Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1: Innovation and its importance to organisation in comparison with invention.................4
P2: Organisation vision, leadership, culture and teamwork that can shape innovation and
commercialism.......................................................................................................................6
P3: P's of innovation and the use of innovation funnel to shape the innovative ideas...........7
P4: Developments of innovation frugal innovation in organisational context ......................8
TASK 3............................................................................................................................................9
P5: Importance of commercial funnel and application of New Product Development (NPD)..9
P6 Build a business case.......................................................................................................11
TASK 4..........................................................................................................................................13
P7 Evaluate the several tool of protecting the intellectual property.....................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
.......................................................................................................................................................16

INTRODUCTION
Innovation is a process of converting an idea into a good or services that can add value to
the customers fort the amount that they pay. It helps to identify the ways to do the things
differently. Innovation can be achieved by introducing creativity in the products and the
processes of the organisation. To make the organisation competitive the companies need to
innovate their processes, products and services. Innovation offers opportunities that can be
grabbed which will help them in their growth. While commercialisation is the process to carry
out new products and the services in the existing marketplace. For this report the organisation
that is taken into consideration is Chilly's Bottles which offers a wide variety of water bottles,
coffee cups, accessories etc. The company is planning to introduce innovation by introducing a
new bottle which is basically for workout purposes. In this report the significance of innovation,
sources of innovation, innovation funnel, commercialisation funnel etc. are discussed.
TASK 1
P1: Innovation and its importance to organisation in comparison with invention
Innovation is concerned with introducing new ideas in the businesses which will help
them to attract more and more customers. It can be defined as a process which includes various
ways of doing things differently than others. Innovation are always developed with the creativity.
Innovation helps the organisation to adapt the changes that are taking place which will help the
companies to ensure their survival (Bernstein, 2015).
Invention is something that has identified or developed for the first time. They are such
ideas that has never been used before by anyone. The inventors take rights to protect their
invention. It can be an improvement in the machine, product which creates an object as a result
(Rasmussen and Eliason, 2017).
Importance of innovation in comparison to invention
The innovation is important for every organisation as it helps them to maintain their
position in the market. Chilly's has been providing water bottles, coffee cups in which they have
to face various competitors. So, they will be innovatively introduce a new product. The
importance of innovation is given below :
 Satisfy the customer’s needs : With the help of innovation the companies launch new
products or make changes in the existing ones. This can be done based on determination