Innovation and Commercialisation

This report discusses the difference between innovation and invention, the importance of teamwork, leadership, vision, and culture in shaping commercialization and innovation. It also explores the 4P's of innovation and provides an explanation of funnel innovation. Additionally, it discusses the concept of frugal innovation in an organizational context.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1- difference between innovation and invention and importance for the company..................3
LO2..................................................................................................................................................4
P2-Ways teamwork, leadership, vision and culture give shapes to the commercialization and
innovation....................................................................................................................................4
LO2..................................................................................................................................................5
P3- 4P's of innovation and explanation of Funnel innovation.....................................................5
P4- Explanation in developments frugal innovation in organisational context..........................6
LO3..................................................................................................................................................7
Covered in PPT............................................................................................................................7
LO4..................................................................................................................................................7
Covered in PPT............................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation within the business is the process in which companies come up with the new
additional ideas within the existing product. Organizations try to make their product and services
more value for the costumers, so they continuously bring some changes in their product by
collecting new ideas.
This report is based on the case study of essence Drink Company which is founded by
Mr. Akshay Kumar just two year ago and company achieve the higher growth in market. They
enter into market with just one healthy drink with a unique flavour of mango and lassi in the
market of United Kingdom. But when company enter into its third year their sales of products
start decrease because of increase in level of competition. Mr. Kumar wants to innovate new
dinks but he does not want to move from lassie. They have innovated their drinks in a way in
which drinks create can provide various health benefits.
This report will compare two organization on the basis of innovation and inventions. It
will discuss how leadership style, vision of company, culture of an organisation and effective
teamwork will influence or shape the innovation and commercialisation. This report will provide
4p's of innovation & explain fugal innovation with the examples. It will also provide process of
developing new product for the Essence Drinks and company will create new drink.
LO1
P1- Discuss the difference between invention & innovation and its benefits for the company
Innovation and invention are two different process that have mutual benefits to the
organization. Here are importance of the innovation and invention within Essence Drinks.
Importance-
Innovation and invention have huge advantages to the Essence Drinks, and they can take
benefits of the both inventions and innovation. Company has innovated their Ideas to create
some other type of drinks which is an invention because their creation is to deliver healthy
drinks to people for their better health. It is helping them to take competitive advantages by
selling the drinks to the people, and they take huge amount for selling their drinks and still
Essence Drinks has not invented anything but if they come up with the new Invention then they
can cover the whole market and for the creation transfer to the other companies they can make
huge amount from them (Anderson, Eshima and Hornsby, 2019).
Innovation Invention

 Innovation is the development process
and the application of the idea to
improve the ways things are done.
Companies improve their product ad
services by adding the new features are
non as the innovation (Bastola and et.
al. 2019).
 Invention is about making anything
new which never made by anyone
before within the business. It could be
any creation for examples – Invention
of create new drinks with health
benefits etc. this all was the invention
when they firstly introduce to the
people.
 Companies add some new features that
make their product and services more
effective.
 Business that introduce something for
the first times and make their work
more effective
 Activities & applications spread across
the organization.
 Activities usually restricted to the
research and development centre (Jia,
2018).
LO2
P2-Ways teamwork, leadership, vision and culture give shapes to the commercialization and
innovation.
Team work, culture, vision and leadership has huge contribution to shape innovation and
commercialization within the Essence Drinks. Here are explanation of the of given terms-
Team work
Team work plays most essential role in shaping the innovation and commercialization
for the Essence Drinks because team always consist of the various team members with different
skills and talent. Together they give ideas that can shape the innovation within the company and
the idea that makes the task easier and other team members can develop new skills in
themselves. Team working always enable the flow of communication within the organization
and communication is the best source of the innovation and invention for the Essence Drinks,
and they can improve their drinks and take competitive advantages within the market where they
are operating their business (Cunningham and et. al. 2019). Teamwork assist in resolving issues

relate to the business. In team work brainstorming is good opportunity for the entire team to
exchange some useful thoughts and creative ideas of performing business tasks and activities in
team. In terms of Essence drinks due their sales are decreasing they want to lunch new more
flavour drinks which are healthy as well as tasty. Company want to focus on health of people and
add on some ingredients in drinks.
Leadership
It is necessary for the leaders of the Essence Drinks, Mr. Kumar have a leadership
qualities and skills so they can shape the innovation for the company. A skilful leader take
decision and provide creative idea to the company when their sales declines, and they use
leadership that also helps them to overcome from the issues (Mallett, 2018).
Vision
Vision is always important for each and every company and it is necessary for the leaders
of the Essence Drinks company to create vision for their employees, so they can understand that
what they need to achieve and employees communicate idea to the companies leaders about
achieving companies goals and objectives to fulfil their vision.
Culture
Culture has directly link-up with the innovation and commercialization because people
from the different culture have different ways of things and Essence Drinks can use their
knowledge in innovating their product and success, so they can satisfy their customers and take
competitive advantages within the marker where they are operating their businesses and achieve
success (de and et. al., 2018).
LO2
P3- 4P's of innovation and explanation of Funnel innovation
P’s of innovation refer is a process that helps to identify the areas where Essence Drinks
can in innovate, and they can take competitive advantages within the market where they
are operating their business. This model can be used and it covered 4 p's product, process,
Position and Paradigm (Stoll and et. al. 2020).
Product
Product innovation can help company to over some new feature by the Essence Drinks to
their customers. They can offer the unique features that enable the health benefits of the drink
which will be innovative for Essence Drinks (Deshaies, 2020). Some Turmeric drink can also be

