Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1) Explain innovation and its value...........................................................................................1
P2) How leadership, vision, teamwork and culture shape innovation and commercialization.. .2
M1) Analysis of sources of innovation........................................................................................3
LO2..................................................................................................................................................4
P3) Define 4p's of innovation and use of innovation funnel to shape innovative ideas. ............4
M2) Application of funnel of innovation in the context of organization.....................................6
P4) Explain developments in frugal innovation...........................................................................6
M3) Analyse role of frugal innovation in context of organization..............................................7
D1) Analysis of how innovation is formed in organizational context.........................................8
LO3..................................................................................................................................................8
P5) Value of commercial funnel and use of new product development process.........................8
P6) Business case of innovation in the company and ways of funding. .....................................9
M4) How to measure overall effectiveness of innovation business case...................................11
LO4................................................................................................................................................11
P7) Various tools that helps to retain and protect intellectual property.....................................11
M5) Evaluation of various tools in context of business environment.......................................12
D2) Evaluate nature of innovation ............................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The term innovation refers to the process of converting an idea into product or service
that helps to create value for the customers. It is also defined as use of better solutions to meet
out the demand of customers. Commercialization can be defined as the process of bringing new
products into the market. It involves various activities like manufacturing, marketing,
distribution, sales and other functions that helps to attain commercial success of the product or
service (Osoro, Kirama and Vermeulen, 2017). The Report is based on Chilly. It was founded in
year 2010 by Tim Bouscarle and James Butterfield. The aim of this organization is to provide
people to always have cold water on the go without the need of buying single plastic water
bottles. The Report is based on Chilly's Bottle. It is a modern product that uses high electronic
technology and provide benefits of traditional bottle. The Report will outline term innovation,
sources of innovation, how culture, teamwork, leadership etc shape innovation, 4 p's related with
innovation, procedure for commercialization of product etc.
LO1
P1) Explain innovation and its value.
Innovation:
It refers to creative, new idea, thoughts and new imaginations in form of a method or
device. It can also be defined as the use of improved solutions to meet existing market needs,
new requirements or unarticulated needs of the customers.
Invention:
The term invention can be defined as a unique method, composition, device or a process.
It can be an betterment in a product, machine or a new process for developing an object etc. To
be called as an invention, it should be replicable at cost which is economical to the business and
it should be able to satisfy the specific needs of people.
Importance of innovation as compared with invention in Chilly company-
The process of converting new ideas and concepts into products or services is known as
innovation. It plays a major role in the organization as it leads to new opportunities. There are
various reasons due to which Chilly company should remain innovative. Such as it will help to
respond to trends and competition, provides unique selling point, helps to reinforce the brand etc.
Whereas, invention means to develop a working idea (Radjou and Prabhu, 2015). Innovation will
help to improve productivity by reducing unit cost of operations. It will assist Chilly firm to offer
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better quality of cold water bottles to customer's. Further, it helps to add more value to the
products. For being an innovative company, Chilly firm have to think regarding the process it
will use to manufacture Chilly's Bottles, also it should know how to collect relevant information
related with a particular idea and how the business will derive values for various recourses.
Invention means developing something new that could be a product, service or idea.
Invention is the result of innovation. It means that for developing new Chilly's bottle that keep
water cool will require new technology, improved process of production etc. Inventing new
Chilly's Bottles will help business to satisfy demands of clients like need of cold water on the go.
This will help organization to secure competitive position in the market.
Therefore, innovation and invention are both important for developing new products or
services for the customers. In this case, it can be said that innovation is more important than
invention as for now Chilly organisation requires to bring innovation in their process by
expanding their product line of chilly bottles and there is less requirement of inventing new
products as this company is still a start-up.
P2) How leadership, vision, teamwork and culture shape innovation and commercialization.
Organization vision-
The vision of organization also shapes and influence innovation and commercialization
of new product or service of the company. The vision of Chilly company is to accelerate the
everyday use and adoption of reusable products to meet out demands of customer's through
developing innovative water bottles that keep water cool. To achieve this vision, firm have to
innovate their products that requires skilled workforce. There is a need of innovative thinking to
develop better quality Bottles to clients, by which it can be said that vision helps to shape
innovation and commercialisation of this organisation.
Leadership-
It is the act of leader through which they influence, motivate followers to make efforts for
achieving aim and objectives of the company. Leader of Chilly company have to encourage team
members by using different styles of leadership like transformational, situational etc. through
which employee’s will contribute innovative ideas for developing Cold Water Bottles (Ratcliffe,
2017). These innovative ideas are further developed by the effective leadership which assist in
commercialisation of those innovative products.
Culture-
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