Analysis of Commercialisation and Innovation

This assignment is a compilation of various research papers and articles that focus on commercialisation and innovation studies. It includes works from 2014 to 2017, covering topics such as the role of entrepreneurial marketing in new technology ventures, impact of firm size and industry type on R&D efficiency, importance of research, innovation, and commercialisation for technological success, and more. The papers discuss different aspects of commercialisation and innovation, including networking innovation, barriers to technological and non-technological innovation activities, commercialisation and reputation in product innovation success, and business models in the commercialization processes of innovation among small high-technology firms.

Innovation and
Commercialisation

Table of Content
INTRODUCTION...........................................................................................................................3
P1 Explain innovation and identify its importance within Essence Drinks by comparison with
invention......................................................................................................................................3
P2 Explicate vision, leadership, teamwork and culture which will lead innovation and
commercialisation........................................................................................................................5
P3. Identification of 4Ps of innovation and its procedure in innovation funnel..........................6
P4. Explain development in frugal innovation and how they are being used in organization.....7
P5. Explain the significance of commercial funnel and its application for development of new
product for commercialization.....................................................................................................8
P6. Create an innovation business case study which also includes access funding.....................9
P7 Assess tools that organisations can use to develop, retain and protect knowledge and
intellectual property...................................................................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Innovation refers to innovative belief, new-fangled thought and latest imaginations in type
of methods or plans. It can be present as procedure that consist diverse actions for revealing
innovative behaviour for undertaking things (Dincer, 2017). Commercialisation is termed as a
developmental way of developing profitable values for companies. Present report is based on
Essence Drinks established by Akshay Kumar. In this report discussions has been made on,
importance of innovation to organisation and how firm's leadership, teamwork, culture, vision
helps in shaping of commercialisation and innovation. Additionally 4Ps of innovation and
advancement in frugal innovation is covered in this report. Along with this, report covers
significance of commercial funnel along with its applications. At last, innovative business case is
developing and different intellectual property tools are defined in this report.
P1 Explain innovation and identify its importance within Essence Drinks by comparison with
invention
It is the process of translating on idea or creation in to the goods and services that makes good
value in which customer will pay for the particular product in an effective manner.
Basis & Concept: Innovation is a process in which value is being added in products
and services that has been offered by organisation. Firms modify their products which can help
them to gain more competitive advantages. While on the other hand, Invention is a formative
process in which creation of a new thing is done which is fresh. By doing this, organisations
effectively aim towards developing new market.
Scope : In this, there is wide range of scope as activities in this can be undertaken with
the help of cost, innovation, market theme and technology. In the factor of invention, It includes
constrictive scope as it is required for a single service.
Occurrence: Problems are arises when product is not manufactures in a perfect way
(Sengoku, 2015). In invention, With the help of unique and innovative ideas scientists invent
new fresh product.
Skills required: In this effective tools or techniques are needed in order to attract
customers in an appropriate way. While in invention For this, essential scientific skills are
required with the help of which something new can bring into the market.

Significance of Innovation to Essence Drinks in comparison to invention
In order to gain more advantages, it is important for Essence drinks to take help of
innovation to ensure their long term sustainability. Mentioned below there are some certain
importance of innovation.
Increase creativity among employees:
Effective techniques in innovation help employees to increase their efficiency. Therefore, it
is important for company in order to make creative products so that customer can attract easily
and employees also can get interest in new innovative strategies. Whereas invention is a different
process which involves proper R&D and does not contribute to employee productivity.
Increased profit:
Innovation helps in bringing efficiency in within existing product of a company. Essence
drinks by taking advantage of different flavours of lassi can effectively add value in their
existing product which will simultaneously help it to earn more profit. Whereas scope of increase
in the profit is less in context of invention as it involves heavy investment in R&D and a
complete process to develop a new product.
Innovation turned as an more important than invention for organisation as it helps them to
create new process and utilize methods and ideas in best effective way. Along with this,
innovation benefits company to add value in their products and services.
In addition to this, there are several sources of innovation which are very much important
for the company in order to develop an innovative culture and environment. These are discussed
below: Incongruity: One of the major sources of innovation is incongruity, which means a need
for improvisation within the current state of the company to a new and better one. This
encourage the innovative nature and environment of the organisation as within dynamic
business environment, there is a need for every organisation to modify their process.
Thus, a new and effective environment could be built through this source.
 Process Need: Another source of innovation deals with the want of improvisation within
the processes involved within the firm. This is also a major contributor in terms of
developing an innovative environment and culture. For instance, if an organisation fails

