Innovation and Commercialization in Unicorn Grocery

INNOVATION
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Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Define the term Innovation and its significance in comparison with invention..................................3
P2 How organizational vision, leadership, team work and culture can shape Innovation and
Commercialization..................................................................................................................................4
TASK 2.......................................................................................................................................................4
P3 Explain 4P’s of Innovation Mix and use of innovation of innovation funnel.....................................4
P4 State the development of frugal innovation........................................................................................5
TASK 3.......................................................................................................................................................5
P5 Significance of commercial funnel and application of new product development..............................5
P6 Business Case for Unicorn Grocery....................................................................................................6
TASK 4.......................................................................................................................................................7
P7 State different tools that help in retaining and protecting intellectual property...................................7
CONCLUSION..........................................................................................................................................7
REFERENCES................................................................................................................................................9
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INTRODUCTION
In context of business, Innovation refers to the process of making business workflows,
product, services or process more effective and efficient. It also means implementing new ideas,
creating dynamic product or services or improving the existing goods or services so as to attain
higher competitiveness level in the market place over other rivals (Baldwin and Von Hippel,
2011). It often act as a catalyst in terms of organizational success and growth and it also assist
business in growing and adapting as per the requirement of market in an effective manner. The
chosen organization for this report is Unicorn Grocery which is a co-operative grocery store in
England. It covers how innovation and commercialization assist the selected firm in gaining high
competitive advantage. It also encompasses innovation mix, application of new product
development, frugal innovation, business case, sources of funding and different tools that help in
protecting and retaining intellectual property rights.
TASK 1
P1 Define the term Innovation and its significance in comparison with invention
The term “Innovation” simply means converting a productive idea into effective goods or
services that leads to create value for target audience or which customer is willing to pay.
Basically it means coming up with creating ideas of doing similar things in unique or innovative
manner. The concept of innovation does not related with invention. Both are different and covers
various aspects that help firm in achieving business objective in a structured and thorough
manner. It can occur in the form of transforming business process and adaptable to
environmental changes so as to provide better product or services to customers that meet their
requirement in an effectual manner. In order to make it successful, every firm needs to consider
innovation as the part of their in-built strategy which often leads to generate culture of
innovation and promotes creative problem thinking and strategic thinking. According to Frank
and Wright “An organization who continually undergo innovation, develops more efficient and
effective work process and chances of attaining higher profitability increases rapidly”. In order to
beat prevailing market competition, it is essential for each firm to come up with unique or
creative ideas that keeps their products, processes or services fresh and distinctive.
Unicorn Grocery has decided to launch its online mobile application so that they can sell
their product through online medium as well. With this innovation, they became the first one
among other SMEs in UK to introduce its own online mobile application. The main reason
behind this innovation is to take the advantage of higher competitive edge in the overseas
market. As a result, their members have come up with an idea of launching online mobile
application that strong their both customer and market base (Boudreau and Lakhani, 2013). They
are also focusing on embedding sheer layout that makes easier for customers to find their product
as soon as possible. Following are some of the advantage of Innovation in terms of Unicorn
Grocery are mentioned below:
 With the help of Innovation, it become much easier for Unicorn Grocery to capture large
market share and gain high competitive edge in overseas market
 Assist in building brand image
 Generates higher profit and revenues
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