Innovation and Commercialisation in Chilly's: A Case Study

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
Innovation and Invention.............................................................................................................1
Influence of Vision, Leadership, Tea, Work and Culture on Shaping Innovation for Chilly's. . .3
LO2..................................................................................................................................................4
4 P's of Innovation and Innovation Funnel..................................................................................4
Innovation Funnel........................................................................................................................5
Developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................6
LO 3.................................................................................................................................................7
The importance of the commercial funnel and the application of New Product Development
processing for commercialisation of innovation. ........................................................................7
Innovation Business Case for an organisation, including ways to access funding......................8
LO 4.................................................................................................................................................9
Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property.....................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Innovation is considered as a process of translations where people convert creative and
new ideas into good and efficient practices which are good for their personal and professional
objectives. Business innovation starts with a need or issue that is preventing the organization
from generating value from their business. This report is providing brief of innovation for
Chilly's company that is providing the sustainable alternative of the plastic water bottle to the
consumers. This company was established in year 2010 in United Kingdom. The main objective
of the company to ensure the availability of sustainable water bottle that is made of material
which is not harmful for environment and made of recyclable material. This report is providing
differentiation between the concept of innovation and invention. Influence of organization
culture, vision, team work and leadership on the shaping of innovation and commercialization. 4
P's of marketing and use of innovation funnel for business organization will be discussed in
study. Brief of frugal innovation will be explained on the basis of examples. The new product
development plan will be explained in report which is based on business case. Various tools and
techniques of protecting knowledge and intellectual property will be discussed in study.
LO1
Innovation and Invention
Innovation
The main concept of innovation for business organization is involvement of new creative
practices in business operation that can improve the performance of the business organization in
target market. A organization faces different issues in operation and conduction of business. To
come over these problems they need to implement some innovative practices which are effective
enough to solve the issues of company. This process includes effective changes in the current
system or operation of companies like Chilly's. (Morabito, 2017.)
Invention
Invention is a process that includes development of something new that was not exist before. It
also can be taken as development of complete new technology or process that can improve and
change whole operation process of the company. (Lin, 2018)
Difference between Innovation and Invention
Innovation Invention
1

Meaning  It is known as development
of completely new products
and services. This is all about
creating something new with
new creative idea.
 Innovation can be explained as
the process that consists of
implementing new ides in
current technology and
processes of organization.
Includes  Creation of process or
product.
 Implementation of new
practice in existing processes.
Concept  Based on research of original
ideas and theories. (Treanor,
2019)
 Implementation of innovation
is based on addition of new
process in current technology.
Required Skills  It is important to possess
scientific skills to meet
required goals.
 Technical and practical
implementation skills.
Occurring Time  As new ideal or concept
come to the mind of person.
 It occurs when organization is
facing an issue or problem in
their business practices.
Deals With  People deal with only one
product or technology.
 It includes the process where
person have to deal with whole
process or operation of
company.
Actions  Actions are limited to the
research and development
department of organization.
 This process includes the
research and development
along with other operational
departments of company.
This is how business organization use practices of innovation and invention to improve
the business and operation of company in the target market. For example whenever a business
organization stuck in business operation they look for innovation in their current technology that
can help them to sort out their problems with business operations. The case of invention is
2