Innovation and Commercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
P1 Describe innovation and its importance to organisations in comparison with invention.......3
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................6
P3 The 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................7
P4 Developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................9
P5 The importance of the commercial funnel and the application of new product development
(NPD) processing for commercialisation of innovation............................................................10
P6 Develop an innovation business case for an organisation, including ways to access funding.
...................................................................................................................................................11
P7 The different tools that organisations can use to develop, retain and protect knowledge and
intellectual property...................................................................................................................12
Conclusion.....................................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is defined as the process practically implementing the idea in order to introduce
new product and service as well as execute improvement in existing product and service.
Innovation is implemented in the products, services, process and technologies in order to attain
defined goals and objectives as well as gain competitive advantages than other competitors. On
the other hand, commercialisation is defined as a process of launching and introducing new
product or service, process and production method in the specific market place. The respective
process is related to the move all organisational products from organisation to market for
commercial activities. There are various tools, techniques and methods are used by the
organisation to enhance the innovation and commercialisation activities in efficient manner. In
this report the chosen organisation is Johnson & Johnson which is an American multinational
organisation incorporated in the year of 1886 by Robert Wood Johnson. It provides
pharmaceutical products, medical devices and customer healthcare products, the headquarter of
respective organisation is situated in One Johnson & Johnson, New Jersey, United States.
Organisation serves its products and services worldwide (MUAFI, 2020). The organisation
brings innovation in their product line and producing hand sanitizer and covid-19 vaccine in
different markets across the world. In this report importance of innovation in organisation and
their vision, culture, teamwork and leadership style is discussed. 4Ps of innovation and
innovation funnel which is used in shape the innovative idea is being covered. Development of
frugal innovation as well as importance of commercial frugal as well as proper new product
development process regarding innovative products in being mentioned. Innovation business
case that contains all information and data about the funding and innovation and various tools
and techniques that are developed by the business to protect as well as retain intellectual properly
in being covered in this project report.
Main Body
P1 Describe innovation and its importance to organisations in comparison with invention.
Innovation helps in adding value to the product and services of the business so that growth of the
business can take place in the marketplace. If the product and services of the business will get
developed in the marketplace then it will increase the demand of the company so that revenue of
the business can get developed. Innovation is very important in the business it helps in providing

the unique quality of services to the customers so that people can get new and innovative goods
and services from the business. Innovation helps in providing competitive advantage to the
company. Company should identify the requirement of the customers so that various changes in
the services can be done accordingly and profitability of the business can be also be increased.
The cycle of market investigation some significant change in changing over development new
and advancement items into finish great and make a point to examination some significant
changes inside the market interest. To finish the market request it has been examination few
significant changes with their development are identified with work and make a point to oversee
client esteem and their client's response. The principle point of the advancement in the
organization is to filling the hole in market and examination some significant change which
happen because of market developing interest. The inventive thing are relevant at the significant
financial expense of the organization and it should be useful in accomplishing benefits and make
high rivalry inside market investigation and their interest (Sotvoldiev, 2021).
Development are essentially two sort, transformative and progressive advancement as
developmental are identified with have change in innovation and their up degree inside market
and it will be identified with positive and successful changes. On the opposite side, progressive
is the spasmodic interaction which are utilized for some problematic market development and
their way of life. Significance of the advancement interaction are exceptionally identified with
work and deal with the fundamental exercises inside the period and their essential construction.
It will prompt significant changes and development for the significant chances in market and
improve association with market. The significant significance of including advancement inside
an association are:
Inventive turn of events: It is significant for the organization to work and deal with the exercises
according to the allotting development and make some significant improvement measure for the
organization. It will be identified with work and make inventive improvement which are crucial
for development.
Support the brand esteem: This will be useful in overseeing and developing the brand esteem
inside the market and try to examination some significant change throughout the time frame.
Further the organization should have been work and make a point to build up the brand esteem
inside Marketplace business.