Innovation and Commercialisation: A Case Study of Mr. Green's Healthy Drinks

Innovation and commercialisation
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Table of Contents
Introduction......................................................................................................................................4
LO1 Explain the context for innovation and determine the difference between invention and
innovation........................................................................................................................................5
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........................................................................................9
LO2 Explain the different types of innovation..............................................................................10
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas...............................................................................................................10
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context................................................................................................................12
M2 analyse and apply the innovation funnel in organisational context of Mr Green’s healthy
drinks.........................................................................................................................................13
M3 evaluate the role of frugal innovation in organisational context of Mr Green’s healthy
drinks.........................................................................................................................................14
D1 critically analyse how innovation is developed, embedded and measured in an
organisational context of Mr Green’s healthy drinks................................................................15
LO3 Discuss the process required to commercialise innovation...................................................16
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P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation......................................16
P6 Build an innovation business case for an organisation, including ways to access funding..17
M4 build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve....................18
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and
disadvantages.................................................................................................................................19
P7 Evaluate the different tools that Mr Green can use to develop, retain and protect knowledge
and intellectual property............................................................................................................19
M5 present supported evidence-based evaluation of these different tools in the context of the
wider business environment......................................................................................................20
D2 critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgements on how Mr Green can overcome challenges to develop
successful innovations...............................................................................................................21
Conclusion.....................................................................................................................................22
References......................................................................................................................................23
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Introduction
Nowadays every business organisation focuses on innovation and commercialisation for
achieving high growth and success in the market. Basically, it is a key driver which enhances the
performance of the company and increase economic growth. With the help of innovation and
commercialisation small organisation can survive in the tough competitive market for a long
time. It is essential for the company to develop a new idea, strategies, and plan for making
innovation in the workplace for attracting a huge number of customers towards their products
and services. This project report is based on healthy drinks which are started by Mr. Daniel green
two years ago in the United Kingdom. Firstly it launched only one drink which is a healthy
milkshake in which company generated high revenue because of innovative formula but in the
third-year sale of its drink goes down because of new entrants in the market. In this report, it has
been examined the importance of innovation and invention within the organisation. Organisation
uses a different process of new product development for producing any new product in the
market. Apart from this, different types of innovation have been analysed in this report in the
context of Healthy drinks. In the end, several approaches to frugal as well as innovation funnel
have been evaluated.
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LO1 Explain the context for innovation and determine the difference between invention
and innovation
P1 Explain innovation and determine its importance to organizations in comparison with
the invention.
It is highly important for the Mr. Daniel green to make innovation and invention in healthy
juice for maintaining high performance and growth in the large competitive market. Innovation is
a concept which is used by the organisation for making any new product, procedure, and
activities. This will add effectiveness in products and services which help in satisfying
customer’s need. If an organisation focuses on new concept, idea, and creation then it influences
positively on sale and profit margin. Health drinks are a small organization which uses
innovation for surviving in the tough business environment. There are so many advantages of
innovation to customers and organization like customers get something new and fresh whereas
Healthy juice can build its unique position in the market. By making continues innovation in
products and Services Company can easily build great image among customers (Bajaj, 2018).
By using the concept of homogeneous juice by adding new formula, unique flavour and Taste
Company can create a good image in mind of customers. New products easily attract customers
because of a different flavor, design, and taste. With the help of innovation, any company can
maintain long-term growth and success in the large market. Mr. Daniel green gives high attention
to innovation to compete with its competitors. This will make financial strong and help in
gaining huge growth opportunities in the large market.
The innovation and invention are completely different from each other which are used by the
business organisation for achieving long-term growth and success in the tough competitive
market. Mr. Daniel green invent a new concept of homogenous juice which is completely new
for customers that encourage them to purchase it and try at least once. People will consider
homogenous juice more innovative and would like to buy from its store. Without invention and
innovation company is unable to survive in the market for a long time (Olefirenko and
Shevliuga, 2017).
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There are various points which make innovation and invention differ from other are given as
under:
Invention Innovation
 It is the completely new concept of the
idea to produce new goods and services which
is never been used by any company and
person.
 It is a process of creation of new goods
and services
 In the invention, the company creates
and discover a new method, device, and
procedure which does not exist before in the
market.
 Innovation is basically an
implementation of a great idea for making any
new product.
 It can add value to the existing product
and also develop any new
 Innovation is the development of any
new products, technology, and process for
fulfil the current requirement of market
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