Innovation and commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................................3
Part One......................................................................................................................................................3
LO 1.............................................................................................................................................................3
Innovation and its importance to organizations by comparing it with invention......................................3
Organizational vision, culture, leadership and teamwork helps to shape commercialization and
innovation................................................................................................................................................5
LO2..............................................................................................................................................................6
Explanation of 4Ps of innovation and use of innovation funnel in order to shape innovative ideas.........6
Explanation of developments in frugal innovation to provide examples in context of organization........9
Part Two....................................................................................................................................................10
LO3............................................................................................................................................................10
Importance of commercial funnel and new product development process for commercialization of
innovation..............................................................................................................................................10
Innovation business case for organization and ways to access funding.................................................11
LO4............................................................................................................................................................12
Various tools that organizations can use to retain, protect and develop the intellectual property..........12
CONCLUSION.............................................................................................................................................14
REFERENCES..............................................................................................................................................15

INTRODUCTION
Innovation refers as introducing new ideas, imaginations, creative thoughts and methods.
It is often view as providing effective solutions in the business to meet the organizational
objectives. It is related with the new product development in the market for gaining competitive
edge. Commercialization is termed as the process and marketing strategies which are used to
launch new product in the marketplace. The report is based on Heinz. The company is
established in the year 1869. It is a Britain's one of the most loved brand. The main factory of
Heinz in UK is near to Wigan. The company deals in the products like Heinz beans, tomato
soups and Ketchups.
The report will cover explanation of innovation and will determine its significance by
comparing it with invention. It will further explain organizational vision, teamwork and culture
shapes the innovation and commercialization. It will give explanation of 4ps of innovation and
will use innovation funnel to shape and examine innovative ideas. Furthermore, it will determine
developments in frugal innovation and provides examples about its use in organization. Then the
importance of commercial funnel will be explain and its application of new product development
process will be determine. The study will provide ways to access funding. Lastly, it will evaluate
various tools that an organization can use for protect, retain and intellectual property.
Part One
LO 1
Innovation and its importance to organizations by comparing it with invention
Innovation - It refers as generating creative for introducing a new product or service in the
market. It helps in organizational success as it gives competitive advantage to firm. By
introducing innovative products in the market the customer’s satisfaction get increased (Thakur,
Cabrera and Boni, 2018). It helps to make improvement in existing products of the organization.
It is done to introduce new ways in business and for achieving something better.

Invention - Invention refers as process of manufacturing or producing new product in the
market. It is the creation of the product for the first time in the marketplace. It can be also termed
as introduction of a process. It is the process of bringing a past driven idea (in innovation) in the
marketplace.
Difference between innovation and invention
Basis Invention Innovation
Meaning It is occurrence of process for
creating a new product for
very first time.
It refers as bringing a creative
idea, knowledge or method in
an organization.
What is all about It is creation of product for the
first time
It adds value to existing
product of organization by
implementing new idea in
product development.
Concept Working on the theory of
original idea
Practical implementation of
creative idea in the business
(BadizadeganGoodson and
Thompson, 2020).
Required skills Scientific skills are required
for doing invention
Marketing, Strategic and
technical skills are required
for doing innovation.
Occurred when When the idea about invention
is strike to scientist.
When the employees or
manager of an organization
feels there is need for
improvement in existing
product.
Related with Related with single process Related with multiple process