Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Importance of innovation in comparison with invention............................................................1
Vision, leadership, culture and teamwork of organisation that help in innovation and
commercialisation.......................................................................................................................3
Different sources of Innovation..................................................................................................4
TASK 2............................................................................................................................................5
4Ps of innovation and innovation funnel to shape innovative ideas...........................................5
Explanation of developments in frugal innovations and the way in which it is used in an
organisational context.................................................................................................................6
Apply and analyse innovation funnel..........................................................................................7
Function of frugal innovation......................................................................................................7
How innovation is developed, embedded and measured............................................................7
TASK 3............................................................................................................................................8
Importance of commercial funnel and application of New Product Development (NPD).........8
Innovation Business Case...........................................................................................................9
Measuring overall effectiveness using appropriate technique..................................................11
TASK 4..........................................................................................................................................11
Evaluating various tools which could be used by organisations for the purpose of developing,
retaining and protecting knowledge..........................................................................................11
Evidence based evaluation of different tools............................................................................12
Critical evaluation of nature of innovation...............................................................................12
CONCLUSION..............................................................................................................................13
........................................................................................................................................................14

INTRODUCTION
Innovation and commercialisation refers to introducing a totally new and creative
business idea and using this idea in business for commercialisation so that profits in business can
be maximised. A innovation at the first stage is simply an idea that requires commercialism so
that valuable goods and services can be created that helps in generating more and more profites
in buisness (Aarikka-Stenroos and Lehtimäki, 2014). Through commercialisation process new
and innovative products or services are introduced in the market. In this project to understand the
importance of innovation and commercialisation for growth and development Hotpoint Electric
Heating Company is considered. It was founded in the year 1911 by Eari Richardson and
headquarter is situated in United Kingdom.
Innovation of introducing a holographic display television was commercialised by
Hotpoint organisation. To understand the concept of innovation and commercialisation in this
project innovation is determined and how it is different form invention is mentioned. Different
types of innovations are discussed with process required to commercialise innovation in the
project. Together with this methods for protecting ideas and their advantages and disadvantages
will be elaborated in this project report.
TASK 1
Importance of innovation in comparison with invention
Innovation is defined as a process which leads to introduction of a process of translating
an idea into reality to form a new good or service that will help in creating more value and
initiates in enhancing revenues. Through innovation more challenging process is adopted that
will help in creating a product and service as per changing needs and wants of large consumer
group in the society. Innovation helps in adopting changes that are taking place in the
challenging business environment and delivering products and services as per consumers taste
and preference. Through innovation a totally new and different product will be introduced by
Hotpoint organisation in the existing market (Aarikka-Stenroos, Sandberg and Lehtimäki, 2014).
This will help in enhancing market share of the company by retaining existing consumers and
attracting new consumers who are highly influenced through innovative idea. Holographic
display television will provide a display that utilizes light diffraction to create a virtual three-
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dimensional image of an object. In this no requirement of aid through glasses or external
equipment and viewer can see the image.
Invention means introducing something totally new based on own idea and development.
Through innovation a product is introduced for the first time in the world. A invention is only a
one time thing that has been made over a period of time in the business as it requires lots of
research and development. For example- introducing television was an invention and after that
change in its shape and features all are termed as invention that leads to addition of more and
more features as per changing taste and preference of consumers.
Importance of Innovation over Invention is defined as follows-
Continuous Improvement: Innovation gives sustainability to Hotpoint organisation with
making continuous improvements, repacking and re-branding of the products served by them. As
invention can give only one time success and to maintain that success invention is required on
continuous basis (Abdul Razak, Murray and Roberts, 2014).
Reinforce Brand Name: Development branding is popular in organisational leadership.
Leaders of Hotpoint organisation had recognised importance of innovation and turned it as an
main drive for success. Continuous improvement in the products served by the organisation will
help in creating brand image that is not possible with one invention.
Responding to Competition and Trends: Through innovation opportunities are garbed
by Hotpoint organisation in the present market and helps in assessing future trends. This helps
business to become competitive and attain more and more success.
Together with all these importance there are lot of things that are used in day-to-day
activities and innovation has made their use more smoothly. For example- Screen touch mobile
phones, online apps to purchase and sale and new technology in electronic products is
continuously improving standard of living like- automatic washing machines, LED's and
Holographic systems.
Difference between Invention and Innovation-
Basis Invention Innovation
Meaning It refers to an idea or concept
for a product that has never
been introduced before.
Innovation leads to implication
of a new idea on a product the
existing product and service.
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