Innovation and Commercialisation: A Case Study of Essence Drinks

Unit- 8
Innovation and Commercialisation

Contents
Introduction:...............................................................................................................................4
Task 1.........................................................................................................................................5
The business report will address the following:.....................................................................5
1. Explanation of the difference between invention and innovation and why innovation is
important for organisations today?.........................................................................................5
2. Analyse different sources of innovation and explain the contribution of organisational
vision, leadership, culture and teamwork in developing and embedding innovation and
commercialisation at Essence Drinks.....................................................................................6
3. Explain the different types of innovation and the concept of 4Ps of innovation. Apply
the concept of innovation funnel and analyse its use in examining and shaping innovative
ideas in the context of Essence Drinks...................................................................................7
4. Discuss the developments in frugal innovation and evaluate its use at Essence Drinks to
process innovative ideas and derive a new and innovative drink..........................................8
5. Discuss how commercial funnel and New Product Development can be advantageous
for Essence Drinks in the commercialisation of innovative drink.........................................9
6. In order to commercialise its innovative drink, discuss some of the available ways for
Essence Drinks to access funding? Build a case for Essence Drinks and evaluate the nature
of innovation and the context in which it is developed, providing evidence-based
judgements on how organisations can overcome challenges to develop successful
innovations. Also, discuss how you can measure the effectiveness of your business case
using appropriate techniques................................................................................................11
Task 2.......................................................................................................................................13
1. Identify and evaluate different tools which organisations can use to develop, retain and
protect knowledge and intellectual property........................................................................13

2. Explain how Essence Drinks can protect the intellectual property rights of a new drink.
..............................................................................................................................................13
Reflection:................................................................................................................................27
Conclusion:..............................................................................................................................28
Bibliography.............................................................................................................................29

Introduction:
In this report, the main aim is to enable the students to apply the different innovation and
commercialization theories and concepts effectively in the London essence company. This
report explains the different types of inventions and innovations. The report is also
deliberating the process necessary to commercialize modernism. The significance of
innovation is explained to employees in the organization. The 4Ps of innovation are explained
and the usefulness of innovation funnels to inspect and shape pioneering facts with
employees. The report will also explain the how to develop a frugal novelty. The report also
explains the meaning of the trade funnel and the submission of the New Product
Development for the commercialization to the employees. The report builds an innovative
technique which includes the how to quantify the effectiveness and to perk up them. Different
ways to access the funding in the organization are stated.

Task 1
The business report will address the following:
Introduction: The report is presented to Mr Kumar so that information regarding the
innovation and the process of innovation development can be given. The report explains the
different source of innovation and the concept of 4Ps of innovation. The innovation funnel
and frugal innovation are also explained. Different ways to essence the funds for Essence
Drinks is also explained.
1. Explanation of the difference between invention and innovation and why
innovation is important for organisations today?
Invention Innovation
Inventions mean creating a new brand
product or a device through the occurrence of
the new idea that had never made before.
Innovation means making changes in the
existing product so that the new ideas or
ways can come out.
It is the scientific skills and an original idea. It is the strategic and technical skills which
are based on the new idea of the practical
implementation.
Inventions are concerned with the single
product r-process and they are limited to the
R $ D department.
Innovations are the combinations of the
different products and the process which is
spread across the organisation.
So from the above explanation, it is concluded that invention creates the new product while
the innovation creates something that can sell. So innovation is very important in today world
for the business organisation as it innovation has become the buzzword for the industry every
business needs innovation to be top in the market. Innovation means improving the things
with the better technology and techniques (Souto, 2015) According to the Albert Einstein “we
could never solve the things with the same thinking we can solve those problems when we
innovate them. New innovations also help in increasing the global entrepreneurship
movement. Innovations always come with the updated technology and methods so it helps in
adapting the trends and changing the dynamic environment. Innovation also helps the
organisation to meet with the customer's expectations and with their choices and it also
connects maximise globalisation.

2. Analyse different sources of innovation and explain the contribution of
organisational vision, leadership, culture and teamwork in developing and
embedding innovation and commercialisation at Essence Drinks.
According to the Peter F Drucker, he stated that there are seven sources of information such
as unexpected, incongruity, market structure, necessity, demographic, changing perception
and new knowledge (Drucker, 2006). Some innovations happen by chance they take place
unexpectedly in Essence drink to resolve the incongruities with the supply, innovation is born
in the organization. The market structure is competitive so that they demand new innovations
and new ideas. To exist and remain constant in the market Essence drink requires innovation,
so it becomes a necessity. Nowadays demographic lifestyle should be fulfilled and required
so it becomes a source of innovation. Changing the perception regarding the new things and
new knowledge also become a source of information for Essence drink (Souto, 2015)
The employees of Essence drink should have the clear vision, goals, mission, and values to be
successful in the market. The teamwork should have the vision for commercialization. A
leader plays an important role in the organization as he guides the team to achieve the goals
and objectives of the company. Employees should have the right technical skills and them
willing to work with any team and adopt any work culture so that the organization can get the
success. I have created an environment for you people so that you feel energetic while doing
the work. Diversifying the new things is beneficial for the innovation as they bring together
all the new ideas and viewpoints. An open culture provides an environment for the
employee’s o that they can express their views so that their ideas could turn into the product
and services and clear vision. Goals and objectives help in separating the useful things. A
leader is important to create the object and give example whereas the culture environment is
essential for the teamwork to sustain the process and make it more effective.