to appropriately enhance its profit margins due to obsolete processes, it needs to alter
them and implement new ones in context to succeed within the market.
P2 Explicate vision, leadership, teamwork and culture which will lead innovation and
commercialisation.
Innovation is defined as crucial part within organisation as it leads to creativity as well as
cultivation in growth. It deals with creation of innovative and fresh ideas. With respect to
Essence Drinks, innovation will lead to improvised results by which they can provide effectual
services to their customers. There are several types that are process, technical or administrative.
They can make their drinks available online to increase their customer base. For this, Essence
Drinks need to have continuous development system as well as they need have appropriate
practices through which they can have creative environment within their workplace.
Contributions are made by them in terms of leadership, vision, teamwork and vision. They are
shown below:
Innovation and vision:
Organisation need to have strong vision by which they can make use of their resources
like time, energy and money in appropriate manner for carrying out their innovative process
(Chun and Bang, 2015). When organisation does not possess appropriate vision then it will lead
to the failure. Leaders must have organised vision through which they can develop appropriate
strategies as well as it provide employees with effective guidelines through which they can
perform their responsibilities in appropriate manner. Leaders of Essence Drinks have formulated
vision that includes in the people needs that how much they required or what kind of product
they want within the country of UK. Company's aim is to furnish its customers with valued and
perfect services; this will lead to high competitiveness and profitability.
Leadership and Innovation:
For implementing on various new techniques of innovation, it is the responsibility of
leader in order to motivate employees by which leaders can give effective guidelines to carry out
their responsibilities in relevant manner by which their performance can be developed. It is
necessary for Essence Drinks to give their employees with benefits through which their morale
can be boosted up. For this they can have some innovative and creative approaches. Therefore,
organizational leadership can give good shape the ideas of innovation or commercialization
within the company.

Innovation and Culture:
Culture comprises of beliefs and values which organisation have adopted for carrying out
their daily activities. Culture varies from organisation to organisation depending upon
innovations and people. Leader of Essence Drinks need to ensure that there is an effective
coordination among employees by which they can have flexible environment. This signifies that
they can adapt to any changing environment. For this it is obligatory to have trust between
employees and management. Apart from this management of Essence Drinks must give their
employees freedom by which they can try implement new things or innovate their drinks.
According to this culture of organization can easily shape these ideas in which company can
implement their innovate ideas within the commercialization.
Teamwork and Innovation:
Leaders of organisation must implement various techniques related with creativity and
innovation so that their team can work in collaborative and effective way. Leaders of Essence
Drinks needs to make sure that their employees are open about their ideas and they speak up if
anything comes into their mind related with services or working environment. By this, they can
complete their task within stipulated duration and with high accuracy (Mohannak and Samtani,
2014). This will also allow them to remain sustainable within market for longer time duration
which will lead to improvised productivity and profitability. Team work is very helpful for this
company that can help or shape innovative ideas in an effective manner.
P3. Identification of 4Ps of innovation and its procedure in innovation funnel
Innovation commonly focuses on the changes because improvements in organization are
very necessary in order to implement innovation idea in an effective manner. It includes
position, process, product and paradigm. By this innovation strategy employees can implement
their ideas on new development of the organisation. There are several steps which will explain
4Ps of innovation are given below:
Position Innovation: This focuses on different new segments of market for better goods and
services. As per this, business enterprises always find out several ways to analyse their goods
and services with new innovative ideas. For the better understanding of this Essence drink in
order to analyse different market segments are necessary for future development growth. This
process also ensures their long term growth in the marketplace.

Product Innovation: It mainly concentrates on various products and also created change
manually in order to give effectiveness of existing products. By using this strategy company can
be analyse their several steps in order to give satisfaction to their customers. It also gives lot of
profit in their business.
Process Innovation: It focuses on the evaluation of formulated value in order develop marketing
process so that an entrepreneur can easily provide the better quality of goods to their customers.
It is also important for Essence drink as they can maximize their profitability. For this whole
process they need to evaluate overall activities for distribution of their drinks.
Paradigm Innovation: It determines different concepts like doctrine’s theory, beliefs and
theories, so that entrepreneur can easily interpret several ways in which operate their marketing
activities. With the help of this, Essence drink can improve their quality in drinks and also they
can provide their better services in market.
Uses of Innovation Funnel-
Innovation funnel is the process of different ideas or plan which is used for making better
organization process at market place in an effective manner. It is also useful for Essence drink
company that they should use this kind of technique so that they can make better organisation.
This funnel is also known by their correct information which organizes company's activity in a
particular way. After all this information innovative funnel screen or develop the idea for better
services at marketplace. Therefore, it is necessary for Essence Drink in order to provide better or
innovative services to their customers. By the help of innovation funnel Essence drink can
innovate the new product and enhance their sales by attracting customers towards it.
Innovation Funnel is quite effective in terms of providing the organisation with a
pathway in relation to develop and launch its new product within the market. This approach
focuses on identifying several ideas which are determined in context of the organisation. In
context of Essence Drinks they can identify distinct products and flavours which can be offered
to consumers. The product will be offered to people will be evaluated on grounds of possibility
of earning profits and success in the market. However, it is highly time consuming and could be
costly for the company as there are different methods, techniques and equipments required
within each stage of product development. Thus, it is highly required by the firm to plan the
whole application of this funnel in terms of developing effective Lassi for its customers.

