P3 4Ps of innovation and the use of innovation funnel

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation importance in comparison to invention...............................................................1
P2 Organisational vision, leadership, culture and teamwork shape innovation and
commercialisation.......................................................................................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and the use of innovation funnel...............................................................4
P4 Frugal innovation and examples of using .............................................................................6
TASK 3............................................................................................................................................8
P5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation.............................................................8
P6 An innovation business case for Unilever and includes ways to access funding................10
TASK 4..........................................................................................................................................11
P7 Different tools used by Essence Drinks to protect knowledge and intellectual property....11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation refers to creating modern, creative ideas and thoughts. Innovation involves
new imaginations and introducing new technologies and methods in an organisation. Innovation
is done in products to meet current demands and unarticulated needs in the market. Innovation
also required for providing better solutions. Commercialization is the process of managing
something which gives financial benefits to the company. Present study will lay emphasis on
Unilever Food Solutions
Unilever Food Solutions is a British-Dutch consumer goods Company. The Company was
founded on 2 September 1929, 89 years back. The Unilever food solutions is the Europe's
seventh most valuable Company. The company's founders were William Lever, 1st Viscount
Leverhulme, Samuel Van den Bergh, Singrose and Georg Schicht. The headquarters were
situated in Unilever house, London in UK and Rotterdam in Netherlands. The food products of
Unilever are available across 190 countries. Unilever Food Solutions offers tasty ingredients and
recipes which saves consumers preparation time. Commercialization refers to introducing new
and innovative products in the market. The project report will outline the innovation and will
explain its importance in an organisation with comparison to innovation. The project report will
describe the vision, leadership, culture and teamwork which is helpful in shaping innovation in
an organisation. The report will further explain the 4Ps of innovation and will explain the use of
the innovation funnel in order to shape innovative ideas. The report will explain developments in
frugal innovation and will provide relevant examples in the context of organisation. The report
will showcase the importance of commercial funnel and the application of new product
development. The report will provide sources of funding for the purpose of innovation in the
organisation. Lastly the report will evaluate different tools that organisation can used to develop
the products.
TASK 1
P1 Innovation importance in comparison to invention.
Difference between Innovation and Invention
Innovation refers to making improvement and development in existing product through
generating new and creative ideas. Invention is defined as discovering new product for the first
time. Innovation is done in existing products to make them better in order to match with
consumers suitability and in accordance with current market demands whereas Invention is done
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for the first time. Invention refers to launching of completely new product which had never been
developed before (Hossain and Kauranen, 2016). Innovation is done for the purpose of making
improvement in an existing product whereas Invention is done for the purpose of discovering
new products in the market which make life easier and which could make work more efficient in
an organisation. Innovation is done on the continuous basis for developing an existing product
whereas Invention is done for the first time for discovering a particular product.
Importance of innovation as compared with invention in Unilever food solutions
 Innovation manage to look for the problem to solve through generating new and creative
ideas for the improvement purpose.
 It is helpful in innovating new food products in Unilever food solutions. Invention don't
look for improvement in existing products.
 They simply discover the new product. The Unilever food solutions is innovating new
milkshake namely, “Chocolate shake with marshmallows”. Innovation is helpful for
cutting off competitors in Unilever food solutions.
 Through doing innovation consumers needs get fulfilled in Unilever food solutions.
Milkshake is invented in the past but through innovation the Unilever food solutions
tends to innovate and add on more flavours into their milkshakes as per consumers
desirers and taste & preferences. Innovation is helpful for making continuously
development in the existing products of Unilever food solutions whereas Invention
generate and discover completely new products in the market, Invention doesn't have any
role in the existing ones.
P2 Organisational vision, leadership, culture and teamwork shape innovation and
commercialisation.
Vision – The Vision of Unilever food solutions is to become the leading provider of better food
solutions to their customers by offering tasty ingredients and recipes. The Vision of Unilever
food solutions is to following up practical actions in order to translate vision into tangible results.
Vision is to make improvement in the food products and encouraging suppliers to do the same.
Vision is to provide healthy solutions for insuring health and wellness of consumers.
Vision can shape innovation and commercialisation.
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