Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATI
ON

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Explain the concept of innovation and analyse its importance in comparison to invention..1
P2 Explain how Organisational vision, leadership, culture and teamwork can shape innovative
ideas.............................................................................................................................................2
TASK 2 ..........................................................................................................................................4
P3 Analyse various sources of innovation and how it is helpful in developing the environment
and culture of innovation............................................................................................................4
P4 Explain the development of frugal innovation.......................................................................4
TASK 3 ..........................................................................................................................................5
P5 Depict commercial funnel and justify NPD(New Development Process) and
commercialisation of innovation in reference to BIG BELLY...................................................5
P6 Analyse a case study in connection with BIG BELLY and examine its innovative product
effectiveness and origin of funding.............................................................................................8
TASK 4............................................................................................................................................9
P7 Define tools which help firm in developing, protecting knowledge and intellectual property
rights............................................................................................................................................9
CONCLUSION ............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is defined as the process which develops the new ideas and thoughts for
creates changes and modifies it. It occurs for the betterment to create solutions which carries out
new demands and requirements in existing goods and services. It consists of creating
opportunities and new ideas for evaluate the analysis of new products in the working
environment. Despite of, commercialisation indicates the launching of new products and services
within the business(Garnier 2019). Moreover, it is very essential for a company to sustain in the
market for future perspectives. With reference to Big Belly, which deals in smart wastage and
then recycle those wastes in public areas. This company could develop the wastage in such a way
to keep away from garbage for future growth. In addition to this, it could acquire innovative and
creative products within a large range. The report involves innovation of new products and also
commercial funnel of products. NPD process to attain goals and objectives within an
organisation.
TASK 1
P1 Explain the concept of innovation and analyse its importance in comparison to invention
Innovation: It refers to actions which evolve the changes and modification within the
existing goods and services in order to effect on future growth of a company. In addition to this,
there are various factors which provides the operations and functions of innovation that includes
unique thoughts in such a way that it uses the strengths of a company. It further includes creating
of new ideas or services which operates the values and beliefs of their customers.
Invention: It refers to the process which is crucial in providing unique ideas to spot into
activities and also determined the other type of process of new product(Chan and Srivastava
2019). It occurs when new ideas and their opinions rise in head of people and their opinions
turned into final products. For instance, it provides research programmes within the market for a
longer process. An invention is a specific method which involves the development of product
procedures. In assistance to this, it could improves the product creation with existing into new
things.
Invention is defined as a procedure of bringing innovative idea within the market that
does not have any existence previously. Innovation is a procedure which mainly allows an

organisation to convert idea into foods as well as services which add value to the company. It is
important for an organisation to bring innovation in market that will help them to gain success as
well as higher growth. The importance of innovation is it increases productivity of an
organisation. In addition to this, it attract more number of customer that has a positive influence
on sales and profit of an organisation.
Comparison among innovation and invention
Basis Innovation Invention
Aim Their main aim is to make
productivity and profitability
of current products in such a
way to attain goals and
objectives.
Its main aim is to present the
new innovative and creative
products to their potential
customers.
Occurrence It occurs after the measure of
productivity in such a way to
have adequate competitors for
succeed in future.
It occurs when their ideas and
opinions comes into the mind
of respective that enables into
final products which meet the
needs and wants of its
customers.
Innovation plays a significant role in future growth of a company. For instance,
perceptual experience helps in developing and arising the appropriate intercourse(Chan 2019). In
addition to this, the development of innovation and opinions in such a way to meet the needs of
values which shows threats. The importance of innovation which is described as below:
 Specific selling point(USP): The competitors which are already in the market that
enhances competition level in business in reference to Big Belly. This company utilise
various creativity for the selling of products and services that includes totally special in
order to support many times much stock of garbage. In addition to this, this company has
currently introduces the technique of preventing wastage of alarm which makes noise
pollution.