Innovation and Commercialisation

This report explores the importance of innovation and commercialisation in business. It discusses the role of vision, culture, leadership, and teamwork in shaping innovation and commercialisation. It also covers the 4Ps of innovation and the use of the innovation funnel in business. Additionally, it examines the sources of innovation and the tools and methods to protect knowledge and intellectual property.

Innovation and Commercialisation

Table of Content
INTRODUCTION...........................................................................................................................3
P1- Innovation and its importance for an firm with comparison with invention........................3
M1 sources of innovation and its importance to firm .................................................................4
P2- Role of vision, culture, leadership and teamwork to give shape in commercialization and
innovation ...................................................................................................................................5
P3- the 4p's of innovation and use of innovation funnel in business..........................................6
M2- Hardware and software digital tools to meet marketing requirement ................................7
P4- development in funnel innovation and its use in organization.........................................7
M3- Role of funnel innovation ...................................................................................................8
P5- Importance of commercial funnel and NDP plan for processing for commercialization if
innovation....................................................................................................................................9
P6- Innovation business case for company , including ways of access funding ......................10
M4- Business innovation case ..................................................................................................12
P7- Tools and methods to protect knowledge and intellectual property. .................................13
M5- protecting tools used by the companies ............................................................................13
CONCLUSION .............................................................................................................................14
REFERENCESS ...........................................................................................................................15

INTRODUCTION
Innovation is the process of creating new idea or any new invention into the goods and
services which can add some value for the customers. This can also include improvement in
the existing product and services.
This report will cove case study of Essence drink which was founded by the Akshay
Kumar and they are selling dirk called healthy mango lassi (Bagley and et.al., 2018). This
report will provide brief explanation of the innovation and importance of innovation in
business. It will explain how companies vision, culture and teamwork can provide better
shape in the commercialization and innovation . This report will explain different type of
innovation to make this point more clear, it will conclude innovation 4 ps and use of funnel to
shape idea. This report will analyse process which is need for the commercialise innovation fr
the Essence. In the end of this report will provide methods which can b used by Essence
company to protect their idea like copyrights and patents.
P1- Innovation and its importance for an firm with comparison with invention
Innovation plays important roles in the business because it helps to provide
opportunities for the companies to grow in their business and helps their customers to satisfy
with their product and services effectively (Brown., 2016). It is also helpfully for the
companies to maximize their returns on the investment , increase business growths, increase the
efficiency responding to the industry disputers and increasing market shares. Essence
company should focus on the innovation in their product so they can overcome from the
losses and increase their return and grow their business. Continuous improvement is needed to
say in the competition and Essence was selling their product from the 3 years without any
innovation in product, so they need to innovate their product as well.
Innovation & invention
·Innovation Invention On the basis of definition innovation can be defined as the changes in
product which can add some value and services which helps to satisfy needs of an consumer.
·The implementation idea for the product for the first time.
·Requirement of the innovation are strategic skill, technical skills and proper marketing
knowledge which helps to make it happen.

·One of the best example of the innovation is Apple mobile where they bring innovation in their
existing product which affect on their product price, and they are able to earn more profit in
their business. They just add some new technology in their mobile without changing any other
body part.
·Innovation in the business may no need of any new discovery or the newly created product
but it can help to add some valuable for the customers
·A company , country or the society can move forward in growth even without inventions and
one of the best examples is japan country who are not an investor of television, but they are
selling their product in the all around the world by innovating existing inventions. While
Invention is creation of the any product for the first time and it should have differences from
the previous inventions.
·The occurrence of an idea for any kind of services and product which has been made before.
·Innovation are the cause effect of an invention. If there will be no inventions then no open can
improve upon it (Clausen and et.al., 2018).
·No innovation can take place if there is no invention of any kind of product and service.
·Inventions are described as taking a jump into what is unknown. It possesses a high risk of
having unknown effects substantial results because no one can correctly forecast the outcome.
M1 sources of innovation and its importance to firm
Human mind if the main sources of the innovation that helps to bring the new ideas and
innovation for the business. Another sources for the business can be Diverse culture within the
workplace of the company because people from the different country and culture can bring new
ideas for the firms.
Innovation is important for the company because it create new opportunities and creating
new idea which bring some uniqueness in the product and services. Innovation in the new
business is necessary for the company because it helps them to show their presence in the
market and take competitive advantages.