good option for the Essence Drinks and this will be innovative idea if the Essence Drinks use this
method. It will make their more healthier and more attractive option and flexible. This is how
company can innovate their products.
Process
Process innovation can create better interaction for the Essence Drinks and they can take
competitive advantages within the market. They can make their manufacturing process easier by
taking the ideas from the employees. Employees can give better idea to make their process more
smother. Currently Essence Drinks is providing services, serve healthy options in drinks which
is an innovative process of delivering the goods in innovative way and it is helping them to
expand their business more (Sur, Lee and An, 2019).
Position
Position of the company can also be considers as the promotional activities and company
can promote their product and services in the unique ways. To promote their production and take
competitive advantages by making the new customers a who can take delivery from the Essence
Drinks (Dodgson and Gann, 2018). Company can use their drink to provide some health benefits
in innovative ideas. It will be a unique way to promote an d company can also increase their
sales by promote their product on the social media platforms thorough reels which is an new
feature on the Instagram. They can make the video content of their drinks delivering the products
and it will be shared by the people and company b can aware people about their new creation,
and they can take competitive advantages within the market and attract people to take ships and
airways deliveries from the Essence Drinks and company can take better position within the
market (Zobel and Hagedoorn, 2020).
Paradigm
It refers to a kind of innovation in which a paradigm is completely sift to a different type
of technology or in other words it is a change in the complete mental & organisation model that
frame what an organisation does.
Funnel innovation to shape innovative ideas
` It is used for describing various steps which are take place in the development of a
process and a product. It is also known as funnel management process. This approach is used by
many organisation for analysing the realistic of their idea.

P4- Explanation in developments frugal innovation in organisational context
Frugal innovation refers to the reducing the complexity from the product and services
and make the product more cost effective. The Fugal innovation give shape to the innovation
because company can make their product re useful and sell their product in lower prices that can
helps to satisfy the needs white-out affecting the quality if the product and services by the
Essence Drinks (Dragone and et. al. 2020). This type of innovation approach helps an
organisation in effectively response to their scarce resources and effectively and efficiently
convert these resources into an innovative idea.
It was firstly introduced in year 1950 and concept of the frugal innovation lies with the
appropriate creation. Al through the profits may have been first wrung from the underserved
consumers in the year 1980 when the multinational companies like Unilever Plc which is an
supermarket chain selling the use sized toiler tries in the delivering countries. Now a days the
frugal innovation approach is not only used by the large and multinational companies but small
and local firms are also effectively use this concept and generate various innovative ideas.
Frugal Innovation mostly can be seen on the mobile phones who provide various features in the
lower prices and companies like Apple use the Frugal Innovation effectually to provide quality
product. In the year 2012 the financial times newspaper called this concept uniqueness and
increasingly fashionable. The some of the US universities have programmed that develop frugal
solutions success and the effort include the frugal innovation lab at the Santa Clara University
and a two quarter project course at the Stanford University (Minh, 2019).
Frugal innovation can be used by the Essence Drinks to make their product more
innovative, and they can do it by removing the unwanted things from their drinks. The
Ingredients that does not make any sense can be removed by the Essence Drinks, so they will
able to provide more healthier drinks to people. (Iakovleva, Oftedal and Bessant, 2019). They
can also add some improve their quality by the adding some Ingredients that are best but their
wait is light so without compromising the prices of the product company will able to make better
drinks and provide fast services to their customers, and they can reduce the delivery time of the
product. Drinks of the Essence Drinks are also used for the energy in body that makes easy for
many people to consume this if they need some instant energy while dehydration in body. This
helps to company in increasing sales and reaching more people and retaining existing customers.

LO3
PPT
LO4
PPT
CONCLUSION
As per the report has been coved case study of Essence Drinks company who are making
drinks that are focus on health or people so that they serve health drinks in different flavours. It
has been discussed on the basis of innovation and inventions. This report will discuss how
companies leadership, vision and culture and teamwork can shape innovation and
commercialization. It also has been provided 4 p's of innovation and explain the fugal innovation
with the examples. This report has been provided process of developing new product for the
Essence Drinks and company will developed new drinks.

REFERENCES
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