Innovation & Commercialisation Assignment

Innovation and commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and determine its importance to organizations in comparison with invention1
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovation idea.......................................................................................................................3
P4 Developments in frugal innovation and provide examples of how it is used ..................5
TASK 3............................................................................................................................................6
P5 Importance of the commercial funnel and the application of new product development
processing...............................................................................................................................6
P6 Build an innovation business case for an organisation, including ways to access funding7
TASK 4............................................................................................................................................8
P7 Different tools that a business can use to develop, retain and protect knowledge and
intellectual property................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
There are number of business in current situation along with its process which in turn has
the motive of turning the vision within reality and that is being done by implementation of tools
and techniques (Adner and Kapoor, 2010). There are various kind of factors which mainly plays
essential role like giving out ample of opportunities, prototyping, sales along with marketing and
production. Company taken within this report is Healthy Juice which deals in food sector. There
are various kind of factors which are being highlighted within this report like major difference
within innovation and invention. Along with this, effective functioning of both kind of aspects
which are also being discussed.
TASK 1
P1 Innovation and determine its importance to organizations in comparison with invention
INNOVATION: Advancement is an idea in which there are numerous kinds of contemplations
and other imaginative thoughts are being changed into products and enterprises and
subsequently, being sold to the clients as far as money related. Development must be added to a
thought when it has the factor of decreasing expense in financial terms and henceforth, satisfy
requests (Dahlander and Gann, 2010). Other than this, development can be expressed as a
procedure in which fundamental data is being gathered and accessible assets are being used in an
ideal way.
Evolutionary Innovation: In this kind of approach, development mainly happens when there is
mechanical changes which are conducted on an item which are mainly done over and over. This
kind of procedure is mainly stated as transformative development.
Revolutionary Innovation: In this kind of factor, development is not mainly focused upon juts
one product but also it is being adjusted on every kind of new thoughts.
Importance of Innovation
There are numerous routes on which the development of organization
thoroughly depends alongside devices and methods which are being connected for
accomplishing expected outcomes. The real explanation for progress and development
of organization is advancement which ought to be connected at introductory stages. The
principle focal point of cutting edge advancement is on giving upper hand along some
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different strategies by which improvement can occur. Certain differences among innovation
and invention which are described as below:
Basis Innovation Invention
Definition It is a term where there is
implementation for various
kind of thoughts and thus
create number of factors for
attaining the objectives.
In this term, there are primary
thought which are raw in
nature for a better kind of
outcomes.
Base Thoughts are being
implemented.
Fresh and raw thoughts.
Activities Entire company adopts it. Has certain boundaries within
research and development
wing.
Reason of occurrence Products and services are
being given in maximum level
of satisfaction.
Fresh ideas and thoughts
mainly occurs.
Allocated with Several processes Single process
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
Innovation is a part of business which used to take place in every course of mind. Thus,
with innovation, organisation vision, leadership, culture and team work used to take place in
better manner (Davila, Epstein and Shelton, 2012). Healthy juice used to work on better
innovation where all essential consideration used to determine for making and shaping
innovation properly: Vision: A business used to focus on their vision which concern with lifelong aspect and
consideration. A vision used to be future oriented which further assist in drawing things
better and appropriate in nature of frame (Drucker, 2014). The founder of a company Mr.
Green thinks that is to create an innovative new range of drinks, juice or smoothie but
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