Innovation and Commercialisation INTRODUCTION

Innovation and Commercialisation INTRODUCTION 4 TASK 14 P1 Define innovation and identify its importance to the company in comparison with invention.4 P2 Discuss how organisations culture, vision, teamwork and leadership can shape commercialisation and innovation.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Define innovation and identify its importance to the company in comparison with
invention......................................................................................................................................4
P2 Discuss how organisations culture, vision, teamwork and leadership can shape
commercialisation and innovation..............................................................................................6
TASK 2............................................................................................................................................7
P3 Discuss 4Ps of innovation as well as explain the use of the innovation funnel.....................7
P4 Explain the development in frugal innovation.......................................................................9
TASK 3..........................................................................................................................................10
P5 Discuss commercial funnel importance along with the application of New Product
Development processing for the commercialisation of innovation...........................................10
P6 Create an Innovation Business Case which includes different methods of funding............11
TASK 4..........................................................................................................................................12
P7 Assess various tools that organisations can use to create, retain and protect intellectual and
property knowledge...................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Books & Journals......................................................................................................................14

INTRODUCTION
Innovation define as a method of developing and creating new ideas, imagination and
thought in the appearances of strategies. It has been further defined as a process which includes
different actions in order to reveal new ideas or thoughts for undertaking things effectively.
Commercialisation refers to a method of formulating financially viable values for the
organisation. With the help of gathered information, managers will be able to covert raw material
into finished goods according to the requirements of consumers (Abdul Razak and Murray,
2017). In the present report, Chilly’s Bottle is chosen as the base company. It is the company
which mainly provides water bottle, with the ability to have cold water. In this project, various
topics are going to be covered which includes how an organisation vision, culture, leadership and
teamwork which will assist in shaping innovation and commercialisation. Apart from this, it
includes the importance of commercial funnel. At last business case is going to be developed in
this report and consider various tools which help in raising funds.
TASK 1
P1 Define innovation and identify its importance to the company in comparison with invention.
Innovation: It is a process which is used by companies to translate any idea and
implement it into business. This process is used by companies whenever they are planning to
make innovations in their business activities. This is done in those cases when expectations of
customers are to be satisfies by using certain innovative means (Ahmadi and O'Cass, 2016).
Basis Innovation Invention
Concept Innovation is a process
through which new products or
any service is launched by a
company, also there can also
be a situation when changes
are made in existing products
Invention is also a term which
can be referred to a process
which is used to start
something which is
completely new
Scope Innovation is something which
follows or takes place after
Invention always occurs before
innovation.

invention.
Occurrence It is important for Chilly's to
create something innovative in
their existing products as this
is very important tool for
companies to increase their
customer base and survival in
market for long run (Ardito,
2018).
When a company starts its
operations generally it is
started by some new
inventions.
Skills needed Apart from scientific skills
several other skills are also
needed in process of
innovation.
Scientific skills are required in
case of invention.
Activities Innovation is spread across all
different functional
departments of company.
Invention is generally limited
to research and development
department of companies.
Importance of Innovation in Chilly's Drinks
It is very important for companies to do innovations in existing products time to time so that
company will be successfully able to survive in market. It is very essential for companies to
survive for increasing their profitability that they use innovation as a tool. Importance of
innovation for Chilly's is discussed below:
 Increased profit: Chilly's is a brand dealing in manufacturing of bottles. Innovation is a
tool which this company is using to increase their profit. They are using Auto censor
heating in their existing water bottles which can be used as an innovation. This will help
company in using new pricing strategies for pricing of their products. Which can also
lead to increase in profit margin for companies (Chun, Chung and Bang, 2015).
 Creativity in company: when chilly's will be able enhance creativity in their company if
there will be some new innovations. This is the most attractive tool which provides
companies creative advantage in market. Something fresh and creative will make

