Innovation Strategies and Commercialization

The provided assignment details a comprehensive analysis of innovation strategies and commercialization methods. It draws from a range of academic sources, including research papers and case studies, to explore topics such as university-industry links, government financial support, and open innovation. The document also touches on the impact of innovation on national systems and provides insights into successful innovation strategies.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
P1. Innovation and its use in Essence Drinks distinguishing from invention.............................1
P2. For shaping innovation various organisational factors are required.....................................3
PROJECT 2......................................................................................................................................4
TASK 1............................................................................................................................................4
P3. 4Ps of innovation and innovation funnel to shape a new idea..............................................4
P4. Frugal innovation and its use in Essence drinks context......................................................5
TASK 2............................................................................................................................................6
P5. Need of commercial funnel and NPD for innovation process..............................................6
P6. Innovation business case for Essence drinks and ways of funding it...................................7
TASK 3............................................................................................................................................8
P7. Tools that Essence Drinks use to enhance their knowledge and property............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is basically required for considering important points that must be present in
business scenario. This actually helps in providing competitive advantage which the company
could get over their rivals. Also, this would assist them in gaining high percentage of consumers.
This method basically adds quality to existing product as well as services. This report is based on
Essence Drinks whose founder is Akshay Kumar that was started two years ago. . Lately after 3
years there is seen a significant decrease in number of sales as competitors have increased. Main
purpose of this report distinguish between innovation and invention, also analysing various
organisational factors which include vision, leadership, culture and teamwork so that it would
help in commercialisation. Various typeof strategies include innovation funnel and frugal
innovation. There is 4Ps which is discussed in this report and with that there is analysis of
commercial funnel and NPD for enhancing inovation techniques. There are various ways in
which Essence drinks try to expand their business and their funding which is explained in this
report.
PROJECT 1
Covered in PPT.
PROJECT 2
TASK 1
P3. 4Ps of innovation and innovation funnel to shape a new idea.
Main objective and purpose of this organisation is to use innovation strategies so that
they can come up with new ideas and modifications of various problems. . (Adam, 2014). This
can be fulfilled by innovation funnel process which tells about the whole methodology which is
basically used for boosting up creativity in the organisation. Researchers have conducted a lot of
analysis about what actually does this innovation funnel mean that this process is required to
transform their theory or imagination into real life events and make them come into existence.
They are assisted to follow a path using following concepts of innovation process which contains
4Ps that is described below.
Production: This is an aspect which is very important and crucial for the innovation
process to execute properly. It is one core method which offers the firm to be prepared for
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collection of all the type of information which is regarding various market variables and
capabilities of this company. They are basically using innovation techniques which will be
useful for gaining advantage over their competitors.
Process: Invention and innovation is a tough process which would be simple but still it
takes time and consumes lot of resources. Despite of all this there is also reduce in the cost of
activity which would be used to enhance efficiency of the firm. Essence drinks has followed
method of applying innovation strategy which could be basically used for boosting team work
and also improves quality of the juice or bring variety of juices in the market (Bastalich, 2010).
Employee working in the firm needs proper guidance to manage all the steps of process in a
proper order with their full interest and ability.
Positioning: This company has been learning from other examples that have established
themselves in the market and they tend to bring improvement in their processing so that their
positioning improves in the real-world scenario of market place. By doing this analysis they use
effective innovative approach and increase their position of status from the previous one.
Paradigm: Essence Drinks basically need to consider all the aspects as well as factors
which would be required for innovation process. Analysis of proper method is needed for
making plans so that they could integrate innovation methods so that they can achieve proper
growth and their processing would be effective and useful. This method is used for considering
an activity which will compile all the information related to all the factors which needs to be
covered.
P4. Frugal innovation and its use in Essence drinks context.
Innovation process needs to be designed and formed in a manner that can be used to
assist this firm in most effective and efficient manner. Frugal innovation is a method in which
managers are required to minimize the cost of production and complexities in the functions of
the company. (Chun, Chung and Bang, 2015). Any kind of non-essential feature on which cost
would be spend .
