation for making entire changes in company. Healthy
juice requires various kinds of innovation for well-defined condition which aid in modification
and altering their techniques, methods or structure. There are different forms of innovation which
are used in Healthy juice for various purposes. Some major types of innovation are discussed
below: Breakthrough innovation: It is obtained within the enterprise when it is worked over
particular services which consist of many features in specific products.
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 Sustaining Innovation: For retaining a previous product within a marketplace retaining
values in markets are marked by firm by adding more improvements and new changes
within services (Adner and Kapoor, 2010). Disruptive innovation: It is defined as a new formation of technology while working in
market condition. It is very expensive and complex to use this kind of innovation.
 New market innovation: For expanding enterprise, this kind of innovation is utilised. It
is performed in regard of launching new goods and services in a new market.
Therefore, these techniques will help in increasing productivity of services and goods
which are provided by Healthy juice. For achieving proper innovation in a suitable domain,
Healthy juice has to analyse innovative mix which is discussed in detail as follows: Product Innovation: It considered modifications in system of producing a new product.
As it require to develop for attracting more customers through promotional and marketing
activities. Healthy juice at previous times only manufacture a juices and shakes but as
changing time he introduced a innovative and healthy product within the company
(Davila, Epstein and Shelton, 2012). They analysed that people care about their health by
keeping in mind he introduced a innovative product such as healthy milkshakes. Process Innovation: There are various services which are positioned by organisation.
Healthy juice is improving new products in a place of market as well as creating many
factors of services which aid in evolution and development in a competitive market
(Hjalager, 2010). Through the help of re-branding, company can enable to achieve
credibility level within the firm. Healthy juice is using a healthy way of making shakes
and juices by using the latest technology within the organisation. Paradigm Innovation: It is necessary to provide new discovery and inventions within
society. This is a phenomenon of innovation which is interlinked with a mentality
framework of customer’s perceptions (Manso, 2011). This will aid in achieving company
objectives in an effective way.
 Position Innovation: This assists in reconfiguring and repositioning of goods and
services in new traffic or existing. It is linked with innovation deals which aid in
resolving modification and development of innovation (Dahlander and Gann, 2010).
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Illustration 1: Innovation funnel
(Source: Innovation funnel, 2018)
Through this concept of innovation, Healthy juice can expand their reach as well as
improve services of firm by the help of 4Ps of innovation mix. Through that, they can attract
large numbers of consumers by utilising it in an effective and efficient manner.
Concept of frugal innovation
It defines the journey starting from idea developing of particular product and services. It
acts as a refinery which assures that idea which are not useful are eliminated as well as best ideas
are retain for a long time till end (Yin, Shi and Yan, 2014). It is categorised on 3 levels which are
discussed below: First level concentrate on wide funnel mouth which purpose is to gather ideas from
workers. Various ideas enhances Healthy juice business chances for developing services
as well as products.
 Second level begins where it start to narrow down it means that ideas are typically
analysed on their basis of risk as well as returns so that they can form a decision. Third level concentrate which choose on the end of funnel. Ideas selection help in
developing services and products are provide within market (Teece, 2010).
P4 Development in frugal innovation
It is the most popular term which is used for enhancing cost of services and product
manufacturing cost by using altered and less expensive methods. It mainly keeps declining non
important features of services which result in increasing sale services of Healthy juice. Many
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forms of innovation aid society in various ways such as declining cost of overall production, less
use of electricity and lower cost of goods and services for delivering proper services as well as
cost. For example: Healthy juice is utilising technology of frugal like as websites of social media
for reaching large numbers of customers in lower product price.
It can be said that availability of fresh agricultural product is a major challenge to which
business organisation are exposed. The raw units which are delivered by frugal innovation makes
sure that low cost products are released which stands better then the rival organisations. The
emphasis is to create products which are low price and carry less sugar content as compared to
its competitor. The approaches which are undertaken are opting for resource efficient approaches
with less use of sugar and preservatives which will bring down the costs and will act as an
improved product for the health conscious generation.
It requires to influence a mind-set for adopting available development possibility for
concentrating over a value of innovation. This assists organisation such as Healthy juice sustain
in competitive enterprise by cutting cost of service manufacturing and delivered to customer in
minimum cost within a market. There are 6 principles of frugal innovation which are discussed
in detail as follows: Engage and Iterate: This kind of innovation claim to be repetition of innovation in a
specific product without doing any changes and methods in it. It says that Healthy juice
can achieve targeted result by innovation. Asset Flex: Through appropriate and better techniques as well as ideas solution. Healthy
juice can divert some innovation which support in sustaining within the business. Sustainable Solution: Purpose of this principle is to identify case problems and find out
proper solution of problems. Finding out solutions of raised problems while launching a
new product within a market. Shape Consumer Behaviour: This is done through assessing buying behaviour and
customer preferences. Healthy juice can follow different required modifications in their
goods as well as services. It will aid in achieving positive result. Creation of customer value: This is also an effective and regular process of assisting
along with communicating customer in evolution of Healthy juice in distinct processes.
