Innovation and Commercialisation Concept - Doc
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Added on 2020-10-23
Innovation and Commercialisation Concept - Doc
Added on 2020-10-23
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Innovation andCommercialisation
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1 Concept of innovation and determine its importance for organisation in comparison withinvention.................................................................................................................................3P2 How organisation's vision, leadership, culture and teamwork can shape innovation andcommercialisation within Essence Drinks..............................................................................4LO 2.................................................................................................................................................5P3 Presenting explantation of 4Ps of innovation and using of the innovation funnel forshaping the innovative idea....................................................................................................5P4 Presenting explanation of the frugal innovation and example........................................6P5. Explaining the significance of the commercial funnel and applying the stages of newproduction development in processing for the innovation and the commercialisation..........7P6. Building an innovative business plan for the company with the various sources of funding.................................................................................................................................................8LO4................................................................................................................................................10P7. Evaluating different tools for retention and protection of knowledge and intellectualproperty used by the company..............................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION The organisation have to deal with various types of issues related with the consumerdemand and their satisfaction. This is of crucial importance for each business as the consumer arethe one who are ultimately responsible for operating of business and its profitability. The presentreport is related with analysing, invention, innovation and commercialisation of goods and productby Essence Drinks which serve mango lassi. Invention is related with bringing in a new idea of anew lassi in the market. Innovation is related with making changes in the exiting product byaddition of value and commercialization in order to present it to consumers. Along with this thereis inclusion of organizational culture, , invention of the products, team work, vision andleadership. The 4Ps of innovation are explained along with the frugal innovation. The importanceof innovation and its retention is explained and the rights over the intellectual property related withinventions.LO 1P1 Concept of innovation and determine its importance for organisation in comparison withinventionInnovation is a process of developing new product or idea which helps in improving theeffectiveness of a business idea or product to meet the increasing needs or requirements. This canalso includes implementing the improvements within an existing product or service to cater moreand more customers. The main motto behind executing the innovation process is to solve a specificproblem using unique and creative solution. The process of innovation is very important for purposeof commercialization (Aarikka-Stenroos, 2018). Commercialization is the the process of monetizing of financing a innovative idea. In otherwords, providing a innovative service or good in return of financial benefits can be termed ascommercialisation. It is beneficial for an organisation as it offers the company with an opportunityto grow and have more and more development in innovative products and services.However, the innovation process is different from the invention process. Invention can bestated as a sudden discovery or developing a new and unique product. The invention is a result ofextensive research and development and practical implication and usage of a invented items are notknown. It is a practical implementation of a theory or idea.Major difference between invention and innovation process are as follows:Invention InnovationIt can be termed as development of a newproduct or service which is unique in nature. Itinvolves the process of creating a new productIt is a process of making improvement andchanges which increases its effectiveness. Itadds a value in an existing product or service.
or service.For the invention purpose, extensive scientificresearch and development process is carriedout. The innovation process is carried out by theorganisation or a innovator when a need arisesrelated to improvement of existing product orservice.It is a single entity having only one product oridea. Although the idea or concept behindinvention process is a unique theory andresearch.It is a combination of multiple processesincluding research and development, productplanning, feasibility study and promotionalmeasures related to launching of a innovativeproduct.The practical implementation or utilizationprocess of a invention or invented product isunknown.It is the practical implementation of a inventedservice or product that is used as a solution ofproblem solving (Ke and et.al., 2016). The innovation process is relatively important for an organisation as it supports theorganisation to develop and produce new and innovative product. The purpose of innovation is tosolve specific problem or issue that is been faced by the customers of an organisation like Essencedrinks. It supports the development of innovative products and services like Espresso Lassi whichwill help in attracting new customer base and increase sales of organisation. It will not only increasethe sales of the organisation but also increase the profitability and productivity of organisation.Although invention gives technical effectiveness of organisation while the innovation will help inoverall growth of organisation. P2 How organisation's vision, leadership, culture and teamwork can shape innovation andcommercialisation within Essence DrinksInnovations and commercialisation is an organisational level process which covers all thedepartments of organisation. The main purpose behind having the innovation and commercialisationprocess is to solve a problem that is faced by the customers as well as the company and get themonetary benefits from new and unique products. The organisation's leadership, culture andteamwork plays a very significant role within the functionality of organisation. This supports in theeffective shaping up of innovations and commercialisation process within Essence Drink. Theelements like within the organisation to have an innovative will help in incorporation of innovationand commercialisation process (Chun and et.al., 2015).The vision of Essence Drinks is required to be clear and precise in order to avoid any sort ofconflict or in difference at the work place. The organization will look after the setting up of itsorganisation and operations based on the vision statement to carry out the research process and have
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