company's prospective customers to buy their products. Worth of company's products
will increase because of this innovation.
 Unique quality: Chilly's is a established brand there this new innovation will be useful
for them in when they will launch something new this will make company offer
something innovative to them.
P2 Discuss how organisations culture, vision, teamwork and leadership can shape
commercialisation and innovation.
Innovation is define as one of the most crucial factor which as a result assist in enhancing
the creativity of business organisation at the marketplace. By developing new and innovative
products, company will get various advantages which will leads to get success at the competitive
market. In the present context of Chilly's Bottle with the help of innovation, company will offer
unique products to their customers as per their requirements. Chilly's Bottle bring various types
of innovative and creative ideas with the help of which they will be able to grab ample number of
opportunities at the market area (Daellenbach, Davenport and Ruckstuhl, 2017). For instance,
present organisation will be able to take advantages by providing their products at both online
and physical stores. Apart from this, they can introduce new bottle which includes an innovation
of auto censor heater in the water bottle. For every organisation it is important for the company
to use effective tools in order to creative innovative and creative environment. In the present
context of Chilly's Bottle there vision, culture, leadership and teamwork. All these elements are
going to be discussed as follows:
Innovation and vision:
It has been identified that, if a company have strong vision they can effectively utilise
there time, money, efforts and energy in order to bring innovative products at the market. It is
also said that if an organisation do not have specific vision will leads to failure at the competitive
marketplace. It is essential to have innovative leaders within the organisation which will assist in
performing and developing creative products for the customers. In reference of Chilly's Bottle, it
is required to provide high quality products by considering all the essential elements. It is
important that there should be finest and treasured services given to the customers by the
company (Dincer,2017). With the assistance of this, company will be able to earn more profit
revenue at the marketplace.
Innovation and Leadership:

In order to carry out business functions in an effective and innovative manner, it is
essential to have skilled and trained leader. This as a result, assist in guiding employees in a
positive manner on a regular basis which leads to enhancement in their performance. It is
essential for the leaders of Chilly's Bottle to generate more profitability to the organisation which
will help them in maintaining competition at the marketplace. It has been analysed that
employees do not feel motivated therefore, it is required to provide them various benefits to keep
them encouraged.
Innovation and Culture:
Culture refers to the characteristic of a specific group of people, encompassing religion,
language, religion of an individual. There are different types of culture which is available within
the organisation which help them in order to bring innovation in there product (Do and et. al.,
2015). In the present context of Chilly's Bottle, it is said that leaders and managers develop such
culture within there organisation so that they can create innovative products in an effective
manner. For this, it is essential to develop trust between the staff members and management so
that they can adopt change positively. Apart from this, it is also very important for the leaders to
provide effective working environment so that they can perform there task in an effective
manner.
Innovation and Teamwork:
By using various types of innovative techniques, organisation will be able to conduct
there operational functions in an effective manner. It is also very important to develop the culture
of organisation strong as well as encourage the team members so that they can perform their task
effectively and produce positive outcome. In the present context of Chilly's Bottle, it is essential
for the managers and leaders to develop effective teams so that they can adopt innovation
positively and produce positive outcome.
TASK 2
P3 Discuss 4Ps of innovation as well as explain the use of the innovation funnel.
This tool is a per of innovation mix for companies, which requires innovation and
improvements in overall business products. It has four important parts which consists of position,
process, product (Hamada, 2017). Innovation is something which can be applied anywhere and at
anytime it is a multi disciplinary tool which can be used easily by companies. when this With

