Innovation and Commercialisation

Innovation And
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Innovation and its importance in comparison with invention................................................1
P2 The vision, leadership, culture and teamwork can shape innovation and commercialisation
.....................................................................................................................................................2
Task 2...............................................................................................................................................3
P3 4 P's of innovation and its uses of the innovation funnel ......................................................3
P4 Developments in frugal innovation and examples to used in organisational context............4
TASK 3............................................................................................................................................4
P5 Explanation of importance of commercial funnel and the process of applying new product
development for commercialisation of innovation.....................................................................4
P6 Building the innovation business case for an organisation that includes the ways for
funding........................................................................................................................................6
TASK 4............................................................................................................................................7
P7 Evaluation of different tools that could be used by organisations to retain and protect
knowledge and intellectual property...........................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The procedure of the innovation to interpreting of an idea or invention in order to invent
new goods and services for which customer will pay (Ameka, 2013). In the term of the business
the innovation applied to get effective outcomes and satisfy the need of the customer as well as
expectations. Commercialisation is linked with the different business activities which is
essential for the running business activities in appropriate manner. The report based on the chilly
which is established in 2002 by James Butterfield and Tim Bouscarle. The main aim of the
organisation to offer cold water on go without having to buy single use plastic water bottles.
This report consist of important of the innovation regarding the organisation, difference between
invention and innovation. Along with define the vision of the organisation in order to promote
culture, teamwork and role of leadership. Apart from the report explain 4ps of innovation and
importance of the commercial funnel regarding to procedure of new product development.
Task 1
P1 Innovation and its importance in comparison with invention
To introduce new things and services by a organisation known as the innovation that
apply by the company for effective changes in the business activities that supports to generate
higher profits. The innovation procedure important for any organisation in order to cover large
market and attract customer for new product and services. Through innovation procedure
company attract to customer and generate high profits. The chilly company is manufacturing
organisation that wants to provide cold water to people so for this produced stylish water bottle
that based on the high technology and eco friendly for traditional mask.
Comparison between innovation and inventions
Basis for comparison Invention Innovation
Meaning In this procedure launch new
product and services in the market
that has been never made before.
The term of innovation apply on
the particular product and service
to modify according to current
market situation.
Purpose To attract customer through new
product and services
To achieve competitive advantages
through customers and
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organisation.
Necessary skills For this procedure required to
technological management and
effective skills that supports to
develop new items.
In this required marketing,
technological as well as strategic
management skill to innovate the
products.
Activities For this required to limited
research and development.
All the operations is expand all
over the company.
P2 The vision, leadership, culture and teamwork can shape innovation and commercialisation
The business organisation based on the vision, culture, leadership and culture sure to
support to increase the profitability as well as efficiency to provide shape of the innovation &
commercialisation (Boehm and Hogan, 2013). The particular term mainly linked with the
different types of business operation that present all the activities in order to meet with business
goals effectively. There are defined different types of term that related with the innovation such
as:
Vision: The main vision of the organisation to intensify the selection and every day
utilise the reusable products. Aim of the company to developing products for an active urban
lifestyles that create perfect balance for the different style ans unrivalled performance. The chilly
company mainly focused on the design of the water bottle that is different from other because it
have unique shape and based on high technology.
Leadership: When new product launch by the company require to all employees are
working with the motivation. The motivation provide by the leader regarding to particular work
and prepare for the change. Such as chilly company create a team that lead by the particular
leader in order to provide guidance to its staff members and prepare for the advanced technology
and innovation & commercialisation.
Culture: If any organisation have different culture so it become reason to attract
customers and supports to increase productivity as well as profitability. Culture mainly depended
on the values, beliefs and behaviour of people. At Chilly company both founder develop
effective atmosphere for different culture that supports to effectively introduce new products to
provide shape of the innovation and commercialisation.
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