Innovation and Commercialisation

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