help of these 4P's workforce in a company, can decide on to their operations and then plan
according to it. Following mentioned points are discussed below in context of Chilly's:
Product Innovation: In this part of innovation diverse ways are formulated which helps
in improvement of efficiency in existing products in market. This is a method in which new
technologies are used by company to innovate their product and then such advancements help in
improvements to be done in company. In case of Chilly's company is already dealing in
manufacturing of bottles but now they are planning to make a innovation in Auto censor heater
in water bottle in their company (Hu and Zhao, 2016).
Process Innovation: When innovation is also installed in the process of innovating a
new product. That is regarded as a process innovation. Making cost effective products is very
important for very company to increase their margin of profit and also for their success in long
term. In case of Chilly's, also company can make their whole process innovative and then this
will also help company in boosting their quantity as well as quality of goods which they are
producing.
Paradigm Innovation: This part of innovation is consisting of various beliefs, values,
doctrines and theories based on which innovation is launched in company. In paradigm
innovation Chilly's is involved in new innovation which company is willing to make in their
product.
Position Innovation: Position innovation is connected with new market segments which
is used in order to offer their products by company. There are many different ways which can be
used by company to classify or distinguish their market into various segments. Efforts are made
by companies that they cater to needs of large segment of markets. For this they try to identify
who can be potential customers of their products and then in accordance to that they target their
market.
Use of Innovation Funnel
This is a process which is adopted by companies to develop or innovate their products
and services. Principle behind this process is that company wants to increase their market and
overall profitability of overall company. There are three steps which are used buy companies in
this innovation funnel (Kedron and Bagchi-Sen, 2017). First step is to have a information
pedestal which can help company in having proper information with regard to changing trends in
market. Chilly's as a brand can also use this tool of innovation funnel to make the innovation

which they are planning to do in their products, at same time this can also be a source which can
be used by them to to compete with their competitors and rivals in market. Second step in this
process is to monitor new idea which company is planning to adopt as a innovation tool. At last
and third stage of this funnel will help company in assisting them in planning, implementing and
finally controlling of all steps which they are willing to undertake in whole process of making
innovation. Innovation is started and at same time it is managed by this tool commonly regarded
as innovation funnel. Every organization has a particular way in which they use innovation
funnel which can be modified according to them (Loya and Rawani, 2017).
P4 Explain the development in frugal innovation.
Frugal innovation also known as frugal engineering refers to a process in order to reduce
the complexity as well as cost of productions. It is define as one of the most effective technique
which help in reducing the overall cost of the goods and services by eliminating unnecessary
factors or stages from the whole production process. In general, it has been analysed that
innovation affects various factors which includes social, political as well as environmental factor.
All these factors highly affect the overall performance as well as profitability of the company
where they perform their business functions. It has also been identified that organisations execute
and implement frugal innovation within their business functioning so that they can reduce their
cost of products as well as get various benefits at the marketplace with the help of low price of
goods and services.
In the present context of Chilly's Bottle it has been said that by using this factor
organisation will be able to enhance their overall profitability. In today's competitive
marketplace it is essential for the company to have high profit margin. Along with this it is the
factor which assist while having insufficient resources within the organisation in order to create
innovative products (Maritz and Donovan, 2015). In present context of Chilly's Bottle, company
is producing an innovative bottle which have auto censor heater in the water bottle with the help
of which bottle can automatically generate warm water according to the requirement. This type
of bottle highly used by those individuals who belongs to sports, tracking and mountaineer
category. While tracking at the cold place it is essential for them to drink warm water.
With the help of executing frugal innovation methods and technique on a regular basis
organisation will be able to perform their task in an effective manner and produce positive
outcome in an effective manner. They provide high quality water bottle to their customers so that

they can retain their customers at the marketplace in an effective manner. Major responsibility of
the company is to develop effective as well as positive relationship with their staff members
along with the customers which assist them in order to earn loyalty and good will at the
marketplace. This as a result assist in enhancing the overall growth of the company at the
marketplace.
TASK 3
P5 Discuss commercial funnel importance along with the application of New Product
Development processing for the commercialisation of innovation.
Commercial funnel refers to sales as well as revenue funnel. It is define as a graphical
representation where sales process of consumer is provided which they undergo while
purchasing goods and services. It has been analysed that initial step consist of awareness about
the products and services and at the final stage post purchase evaluation is conducted (Mattila,
2017). In the present context of Chilly's Bottle, it has been identified that company is launching
new and innovative product at the marketplace in order to maximise their sales. They perform
their business functions all over the world with the help of which they can grab ample number of
opportunities which as a result assist in enhancing the profitability of the company. There are
different types of commercial phases which are going to be discussed as follows:
Idea generation: It is considered as the preliminary stage of developing a product where
managers of the company create innovative ideas in order to increase their sales performance.
Company provide auto censor heater water bottle and fulfil the requirements of customers at the
marketplace.
Idea Screening: Management team of Chilly's Bottle identify the feasibility of their
goods and services which consist of the response of consumers towards the bottle within the
marketplace. By recognising different areas organisation will be able to know whether the
product is effective or not in the marketplace.
Testing Concepts: In this stage, Research & Development department of Chilly's Bottle
investigate the demands, requirements as well as desires of customers which assist them in order
to manufacture goods and services according to the requirements.
Analyse requirement of product development: It is the stage where strategies as well
as policies are developed by the management team so that they can effectively launch innovative