P2- Role of vision, culture, leadership and teamwork to give shape in commercialization and
innovation
Vision, culture, teamwork and leadership are most important part of the company which
can provide shape to the innovation and commercialization within the workplace of company
and help them to develop their product are services more (Donegan., 2019). Similarly, Essence
company also need to understand the value of their value, they need to create innovative work
culture and improvement in leadership, so they can be innovative in their business and gain
market shares in UK market.
Vision
Vision provide clear image of the goals and objectives of the company for the long
period of time and employees can understand what they have to achieve for the business. It is
necessary for the companies leader to have clear vision of their goals, mission and value of their
company. The key elements of the vision help to guide a team and the company toward the
commercialization. Leaders should make a vision which can be based on innovation and
commercialization, if vision of the company will be based on innovation then automatically
innovation will take place within the organization.
Leadership
Leaders are top management of the company, and they guide their employees to be
innovative and work toward the commercialization. Leaders can bring innovation within the
company by promoting right skill on the right place. People who will have right skills for the
particular job then they will automatically bring new ideas for the innovation and help
company to grow their business (Han, Thomas, Yang and Cui., 2019). Leaders can also
provide skill based training to their employees, so they can get opportunities to develop new
skills and work on the other areas or give ideas for better improvement and innovation.
Culture
Culture has great influence upon innovation and commercialization because it helps to
improve working environment and increase flow of communication within company. Culture
of the company can be created by brining employees form the different places and company
can also organize group activity where employees from the different culture can work and
come up with some new ideas and innovation in their work. Better working environment at the

workplace increase the creativity in the employees and motivate them in their work which
brings innovation and commercialization.
Team work
Team work also have great contribution to give shape to innovation and
commercialization. Top leaders of the company should make teams in which employees from
the different areas can work together. They can learn something from each, and they can ask
each other for the feedback for their work. Team work create understanding between the
employees which can make them bring new idea and innovation for the company which can
helps company to grow their business.
P3- the 4p's of innovation and use of innovation funnel in business
The 4p's of Innovation
There are 4 type of innovations which can be implemented by the business, those
innovations can provide innovative idea and plan to expand their business and gain loyalty of
the costumers. Essence company can also use those step to innovate their product Mango lassi
and achieve competitive advantages in their business and show there presence in the market.
Product
It is important for the Essence company to come up with the new idea which can
upgrade their product and customers can get something different. Currently they are selling
Mango lassie but they can also try other fruit lassie like orange, Banana etc. Customers will get
new taste and customers will get something new to taste (Lopes, Farinha, Ferreira and
Ferreira., 2018).
Process
Process of making product also matter for the company and innovation in the process
of making Mango lassi can helps them to take competitive advantages in the Uk market. They
can improve their quality by implementing new teleology. There are many machines are
available in the market which can help to improve the quality of the product and company can
save their resources and provide better taste in their product.
Position
Positioning innovation is all about reposition and taking their product to the new
market. Essence also can enter in the new market with their existing product by proper research

and understanding the response of the customers by using their product in target country or
place. This will helps them to grow their business as well.
Paradigm innovation
Paradigm Innovation is the shifting of an underlying mental model via a change.
Essence company can change some ingredient in the product and introduce with improve in
taste and increase in quantity. This will helps them to add more value in their product, and
they can achieve success in their business.
Innovation Funnel
The innovation funnel refers to the funnel management process and this is one of the
most famous approach which is used by many organizations to create innovative idea and
action plan for their business. The general process of the innovation funnel consist of the
creating a large number of the possible ideas (Mazzarol and Reboud., 2017). The all over the
objectives of the innovation funnel management process is helpful to give priority to the idea
so company can ensure that the best once are fully developed and also advanced with the other
innovations. The innovation funnel is an mechanism in which companies show their product
in the screens and consist the meeting where they discuss about the performance of the
product and what changes they can bring. For examples- leaders of the Essence drink can create
list of the new ideas about the product development from the employees, and they follow the
funnels steps to get best possible idea among all the idea.
M2- Hardware and software digital tools to meet marketing requirement
Hardware and software digital tools used by the marketing team are Mailchimp Google
Analytics Kissmetics etc. This all tools helps companies to make their marketing ore effective
sand company can bale to success in their business. It is necessary for the marketing team of the
organization to have proper knowledge of those tool's so they can help company to expand their
business digitally.
P4- development in funnel innovation and its use in organization
The funnels innovation is used to describe the steps in the developing process or the
products, Th goals and objectives sis to create processes or the proper procedure that meed the
demand of the customers. The innovation funnel is one of the best way to bring new ideas and
innovation for any company and it can also be useful for the Akshy's company Essence
Company . The innovation funnel can be used by Essence company to develop their product

