Developing Innovation Model

Developing Innovation
Model

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
LO1............................................................................................................................................3
Explaining the innovation techniques and determine its innovation in comparison with the
invention.................................................................................................................................3
Explain how organisational vision, leadership, culture and teamwork can the innovation
and commercialisation...........................................................................................................4
LO2............................................................................................................................................6
Explain the 4P’s of innovation and explain the use of innovation funnel to examine and
shape of innovative ideas.......................................................................................................6
Explain the development of the frugal innovation and give supportive examples as how it
is used as the organisational context......................................................................................7
LO3............................................................................................................................................8
Explaining the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation..................................8
Build an Innovation Business Case for an organisation, including ways to access funding. 9
LO4..........................................................................................................................................10
Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property....................................................................................10
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................12

INTRODUCTION
Innovation is one of the key to run the business and make an entrepreneur a successful
one, with the help of adopting changing methods and opportunities for different business with
different styles. As invention and innovation are the two different aspects for the business
man to develop the business and use different product line to expand the business after the
particular time period. To run a business there should be perfect and clear vision and
objective which has to be completed in the future by the organisation (Wemmer, Emrich and
Koenigstorfer, 2016). For this assignment the chosen company is Oven-Fresh bakery,
founded by Mr Wilbur in United Kingdom. He started his business five years ago with only a
single type of bread. He supplied his products by using white bread in different forms. In this
assignment the included contents are; difference in between the innovation and invention,
explaining the different types of innovations, evaluate the process of commercialise
innovation and provide a new product development process for commercialisation of the
products, advantages and disadvantage for the different methods of protecting ideas.
MAIN BODY
LO1
Explaining the innovation techniques and determine its innovation in comparison with the
invention
Innovation means introducing something new in the market for the customers, it
brings the positive change in the environment and complete the demand of the customers. It
is the most important topic for the long-term establishment of the company in the market
(Hue, 2019). It can be in the context of anything related to the products, service and any
technological process.
Innovation Invention
Innovation is the implementation of the idea
which is made for the products and process
for the very first time in the product life.
Invention refers to the new idea for the
products which are never to be used before.
It’s actually add up the values in the existing
product and make them new as like never
before.
Invention make very new product which is
never being used by anyone in the market.
Here the management, technical and It needs only scientific skills to make a new

strategic skills for the development of the
product.
product idea in the market.
Combination of the products can be used. Single product is needed.
Implemented through whole organisation. Limited to the R&D department of the
company.
Oven-fresh bakery face lots of challenges like insufficient capital to run the business
on the daily basis, less human resource who can make innovative changes in the business
according to their need, their capacity is underutilised, the pre-planning and project
compliance is not that strong enough which is actually needed according to the companies’
share in market (Harrison, Rao and Mulloth, 2017).
The invention and innovation are the most important factor in the organisation like
Oven-fresh bakery. As it help the company to make a new and innovative products for the
customers. It help the company to make a good relationship with the customers by fulfilling
their need and demand. It help the organisation like Oven-fresh bakery, to develop the new
products and diversified the product line to create new offers for the customers and make
them satisfied. Invention can do new discoveries for the good work, help the whole market or
country in respect to increase the GDP. Also it help the company relevant to the market and
make updated products for the customers. Oven-fresh bakery make differentiation in their
products and company to make differ from the others competitors. It also increase the
productivity, solve the problems which are arises through the market and make the market by
their own self.
There are various techniques which can be used by the oven-fresh bakers to make invention
in the company. The oldest and usable technique is adding; adding something new in the old
product, leads less costly and most effective (Joshi, Chelliah and Ramanathan, 2015). Next
one is changing appearance; appearance is everything for the customers, so a little change
will help the company to attract more customers. And company can also use the natural
objects technique used for showing the customers that the company is health conscious.
Explain how organisational vision, leadership, culture and teamwork can the innovation and
commercialisation
In oven-fresh bakery, the vision, leadership culture everything is related to the
company’s growth and achievements. So they can easily identify how they are going to