A proper innovation process is based on ability and potential of the company and also on
the number of customers. Budgeting is also an important aspect which needs to be done
according to the requirement of Essence Drinks which basically tries to target and measure
potential of the employees so that they become productive for the customer's needs. All these
steps if followed properly by this company then it would be able to meet all the needs and
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demands of the customer and will boost the confidence of employees working in the firm and
bring effectiveness and efficiency (Clausen and Rasmussen, 2011). There can be some points
which the organisation and their team leads need to know are mentioned below.
 Knowledge of every kind of process which is carried out and will be carried out in future.
This will help employees to work in an organised manner according to the stated plan.
 Managers required to define and consider people for different kind of profiles according
to their skills and talent. They need to search for those people which have the capacity to
work very effectively for the firm and can contribute something solid to this company.
 People with great talent and hard-working capacity can cause the firm to reach new
heights and achieve all the goals which has been stated by the establishment at starting
stage.
This company consist of employees which are able to communicate with the consumers
to solve their issues in a proper manner which will be helpful in improving their satisfaction
level. As described in this report there are certain benefits which would be helpful in developing
frugal innovation. These processes are very simple and explained below (Cosh and Hughes,
2010).
 Opportunities: Management of this company needs to find out best possible
strategies which bring more and more benefits and facilities to the society.
 Analysing of capability: This is need to be done by team leads or manager of the
company just to find out best possible methods for assisting gain in the profit
margin.
TASK 2
P5. Need of commercial funnel and NPD for innovation process.
Commercial funnel is not an easy concept, it has taken years for the researchers to define
this term, which says it is a process that causes conversion of the potential into real life situation
of clients. . That is why this method of designing the product and producing it in an organised
manner with proper procedures will help in gaining competitive advantages (Edison, Bin Ali and
Torkar, 2013).
Essence drinks has planning to expand their ventures with new innovative ideas of drinks
and beverages which will help them to stand firm in the competitive world. Those sectors where
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they would be tending to explore their ventures would help to diversify and also reduce risks.
All these steps are actually covered by Essence drinks company so that the product they are
selling becomes unique and interesting. Basically, this firm provides services and facilities only
to business houses but later they have made their plans to provide some qualitative services to
many households’ people and colleges. Their major aim should be identifying any loop hole that
may exist and then provide appropriate changes in it. To update working process of the company
some points should be followed which are as follows:(Fiedler and Welpe, 2011).
Source 1: New product development, 2017
§
According to the image NPD is a process which should be carried out carefully and
conducts some kind of huge investment and if this is not managed properly then it will cause
failure in the organisation. Essence drinks has tried to enter to the market after analysing the
potential.
P6. Innovation business case for Essence drinks and ways of funding it.
For building of a proper case managers are required in the firm to work well on these
topics and establish objectives of the organisation with completion of activity and meeting all the
purpose of company. They need to manage all the factors like investing of time on various
aspects, money of company into any project that may give high level interest, they also need to
see that which are the streams which would give high level of return so that they would invest on
that else it would be unnecessary to waste money on non-essential activities (Harman, 2010).
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This is the basic concept which is used for developing any new product in the organisation.
Some steps are required which needs to be followed.
Source 2: Building Case Steps
Understanding objective: This company needs to set their goals and work accordingly.
Gathering inputs: Manager of this company should collect information for support
employees to work effectively.
Analysis: Collected information basically requires to be analysed and then put in a proper
format to understand.
Stating outcomes: This step is used for the business to developed and state aporper format
in top management system and its decision making.
TASK 3
P7. Tools that Essence Drinks use to enhance their knowledge and property.
Intellectual property basically gives right to exclusive owners so that they can use their
own ideas, plans as well as intangible access (Hemphill, 2014). There is restriction for others to
use this without the permission of the owners or proprietors. All these include some basic ideas
which the individuals create, it includes:
 Trademark
 Patent
 Copyrights
 Trade secrets
 Design rights
Essence Drinks need to understand those factors which would be necessary for
maintaining these property rights in a secured manner so that it is not easily breach-able and no
one can take advantage of that. There can be so many people around the world which are ready
to take wrong benefits from the rights that they are been provided. For such cases, there should
be proper body which needs to monitor that no person is denied justice and nor anyone can take
wrong advantage of it (Ingemansson, 2010).