products at the marketplace (Mazzarol and Reboud, 2017). In the present context of Chilly's
Bottle, a new and innovative water bottle is going to be launch by them which will assist them in
order to enhance ther brand image at the competitive marketplace.
Commercialization: It is the last and final stage where Chilly's Bottle effectively
introduce their innovative creation at the marketplace along with an endeavour in order to
capture large market share. This as a result build surety that their new and innovative product is
launched with the help of effective strategies and policies.
P6 Create an Innovation Business Case which includes different methods of funding.
A business case is a verbal and written value proposition which is developed to educate
decision makers in order to take sound and effective decisions. This is a written document which
is commonly known as business case (Nabulsi, 2017). It is very essential for the management
team of Chilly's Bottle in order to develop effective business case so that positive decisions can
be taken. There are both types of business case which includes all the information and data
which is related with the business organisation.
Executive summary– In the present context of Chilly's Bottle it has been analysed that
company is mainly performing their business functions at the marketplace of UK. In order to
introduce the new and innovative product, it is essential for the management team to conduct
SWOT as well as PESTLE analysis. All these assist in attaining enhancing the growth as well as
success of the company at the competitive marketplace.
Mission statement– Chilly's Bottle mission statement is to accelerate the adoption and
day to day use of reusable products. With this help of this mission company mainly attract large
number of customers towards their organisation.
Market analysis– In order to gain various advantages at the marketplace it is essential
for the management team of the company to examine and scrutinize whole marketplace. In the
present context, it has been identified that Chilly's Bottle examine their available competitors at
the marketplace.
Financial projection– In order to provide innovative product at the marketplace, Chilly's
Bottle require around £40,000 so that they can perform their task in an effective manner.
Funding ways: It is consider as one of the most effective factor of the organisation in
order to carry out each and every function in a positive manner (Proff and Fojcik, 2016). In the
present context of Chilly's Bottle, it is required to have adequate amount of funds so that they

can launch auto censor heater water bottle within the marketplace of UK. For this, managers
need to generate funds from different sources which are as follows:
 Bank and Financial institute: It is one of the most secure and effective method of
gathering and raising funds. For this, band ask for some specific security before lending
them money for a particular period of time. Along with this, it is required by the
management team of Chilly's Bottle to pay a certain amount of interest.
 Family and friends: In the present context of Chilly's Bottle, managers gather funds
from relatives, friends and family members. This is also known as owners money which
is the first and basic fund gain by the person in order to perform their business functions
(Szutowski, 2019).
TASK 4
P7 Assess various tools that organisations can use to create, retain and protect intellectual and
property knowledge.
IP which is commonly known as Intellectual Property define as a category of property
which includes various intangible creations of human intellect. There are various types of
intellectual property which includes patents, copyrights, trademarks and many more. In the
present context of Chilly's Bottle, in order to secure their innovative products, rights as well as
properties managers need to adopt different types of legal properties which are going to be
discussed as follows:
Copyrights: It is define as one of the most essential legal term which mainly describes
the authority which is provided to the owner for their original products. With the help of this,
owners have the right to control the use of their goods and services. It is not required to register a
copyright but it do have its own advantages and benefits. In the present context of Chilly's
Bottle, it is required to adopt the use of copyright in order to protect their new innovative product
which is auto censor heater in the water bottle and they decides to introduce it within the
marketplace of UK (Wonglimpiyarat and Chandrachai, 2016). It is one of the innovative product
therefore it is important for the management team to adopt copyright so that they can control the
use of their product. This will assist in protecting the goods and services from duplication.
Patent: Apart from copyright, another important intellectual property right includes
patent which is commonly used by organisations, artist and many other creative person in order

