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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P2 Role of organisational vision, leadership, culture and teamwork on shaping innovation and
commercialisation
Commercialisation is comprehensively said to be as the process of introducing new goods
and services at marketplace which provides them monetary returns to them in the near future.
These products and services are developed for the customers by simply analyzing their core
requirements. As a result, by finding products and services as per their needs customers easily
gets influenced towards the goods and agrees use the services by paying required amount of
money towards the same (Uprety and et. al., 2018). With reference to Innocent Drink, it can be
that the management of this company believes in bringing innovation within their offering in
order to maximise their sales performance by simply attracting maximum number of customers
towards them. This ultimately provides support to the business entity in boosting up their
profitability in rightful manner. It has also been analysed that there are range of elements which
are been adopted by the business manager of the company in order to provide rightful shape to
innovation and commercialisation in appropriate manner. All of the main elements among them
are vision, leadership, culture and team work. These elements are specified below in detailed
manner:
 Vision: Vision statement plays essential role in the growth of the company as it is being
believed that it provides guidance to the management team as well as employees in
executing their work in rightful manner. Vision statement of the company also plays
essential role in shaping up the innovation and commercialisation in rightful manner.
This is so because; it allows company in determining the requirement of innovation and
take rightful decisions towards them in adequate manner (Clayton, Feldman and Lowe,
2018). With reference to Innocent Drink, the respective company is emphasizing on
introducing Mint Smoothies. In order to execute this innovation, it is important for the
company to develop an effective vision for the new product. Whereas commercialization
associated with the same is the same can be seen in terms of monetary valuable returns
for the same Mint Smoothies by selling them to the customers. Leadership: Leaders plays essential role in the growth of the company as it provides
guidance to the company in taking preventive measures and executing work related to
the company in the sequential manner that would help them out in attaining success
towards the same. Leadership plays essential role in the shaping up the innovation and
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commercialization as ensures that all the activities are performed in the systematic
manner. With reference to the Innocent Drink, the respective team of the company is
planning to introduce new drink named as Mint Smoothies at market. In order to execute
this in rightful manner, its respective leader emphasizes on motivating its employees by
simply providing regular based training and development session for them so that they
can get opportunity of grooming themselves at regular basis and develop their skills
which will further help them out in accomplishing the project outcome in quicker
manner. While analysing commercialisation towards the same, it can be said that here
leaders believes in motivating employees for developing their positive image at market
place which will further help them out in gaining competitive edge. This is so because;
highly motivated employees will sustain longer in the company and provide them higher
benefits to them.
Culture: Organisational culture is acknowledged as another influential element that
provides effective support in shaping up thee innovation and commercialisation. In context of the
Innocent Drink, the management team of this company believes in developing effective culture
at workplace where its employees can work freely and show up their maximum level of efforts in
the success of the company in appropriate manner. In order to do so in appropriate manner, the
company believes incorporating flexible and positive environment at workplace where ate
completely free to express themselves and show up their efforts of executing their work in their
own manner. This freedom and safe working environment motivates employees to introduce new
innovative ideas and also show up their extra ordinary efforts in organisational work.
With reference to the newly product that is Mint Smoothies that going to be introduced in the
market by Innocent Drink. It can be said that the respective manager of company goes through
Handy cultures of model so that they can easily determine which kind of culture could suit the
current scenario. The respective framework includes four main types of culture such as role
culture, task culture, person culture and power culture (Stojcic, Hashi and Orlic, 2018). Among
them all main preference is given to role culture which simply specifies that manager of the
company assign all roles and responsibility to employees on the basis of their knowledge and
experience. Adoption of this culture will raise productivity of employees which will lead to
quick achievement of organisational goals and objectives.
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 Teamwork: Teamwork can be seen as the best way that supports individual in executing
their work effectively with appropriate support of one another. It also provides effective
support to the employees in executing their work in positive manner. With reference to
the Innocent Drink, it has been analysed that the respective manager of the company has
developed an effective team who will be collaboratively working with one another so that
they can easily introduce Mint Smoothies at marketplace. In order to develop the strong
bond among team members, the manager believes in making use of Tuckman team
building theory which includes 5 stages. The respective model is useful in developing
effective team who will be collaboratively working together for executing the work of
launching the product named as Mint Smoothies at marketplace (Cano-Kollmann and et.
al., 2018). Here, innovation was effectively shaped with bulky ideas given by team
members whereas commercialisation can be seen in the increase in sales performance of
company.
