Innovation and Commercialisation: Difference, Vision, and Frugal Innovation

INNOVATION AND
COMMERCIALISATION

Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P 1 difference between innovation and invention........................................................................3
P 2 organizational vision, leadership, culture and teamwork can shape innovation and
commercialization........................................................................................................................4
LO 2.................................................................................................................................................6
P 3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................6
P4- Development of frugal innovation and its use in organization ........................................8
LO3..................................................................................................................................................9
P 5 importance of the commercial funnel and the application of new product development
processing for commercialization of innovation..........................................................................9
P 6 innovation business case for an organization, including ways to access funding...............10
LO 4...............................................................................................................................................12
P7- the tools which can be used by the company to retain, develop protect knowledge and
intellectual property..................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is often also viewed as the application of better solutions that meet new requirements,
unarticulated needs, or existing market needs. Commercialization is the process of introducing a
new product or production method into commerce making it available on the market. The term
often connotes especially entry into the mass market, but it also includes a move from the
laboratory into commerce. Land Rover is a British brand of four-wheel drive cars that
exclusively offers premium and luxury sport utility vehicles. This report contains issues such as
difference between innovation and invention. organizational vision, leadership, culture and
teamwork can shape innovation and commercialization. 4Ps of innovation and explain the use of
the innovation funnel to examine and shape innovative ideas. importance of the commercial
funnel and the application of new product development processing for commercialization of
innovation. Innovation business case for an organization, including ways to access funding and
different tools that organizations can use to develop, retain and protect knowledge and
intellectual property.
LO 1
P 1 difference between innovation and invention
It is necessary that every company trying to surviving in the market complies with
innovation so that they can meet with the rapid evolution which is taking place in the market. It
is a necessary aspect if the company is looking to expand its scale of operations. Land Rover is
known for their luxury SUVs but they offer their consumers the whole package which is what
makes them unique. In order to keep up with the competition the company is coming up with
electric cars and this will also help them to maintain their operations under the environmental

factors. They provide the best in a unique way to their customers and make sure that there are no
faulty measures in the car.
Innovation Invention
Innovation is done for those products which
are already existing in the markets so that they
can be more advanced. This helps to attracts
more consumers which is in the interest of the
company (PC, 2018).
Invention is when a new product is
manufactured by the company with new
concept which adds more slots offered by the
company to their consumers.
In order to bring innovation into the market the
company needs to have skilled employees with
them and those who have knowledge of certain
aspects so that they can change the product in a
better way. This helps the company to increase
their scale of operations.
Invention is also done with the help of skilled
employees but in this area more of technical
skills and knowledge are required. This way
company is able to offer more new and unique
products for their consumers.
In order to come up with the innovation all the
departments are asked to share their views and
knowledge so that it can be perfect.
Inventions are done solely on the basis of
research and no other department is allowed to
interfere between the project.
This is done by the company in order to make
the product and its attributes more unique so
that they can live up to the qualities which are
offered by the brand. The innovation that the
company is bringing of is electrical cars
although it is not the first time when a
company is trying to come up with electric
cars. There are many competitors which are
way ahead of the company in this segment.
Inventions in the electric car manufactured by
the company will be the car will be fully
operated on battery and offers automation
driving which will be a value for money as no
other SUV is available in the market right now
which offers automated driving. In order to do
that company is doing the analysis of the
product and all the required tests for it that if or
not the product is ready for these type of
features and if or not it can be complied with
the level of technology used (Du and et.al.,
2017).
P 2 organizational vision, leadership, culture and teamwork can shape innovation and
commercialization
The aspects such as vision, culture, teamwork and leadership has a drastic impact on the
factor of innovation which the company is looking to bring in the market. In the model of culture
there are four stages which are determined by Charles Handy.
Power-
This aspect states that only few employees have the power to take the decision for the
company. The employees are evaluated on the basis of their performance and how it has helped