Innovation and Commercialization: Importance, Role of Organization, 4P's, Innovation Funnel, NPD, Business Case

Innovation 0
Innovation and
Commercialization
5/22/2019

Innovation 1
Contents
Introduction......................................................................................................................................2
Innovation aspects and compared with the intervention..................................................................3
Role of organization vision, leadership, culture and teamwork in innovation................................4
4P’s used in innovation and the innovation funnel..........................................................................5
Importance of commercial funnel, NPD and innovative business case...........................................7
Commercial Funnel.....................................................................................................................7
NPD.............................................................................................................................................7
Innovation business case..............................................................................................................8
Tools used to develop, retain and protect knowledge and intellectual property...........................10
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Innovation 2
Introduction
Innovation plays a critical role in today’s business environment as it adds value to the products
which enhances the chances to gain profitability (Schreier, Fuchs and Dahl, 2012). As per the
case in this report, the Essence drinks need to do innovation in the company to increase the sales
of the products. This company wants to produce health energy drink in different flavors. The
importance of the innovation and its comparison with the invention will be included in this
report. Organizational vision, leadership and culture role in maintaining innovation in the
organization will be also discussed. Various sources of innovation will be also included in this
report. The report includes the 4Ps of innovation and also describes the use of innovation funnel
to determine the innovative ideas along with frugal innovations. The report will be discussed
about the funnel used in commercial activities and the proper application of New Product
Development as related to the organization. Intellectual property tools used in the organizations
for the innovation will be discussed in the later section of the report. Several challenges can
come in the process of innovation to the process of overcome the challenges will be also
discussed in this report.

Innovation 3
Innovation aspects and compared with the intervention
Innovation is considered as way in which one is improving the existing thing or is making
significant contribution to the existing products, services or to any process. Improvement or
advancements in the products are generally done for improving the quality of the products or to
enhance its usability (Mueller and Ibert, 2015). At the same time it creates a new space for the
product by adding the value to it.
This is significantly different from invention. This is because in invention there is creation of
totally brand or device. The invented item is totally new for the market which is not in the case
of the innovation where modifications are done in the existing products only.
Basis of comparison Invention Innovation
What it is Development of a new product Adding value to the existing
product
Concept The idea is new and
previously was in theories
only.
Practical advancements in new
or existing ideas.
Skills needed Scientific skills Marketing, strategic and
technical skills
Related to Single process or product Mixture of different processes
and products
Activities Most of things are done in
research and development
cells.
All the units of organization
are involved.
The different sources of innovation
 Unexpected sources: These sources include the market place. It is one of the places
where one can look for several opportunities. Effective managers look for those
opportunities by studying the market carefully. Most of the firms take this source so as
enhance their sales by fulfilling the needs of the market with the help of their innovated
product (Mazzarol and Reboud, 2017).
 The need for process: It is the source of innovation that involves in the process of the
business like identifying the weak spots and then correcting them accordingly. This