Innovation and Commercialisation in Chilly's Bottle

INNOVATION AND
COMMERCIALISAT
ION

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1 ...........................................................................................................................................4
P1 Comparison between innovation and invention.....................................................................4
P2 Organisational role in shaping innovation and commercialisation........................................5
TASK 2 ...........................................................................................................................................7
P3 Tools of innovation for examining innovative ideas.............................................................7
P4 Frugal innovation and its use in Chilly's Bottle.....................................................................8
TASK 3............................................................................................................................................9
P5 Application of commercial funnel and new product development processing......................9
P6 Business case for Chilly's Bottle and ways of access funding.............................................10
TASK 4..........................................................................................................................................11
P7 Tools for protecting and retaining intellectual property......................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is a process of bringing something new in marketplace by turning ideas into
solution which will add value from perspective of consumers in existing goods or services.
Innovation involves multiple activities which brings out fresh ideas to perform activities in better
manner and it is linked with the ability of creativity. Invention on the other hand is different
phenomena, it is an action of taking new ideas and creating something fresh which do not exist in
market. It brings change in business and marketplace and required because of regular changing
environment(Mazzarol and Reboud, 2017). Chilly's Bottle was founded by James Butterfield and
Tim Bouscarle in 2010 with an objective of providing a product to people by which they get cold
water everywhere. Their aim is to give comfort to customers by providing them reusable water
bottles which are easy to carry and reduces the use of single use plastic bottles. In this report,
innovation and invention is studied along with its benefits which helps organisations to grow,
expand and perform effectively according to changing environment. Chilly's Bottle has to evolve
and innovate because of the increasing competition and regular changing expectations of people.
TASK 1
P1 Comparison between innovation and invention
Innovation is changing structure of business and enhancing existing processes of
organisation with new ideas which will provide better products or services to consumers.
Innovation is process of developing better effective products, processes or ideas for doing
business and providing appropriate results to public by way of products or services.
Invention is a slightly different phenomena, it is creating something new in products,
processes and ideas but provided something entirely new to public or to organisation. Creativity
and capabilities are the keys of inventing some new goods for public which will satisfy their
needs and provide efficiency to company(Lopes and et. al., 2018).
Importance:
Innovation Invention
Innovation is important for bringing creativity
and productivity in organisation and its
processes. Creativity and productivity will
Invention is compulsory for all type of
company and businesses. It provides
productivity along with a unique competitive