to protect their inventions. It has been said that with the help of patent, no one can use the
product in unlawful manner which is someone else property. In the present context of Chilly's
Bottle it has been identified that there are various sources with the help of which both owner as
well as another person get ample number of benefits in term of money (Do and et. al., 2015).
Therefore, all these sources protect information as well as data which is related to the products.
CONCLUSION
As per the above mentioned report, it has been identified that innovation plays very
important role in the overall development of an organisation. It is the method which provide
success to the organisation the competitive marketplace. With the help of innovative ideas
companies will be able to attract large number customers by introducing new and creative items.
In addition to this, it has also been concluded that frugal innovation helps in improving the total
number of customer by providing them innovative products and services within affordable price.
Along with this, by using effective leadership style, teamwork, culture and vision organisation
will be able to attain there goals and objectives in an effective manner. At last, it has also been
identified that with the help of intellectual property rights company will maintain there
innovative ideas safe at the marketplace.

REFERENCES
Books & Journals
Abdul Razak, A. and Murray, P.A., 2017. Innovation strategies for successful commercialisation
in public universities. International Journal of Innovation Science. 9(3). pp.296-314.
Ahmadi, H. and O'Cass, A., 2016. The role of entrepreneurial marketing in new technology
ventures first product commercialisation. Journal of Strategic Marketing. 24(1). pp.47-
60.
Ardito, L., 2018. Markets for university inventions: the role of patents' underlying knowledge in
university-to-industry technology commercialisation. International Journal of
Technology Management. 78(1-2). pp.9-27.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-909.
Daellenbach, U., Davenport, S. and Ruckstuhl, K., 2017. Developing absorptive capacity for
midstream science in open innovation contexts. International Journal of Technology
Transfer and Commercialisation. 15(4). pp.447-462.
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1).
pp.8-22.
Do, H., and et. al., 2015. SME owner-managers’ anticipated returns to commercialisation: the
influence of organisational factors.
Hamada, K., 2017. Incentive for innovation and the optimal allocation of patents. Australian
Journal of Management. 42(4). pp.692-707.
Hu, B. and Zhao, Y., 2016. Creative self-efficacy mediates the relationship between knowledge
sharing and employee innovation. Social Behavior and Personality: an international
journal. 44(5). pp.815-826.
Kedron, P. and Bagchi-Sen, S., 2017. Limits to policy-led innovation and industry development
in US biofuels. Technology Analysis & Strategic Management. 29(5). pp.486-499.
Loya, M. I. M. and Rawani, A. M., 2017. Adoption factors for green brick innovation: an
empirical study of consumers in India. International Journal of Innovation and
Sustainable Development. 11(1). pp.23-36.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training. 57(1). pp.74-87.
Mattila, M., 2017. Coping with friction during technology commercialisation. IMP
Journal. 11(2). pp.251-273.
Mazzarol, T. W. and Reboud, S., 2017. Entrepreneurship and innovation. Tilde Publishing and
Distribution.
Nabulsi, S., 2017. Innovation, collaboration and commercialisation. Australasian
Biotechnology. 27(1). p.17.
Proff, H. and Fojcik, T. M., 2016. Pricing and commercialisation of electric mobility-dealing
with high market uncertainty. International Journal of Automotive Technology and
Management. 16(1). pp.30-54.
Szutowski, D., 2019. Innovation source, advancement stage and company stock returns. The
Service Industries Journal. 39(13-14). pp.925-942.

Wonglimpiyarat, J. and Chandrachai, A., 2016. Cluster management and research
commercialisation. International Journal of Business Innovation and Research. 11(3).
pp.311-325.

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