and innovation in their business. They need to understand the need and demand of the
customers which will provide them clearly, and they can develop according to the demand of
the customers and satisfy their needs. They can arrange the meeting where they can call all the
superior of the company, supervise and some of the selected employees from the lover level,
and they can communicate about the product sales and innovation by streaming their product
on the screen (Meinhold., 2017). Leaders of the company can ask for the suggestion for the
product development and ask for the idea which can help to company to grow in their
business, and they can able to show there presence in the market where they are operating their
business.
Essence can use steps of innovation funnel
the funnel shape is easy to use and this stages are also using by the other companies
so Essence can use thing to developed new idea which can provide them better growth in the
business and company can increase their business sale of the mango lassi.
The mouth of the funnel
The first thing Essence company can do is collecting the new ideas as many they can
so company can expand their availability of the information and new ideas (Mohalajeng and
Kroon., 2016). This ideas will come up with the solution and innovation of the Essence
company. Essence can collect the ideas from the employees who are working in the different
different level, so they will get better innovative idea and better suggestion which can provide
solution to the Essence company.
Nearrowing the funnel
In this phase developed idea will be screened which was collected by the management
of the Essence company, after screening all the idea, management decide and select the idea
which can be best for the company provide better solution for their product. Innovative idea
will help company to develop their product, and they can gain customers locality by providing
better product.
Narrowing part of the funnel
This is the last stage which Essence company have to follow, in this phase company
have to ensure that selected idea turn to the companies objective that were drown up when
company was formed. The basic evaluations and reviews of the test state are also awaited in this

stage. If everything went well and company get the result as expected as, the new product,
idea, or the new service can be launched on the market.
M3- Role of funnel innovation
The funnels innovation is used to describe the steps in the developing process or the
products, Th goals and objectives sis to create processes or the proper procedure that meed the
demand of the customers. The innovation funnel is one of the best way to bring new ideas and
innovation for any company and it can also be useful for the Akshy's company Essence
Company . The innovation funnel can be used by Essence company to develop their product
and innovation in their business.
P5- Importance of commercial funnel and NDP plan for processing for commercialization if
innovation
commercial funnel
The commercial funny is important it is one of the most useful tool to visualizing the
buyers journey from the initial awareness all the way thorough the conversion. A commercial
funnel is an tool for marketing which is used by the firms to quality and trade its merchandise
to the customers. This funnel break down the journey of their customers from awareness to
the purchase stage (Virtanen and Pellikka., 2018). This process help to attract the new or
existing customers try or convene them to buy product. Essence company can use this funnel
innovation to sales their -product and attract customers to buy their product. There are total 4
statuaries of the commercial funnel Awareness, interest, decision and Action which can help
Essence company to aware customers, create an interest among then and decision related to the
intimation collected by the marketing team and in the end action in which company develop
the product according to the demand and needs of the customers.
Product Development process (PDP)
The product development is the way in which company can develop their product by
following some stages. PDP can include things like need of the market, developing the
landscape, researching the competitive landscape, building a minimum viable product etc.
there are 8 stages in the product development process which can be used by Essence company to
develop new product -
Idea generation

A product development process start with the generation of the idea in which Essence
company have to collect the ideas for the new product which can stratify the needs and
demand of the customers .
Idea Screening
Another stage is idea screening where company share the all ideas and select the best
idea among them (Vlok, Ungerer and Malan., 2019). This is kind of meeting where
participants will be companies employees, and they can share their opinion for the idea and in
the end they select the best possible idea for the company.
Concept development and testing
In this stage Essence company have to test the new selected new product idea. They
try to find how attractive this product is and it is useful for the company or not.
Marketing strategy development
In this strategy company develop marketing strategy, it means how company will
advertise their product and aware customers about their new product.
Business analysis
This stage refer a review of the sales, costs and earnings projections for the new product
to find out whether these factors satisfy the company’s objectives and demand of the customers
or not.
product development
In this stage new product takes physical form after passing the all test. Operation team
create the product and new product come front of the company.
Test marketing
This is the stage where company try their product in the humans and observe their
research and suggestion for their product. As per the feedback company bring changes in their
product.
Commiseration
This is the last stage, commercialization means nothing else than introducing a new
product in the market and company make available their product on their stores.
P6- Innovation business case for company , including ways of access funding
Executive summary
This plan will be based on innovation in Essence company to overcome from the