P4. Explain development in frugal innovation and how they are being used in organization
Frugal innovation focuses on different kind of activities which us very necessary for an
organization in order to reduce cost from production and provide better solution in an appropriate
way. (MacGillivray, 2014). This strategy of innovation will minimize the cost from goods and
services through eliminating wastage material in production process. It includes in several
external factors such as social, political, economic, technological or economical where
entrepreneur or owner can manage their company. An organization also applies frugal innovation
tools in which working structure reduce the higher cost from products and sales item at low rate.
It is very important for Essence drink that company should increase their sales revenue or
profits. It is used by this company in which they face few issues like lack of resources etc. It will
help this organization in reduce the higher cost of production from manufacturing process. For
example in regards with Essence Drink, they provide several healthy drinks and made by lassi.
Through this, firm can easily maximize its customer's trust within the market area. This is
because Essence drink company is repudiated as the number one health conscious company in
UK.
It is most important for Essence Drink Company to adopt frugal innovation tools or
techniques in order to operate its everyday activity which will help it to maximize its
productivity. This company offer healthy drinks with lot of vitamins for all kind of customers. It
will increase the market value of this organization in an effective way. However, there are
chances that the firm might utilise methods which could not appropriately contribute to the
quality of Lassi and thus, it is important for the company to effectively evaluate each process and
equipment adopted under frugal innovation in order to enhance its effectiveness. Therefore
Essence Drink Company also opt several strategies which is based on customer’s valuable
feedback. It can enhance the growth of company for future.
P5. Explain the significance of commercial funnel and its application for development of new
product for commercialization
Commercial funnel concentrate on the sales revenue or sales funnel. Is also called
graphical illustration of sales procedure in which customers goes by when they purchase product.
This is important because it brings potential customers in the company so that market or
company can promote their product in an effective way. Along with this having a commercial
funnel is very good option on order to operate business online or offline in an appropriate way.

They want to launch new product at marketplace because this company provide healthy drink
and focuses on consumer’s health. Through this process Essence Drink company can maximize
their process of marketing activities in order to achieve competitive advantage in market place.
Company also moving to global market so that they can start their new business with different
countries. It will helps in gaining customer’s value which is helpful for launching new product
successfully (Gulbrandsen and Aanstad, 2015). For Essence Drink’s management, is necessary to
have appropriate guidelines through which people can understand their job role in a good
manner. There are some phases, which are given below:
Idea generation: It is the first step of developing product wherein, management will
create innovative plans in order to improve sales. Essence Drink company deals in the product of
Nutritious drinks with full of vitamins will for attract large number of health conscious
customers. They also need to ensure that individuals will not get harm from their drinks.
Idea Screening: In this second stage management of Essence Drink will need to analyse
their product specifications within the market.
Testing Concepts: In this stage research and development department of company will
identify needs and demand of customers through which they can gain customer loyalty and
create good relationship with them for long period of time. This will also ensures about company
stability in market.
Analyze the needs of product development: It is also very need able step, wherein all
strategies or techniques develop to launch product fruitfully. It also make nutritious drinks will
help them to attain acceptance from the market. It will also help company in order to achieve
high profit in order to make company image.
Commercialization: It is the last step of this concept, in this Essence Drink introduces
their product with in the market scenario with perfect goal to develop huge market profit with
low cost. Lastly this process gives surety about product that it is successfully launched by using
several strategies in an effective manner. The importance of commercialisation is to produce or
customised new flavour of lassi by which company can attract more customers and expand their
business and well as enhancing a sales and profit effectively.
P6. Create an innovation business case study which also includes access funding
This business case study is based on Essence drink company that required to achieve
desired goals or objective in an effective manner. In this company concentrate on all their

