Innovation and Commercialisation: A Case Study of Healthy Juice

Innovation and Commercialisation
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Table of Contents
Introduction......................................................................................................................................4
P1 Explain innovation and determine its importance to organizations in comparison with
invention......................................................................................................................................5
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................7
M1: Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation........................................................................................8
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................9
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context................................................................................................................11
M2 Analyse and apply the innovation funnel in an organisational context..............................12
M3 Evaluate the role of frugal innovation in an organisational context...................................13
D1: Critically analyse how innovation is developed, embedded and measured in an
organisational context................................................................................................................14
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation......................................15
P6 Build an innovation business case for an organisation, including ways to access funding..16
M4 Build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve....................17
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................18
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M5 Present supported evidence-based evaluation of these different tools in the context of the
wider business environment......................................................................................................19
D2 Critically 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..................................................................................................20
Conclusion.....................................................................................................................................21
References......................................................................................................................................22
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Introduction
The report will study the case study of Healthy Juice, which represents a reduced share of profits
and sales for the business. The increased competition and availability of increased substitutes in
the market has affected the profitability of Healthy Juice. The report will discover concepts of
innovation and commercialisation in order to increase the sales and market share for the
organisation. It will draw recommendations to identify new and innovative products such as
milkshakes, flavoured juices, energy drinks etc. The report will study various attributes of
innovation such as Frugal Innovation for sustainable development and growth of business. It will
confirm upon the various benefits provided with deploying the aspects of innovation in the
business products, processes, procedures and paradigm.
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P1 Explain innovation and determine its importance to organizations in comparison with
invention.
Innovation:
Innovation refers to the process of transmitting an idea or a concept into services and products
that are able to create value and satisfaction level for consumers. It must entail the feature of
consumer willingly paying for the developed product or service. Innovation creates opportunities
to develop products and services that are modified and are in accordance with the altered needs
or requirements of the consumers. Innovation provides with possibilities to enter new areas of
products to satisfy the increased requirements of the consumers (Cook, 2016). The concepts of
innovation cover for out of box thinking and application of new models or processes. Innovation
is undertaken in order fetch the current and potential market needs of the consumers. The
characteristics of innovation includes for the following:
 Out of Box Thinking
 Development of new concepts and processes or models
 Replicable at an economic cost
 Satisfies the developed or modified needs
 Derives greater values
 Deploys lesser resources (Datta, et. al., 2015)
 Evolutionary or Revolutionary ideas
(Source: Datta, et. al., 2015)
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The Importance of Innovation:
Invention refers to development of a new method, product, services or a device with the
application of theories and concepts of innovation. It may be represented as an end product of the
various processes of innovation. Invention and innovation are two essential aspects for the
growth and development of the business. Innovation discusses for more importance as in contrast
to invention on the following grounds:
 Innovation creates employment: The development of new products or services creates
employment opportunities for the people of society. Employment is created as it requires
an increased number of human resources to fulfil the production requirements and
monitor the progress of the innovative ideas and concepts (Datta, et. al., 2015).
Innovation increases the capacity of the economy and further profits the business and
society.
 Develops new industries and business: Innovation is also accountable for developing
new industries and business for the economy. Innovation creates employment and
establishes new industries and businesses to undertake the innovative ideas and concepts.
New and developed business areas and industries are required to fulfil the objectives and
aims of the innovation to succeed.
 Innovation fuels the Patents Culture: Innovation is also observed as the fuel to
implement a patent culture in the business and economy. Patent refers to trade marks
undertaken by the developer of the business to distinguish and safeguard the copying of
innovative ideas and concepts (Datta, et. al., 2015). Innovations are patent in order to
restrict their use and application by the competitors in the markets.
 Organizational growth and development: Innovation fosters for the growth and
development of the business as it creates an increased market value and consumer base
for the business and its activities. Innovation creates new market needs and further
increases the profits and benefits of the business.
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