Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 In compared to invention, the significance of innovation to organisations................................3
P2 The impact of organisational vision, leadership, culture, and teamwork on innovation and
commercialization............................................................................................................................4
M1 The various sources of innovation and how organisations can promote and build an
innovative environment and culture.......................................................................................5
P3 The four Ps of innovation and how to utilise the innovation funnel to evaluate and shape
innovative ideas...............................................................................................................................6
P4 The developments in frugal innovation......................................................................................7
M2 Analyze and use the innovation funnel in a business setting...........................................8
M3 Examine the function of frugal innovation in the setting of an organisation...................8
P5 The significance of the commercial funnel and the use of New Product Development (NPD)
processes in the commercialization of innovation...........................................................................9
P6 The Innovation Business Case and the methods for obtaining funding...................................10
M4 Business Case for Innovation that incorporates measurements of overall effectiveness
utilising suitable methodologies available to test, iterate, and enhance...............................11
P7 The several methods available to organisations for developing, retaining, and protecting
knowledge and intellectual property..............................................................................................12
M5 Present supported evidence-based evaluation of these different tools in the context of the
wider business environment.................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCE.................................................................................................................................14

INTRODUCTION
Innovation means to innovate and enhance or modify things, such as a method, a product, or
a service. Innovation is a continuous procedure of connecting consumers' demands and goals to
technical capabilities in order to solve understanding gaps in product conceptualization,
development, promotion, and a variety of other operations. Essence Drinks is taken as the base
company. In the given case study, Essence Drinks is the organisation of Mr. Akshay Kumar in
which the firm was established in UK two year earlier with launch of mango lassi which is a
healthy drink. In this report, it covers difference between invention and innovation and the
different types of innovation. Along with this, the process required to commercialise innovation
is discussed. The range of methods for protecting ideas and understand their advantages and
disadvantage is also mentioned.
P1 In compared to invention, the significance of innovation to organisations
The development of a concept into reality is referred to as innovation. In its simplest form,
innovation may be defined as a transformation that significantly contributes to products or
services and meets the demands of consumers. It is when new innovative and efficient
approaches the market and meets the expectations of customers by providing better products and
services (Agarwal, Brem and Dwivedi, 2020). Innovation may also be defined as the launch or
creation of a new product, method, technology, or service, as well as the improvement or
modification of established items to meet current market demands. Innovation involves all
processes that support in the production of new ideas and their translation into customer-
demanded commodities.
Invention is described as the act of developing, designing, or finding a previously
unknown product, technique, or process. In more specific language it is a fresh logical concept
that is realised by analysis and testing and becomes an actual item. It might be a new method of
creating a product, an enhancement on an existing product, or a completely new product.
Invention is the development of a new product or service with the opportunity to produce money,
whereas innovation is the alteration of current products or services to improve consumer delight
and so achieve larger advantages (Lindberg, 2018).
In the case study, Essence drinks had a great income in their first year according to their
unique combination, the firm suffered a major swing in their sales after the second year because

to strong competitors. The business requires concentrating more on of its innovation. They really
have to develop their commodity more adequately in attempt to acquire a competitive position in
the industry. An extra emphasis could also be given to innovate to their beverages, in terms of
advertising or wrapping things. Innovative should be carried out and the results to maximise their
profits more productively.
P2 The impact of organisational vision, leadership, culture, and teamwork on
innovation and commercialization.
Efficient innovation determines the achievements or loss of an organization. As the market
gets more competitive, it develops vital for every firm to create new products and services and
also add new and unique to their present goods in attempt to promote their consumer base.
Innovation is important to the achievement of any organisation since it supports in
contributes in the ongoing expansion of an organization, in order to stay ahead, businesses who
are innovative or always bringing anything new to the market are often more able to win.
Innovation also allows businesses to be distinct and distinguish in the industry (Ting, Yahya and
Tan, 2019). Product and service innovation, or the integration of innovative to previously
existing products and services, assists businesses in standing out in a challenging marketplace.
The primary goal of introducing new innovations into the industry is to improve the
organization's productivity and effectiveness, as well as to distinguish the firm from its rivals,
whereas commercialization entails promoting every one of the innovation and creativity to
consumers.
Company's vision: The vision statement is a documented declaration that outlines what the
organization wishes to reach in the future term It usually states the time frame of almost five to
six years for which the organisation wishes to attain the mentioned goals or objectives. In the
instance of firm, the firm's mission is to deliver nutritious drinks to clients while increasing
revenue. To grow sales, a firm should emphasis much on innovation (Dogbe and et. al., 2020). A
corporation may invent a new commodity or improve an old one by introducing certain
originality to it. The company's vision could successfully shape the firm's innovation approach
Leadership: Leadership is the practice of encouraging and encouraging a person or a group
in an enterprise to collaborate on accomplishing aims and objectives Leaders have a vital role in
inspiring people to concentrate on developing new concepts for developing new products and