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There are various type of legal laws in UK whose main motto is to protect these
properties from fake people. This company has thus hired employees who are trust worthy and
also some particular kind of skills and talent which would help this firm to make a strong system
that would be non-breach-able. They are basically responsible for maintaining skills which are
intangible assets to be in safe and secured manner (Kianto, 2011).
CONCLUSION
From the above report it has been analysed that Innovation is a method which when
inculcated it will ensure the firm to gain their name, status and fame in the society from long run.
They help them in gaining competition from their rivals and competitors. Basically managers are
responsible for guiding employees to achieve their target with motivation and encouragement.
Innovation is also beneficial in achieving goals and aims of Essence Drinks in a limited period of
time. This method provides a great advantage of standing out in the crowd and shine bright for
long time.
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REFERENCES
Book and Journals
Adam, F., 2014. Introduction. In Measuring National Innovation Performance (pp. 1-3).
Springer Berlin Heidelberg.
Bastalich, W., 2010. Knowledge economy and research innovation. Studies in Higher Education.
35(7). pp.845-857.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management, 27(8), pp.895-
909.
Clausen, T. and Rasmussen, E., 2011. Open innovation policy through intermediaries: the
industry incubator programme in Norway. Technology Analysis & Strategic
Management. 23(1). pp.75-85.
Cosh, A. and Hughes, A., 2010. Never mind the quality feel the width: University–industry links
and government financial support for innovation in small high-technology businesses in
the UK and the USA. The Journal of Technology Transfer. 35(1). pp.66-91.
Edison, H., Bin Ali, N. and Torkar, R., 2013. Towards innovation measurement in the software
industry. Journal of Systems and Software. 86(5). pp.1390-1407.
Fiedler, M. and Welpe, I.M., 2011. Commercialisation of technology innovations: an empirical
study on the influence of clusters and innovation networks. International Journal of
Technology Management. 54(4). pp.410-437.
Harman, G., 2010. Australian university research commercialisation: perceptions of technology
transfer specialists and science and technology academics. Journal of Higher Education
Policy and Management. 32(1). pp.69-83.
Hemphill, T.A., 2014. Patent assertion entities: do they impede innovation and technology
commercialisation?. Technology Analysis & Strategic Management. 26(7). pp.717-731.
Ingemansson, M., 2010. Success as Science but Burden for Business?: On the difficult
relationship between scientific advancement and innovation (Doctoral dissertation,
Department of Business Studies).
Kianto, A., 2011. The influence of knowledge management on continuous innovation.
International Journal of Technology Management. 55(1/2). pp.110-121.
Perks, H. and Moxey, S., 2011. Market-facing innovation networks: How lead firms partition
tasks, share resources and develop capabilities. Industrial Marketing Management.
40(8). pp.1224-1237.
Rasmussen, B., 2010. Innovation and commercialisation in the biopharmaceutical industry:
Creating and capturing value. Edward Elgar Publishing.
Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business
incubation and micro venture capital. Technological Forecasting and Social Change.
79(4). pp.638-647.
Theyel, N., 2013. Extending open innovation throughout the value chain by small and medium-
sized manufacturers. International Small Business Journal. 31(3). pp.256-274.
Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open innovation
on national systems of innovation—a theoretical analysis. Technological Forecasting
and Social Chang. 79(3). pp.419-428.
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Wonglimpiyarat, J., 2011. Government programmes in financing innovations: Comparative
innovation system cases of Malaysia and Thailand. Technology in Society. 33(1).
pp.156-164.
Online
Innovation Strategies. 2017. [Online]. Available Through: <http://www.mckinsey.com/business-
functions/strategy-and-corporate-finance/our-insights/innovation-and-
commercialization-2010-mckinsey-global-survey-results> . [Accesses On 21st August
2017].
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