marketing activities in order to operate their all process in an effective manner so that company
can attain higher goals.
Business case: The business case of Essence Drink is mentioned as below:-
Executive summary: Essence drink company deals in a product of lassi drink that is
very healthy for consumers. By this company innovate their lassi product in the form of
customized lassi in an effective manner, so that company want to expand their market in UK. For
carrying out this particular product now company required to plan several type of marketing
strategy in order to comparison with other, so that they can easily justify their techniques like
SWOT analysis, PESTLE, Porter's five forces model. After this all implementation of innovation
, company can get better outcomes in order to attain valuable goals and growth for the market.
Issues: In the time of manufacturing process Essence drink faces lot of issues like lack of
resources, money and so on.
Solution: In order to make better quality of product company should build strong
relationship with suppliers so that they can easily manufactures their material in the proper
manner.
Resources: There are numerous resources that are essential for Essence drink in order to
be measured all process or manufacturing activities in an appropriate way. Along with this it is
necessary for an organization to arrange their resources in a regular way.
Technology:- They promote their product through advertising on social media as now a
days every one is connected on social media and youth are actively using social media. So, it is
best option for Essence Drink to generate awareness about the new flavour of lassi at competitive
market. Moreover, the firm would be utilising technologies like Artificial Intelligence and
Automation in order to check with the quality of the new type of lassi it is planning to present in
the market.
Under technology, social media will be considered as an approach through which
products will be marketed and feedback from the customers will be evaluated simultaneously.
Market analysis: It is important for Essence drink in order to explain their market
condition in a peaceful manner. This is better for knowing about competitors. So that company
can make their marketing strategy as per the customer requirement (Fuertes-Callen, and Cuéllar-
Fernández, 2014). Essence Drink has to analyse the market for knowing about the strategies of
their competitors and customers review regarding the taste of new customised lassi.

Cost and benefit analysis: It will be calculated by conducting marketing analysis from
several pricing strategies. Therefore, it is also necessary for Essence drink that they should apply
normal cost with benefits to their customers in an effective way.
Financial projection: For having innovative product like customized lassi in Essence
drink company within the market. Then company need of £40,000.
Distribution Channel:- The organisation will be distributing their products through
online and offline channels. With the help of online Essence Drink can enhance their sales as
well as company too.
Funding ways: It is very essential part of every business because without money,
business is nothing. Essence Drinks needs sufficient funds so that they can easily bring their
customized lassi within market place of United Kingdom. For this scenario, they can get funds
by different sources like bank and financial institute from family and friends.
Therefore, all resources are necessary for establishing company with new product in different
country of UK at high level. All tools or techniques are used by Essence Drink in order to
increase their sales revenues in an appropriate way. On the other side, Essence Drink Company
can also able to take money from their family members or friends so that they can easily expand
their business in a proper way. Marketing Gap is a way by which Essence Drink can borrow
fund and enhance their business and also brink various flavour in lassi at competitive market
place. The resources of generating funds are given below-
1. Bank and Financial Institutions:- Essence drink can borrow a fund from banks or any
financial institutions as it is very secure method for raising a fund.
2. From Family and Friends:- This is the best method as it is not compulsory for Essence
Drink to give interest and security. In context to Essence drink they opt Bank for
borrowing fund in the form loan as it will generate revenue and take some property or
valuable thing as a security.
P7 Assess tools that organisations can use to develop, retain and protect knowledge and
intellectual property
Intellectual property is a human intellect which mainly covers intangible creations
(Sengoku, 2015). There are two types of rights consists in intellectual property that include,

copyrights and property rights. There are few certain rights will be benefited for the Essence
drink company for better performance of their functions, which are given below:
Copyrights:
Copyrights is a legal term which consists power or rights ought to be specified to
proprietor to guard their original merchandise, composition and other fictitious vocation which
are important for a proprietor. In context of, Essence Drinks that can use copyright in the favour
of their product like lassi and launch their product in the attractive way in market of UK.
Moreover, in case the firm acquires copyright, it would be free for any sort of infringement or
copying of product within the market as no company could legally produce the same or similar
offering without their consent.
Patent:
It is an intellectual property right within which owner of a product is required to safe
guard their essential with patent which restrain other person to copy them. In regard of this, right
essence drink can patent their property and safe their entity from future problems. The firm could
patent its packaging, logos as well as designs in order to safeguard the innovative and creative
work of subordinates.
However, out of both the methods, copyrights tool is best for protecting intellectual
property. There are several aspects associated with copyrights. For instance, only authorised
company or person will take a money, no other person take a money, after copying any product.
However, This is costly to file as comparison to others. Furthermore, it is advantageous as this is
taken as an ownership of intellectual property. In contrast, it is considered for limited time and at
the time of applying copyright this will take huge cost.
CONCLUSION
As per the above mentioned report it has been concluded that innovation acts as
fundamental reason behind triumph of all organisation in market. Through this, organisation can
increase its shares in marketplace and ROI (rate of interest). Innovation is outcome of
commercialisation and invention within which each and every one aspects of organisation are
occupied into deliberation. Innovation aid companies to discover out finest with the help of
which they can comprise innovative culture in place of work. Along with this, frugal innovation
force always assists for increase their consumer support by furnishing inventive and efficient

goods at affordable prices. Business case will aid companies to assess their business plan
required by organisation for execution of modernization. There are several types of teamwork
elements which are include in different culture, vision, leadership skills and so on. With the help
of these elements companies can make their innovative thought or ideas in an effective manner.

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