Innovation and Commercialisation

INNOVATION
AND
COMMERCIALISA
TION

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Innovation and Invention.............................................................................................................3
Organisational vision, leadership, teamwork and culture shapes innovation and
commercialisation........................................................................................................................5
LO 2.................................................................................................................................................6
4Ps of Innovation and use of innovation funnel..........................................................................6
Frugal innovation.........................................................................................................................9
LO 3...............................................................................................................................................10
Commercial funnel and application of new product development............................................10
Innovation business case............................................................................................................11
LO 4...............................................................................................................................................15
Tools used for developing, retaining as well as protecting knowledge with intellectual
property......................................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
The word innovation is represented as adoption, assimilation as well as exploration of
value added novelty which creates new performance dimension. In other words, something new
which fills needs of untapped customer is innovation. It includes aspects of product renewal as
well as designing new processing technologies (Bashmakov and et. al., 2015). On other hand, the
word commercialisation is represented as procedures of launching brand-new commodities in
market. In broad act, activities that are within commercialisation are production,customer
support, marketing and distribution. To add cognition for innovation and commercialisation,
Juice Executives Company is chosen that is specialist in producing cold pressed juice. The
institution have head offices situated at Lordswood, England, UK. The organisation produces
freshly made as well as organic juices and delivers comfortableness to users. The report entails
context of innovation and invention, types of innovation, process required for commercialising
innovation and range of tools to protect ideas and intellectual property with advantages and
disadvantages.
LO 1
Innovation and Invention
Innovation means new imagination, ideas and creative thoughts in form of method
addition to device. It is viewed as applying better solutions which have potentiality to meet
unarticulated needs, requirements and current market demand. It enhances chances to react for
changes as well as discovering new opportunities. For instance, Juice Executives Company is
specialist in producing diverse types of cold fresh and organic juices. The company recognised
that there are various market segment that are not able to enjoy the cold pressed as well as
organic juices due to their high prices. The managers recognised the innovation needs so to meet
market segment needs. Fresh Boat Cold Juice Packet will be introduced by the entity as an
innovation for their juice bottles. Some importance of innovation to the selected organisation are
as determined:
Gives edge for market penetration: Innovation is vital for business as it provides edge
for penetrating market with fast speed as well as helps in making better connections with
developing market. To gain market penetration, it is important for Juice Executives Company to
innovate its products in order to connect with other markets.

Standing against competitors: Innovation allows to offer uniqueness to customers.
Innovators take renowned commodities and convert them into better products. It also adds more
valuable to business that makes a business standing against competitors. To stand against rivals,
it is significant for respective firm to develop innovation that is new in market.
Invention: It is termed to unique product that is produces for for time despite of any
modifications in existing ones. It is big step to attain success. In other words, devices as well as
procedures which are made up or created through figuring out aspects to do something are part of
invention (Chun and et. al., 2015). It include aspects that are never been made till yet and process
to make a product has never used yet. Some importance of invention are ;
Shapes working: Invention is something that shapes overall working of entity through
making or using procedures which are never used or made yet. Invention for Juice executive
Company is important as to shape its entire working for achieving success. When new things or
ways are discovered to execute activities in new manner then it shapes the activities or
procedures of performance.
Taking lead within consumer group: Inventing the things that are not available in
market helps in gaining shares within new consumer group. The significance of invention at
selected business is to take lead within new or existing consumer group. An invented commodity
or procedure is generally more advance and have capableness for satisfying all essential
consumer requirements.
Innovation in comparison with invention
Comparison basis Innovation Invention
Innovation is implementing idea
to modify existing product so to
add values within the existing
ones.
Invention is occurrence of a
thought or idea for procedures or
commodities which are not yet
made by some one else till date.
Occurrence Innovation occurs when any need
is recognised to make
improvements in current goods.
For instance, Juice Executives
Company felt need to launch
Invention occurs when new idea
strikes in the mindset of owners
or manufacturers. In context to
Juice Executive Company, they
make invention when something