Innovation and Commercialisation INTRODUCTION

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Explaining innovation and its significance to companies in comparison with invention...........1
Explaining how organizational culture, vision, leadership and teamwork shape
commercialization and innovation...............................................................................................2
Analysing varied sources of innovation and acts of fostering & developing environment of
innovation....................................................................................................................................3
Explaining 4Ps of innovation and use of innovation funnel to analyse and shape innovative
ideas.............................................................................................................................................4
Justifying development in frugal innovation and its usage in organizational context.................6
Analysing application of innovation funnel in Essence Drinks...................................................8
Appraising role of frugal innovation in Essence Drinks.............................................................8
PART 2............................................................................................................................................8
Covered in PPT............................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is defined as a procedure by which service or product is renewed by applying
new procedures and establishing creative ideas. While commercialization is described as act of
launching new goods and services into firms for making it accessible in front of buyers to earn
profit (Dekker, 2017). The current assignment will be based on Essence Drinks company, which
is established by Mr Akshay Kumar with one drink that is healthy mango lassi in market of UK.
The study will explain innovation and its value to company in comparison with invention.
It will define how leadership, organizational vision, culture and teamwork shape innovation &
commercialization. This assignment will justify 4Ps of innovation and use of innovation funnel
in context of shaping creative ideas. Furthermore, it will explain development of frugal
innovation and its use in regard to chosen company.
PART 1
Explaining innovation and its significance to companies in comparison with invention
Innovation is one of the most essential and beneficial forces as it drives the efforts and
activities of companies towards producing creating new value for target consumers (Lüdeke‐
Freund, 2020). It usually defines as the act of making changes and adding new value in existing
products that satisfy the needs of customers.
Importance of innovation in context of Essence Drinks as compare to invention-
Innovation is connected with creativity, which provides benefits to the chosen company.
It is quite important for firm because innovation help to increase customer satisfactory level and
maximize the productivity of its venture (Hall, 2019). For example, innovation in Essence Drinks
results in assisting people to resolve their resistance to it, enabling to experiment and take smart
risks, developing both customer intimacy and customer empathy.
Innovation is very important for Essence Drinks as compare to invention, it helps to save
time and efforts of company in the context of producing a lassi which they used to boost
immunity and keep cool in summer. It assists increasing its competitiveness and maximizing
profitability.
Invention is defined as method, process and composition of developing new service or
good. This procedure encompasses techniques and methods that used to invent something new &
attractive.
1

Comparison-
Innovation Invention
Innovation is essential for company because it
helps firm to introduce those products that its
consumers like the most.
On the other hand, the invention is less
beneficial for the organization as it allows
management to create a new item that many
people do not like.
Innovation is usually an invention that causes
modification in interactions.
While invention is a process of manufacturing
a new product.
For Essence Drinks, innovation is much more
essential than invention as it make them able to
change products according to what consumers
like.
On the other side, invention permit firm to
create something new that has not existed
before.
Explaining how organizational culture, vision, leadership and teamwork shape
commercialization and innovation
There are different factors accessible in the corporate world that contributes to shape up
innovation & commercialization. For example;-
Organizational culture-
A Company's culture always play a vital role in context of shaping innovation and
commercial (Gürlek and Tuna, 2018). For example, in essence Drinks, collaborative and
coordinative culture drive the attention of its workers to be innovative and creative. It enables
individual worker to shape commercialization in form of introducing a new lassi which in return
increase profitability of firm.
Vision-
Each company set a specific vision and mission statement, which defined workers to
which service or item is needed to innovate and in what manner commercialization of creative
item is done. For example, the vision of Essence Drinks is to be a leader of healthy mango lassi.
It drives the thinking and efforts of employees towards innovation, and then they work hard to
manufacture the world's best heavy payload lassi.
Leadership-
2