Innovation and Commercialisation

INNOVATION AND
COMMERCIALISAT
ION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation & its importance for organisation comparing with invention\........................3
P2 Vision of organisation. Culture, leadership & teamwork helping in shaping of
commercialism & innovation ................................................................................................5
M1 Analysing different sources of innovation and how organisation's can develop
environment and culture of innovation...................................................................................6
TASK 2............................................................................................................................................6
P3 4 P's of innovation and use of innovation funnel for examining and shaping of innovative
ideas .......................................................................................................................................6
P4 Developments in frugal innovation and use in organisational context.............................8
M2 Application of innovation funnel in a organisation.........................................................8
M3 Evaluation of frugal innovation in a organisation ...........................................................8
D1 Development of innovation and it's measurement in a organisation's context. ...............8
TASK 3............................................................................................................................................9
P5 Importance of Commercial Funnel and its application on New product development
process for commercialising of innovation............................................................................9
P6 Innovative business case and various ways for accessing funding.................................10
M4 Detailed business case and use of appropriate techniques for testing, iterate and making
needed improvements...........................................................................................................11
TASK 4..........................................................................................................................................11
P7 Evaluation of tools for organisations for retaining and protection of intellectual property
rights ....................................................................................................................................11
M5 Evidence based evaluation with context to macro environment....................................12
D2 Nature of innovation for developments and providing evidence for organisation in
overcoming challenges. .......................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation & commercialisation are two major business aspects which always take place
together. Commercialising of innovation is very important as this is used for social benefits.
There are various impact of social business for a organisation. Innovation is a tool which is used
for providing opportunity to people so that they can experience overall growth and development.
while a organisation is carrying out the process of new product development there are certain
aspects which have to be taken into consideration. This report is based on Bigbelly which is
world's leading waste & recycling company. which is a organisation dealing in waste
management. company is planning to do innovation in a way to introduce some additional
features that the waste collected will be converted into manure and then used for purpose of
planting trees. Innovation and its importance of organisation, vision, culture and leadership of
organisation, application of innovation funnel and frugal innovation is done (Loya and Rawani
2016). Apart from this importance of commercial funnel is discussed and finally a business case
is build up and lastly different tools which can be used for protection of intellectual property
rights are discussed.
TASK 1
P1 Innovation & its importance for organisation comparing with invention\
Innovation is concerned with introduction of new concepts and ideas in a business so
that more customers can be attracted and sales can be increased (Kesting and et. al., 2016) . This
is a process which includes different varieties in which functions can be performed and
organisation can use them fir adapting to various changes taking place in the external
environment.
Invention is a tool which helps in identification and development of a product first time
in a business (McKelvey and Zaring 2018). It is used fir development of a idea which has been
never applied before. Investors posses right to protect their innovation so that it cannot be used
by anyone else.
Importance of innovation with comparison to invention
Innovation is important for every organisation for maintaining their effective position in
market. Bigbelly has been dealing in waste management, which helps them in providing

competition to their competitors. This will help them in bring innovation in their products.
Importance of innovation is discussed below:
 Satisfaction of customer requirements: Innovation can help companies in making new
product launches or making changes in existing products. This is done by determining
requirements of customers (Do and et. al., 2018) . Bigbelly has that the waste collected
by them can be used for the purpose of agriculture and horticulture.
 Competitive advantage: Innovation in already exiting products helps organisations in
getting a competitive advantage which can help in attracting of customers. Bigbelly is
using innovation as a tool for increasing their present sales and having a differentiation
feature in their bottles (Mazzarol and Reboud 2020).
Difference between Innovation & Invention
Basis Innovation Invention
Meaning Innovation is very helpful for
organisation for making
improvements in the products
which can help in increasing
customer loyalty and satisfying
them according to their needs
& requirements.
Invention leads to a complete
new development in product.
This is a process which helps
in offering customers
something new and different.
Which has a risk of being
accepted or not.
Purpose Purpose of innovation is
increasing overall value of
products in which the
organisation is dealing.
Aim of invention is for
bringing something new which
has never been experienced
before.
Required skills Skills required for the purpose
of innovation is strategic skills,
effective marketing skills etc.
Skills required for invention
are completely technical in
nature and there is a need for
identifying the needs and then
making invention to fulfil such
type of requirement.
Functions involved Various functions involved in It depends in different