They have to make a consumers value in a effective way so that it will help in enhancing
growth of products.
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 Innovation Stakeholders: For organising and coordinating better stakeholders, the
Healthy juice can improve evolution and development techniques in different styles
(Innovation of small medium enterprises for sustainability, 2011).
TASK 3
P5 Importance of commercial funnel and applications of new product development
Commercial funnel refers to a forming process or launching new techniques and ideas for
manufacturing new goods and services. This process is used for implementing plans of
organisation by undertaking different strategies, ideas and plans. It helps in giving ideas of
project within a short span of time which aid in increasing outcomes in an effective way.
They obtain a process of new product development which needs to be implemented in
Healthy juice in a short period of time. An organisation faces different challenges as well as
problems for achieving future results (Davila, Epstein and Shelton, 2012). Organisation
concentrates over increasing or expanding enterprise and increases their research for achieving
potential buyers and targeted customers. Firstly, it is needed to assess the process of funnel
which is explained in detail as follows:
 In this first step, idea is generated or introduced by Healthy juice for providing better
services and quality products to their customers.
 Company can improve various ideas as well as concepts for innovative services and
goods (Manso, 2011).
 Final selection of idea is created on the basis of environment. Final manufactured products are applied within the company for future development.
New Product Development Plan Idea generation: Healthy juice is concentrating on new generation of ideas according to
the needs of buyers and customer demands. Organisation can develop many more
innovative products for their betterment. This stage includes different sources like
internal sources, SWOT analysis, market research, competition and consumers. Idea screening: Presentation of their products should be different and innovative ideas
are organised for assessing opinions and reviews of person for evaluating limitation of
entire plan. Various factors in this stage include consumer needs, its strength, its
weaknesses, running trends etc.
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 Development and Experiment: It is the next step in which they test their innovative
products within a market at short level so that final product development can take place.
Feedbacks of new product will help in developing further concepts (Drucker, 2014).
Before development of good they test their product within a place of market. Product Development: In this step, services are developed for final results. It is
developed by various strategies used within organisation. Estimating profits of products,
marketing mix and branding techniques are chosen for products. Many other important
analyses includes break-even point, pricing strategies, costs involved, product
competition etc. all these techniques are applied and tested in this stage. Commercialisation: Healthy juice will create full utilisation of various promotional and
marketing tools for attracting customers as well as sales. In this organisation utilized
marketing mix through that they will make a final decisions. Each major as well as minor
decision is taken before finalising or launching a new product.
 Launching: These programme are used for launching product of Healthy juice with a
help of marketing as well as promoting components. At the last stage, they launch their
new products and observe its sales are increasing or either products is getting successful
within a market or not (Leiponen and Helfat, 2010).
Therefore, by using above process of new product development is more disciplined and
organised in a proper way. Healthy juice are adopted by innovate ideas and opportunities their
products and services in a innovative manner. Manufacturing of product would be more effective
as well as accurate which impact over customer.
P6 Innovation business case for company
Healthy juice is using many methods as well as techniques of innovation for a growth of
UK enterprise for which company has evaluated different methods of expanding firms. For
emphasis on base of customers, they have planned different methods which are discussed in
detail as follows: Executive Summary: Healthy juice manages new product development in an innovative
manner which helps in achieving final results in a more significant way. For sustaining
and developing, they have to make a proper plan of innovation. Need: Company has been enlisted as they are giving the best services in SME sector.
Organisation requires to develop and modify new products and services for prolonged
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existence in competitive market which help in increasing goodwill among marketplace
(Gassmann, Enkel and Chesbrough, 2010). Solutions: For improving and retaining customers or user of services, organisation can
increase their market by raising the use of marketing as well as promotional techniques
which will aid in increasing enterprise reach. Market Evaluation: For understanding requirements as well as needs of market and
customers, design of new product is framed by Healthy juice. Organisation has to
increase budget amount which they spend over 20% of work. Evolution and Planning: In this, activities which are planned are developed within the
company or making plans for the enterprise. Financial Requirements: Organisation arranges different kinds of products and services
which aid in achieving demands of entire development. There are different sources of
finance like bank loan etc.
 Expected Benefits: After process of budgeting, planning and feedback is being evaluated
and determined within a firm after that it is been compared with real results (Huizingh,
2011).
Executive Summary Healthy juice has run their business activities for providing healthy food
to their clients.
Need In order to develop product they are identify clients needs and wants
accordingly produce goods and services to full fill customer's
requirement effectively. For this, they take help of innovation strategies.
Solution After identification of need, management has prepare alternative
solution and select best of one from all available option.
Consumer Analysis Administration has conducting market research in order to analysis and
develop innovative idea in order to achieve goals in limited period of
time appropriately.