problems of fall in sales. This plan will conclude mission, Vision, objectives, marketing 4Ps ,
STP plan, Budgeting, Monitoring & controlling and in the end sources of funding (Bican,
Guderian and Ringbeck., 2017).
Mission
To achieve success in the UK market and supply our drink in whole UK
Vision
To provide quality drink with the unique taste which can add some value for our
customers.
Objectives· To Enhance profitability of the business by 5 % till the end of 2021· To increase sale of product by 5 % till the end of 2021· To introduce innovative product in market till the end of 2021
Marketing 4 p's
Product
Essence company is selling Mango lassie in Uk market but new they will bring
innovation in their product by brining some new flavour in lassie which will provide more
unique taste and customers will get something different in taste
Price
Essence company will use competitive marketing strategy and provide some discount
to their customers for the better start with the innovative product (Ernst., 2017). Innovative
product with discount price will help to satisfy demand of the customers.
place
Company will expand their business in UK market where they are already operating
their business. They will increase their range in other places in UK so achieve success in
their business.
promotion
To promote their innovative product in the market, Marketing team of the Essence will
use social media marketing tools because it provides better reach toward their customers, and
they can target customers as per their demand.
STP Plan
Segmentation

Company will segment their business as per their behaviour of their audience. Young
people always look for something new and unique so product of the Essence will provide
them this benefit.
Targeting
Essence company will target to the young age group audience because most of their
customers are young people who come to sate their drink because it has unique taste.
Company will open their stores in centre part of the London because income and lifestyle of
the people in this area is higher, and they are willing to pay for it.
Positioning
`Target market of the Essence will be U&K only, and they will sell their product in
different different area of the UK to take better positioning in the market where they are
already operating their business.
Budget
The Estimates Budget of the company will be around 100000 to make this plan
successful . 40000 will will be used for marketing study and product innovation. 20000 will
be spend on promotion on the social media platform and other advertisement (Fuwa, George,
Hoang and Takeuchi., 2019)t. Company will bring new machineries of 35000 and 3000 for
implementation 2000 in advance.
Monitoring and controlling
To monitor this marketing plan, marketing team of the Essence company will use
Feedback and KPI technique to make their plan successful and company can increase their sales
and growth of the business.
Feedback
In this techniques manager of the marketing team will take feedback from the other
member to analyse their marketing plan and how it is performing. As per the marketing
feedback they will do the changes.
KPI
Essence company will us Key Performance Indicator which is a measurable worth that
show how efficaciously a company is achieving important business objectives. Companies use
KPIs to measure their success at reaching targets. Marketing team of the Essence company will

use this tool so they can measure their marketing plan.
Sources of fund
Essence company will find their existing investor and new investors who can provide
them funding to innovate their product and company will able to run their innovation plan
successfully, and they can also use baking finance method in which company will take loan
from the bank and give interest on their business loan.
M4- Business innovation case
JP Morgan is an bank that is using the innovative technology to run their business and it
is helping them to gain success in their business. They make the banking simple for their
customer thorough the innovation like Chase cash flow 360, easy foreign transactions, Mobile
business etc are the innovative idea by them.
P7- Tools and methods to protect knowledge and intellectual property.
There are some methods of protecting knowledge and intellectual property of the
business which can be used by Essence company to protect their innovative product
(Melchiorre and Johnson., 2017). Copyrights, trademark and patents are tools which provide
protection to the innovation and new idea of the company
Copyright
Copyright are mainly used to provide protection to the intelligible and tangible creative
idea or work. Essence company can own the Copyright the movement company create
something new. They can take Copyright legally, so they will have power to take action agents
the other who try to copy their work. Copyright will help them get legal protection and they can
claim copyright if any one other company Try to steal their idea.
Trade mark
Every business sue its own logo design or any kind of symbol as their part of marketing
strategy and customers can find name product brand. Essence company can use their own
name, word or any image to give identity to their product. It is important for the company to
have something unique and different from the other companies logo and design.
patent
If any of the company invented a unique product, equipment or machine the company
can protect their IP filling the online form for the patent rights (Perreault., 2018). The patent
carry legal projection which exclude other to use same technology which is developed by the

particular company. If other company want to use technology or thing then they have to take
permission or licence from the creator company. Essence drink can use the Patents to protect
their technology to build the drinks so other will not able to use their technology.
M5- protecting tools used by the companies
Tyhere are many companies examples are there who have used different tools to protect
their IP from the other business. TESCO is one of them was are using all this tools to save their
IP. They are having Copyright, Trade mark, patent that helps them to protect their IP.
CONCLUSION
This report has been cove case study of Essence drink which was founded by the Akshay
Kumar and they are selling dirk called healthy mango lassi. This report has been provided
brief explanation of the innovation and importance of innovation in business. It also has been
explained how companies vision, culture and teamwork can provide better shape in the
commercialization and innovation . This report has been discussed about different type of
innovation to make this point more clear, it has been concluded innovation 4 ps and use of
funnel to shape idea. This report has been analysed process which is need for the
commercialise innovation fr the Essence. In the end of this report has been provided methods
which can b used by Essence company to protect their idea like copyrights and patents.

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