Innovation and Commercialisation

INNOVATION AND
COMMERCIALISA
TION
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Table of contents
INTRODUCTION.......................................................................3
1.What are the dissimilarities in the middle of innovation and
invention.........................................3
2.What is the significance of innovation to organisation and how this can be implanted within
the organisational leadership and culture at essence drinks.......................................4
3.Describe about the 4 Ps of innovation and how this supports the capability and management
of innovation. Also explain about which form of innovation should Essence Drinks adopt....5
4.Explain about the approaches that Essence Drinks take to process innovative ideas
including the innovation funnel and frugal innovation and also give examples of different
approaches used by the organisation...................................................................6
5.Describe about the steps taken by the Essence Drinks to derive a new and innovative
drink......................................................................................................6
CONCLUSION........................................................................................7
REFERENCES.........................................................................................8
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INTRODUCTION
Innovation refers to the birth of new ideas that has been converted into real world. In
terms of business innovation it can be in the form of result of a product, process or business
concept that can be activated into the marketplace and produce large amount of profit for the
organisation. (Ahn, and et.al., 2016). At large scale commercialisation is the result of
transforming new ideas and inventions into greater wealth for everyone in the society. In this
report analysis has been done on the difference between innovation and invention and also
analysis has been done on the value of innovation to organisation or how it can be implanted
in the leadership and culture at essence drinks. The analysis has also been done on the 4Ps of
innovation and strategies that Essence drinks take to process new ideas. This report also
includes about the next steps taken by the Essence Drinks to derive innovative drink. The
chosen organisation is Essence Drinks. Akshay Kumar is the founder of Essence Drinks
company. The company has been launched with one drink named as a healthy mango lassi
into the UK market. The company has performed very well in the fast pace manner in the
initial first year due to its innovative product.
1. What are the dissimilarities in the middle of innovation and invention
Innovation can be defined as it is the process of making any contribution to an
existing product and service. While invention refers to the development of a product or
process for the first time. With respect to the company a healthy mango lassi which is
launched for the first time is considered under the category of invention. The basic difference
between innovation and invention is that invention is the development of a new product while
innovation is making any significant contribution to something already existing. Invention is
an original and new idea while innovation is the real conversion of a new idea. In this
concept certain skills are required. Scientific skills is necessary under the category of
invention while set of marketing, technical and strategic skills are required under the category
of innovation. Invention occurs when new idea or original thing strikes into the mind of
scientist while innovation is required when a need to be fulfilled for a product or
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