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Creation and
Improvement
Idea of implementation of strong communication network at work place
help to develop creativity and improvement in current performance
because through communication information sharing is very easily and
employees completing their work effectively.
Acquisition of funds Several sources of fund are available like banks, financial institution
etc. and they help firm to run their business activities effectively.
TASK 4
P7 Various tools use to develop, protect knowledge
Intellectual property is a model of legislative which is executed properly by experts.
Small enterprise organisation such as Healthy juice improves and alters their services which they
require to protect by claiming over Rights of intellectual property of United Kingdom. There are
different components which are taken into consideration for intellectual property rights aim like
as benchmark, trademark, patent, copyright, brand etc. Main advantages of this process are to
develop, protect and retain business for precaution to companies.
Rights and roles of Intellectual property
In current economy, scenario is based by manufacturing elements return is lower than
their knowledge. Intellectual property aims in better profits by providing effective knowledge of
insurance. To safeguard and protect from depriving by their own and facilitates rights are some
basic rights by which protection of invention are made which includes copyrights, patents etc. It
is a part of society innovative system (The Law of Recipes: Are Recipes Patentable?, 2012).
They are the rights of particular organisation which is not used by other people and take a
competitive advantage (Hall and Lerner, 2010). Internet protocol also involved cost as well as
risk mechanism. It is having their benefits along with its limitations. There are various other
methods which they can compare with other alternative techniques.
Tools of intellectual property rights
There are many tools which aid in protecting acts and rights which are given as follows: Trademark: It refers symbol which is present graphically and an gestural recognition of
service reliability of organisation. This includes various signs capable of representing
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letters, logos, personal names, graphically, numericals, particularly words etc. are some
signs which are capable of differentiating services and goods of company. Patents: It is referred to fulfil assisting new process, services, instruments, services or
products usage. An organisation have right to claim their patent of invention at market
place. It consists of deals between various society as well as investors. Copyright: It will lead in safeguarding creation as well as act of an particular community
to contain artistic creation, music, painting etc. This is a legal term which describes rights
of an owner of making any creative and innovative products such as Healthy juice is
having a copyright of its innovative product which is healthy milkshakes.
 Benchmark: Set standards are used as a point of reference for analysing performance or
quality level. It can be drawn by organisation through their own experiences from other
firms or legal requirements like environment regulations.
Therefore, Healthy juice can make use of proper tool of intellectual property rights for
their security of innovation as well as invention (Hjalager, 2010). This can aid in achieving
targeted results with better solutions of problems. It will help employees to protect their data and
information safely through intellectual rights. Healthy juice licences their new innovative
product so that no other can make a same product. It will help in been with their competitors
along with that they can maintain their goodwill as well.
CONCLUSION
Above report has concluded that innovation plays a very important role in success which
aids in developing existing and new products. In this modern, technology play vital role within
an organisation. Through this, firms have done different modification to achieve aim. Terms of
innovation and invention are closely interlinked with one another. They develop a process to
generate new product of Healthy juice for making sales and profits. Innovation help firm to make
a goodwill within a marketplace. It defined that innovation and commercialisation impact from
different components and factors within a firm. Along with that, frugal innovation require to
determine their mindset to adopt available opportunities at market place. Through this firm are
completing product development for concentrating over the value of innovation. There are
different components which require to undertake their intellectual property rights like
benchmark, patent, trademark, copyrights, brand image etc.
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REFERENCES
Books and Journals:
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technological interdependence affects firm performance in new technology
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709.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation. R&d
Management. 40(3). pp.213-221.
Hall, B.H. and Lerner, J., 2010. The financing of R&D and innovation. Handbook of the
Economics of Innovation.1. pp.609-639.
Hjalager, A.M., 2010. A review of innovation research in tourism. Tourism management. 31(1).
pp.1-12.
Huizingh, E.K., 2011. Open innovation: State of the art and future
perspectives.Technovation.31(1). pp.2-9.
Leiponen, A. and Helfat, C.E., 2010. Innovation objectives, knowledge sources, and the benefits
of breadth.Strategic Management Journal.31(2). pp.224-236.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Melville, N.P., 2010. Information systems innovation for environmental sustainability.MIS
quarterly.34(1). pp.1-21.
Sartori, R., Favretto, G. and Ceschi, A., 2013. The relationships between innovation and human
and psychological capital in organizations: a review. The Innovation Journal. 18(3). p.2.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range
planning.43(2). pp.172-194.
Yin, W. J., Shi, T. and Yan, Y., 2014. Unusual defect physics in CH3NH3PbI3 perovskite solar
cell absorber. Applied Physics Letters. 104(6).p.063903.
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Innovation of small medium enterprises for sustainability. 2011. [Online]. Available through:
<https://www.slideshare.net/togar/innovation-of-small-medium-enterprises-for-
sustainability>.
The Law of Recipes: Are Recipes Patentable?. 2012. [Online]. Available through:
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