Innovation and Commercialisation in Organizations

Innovati
on and
Commer
1

cialisati
on
2

INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
2. Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................5
3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................6
4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................8
5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.......................................9
6. Build an Innovation Business Case for an organisation, including ways to access funding. 11
7. Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Innovation defines the process of exploring and generating new ideas, innovative thought
and proposing approaches of life. It was best described as a method requiring multiple acts to
adequately reveal fresh insights or convictions for understanding objects (Afzal and et.al., 2018).
Commercialization offers a process by which the company creates commercially competitive
value systems. Using the acquired skills, the management could secure the build capital in
finished goods according to customer demands. Heinz’s UK aimed for a stronger grasp of this
definition of creativity. Company is going to introduce new product that is Mix Fruit Ketchup
that is healthy as well as taste and would be mostly liked by the children.
This is a UK based company that is very famous companies offering classic items like
tomato sauce, tomato soup cream etc. The creativity provides businesses with ad strategies,
consumer assistance etc. The study addresses the different issues such as creativity and the
distinction between innovation and development and the forms of innovation that companies
may consider. It also discusses the mechanism that is necessary for commercial innovation and
examines the variety of approaches that safeguard innovative ideas.
MAIN BODY
1. Explain innovation and determine its importance to organisations in comparison with
invention
Innovation: Organizations use that strategy to transform other concepts into income-
generating behaviour. If a company feels ready to develop innovative goods & services through
its organizational structures using another tool, creativity tends to produce fresh ideas. It is
achieved in such situations where different methods are needed to meet consumer needs. The
Heinz Company is carrying out the invention of Mixed Fruit Ketchup which provides great taste
to the customer.
Invention: It's all of a designed or built device or system, or the process of making or
improving it, or working out a strategy for doing so. A different type of product is one example
of an innovation.
Basis Innovation Invention
Concept Innovation is a strategy in which a Invention is often used to indicate a
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