Innovation and Commercialisation Assignment - Essence Drinks organisation

Added on - 12 Nov 2020

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Innovation andCommercialisation
Table of ContentINTRODUCTION...........................................................................................................................3P1 Explain innovation and identify its importance within Essence Drinks by comparison withinvention......................................................................................................................................3P2 Explicate vision, leadership, teamwork and culture which will lead innovation andcommercialisation........................................................................................................................5P3. Identification of 4Ps of innovation and its procedure in innovation funnel..........................6P4. Explain development in frugal innovation and how they are being used in organization.....7P5. Explain the significance of commercial funnel and its application for development of newproduct for commercialization.....................................................................................................8P6. Create an innovation business case study which also includes access funding.....................9P7 Assess tools that organisations can use to develop, retain and protect knowledge andintellectual property...................................................................................................................11CONCLUSION.............................................................................................................................12REFERENCES.............................................................................................................................13
INTRODUCTIONInnovation refers to innovative belief, new-fangled thought and latest imaginations in typeof methods or plans. It can be present as procedure that consist diverse actions for revealinginnovative behaviour for undertaking things (Dincer, 2017). Commercialisation is termed as adevelopmental way of developing profitable values for companies. Present report is based onEssence 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, visionhelps in shaping of commercialisation and innovation. Additionally 4Ps of innovation andadvancement in frugal innovation is covered in this report. Along with this, report coverssignificance of commercial funnel along with its applications. At last, innovative business case isdeveloping and different intellectual property tools are defined in this report.P1 Explain innovation and identify its importance within Essence Drinks by comparison withinventionIt is the process of translating on idea or creation in to the goods and services that makes goodvalue 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 productsand services that has been offered by organisation. Firms modify their products which can helpthem to gain more competitive advantages. While on the other hand, Invention is a formativeprocess in which creation of a new thing is done which is fresh. By doing this, organisationseffectively aim towards developing new market.Scope :In this, there is wide range of scope as activities in this can be undertaken withthe help of cost, innovation, market theme and technology. In the factor of invention, It includesconstrictive 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 inventnew fresh product.Skills required:In this effective tools or techniques are needed in order to attractcustomers in an appropriate way. While in invention For this, essential scientific skills arerequired with the help of which something new can bring into the market.
Significance of Innovation to Essence Drinks in comparison to inventionIn order to gain more advantages, it is important for Essence drinks to take help ofinnovation to ensure their long term sustainability. Mentioned below there are some certainimportance of innovation.Increase creativity among employees:Effective techniques in innovation help employees to increase their efficiency.Therefore, itis important for company in order to make creative products so that customer can attract easilyand employees also can get interest in new innovative strategies.Whereas invention is a differentprocess 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. Essencedrinks by taking advantage of different flavours of lassi can effectively add value in theirexisting product which will simultaneously help it to earn more profit.Whereas scope of increasein the profit is less in context of invention as it involves heavy investment in R&D and acomplete process to develop a new product.Innovation turned as an more important than invention for organisation as it helps them tocreate 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 importantfor the company in order to develop an innovative culture and environment. These are discussedbelow:Incongruity:One of the major sources of innovation is incongruity, which means a needfor improvisation within the current state of the company to a new and better one. Thisencourage the innovative nature and environment of the organisation as within dynamicbusiness 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 withinthe processes involved within the firm. This is also a major contributor in terms ofdeveloping an innovative environment and culture. For instance, if an organisation fails
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