innovation and commercialisation

Innovation and
commercialisation

Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Innovation and its importance to firm in the comparison with invention..............................1
P2 Role of organisational vision, leadership, culture and teamwork on shaping innovation and
commercialisation........................................................................................................................3
M1 Analyse several sources of innovation, and how firm can develop better culture and
innovation....................................................................................................................................5
LO 2.................................................................................................................................................6
P3 4 P’S of innovation and use of innovation funnel to determine and shape innovative ideas. 6
P4 Developments in frugal innovation and it can be used by firm..............................................8
M2 Apply and analyse innovation funnel within organizational context....................................8
M3 Role of frugal innovation within context of an organization................................................9
LO 3.................................................................................................................................................9
P5 Importance of commercial funnel and application of NPD process for commercialisation of
innovation....................................................................................................................................9
P6 Innovation business case for firm including ways to access funding...................................10
M4 Detailed innovation case of business and measure overall effectiveness using few
techniques..................................................................................................................................11
LO 4...............................................................................................................................................11
P7 Different tools that firm can use to retain, develop, protect knowledge and intellectual
property......................................................................................................................................11
M5 Evaluation of several tool in regards with wider business environment entrepreneurs......12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation refers to the formative process which is considered as helpful part for every
business to develop, creative and innovative ideas and ways for an organization in order to
execution on several methods or imaginations. Furthermore, it can analyse as the procedure
which includes several kinds of activities used by firms for undertake so many things for the
better of future. On the other side, Commercialisation refers to the procedure of developing
feasible outcomes for an organization (Ke and et. al., 2016). Through using such kind of data an
organization is able to get accurate information and convert them into end goods and services
that always accomplish the entire needs and wants of customers. This report is based on Innocent
Drink organization which was developed by Richard Reed, Jon Wright and Adam Balon in the
year of 1996 and it is headquartered in U.K. This industry provides its goods and services within
the region of Europe with estimated amount of money million smoothies for customers every
week. This business organization includes so many types of products like juices, and fruit juices
that all includes low sugar of amount in their goods. Now this firm is looking forwards to launch
its new goods that can maximise the competition within the market of United Kingdom. Product
named as Mint Smoothies will launched by this firm through using original mint flavour as per
the requirements of their customers. Moreover, this report includes overall concept of innovation
and commercial along with innovative frugal and their importance will get covered.
LO 1
P1 Innovation and its importance to firm in the comparison with invention
Innovation: It can be identify as the process which is used by firms to convert their
thoughts, ideas and opinions into business moreover, to develop best value for them. Thus,
organization can easily use this process and able to bring innovative ideas towards its goods and
services within the particular business line (Osoro, Kirama and Vermeulen, 2017). Additionally
it ensures that it will get more competitive advantages for frim that develop best outcomes for an
organization. Thus, Innocent Drinks is able to satisfy their customers’ needs and wants in as
particular manner.

Basis Innovation Invention
Concept The term of innovation always
allow firm to bring always new
ideas and thoughts towards
their goods and services that
can make their position at
marketplace better and able to
offer best products to their
customers.
Invention determines the
overall concept of new goods
and services that accomplish
the desire of firm.
Scope Innovation always comes after
invention.
Invention takes place before
the procedure of innovation.
Occurrence Innocent Drinks have broad
aspects in the term of scope as
they always able to conduct
few activities that helps them
to bring innovative tools and
techniques at workplace (Du
and et. al., 2017). With the
help of this they can occur
profit form firm and make
them productive,
It has been identified as the
initiation from the firm
towards managing overall
operations and functions of an
organization among bringing
the fresh inventions.
Skills needed There are several kinds of
skills used by Innocent drinks
in order to adopt several
policies and strategies that
help to guide their employees
in a well manner.
Technical skills are mostly
used by respective firm so that
they can easily execute on their
ideas and able to achieve
desired goals and objectives in
a best manner.
Activities The process of innovation will It refers to the formative
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bring competitive advantages
for Innocent Drinks by which
they can fulfil overall needs
and demand of customers and
achieve huge profits properly.
process that develops new
commodities for firm so that
they can modify their ideas
through implementation of
new techniques.
Significance of Innovation in Innocent Drinks:
It is essential for respective firm to take advantages of innovation within their functions
of firm by which they can get huge success at marketplace. Thus, it is more necessary for
Innocent Drink that they should get formative benefits with the applying of innovative ideas so
that they can increase the chances of business by taking step by step that helps to achieve
successful goals and objectives (Yin, Shi and Yan, 2014). Moreover, it increases the entire cost
for firm so that they can get return by their investments fund that maximise the consumer’s base
effectively. Some of the important methods are mentioned below:
Increase creativity among staffs: There are two types of techniques like expeditious and
incisive used by firms in order to maximise profit and develop creativeness towards employees at
workplace. With the help of this respective firm is able to increase their profit and satisfy
employee’s needs and wants. Moreover Through applying unique mint flavour within its
smoothies they can invent new method that increase the competitive advantages from firm and
make them effective in front of their consumers.
Increased Revenue: It is one more essential thing for firm to perform their every role and
task in a perfect manner that increases their productivity and consumer’s base effectively.
Innovation is very helpful aspect for every business to innovate their existing goods so that they
can implements on new tools and techniques within their entire process of manufacturing. Apart
from this, respective firm is able to provide their mint flavoured smoothies in several types of
ways that make their goods existing and attract ample number of customers that maximise best
return for firm.
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