Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention. ....................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................4
TASK 2............................................................................................................................................6
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas. ...............................................................................................................6
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................8
TASK 3............................................................................................................................................9
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation. ......................................9
P6 Build an innovation business case for an organisation, including ways to access funding. 12
TASK 4..........................................................................................................................................13
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.........................................................................................13
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is referred to as the means to improve something or to replace something. It is
a process which involves changes in the existing product or service or replacing the existing one
from the new innovative offering. Commercialisation is the subset of broader process of the
innovation. It is a process which involves transformation of ideas, invention or knowledge into
the greater wealth for the people, business or the society at large. It also involves a process of
brining new product or service into the market and also entails production, marketing,
distribution, sales and other key functions which are critical for achieving the commercial growth
and success of a new product or service (Boretti, 2020). The organisation chosen for this report is
Clove club, a famous dining house situated in London, UK. It offers wide range of delicious
dishes to its customers. This report shall cover the comparison between innovation and invention
and its importance, how organisational leadership, vision, culture and teamwork shape
innovation, 4Ps of innovation, innovation funnel and frugal innovation. Further it will cover
importance of commercial funnel, New product development process, innovation business case
and tools of intellectual property.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is derived from the Latin term innovare whose meaning is to renew. It
basically means improvisation or replacement of something. It is a process through which any
product or service is brought up by the application of new process, idea or technique or renewing
the existing offering in order to create a new value out of it (Monotti, 2017).
Invention is a noval or the unique process, device, method or composition which
involves the process for the overall engineering and product development process. It may me
improvement in the machine or product or the usage of new new process for creating the result
out of it.
In context to Clove club, which is a famous dining house located in London the
importance of innovation is illustrated below- It helps company grow- Innovation helps the organisations to grow and succeed and this
can be done by setting such objectives which meet the requirements of the innovation.

The companies who wishes to succeed in the market and wants to take an edge over the
competitors make continuous innovations. It takes time but it helps in growth. Clove club
is continuously using such methods which brings innovation in their existing product or
brings any new offering. This helps in attracting potential customers and help the
restaurant to grow. It keeps organisation relevant- The market is dynamic which keeps on changing and to
keep the companies relevant, it is important that they keep on adopting such changes so
that it can remain profitable and relevant. Innovation helps the companies to bring change
in the market and capture as much share as they can. Clove Club must work to adapt the
changing needs of the people so that it can sustain in the market and stay relevant (Yildiz,
2020). Innovation helps in making differentiation- It helps the companies to bring something
which is different from the existing one. For attracting and retaining the customers,
innovations helps the companies in doing so as it helps the enterprise to build the brand
identity in order to standout of the competitors.
Basis Innovation Invention
Meaning It brings changes or
improvement in the product or
service in order to add value to
it.
It involves coming up with a
new idea or development of
new product which is not been
created previously.
Involves It involves mixture of many
products and services.
It involves a single product or
service.
Skills required It requires technical, marketing
and strategic skills for bring
innovation in the market.
It involves technical skills for
bringing an invention (Razak
and Murray, 2017).
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
An organisation is required to carry out the activities in order to achieve its aims and
objectives and ensure its survival. The organisational vision, culture, leadership and teamwork