M1 Analyse several sources of innovation, and how firm can develop better culture and
innovation
Apart from this, it has been reviewed that there are large number of customers along with
organization having sources that offers effective guidance for their employees so that they can
bring innovative culture and develop such kind of environment that helps them to gain profits.
Along with some of the sources are mentioned below:
 Perception: According to this source firms are able to deal with customer’s perception
among the goods and service of firm. It can be said that every people have their own
ideas and toughts towards anything that attract the offering of firm. In regards with
respective firm dealing with goods in UK management team of frim is able to produce
proper goods and services to accomplish employee’s needs and demand.
 Demographics: This is one of the best innovation sources includes these demographics.
In this it has been identified that there are so many changes can come anytime that
influence overall working performance of firm within the level of human capital,
population and many more. Thus it needed to develop innovative ideas in order to
provide goods as per the consumer’s needs, wants, demand and desires.
5

LO 2
P3 4 P’S of innovation and use of innovation funnel to determine and shape innovative ideas
The 4P’S of innovation considered as a tool which is helpful for firms to develop few
improvements with brining several ideas at workplace. There are four types of parts like position,
process, product and paradigm. All these parts are used by leaders of Innocent Drinks in order to
make their process of business better. Additionally, these tools are multi-disciplinary that ensures
about high productivity and profitability of firm. There are 4P’S of innovation in regards with
Innocent Drinks, are mentioned below:
Product Innovation: According to this innovation tool firm is able to use several kinds
of ways in order to increase their product value through mixing existing products (Annesley,
2019). Innocent Drinks able to execute several methods and technology that further helps them
to increase profit at high level. This, it will be beneficial for them produce best goods and attain
targeted goals.
Process Innovation: It refers to the several kinds of several forms innovative methods
that help frim to develop more creative value of their goods in order to gain high goals and
objectives that increase the production level of firm. In context of Innocent Drinks, they always
use better production level by which they can increase their profitable values and implements on
so many ideas to attain targeted goals. Moreover, it improves the process of making their
smoothies better in a perfect manner.
Paradigm Innovation: It involves several kinds of beliefs, values, norms, theories and
many more. There are so many several modes which are used by firms in order to increase their
efficiency at high level. In regards with Innocent Drinks, this innovation includes paradigm
formative which is helpful for firm to raise their quality of their goods and services in a better
way.
Position Innovation: This innovative tool based on market segmentation used by firms
to produce their goods and services at high level. In regards with Innocent Drinks, they are able
to segments its goods and services through using such kind of tools that helps to make better
smoothies for each type of consumer at marketplace. Moreover, firms can easily find out their
best goods and services that help them to increase high profit and sales for this respective
business (Hongbo and Koffi, 2019). Thus, the segmentation of frim considered as helpful
approach that increase their profit and value within the competitive scenario of marketplace.
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(Source: Innovation Funnel, 2019)
Use of Innovation Funnel
Innovation funnel refers to the tool adopted by firm in order to bring better improvement in
firm so that they can develop best desirable goods and services as per the consumer base.
The main purpose of sing this tool by firm is to hold their market share at best position so
that they can get benefited for long period of time. With the help of long term sustainability
they can achieve targeted goals within the innovation funnel. Along with it is helpful for
firm to acquire information in regards with changing trends at workplace. In regards with
Innocent Drink they use this innovative tool in order to get new ideas and segment its
consumer’s base as their product offering. On the other side, they can plan for opting new
ideas in order to develop best ways to achieve customer’s goals. At last, there are several
changes can be opt by firm in order to make their product attractive in front of their
customers so that they can utilise their available of resources and able to achieve their
desired goals on time.
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Illustration 1: Innovation Funnel

P4 Developments in frugal innovation and it can be used by firm
Frugal innovation shows the combination of frugal outcomes, mind-set and process. It
refers to the several kinds of techniques that help frim too reduce extra cost from goods and
services in an effective manner. There are so many factors includes social, legal, technological
and political that represents the condition of external environment. With the help of using such
kind of aspects respective firm is able to gain he profit and manage their entire working functions
in a proper manner. Further it will helps frim to take better position at marketplace by which they
can get huge sales and revenue in a perfect mode. It also develops best profit for firm and makes
them attractive in a perfect style.
