Innovation and Commercialisation: Definition, Importance, and Comparison

Innovation and
commercialisation

Table of Contents
INTRODUCTION 3
P1 Definition of innovation , its importance to business and its comparison with invention....3
P2 management of innovation and commercialisation with the help of leadership, culture,
vision, and teamwork..................................................................................................................4
P3 4Ps in innovation and use of innovation funnel to shape innovative ideas...........................5
P4 Development and use of Frugal Innovation Development....................................................7
TASK 3 8
P5 Commercial funnel and development of a new production...................................................8
P6 Innovative business case........................................................................................................9
Task4 13
P7 Evaluation of various tools for protecting intellectual property..........................................13
CONCLUSION 13
Reference 15

INTRODUCTION
Innovation is known as a concept which is used within the companies for developing
interest of customers within the company's products and services. Innovation is defined as the
process in which alterations are developed in the present product and service. The marketers of
the company are involved in innovating the present services and products of the company for
increasing the customer satisfaction level. On the other hand, commercialisation is defined as the
process of launching of new product in market (Bilandzic, Foth, and Hearn, 2018). The company
which is considered within this report is Big Belly. This company is involved in the transforming
of public space waste management with the cloud connected system. There are various stations
that communicate the real time status into actionable web based software. A new innovation is
done in this company for managing waste.
P1 Definition of innovation , its importance to business and its comparison with invention
Innovation: A process in which already existing product of a company is altered and
changed to make it better for consumers is called innovation. It is improvement in an already
existing group. While taking Big Belly in reference manager is focusing on recycling a solution,
investing more in information technology and solar system so as to satisfy consumers of
company.
Invention: Process in which innovative ideas are converted into action is described as
invention. This happens when an idea which has emerged in mind of a person is finally
converted into a final product. These are usually first of their kind. Big Belly managers are
inventing plastic bottles recycling machine in order to bring something new in market. This wil
also enhance their brand name.
Com parison among innovation and invention
Basis Innovation Invention
Purpose Purpose of innovation is to
make more profits by making
some changes in existing
products.
Purpose of invention is
introduction of new innovative
and fresh products or services.
Occurrence This takes place when business This takes place when new

is sure of the fact that there are
no more competitors in
market.
ideas pop up in mind of
employees or managers. Then
the idea generated is worked
on and results into a new
product.
Innovation has an important role to play in development and growth of a business. There
are a number of risks and challenges faced by while innovation. Some of them are mentioned
below:
Continuous Improvement: There is a need to continuously improve your product. And
services in an business organisation. Big Belly have faced a number of changes in its products
and services (Cheah, 2016). There is a requirement for company to keep changing its product
and services from time to time for betterment of its performance in market.
Unique selling point (USP): Competition in a marketplace never ends. Big Belly have
adopted innovative techniques so as to provide unique qualities which no other competitor can.
Recycle machine set-up by company have two benefits i.e. it help in reducing wastes along with
which it recycles plastic. After all this company provides customers with some very innovative
and different products and services.
P2 management of innovation and commercialisation with the help of leadership, culture, vision,
and teamwork
in order to attain objectives of a firm in stipulated period of time innovation is necessary.
There are a number of factors which can be useful for a company in this case. All those factors
are mentioned below:
Organisational Vision: Goal and objectives of a company which are to achieved in a
given period of time are determined by organisational vision. In Big Belly employees are given a
lot of importance so as to provide new ideas and innovations (de Zubielqui, Jones, and
Statsenko, 2016). The result can be seen as company set up a machine for recycling plastic bottle
so as to remove garbage and decrease pollution in globe. This technique have proved to be very
helpful in increasing goodwill of Big Belly.