Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION..........................................................................................................................3
MAIN BODY...................................................................................................................................4
P1. Innovation with its importance in companies in comparison with invention.......................4
P2.Explain how an organisation culture, leadership, vision and teamwork shape innovation &
commercialisation. .....................................................................................................................5
P3. Discuss 4Ps of Innovation and the use of innovation Funnel. .............................................7
P4. Discuss developments and example of Frugal Innovation. .................................................8
P5. Specify value of commercial funnel and usage of New Product Development...................9
P6. Innovative Business Case which regard assorted ways of funding....................................11
P7.The tools that companies use to retain, develop & protect intellectual property. ...............12
CONCLUSION..............................................................................................................................13
REFERENCES.............................................................................................................................13

INTRODUCTION
The process of bringing new ideas and thoughts in the market is termed as innovation. In
this, organisation uses advanced technologies in order to develop innovative goods and services
offered to their customer. It raises the value of company and build good position in the market.
Commercialisation is a process of launching innovative and unique products & services in the
market. It also involves distribution, sales , marketing and many more functions which helps a
company to attain objectives. In this present report, Chilly's Bottle company is taken into
consideration (Abdul Razak and Murray, 2017). The company deals in production of high
quality of water bottles. The company was proposed by Tim Bouscarle and James Butterfield in
year 2010. With the change in environment and current trends, the upper level authorities of
company is decided to produce innovative bottle. The bottle consist of five LED lights which is
charge itself by solar energy and have illuminating power. In the current report, there are various
topic related to innovation and commercialisation is going to discuss in an appropriate manner.
MAIN BODY
P1. Innovation with its importance in companies in comparison with invention.
Innovation- It is a method of converting idea and thought into a service or a product in
the market. Every organisation follow this process in order to bring and innovating creative
products as well as services (Abdul Razak, Murray and Roberts, 2014). In addition to this,
companies develop new and creative things as per the needs and requirements of customer and to
sustain in the market effectively. These new ideas create positive results and gain customer trust.
Dimensions Innovation Invention
Concept A process that help company to
increases their value in the
market by launching new
products and innovative
services according to their
customer.
Invention means when the
company brings something
creative and new at
marketplace which is not
produce by any other company
later.
Scope This process is implemented Invention is the first process,

after invention which means
innovation comes after
invention.
after it other process take place
such as Innovation.
Activities Innovation affect on all the
sectors of organisation. Hence,
its activities take place by
every departments.
With reference to Invention,
research & development
department is associated with
invention.
Example Alteration in features and
design of water bottles is refer
as Innovation.
Bringing new goods which
have no earlier existence in
market is Invention.
Significance of Innovation in Company: It is important for companies to bring changes
in their products and services in order to attract customers and satisfy their needs. Innovation
increase the value and enhance the sales of company (Ahmadi and O'Cass, 2016). With this, the
company presence as well as profitability increases. Below is the significance of innovation
process in an organisation which are as follows: Increased income- Chilly's Bottle, a company deal in manufacturing of water bottles and
provide unique water bottles to their customers. Every customer has different needs and
perception towards a product or services. It is important for high level authorities to
identify the demand and needs of consumers and then develop new & unique products in
the market. The managers of Chiily's Bottle launch water bottles with different feature.
The bottle is solar powered and have five Led which can charge automatically with the
raise of sun. It helps company to attract large number of people and rise the level of sales.
With this, the organisation can earn high profits and build good reputation at marketplace
(Chun, Chung and Bang, 2015). In addition to this, it assist company to compete with its
competitors in market by its innovation and thus gain advantage from the market.
 Unique & high quality- Nowadays, people prefer to borrow those things which is
different and unique in the market. Many companies offers unique product in market but
matter is how it can be implemented and presented to customers. With reference to Chilly
Bottles, the higher authorities brings and produce unique features in its product. The