In regards with Innocent Drinks, management team able to develop different types of
strategies and tools in order to enhance profit and productivity. Through adding innovative goods
and services within the firm they can attract ample number of customers and make them happy.
Thus, it helps Innocent Drinks to achieve desired goals in a proper way that also helpful for them
to bring more innovation within their goods and services provided by them to customers.
With the use of innovation frugal, respective firm is able to identify their overall
functions and operations in a perfect mode. With the help of this firm can improve overall
working performance of their employees so that they can perform their task in a well manner.
Thus, the main responsibility of firm is to formulate positive relationship between employers and
workers. On the other side, respective frim is launching new Mint Smoothies for their customers
within the market of UK (Missaggia, 2019). It makes their viability at marketplace and increase
customer’s base in a proper manner. Therefore, it is essential for firm to use frugal innovation
tool that plays crucial role through developing best business ideas and sources towards
achievement of desired goals. Thus, firm is able to promote their employees as per their working
performance so that they can make better image of firm and satisfy desires and needs of people
in a perfect manner.
M2 Apply and analyse innovation funnel within organizational context
Innovation funnel refers to the process used by firms by which they can able to offer
innovative goods to their customers in a frequent manner. The main aim of using such kind of
tools is to offer best innovative goods to their customers so that they can increase competitive
advantages and able to get high profit at marketplace. Thus, respective firm can easily help their
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employees to develop best to best innovative tools for their customers that help them to achieve
targeted goals.
M3 Role of frugal innovation within context of an organization
Frugal innovation refers to the frugal engineering it includes the process of overcome
complexity with the cost of production in an organization (Jones and Annesley, 2019). On the
other side it is considered as best effective and suitable tools used by managers of firm in order
to over seek their entire working performance of employees so that they can easily overcome
difficulties from the firm. Thus, it helps drinks firm to reduce extra price and cost from their
profits and encourage them to achieve targeted goals and objectives.
LO 3
P5 Importance of commercial funnel and application of NPD process for commercialisation of
innovation
Commercial funnel refers to the revenue and sales funnel. It is the graphical
representation in regards with sales process of consumer’s used while purchasing their services
and goods by people at marketplace. There are five stages in order to develop awareness towards
services and commodity along with their final phase has been conducted at workplace. In regards
with Innocent Drink, they are launching new products named as Mint Smoothies in order to
maximise overall sales of firm. Thus, they are needed to focus on so many commercial phases,
those are as follows:
Idea generation: According to this initial stage, firms are able to develop new product by
management team to develop best innovative ideas to increase overall profit and sales of firms.
In regards with, Innocent Drinks, this phase used by management team in order to develop best
qualitative ideas to get huge profits at marketplace of UK.
Idea Screening: management team of respective firm needs to evaluate their feasibility
of goods so that they can get feedback from their customers and able to launch their new product
at marketplace. Thus, it can be benefited or not both for firm.
Testing Concepts: In this third stage, Innocent Drinks required to analyse their demand,
wish and needs of customers that helps them to make better manufacturing of their entire goods
and services in a proper manner.
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Analyse demand of product development: It includes so many plans, strategies,
theories, polices created by managers of frim to launch new product within the competitive
marketing scenario. In context of Innocent drinks management team able to establish goods
perfectly that increase their brand goodwill and profit.
Commercialization: This is the final stage of commercialisation phase in which
Innocent Drinks able to gran huge attention from their large number of customers so that they
can achieve their desired goals and objectives in an appropriate manner.
From the discussion and analysing the process above, it is determine that commercial
funnel help Innocent drinks to gain insight about buying behaviour and process of purchasing of
customer. In addition to this, it is analysed that using such concept help in bringing innovation at
market which in turn aid in attracting more number of people and enhance sales of company.
Moreover, it also help in knowing about customer demand in market and make alteration in
products as well as services that leads to customer satisfaction and customer retention as well.
All this assist Innocent Drinks to enhance its productivity level and attain objectives or meet with
targets in an effective manner.
P6 Innovation business case for firm including ways to access funding
Business plan refers to the written document as well as blueprint which identify the
overall business at marketplace. There are so many factors includes in business case like
marketing, objectives, sales and so on. Therefore, it is needed by managers of Innocent Drinks to
create best business case in order to better decision for accomplish of project. Thus, business
case includes in so many details, which is going to be discussed below:
Executive summary: Business case is based upon Innocent Drinks in order to advertise
their Mint smoothies with original flavours as their innovative product. In order to succeed this
plan firm is needed to have few approaches and models like SWOT, PESTEL and many more.
