Importance of Commercial Funnel and NPD for Innovation Commercialisation

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Part 1................................................................................................................................................3
Explain the concept of innovation and determine its importance to organisations in
comparison with invention.....................................................................................................3
Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................6
Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................9
PART 2............................................................................................................................................9
An explanation of the importance of the commercial funnel and the application of New
Product Development (NPD) processing for commercialisation of innovation. ...................9
Build an Innovation Business Case for an organisation, including ways to access funding.10
Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property....................................................................................11
Critically evaluation the nature of innovation and the context in which it is developed.
Different ways though which Big belly organisation can overcome challenges to develop
successful innovation. ..........................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Innovation and commercialisation can be describe as process though which company can
enhance its business practices (Anadon and et. al., 2016). Innovation will lead to developing new
and creative products that is helpful in meeting with customers requirements. This is helpful in
attracting large number of customers towards business as well as grabbing various opportunities
for growth and development of business. Company chosen for this report is Big belly company
that is UK based company. This one of the well known organisation that is world leader as it
provide smart waste as well as recycling solution. This organisation is producing bottle for cold
water which is stylish as well as convenient for use. This company is developing this products in
order to reduce the waste material such as paper, Bottles, cans and other trash. This report
includes importance of innovation as well as its impact on vision, leadership, culture and
teamwork. In this 4 P's of innovation has been identified and frugal innovation has been
developed. Analysis of commercial funnel and new product development process. Apart from
this, different tools for development, retain, knowledge protection as well as intellectual
property.
MAIN BODY
Part 1
Explain the concept of innovation and determine its importance to organisations in comparison
with invention.
Innovation
Innovation can be describe as a new and different idea or method that has been never
used before. This will lead to offer or sale completely new products that is as per need and wants
of customers. The process of innovation will support company to develop as well as introduce
new products which will lead to attract more customers towards business (Drucker, 2014).
Innovation can be considered as cost effective methods that will aid in full fulling customers
requirement. Big belly company is developing as well as producing new and innovate products
that is Big belly Bottle that is useful for on the go cold water. It is has been identified that 35. 5
% of waste material is developed due to bottles and Cans. So this product is is eco friendly as
well as developed with new and innovative technology.
Importance of Innovation
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There are several importance of innovation for Big belly company which is describe
below.
 This is helpful in resolving the issues of organisation as well as meeting with the needs of
customers.
 This is essential in increasing the productivity of respective company and developing
strong market image.
 Innovation is important for Big belly company to gain competitive advantage over other
rival companies.
Inventions
This refers to developing or originating new product that is has been never used by
anyone. Invention is a process of creating a products and services with different ideas and those
product which is never developed by any organisation (Toivanen and Väänänen, 2016). The
process of invention is helpful in providing creative products in order to satisfy customers needs.
Important of Inventions
Importance of invention in context of Big belly business is describe below.
 This process in helpful in creating as well as developing something new or original to
attract more customers.
 Invention will also support in resolving the various issues or challenges that is faced by
society.
 This is significant for growth and development of business as well as enhancing market
share of respective company.
Comparison between innovation and invention
Innovation Invention
This can be describe as a process in which
company can develop and produce significant
contribution.
In this process company will change or modify
current products in order to full fill customer
requirement.
Invention can be consider as a process in which
company is creating or building completely
new products idea.
The process of invention will lead to enhance
the market share as well as resolve issues of
customers.
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