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Innovation and Commercialisation

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Added on  2020-10-05

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9 CONCLUSION 10 INTRODUCTION In the present world innovation is a very well known word which means develop new ideas, innovative thoughts, different imagination for applying new method in the company. This term of innovation is also used for better outcomes that meets various demand and needs of the market, so that a product can easily exist. It involves in the entire process from identificationofopportunity, development of new ideas, sales and production of marketing in a effective manner.Whereas, entrepreneur only required to involve in

Innovation and Commercialisation

   Added on 2020-10-05

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explanation of innovation and their significance to organisation in comparison withinvention......................................................................................................................................1P2. Explain that how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..............................................................................................3TASK 2............................................................................................................................................4P3. The 4Ps of innovation and their uses of the innovation funnel to examine and shapeinnovative ideas...........................................................................................................................4P4. Explanation developments in frugal innovation and their examples of how it is used in anorganisational context.................................................................................................................6TASK 3............................................................................................................................................6P5. Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation.............................................................6P6. Innovation Business Case for an organisation, including ways to access funding...............8TASK 4............................................................................................................................................9P7. Evaluation of different tools that organisations can use to develop, retain and protectknowledge and intellectual property...........................................................................................9CONCLUSION..............................................................................................................................10
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INTRODUCTIONIn the present world innovation is a very well known word which means develop newideas, innovative thoughts, different imagination for applying new method in the company. Thisterm of innovation is also used for better outcomes that meets various demand and needs of themarket, so that a product can easily exist. Innovation mainly involve in the practical execution ofan invention that create purposeful impact on the society or people. In other words, innovationcan be defined as a process and outcomes of generating something new which is necessary forcompany goodwill. It involves in the entire process from identification of opportunity,development of new ideas, sales and production of marketing in a effective manner. Whereas,entrepreneur only required to involve in commercialization. For better understanding of thistopic, the present case study is based on Essence Drinks, in which Akshay Kumar was thefounder of this company who started this business 2 years ago with the product of Healthymango lassi. Therefore, Akshay Kumar things to bring innovations in their product for providingbetter taste in the society or people. Thus, this report will going to be discuss about explanationand significance of innovation also their organisational vision leadership, culture and team workthat can shape the innovation. Along with this 4Ps of innovation and frugal innovation with theincluding way to access funding will get covered in this report (Aarikka-Stenroos, Sandberg andLehtimäki, 2014). TASK 1P1. Explanation of innovation and their significance to organisation in comparison withinvention.Innovation is the process of implementing new ideas on the product in order to satisfycustomers needs and wants in an effective manner. Innovation also helps the business as well forachieving their goals and objectives. In regards with Essence drink, it is a small company whichserves the mango lassi in United Kingdom market. Due to some reason after two years their salesautomatically decreased. After that Akshay Kumar thinks that they should apply some innovativeideas in order to satisfy customers. So few kind of brand strategy recommended them theyshould apply new flavour such as powder essence, rose essence and so on. These innovations orideas have different types of importance to the organisation, which are given below:1
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