With the help of using such kind of tool they can successfully achieve their growth of business
and achieve high profitable value.
Mission statement: In relation with Innocent Drinks, the main aim of this organization is
to make healthy mint smoothies for their customers by using original ingredients in a proper
way. Thus, it satisfies customer’s demand and needs and make set up trademark through using
strategies if marketing concept.
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Resources: In order to use innovative process firms is required to consider different
types of possessions. Thus, it is required to develop better use of resources for continuous
operations.
Market analysis: It is important for firm to define their competitors first so that they can
get their potential customers.
Cost and benefit analysis: With the help of this respective firm is able to make their
mint smoothies better that help them to increase overall performance ration of firm.
Financial projection: In order to make better process of entire goods firm isa needed to
have amount of £40,000.
Access funding ways: This is considered as backbone of frim in which an organization
cannot conduct their operations but maintain funds of product at marketplace. There are few
ways of funding used by Innocent Drinks that are:
 Bank and Financial institute: Innocent Drinks able to take loan from any bank and
financial institutions kind of resources so that they can increase their business at high
level.
 Benchmarking: It refers to the strategic tool used by Innocent Drinks that carried out
business process within the workplace.
 From Family and friends: Innocent Drinks can easily defines requirement of people so
that they can get money or able to borrow from their friends, family members and many
more at low interest.
Investors: It includes customers, employees along with business partners.
M4 Detailed innovation case of business and measure overall effectiveness using few techniques
According to the above information this can be said that, if firm is able to use this kind of
technique than they can develop best business plan for their innovative goods and services so
that they can use them ion another place in which customers’ needs such kind of goods.
Moreover, within the artificial intelligence there are so many method used by firm in order to
determines their overall methods in which one of the best they can use further to achieve their
targeted goals on time.
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LO 4
P7 Different tools that firm can use to retain, develop, protect knowledge and intellectual
property
The category of intellectual property refers to the certainty of human being for keep safe
innovation creativeness. Thus, there are lots of IP like patents, trademarks, copyrights and many
more. Some of them are followed by Innocent Drinks organization, those are as follows:
Intellectual Property: In regards with Innocent Drink firm this type of rights refers to
the secure properties of frim legally so that they can easily able to save their intellectual rights of
property.
Copyrights: It refers to the legal term needed by owner of frim in order identify their
entire needs at workplace. Herein, respective firm is able to take advantage of this right towards
Mint Smoothies.
Trade secrets: This type of right keeps data safe in relation with norms and values of
firm. Herein, respective firm use this data in order to secure their data and keep safe.
Patents: This is known as most essential intellectual property that protects services used
by firms in a perfect manner. In regards with Innocent Drinks they generally use this term to
safeguards their necessities from copying. Thus, it can protect entire data for frim and secure
them from another.
From the above discussion, it is determine that adoption patent intellectual property is
suitable and beneficial for Innocent drinks. It help in protecting its different flavours of juice and
smoothies from its competitors. It can be achieved by following all the rules and regulations
associated with patent right. Moreover, it also help in attaining competitive advantage at
marketplace and strengthen market position in an effective manner. In addition to this, it
safeguards the process of Innocent drinks of being copied and help in sustaining in market for
longer time period.
M5 Evaluation of several tool in regards with wider business environment entrepreneurs.
There are two types of tools used by managers of firm involves patent and copyrights.
With the help of using such kind of tools firm is able to increase their profitability and
productivity within the competitive scenario. Thus it helps firm to differentiate their goods from
12

another so that they can develop few ways to protect their material at manufacturing place. As
respective frim able provide mint smoothies for their customers with using innovative ideas so
that it can give them chance to increase their profit and maximise their profitability at
marketplace.
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14

CONCLUSION
According to the above mentioned report it has been analysed that innovation plays
crucial role within each and every business firm that helps them to get huge profit and
productivity of firm. With the help of using innovative tools and techniques firms are able to
grab attention from their large number of customer’s base that increases their sales and revenue
as well. On the other side, innovation frugal increase high quality of goods and services for frim
that makes them affordable for their customers. Lastly, there are several types of leadership
styles, teamwork, culture and proper vision helps firm to have right information towards external
factors by which they can make creative ideas at marketplace.
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