Importance of Innovation and Commercialisation in Organizations

Innovation
and
Commercialis
ation

Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1.Innovation and determine its importance to organisations in comparison with invention
................................................................................................................................................3
P2.Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation..................................................................................................................4
TASK 2......................................................................................................................................5
P3.The 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................5
P4 Developments in frugal innovation and their uses in the organisational context.............6
TASK 3......................................................................................................................................7
P5. The importance of the commercial funnel and the application of New Product
Development..........................................................................................................................7
P6. Build an Innovation Business Case for an organisation, including ways to access
funding...................................................................................................................................9
TASK 4....................................................................................................................................10
P7 Evaluation of tools to develop, retain, protect knowledge and intellectual property.....10
CONCLUSION........................................................................................................................10
REFERENCES.........................................................................................................................12

INTRODUCTION
In business economy, the concept of innovation is related with the approaches of
developing new elements to the existing goods and services that fulfil the need of customer in
more approachable manner. In general it is also defined as the resources of modifying the
business models within a firm and adjusting to the deviations in particular marketplace in
order to provide more effective goods (Bigliardi and et.al, 2013). This report is based on
mango Lassi that is going out of the picture and there is reduction in sales figure. The founder
Akshay Kumar is thinking to bring innovation into Lassi so that it can sustain in market of
UK.
In this report, explanation and difference in the context of innovations and invention is
discussed. In addition, the various types of innovation and the valid process required to
commercialise innovation is being described. Apart from this evolution of range of method of
protecting ideas and their advantages and disadvantages are disuses in this report.
TASK 1
P1.Innovation and determine its importance to organisations in comparison with
invention
In present business era, the word innovation is defined as the method that is mainly
used for developing something new, attractive and appropriate to survive for long periods and
make business attain success. The company use to deliver delicious mango lassi from past
few years. But with the rapid changing environment their sales are minimising in UK as
people are moving to healthy drinks. Meaningfully founder Akshay Kumar brings idea to
innovate in lassi so that customer gets attracted and sales are increased. Consequently, the
visionary proposes to offer Papaya and Honey lassi as it is healthy drink and will make
people fit as papaya and honey both reduces fat from body. Some of the main significance of
bringing innovation into lassi for company is defined below:
 Innovation results in improving sales and contributes to generate revenue as people of
UK are health conscious and they get attracted towards this new product.
 Offering new products as per the demands and requirements of consumers’ outcomes
in exploiting their satisfaction level and faithfulness and help to improve goodwill at
global level (Collyer, 2017).
Aside from this, development is vital for entire organization just as the representatives as
this act as development and improvement device. Moreover, invention and innovation both

are commonly not quite the same as each other. The main motive of Akshay Kumar is make
advancement into its current items as opposed to substituting it from additional invention.
Thus, individual firm are not actualizing any sorts of creation as though it will change their
USP then its sales limits consequently. The basic difference between innovation and
inventions are explained below:
Basis Innovation Invention
Definition This means putting creative ideas and
adds values to existing products (Davies
and Horst, 2015).
It is mix of ideas and activities for
producing new product line as existing
one in not able to deliver better result.
Concepts Innovative ideas are performed in
applied manner for better result.
Original ideas and valuable process are
executed.
Actions All activities are spreads into whole
firm.
The main actions are performed by
research and development department.
Focus on It mainly focuses on build-up of
numerous goods and activity.
Its focus typically on detailed
approaches or complete process.
P2.Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
In business world, almost each type of entity are required to have clear vision, mission
that help in reaching predefined goals. In order to sustain for long in Essence Drink and gain
effective position within current market it is substantial to deliver mission, vision and
objectives of company to each staff member so that they work accordingly (Doloreux and
Shearmur, 2013). Consequently, team work, culture perform, vision and leadership vital role
in procedure of commercialisation and innovation. All these in the context of respective
company are clarified below:
Vision: The main vision of Essence Drink Company is to deliver healthy and tasty
papaya and honey lassi to the people living in UK. As firm willing to gain competitive
advantage as there is not any other rivals offering such a healthy drink. This help to satisfy
emerging demand of customer and improve sales for specific period.
Leadership: The process of innovation includes effective leadership because
important message and command must be reach to each responsible person involve in
innovating product. In respective company, leaders plays essential role in maintaining