Innovation And Commercialisation | Assignment Sample

Added on - 11 Jan 2021

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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P 1 Explain innovation and determine its importance in comparison with invention...............1P2 How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................3P3 Explain the 4Ps of innovation and use of innovation funnel.................................................3P4 Explain developments in frugal innovation and provide examples.......................................4TASK 3............................................................................................................................................5P5 Explain the importance of the commercial funnel and the application of new productdevelopment (NPD)....................................................................................................................5P6 Innovation business case including funding..........................................................................6TASK 4............................................................................................................................................6P7 Evaluation of different tools which are utilised by business in preserving intellectualproperty.......................................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES...............................................................................................................................8
INTRODUCTIONInvention and innovation are complimentary of each other, invention is to discoversomething with an idea or concept and innovation depends on the alteration of existing thingswith a new concept that can give a value to the customer or business. Invention needs scientificapproaches to process an idea effectively which gives valuable output, for exampleAlbertEinstein discovered the Theory of Relativity. Once Einstein invented the theory, later it wasstudied by the various scholars and innovated as per their examination and experiences and thisprocess is known as innovation. This report is about a business innovation andcommercialization of Healthy Juice which is founded by Mr Daniel Green who is looking for thenew idea of innovative products. Therefore the report includes differences between invention andinnovation and its importance within leadership and culture, different forms and 4Ps ofinnovation(Shakeel, Takala and Zhu, 2017).TASK 1P 1 Explain innovation and determine its importance in comparison with inventionInnovation refers to modification of processes or putting some more efforts to process theproducts and ideas. In order to increase in business innovation can be define to implement newideas, creating dynamic products or amendment in existing goods and services. This use toincrease the likelihood of business because it creates value for customers because of that theymake transaction against the use of products and services. Healthy Juice was started with an ideato sale the unique flavour of juices and they observed that there was a dramatic sales but thelack of innovation after three years they firm goes to declining the business. This happenedbecause people was looking for the new relish that they enjoyed, that old concept of providingjuice was not satisfying their needs and there was nothing new which can allure people accordingto their imagination. The company can search for the new ideas that can make attract people likethey can offer more products such as smoothie, ice creams, milkshake, mock-tails, etc. But MrDaniel does not wanted to apart from the juice then they can innovate new ideas of juices likethey can offer new ranges of juices along fruit juices that can be aloevera, amla, wheat grassjuices, etc. cause these all juices are healthy and that's what the business came ininception(Sheep, Fairhurst and Khazanchi, 2017). They can also use some basic ideas in1
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