Innovation and Commercialisation.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to organisation in comparison with invention........................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialisation......3
TASK 2............................................................................................................................................4
P3 The 4Ps of innovation and the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................4
P4 Development in frugal innovation and uses in chosen organisation......................................6
TASK 3............................................................................................................................................7
P5 Importance of the commercial funnel and the application of new product development in
the process of commercialisation of innovation..........................................................................7
P6 Develop an innovation business case in the reference of organisation..................................9
TASK 4..........................................................................................................................................10
P7 The different tools for firm to develop, protect and retain knowledge and intellectual
property......................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
To produce some thing new by using new ideas and thoughts for the purpose of running a
business is known as innovation. It is good for business organisation to attract the people by
developing the new product and services in business market. Where as commercialisation refers
as business activities that aims to make higher profits (Kelly and Kim, 2018). The new idea of
doing different is known as innovation that helps to introduce from new products and services in
business market. This particular report is based on Freshtime UK Ltd that is food processing
company in UK. It provides healthy food to customers. The founder of such organisation is
thinking about innovative product in food services. The particular report focused on innovation
and difference between innovation and invention, leadership, vision, teamwork, culture and 4 P's
of innovation are contained in this report. Moreover, process which is required to commercialise
innovation and range of methods for protecting ideas are discussed in such assignment that helps
to understand importance of invention in business industry (Park and Jeong, 2013).
TASK 1
P1 Innovation and its importance to organisation in comparison with invention
Innovation is an art to invent new things and change the business environment. It is
continuous process of thinking new idea and creativity that are represented for increasing the
number of customers. It is used by those person who wants to increase the productivity as well as
profitability of their organisation. Such as Freshtime UK Ltd is focusing on continuous
development (Mann, Loveridge and Miller, 2018). The sale of such business organisation is
growing faster as it uses new plans and strategies to develop the product and services. The
manager of such organisation has analysed that people are drinking unhealthy drink due to which
they suffers from many diseases. So, management as well as team of Freshtime UK Ltd decided
to innovate new and healthy drink for customers. The management has decided to launch
Organic salad drink with fruit punch by analysing needs and wants of people. This product will
be very tasty and healthy because it is prepared through fresh vegetables and fruits which are
healthy for customers (Collyer, 2017). The importance of innovation in respect of given
organisation are defined below:
Creative development – innovation is important for creating the development of
organisation as well as country. It helps to introduce from new products and services which are

useful for people and increase the profitability. The business analysts analysis the needs and
wants of people and bring products according that helps tgo survive in competition market. Such
as innovation of New healthy drink that is Organic salad drink with fruit punch that creates
continuous development for organisation and maintain the productivity.
Responding to competition and trend – There are more competition in business
industries who wants to perform better than others by bringing changes in their organisation. Due
to changes in climate and lifestyle of people the interest and choice of people are changing
continuously where innovation is important that helps to stand in competitive environment. It
helps to respond properly towards competition. Such as Freshtime is facing competition in food
and beverages industry due to which sale of organisation is going downfall. To eliminate the
competition it has decided to launch fresh and new drink according to customer with the help of
innovation (Bigliardi and et. al., 2013).
Increase productivity – Economic growth can be driven with the help of innovation and
technological improvements, that reduces the cost of production and give higher output. It helps
to increase the productivity within organisation as customers starts to buy more products and
services by introducing new products. In context to Freshtime, management is producing
Organic salad drink with fruit punch that will attract customers in high numbers which leads to
production increment. Therefore, innovations are important for organisation that increases
productivity and profitability.
A part from this, the significant role of innovation in all organisation is are defined as it
creates different job opportunities for unemployment person. In other words, innovation is a
growth tool which helps to grow the business opportunities as well as economical growth.
Innovation is used to create new ideas for attracting people and make efforts to buy products by
customers. In other words, creation and conception both are consider as part of innovation in
which some times manufactures modify the products and services. Therefore, Freshtime is using
innovation and launching Organic salad drink with fruit punch which is new product for
organisation that will help to creates employment opportunity in order to produce such drink,
marketing and etc. will helps to maintain the higher profits. Such organisation utilise the creation
by analysing market and people demand that can help to attract customers and will help to
increase profitability (Komp, 2018).
Difference between innovation and invention

Basis of comparison Innovation Invention
Meaning Innovation is defined as
improvement in existing product
and services.
Creation of a product or introduction of
new product first time which is not
available in market or not produce
before.
Concepts It is the concept of new thought
utilisation.
Such concept is used as theory or way
to introducing new product.
Activities It distributes products in whole
business.
It consider as limited research and
development department.
What is it In innovation manufacturer can
modify the existing products and
services according to customer
demand.
In invention new products are
developed that helps to make higher
profits.
Focused on It involves collection of several
products and procedure.
In innovation producers focused on
process of developing new product and
services.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialisation
All business concern are running there business by setting their goals and objectives
which helps to work according and make efforts to accomplish the goals. It is important for
business industry to set the vision, culture, leadership and teamwork in order to attain business
objectives. In context to Freshtime, manager has set the vision, culture, leadership and teamwork
that is shaping innovation and commercialisation by introducing new product. Such organisation
has long term vision and mission that helps to create good culture by using innovation in
business market (Pfeffermann, Minshall and Mortara, eds., 2013). Therefore, culture, leadership,
work team and leadership providing shape to innovation and commercialisation. The vision of
organisation explains in future what Freshtime aims to become a high profitable company. The
culture of organisation is defined as values of each employee that can be adopt easily. The
relation of vision, culture, leadership and team in context to Freshtime is defined as:

Vision: The vision states future activities that helps to increase the business productivity
and profitability. The vision of Freshtime is to provide tasty and healthy food that helps to
increase number of customers. By considering this vision respective organisation is launching
Organic energy drink with fruit punch that is shaping commercialisation and innovation.
Leadership: In any business leaders are playing essential role and they motivate the
employees to adopt new technology and method of working that helps to increase the
organisation productivity as well as profit margin. For instance, new product is introducing by
Freshtime in which leaders give direction and assistance to their employees for the purpose of
producing such products that is shaping innovation and commercialisation in businesses
(Chandrasekhar, and et. al., 2018).
Culture: The culture of organisation includes values, beliefs, rules and norms of business
organisation which is prepare by management in order to work properly. The management of
Freshtime maintain friendly and easily culture where employees feels comfortable and work
properly. By maintaining good and friendly culture organisation is shaping innovation and
commercialisation. There are different types of culture such as role, task, person and power
culture which are adopted by business organisation in order to run their business organisation.
Freshtime is using the task culture which is supportive culture. In this culture manager delegate
the task between employees as per their skills and capabilities which helps to complete the works
accordingly. In this culture the manager of selected company assign the task between employees
which leads to accomplishment of objectives.
Team work: When collection of people are working together for the purpose of attaining
common goals is known as team work. It is important for business organisation that all people
who are working collectively need to have clear goals so they can perform well. Implementation
of new ideas and thoughts team work is important that manage and control business functions in
systematic manner. Such as, team of Freshtime helps to introduce or produce the new product
with the help of teamwork which is launching by organisation that helps to complete the target in
specify time, it leads to shape innovation and commercialisation. Moreover, such organisation
apply Belbin team role theory where member are playing different role in the form of people
oriented, thought oriented and action oriented which helps to work effectively.
People oriented:

Resource Investigator: In this role the team of Freshtime uses their inquisite nature to find
ideas which helps to work properly.
Team worker: Herein, all member of respective company works collectively in order to
complete a task.
Thought oriented:
Plant: This team is consider as highly creative and good to solve the problems in
unconventional ways.
Monitor Evaluator: Herein, the team of respective company uses logics to make impartial
decisions and lead the team in to a direction which helps to attain the goals.
Action oriented:
Shaper: In this, the team member of Frershtime provide a necessary drive to make sure
that team is able to accept the challenges and to move which helps to complete the task.
Implementer: Herein, the team member of business organisation implement the plans and
strategy which helps to complete the work efficiently.
TASK 2
P3 The 4Ps of innovation and the use of the innovation funnel to examine and shape innovative
ideas
Innovation is the implementation of ideas and thoughts that helps to introduce from new
products and services. Innovation mix model was given by John Berssent and Joe Tidd that states
that to identify the changes and modification which are important to implement within
organisation. It involves product, process, position and paradigm that helps Freshtime use
innovation by innovating new products (Etzkowitz and Zhou, 2017). The management of
Freshtime UK Ltd adopts innovation mix model that are as described:

Source: Innovation Mix model, 2019
Product innovation: Such element is related to changing in the product and services to
attracting customers more. It is require to change in existing products, its pattern, taste and
preference of customers that can satisfy customers. In changing environment and culture, the
demand of customer is not constant so Freshtime is innovating Organic Fresh drink with fruit
punch will help to attract customers (Innovation mix, 2019).
Process innovation: This is another element of innovation mix that consider different
changes in production and supplying process. Such as Freshtime UK Ltd is changing its
manufacturing and supplying the process by launching new drink with fruit taste (Davies and
Horst, 2015).
Position: It refers as innovation and changing in market area where different types of
products and services are provided by company. By using this innovation organisation can
expand its products and services in more location. Such as Freshtime UK Ltd is offering new
product like Organic salad drink with fruit punch at those location where customers are
demanding high that will help to gain higher profits.
Paradigm: This model contains different theories, principles and model that determines
where, why and how product should be used. Freshtime UK Ltd is using this paradigm by
Illustration 1: Innovation Mix model, 2019

analysing their drinking products that helps to introduce from new product by knowing such
issues and increase profitability.
Innovation funnel is a type of theory which is related to development of new ideas and
thought of people as well as concept of product and services. The main object of organisation is
to produce those products which can satisfy the needs of target customers that helps to achieve
value from them in consideration (Del Vecchio and et. al., 2018). The funnel process is related to
investigation, development and shipping products which is used by Freshtime in order to upgrade
their product offering that are as :
Illustration 2: Innovation Funnel, 2019
Source: Innovation Funnel, 2019
Investigation: There is first need of investigating or analysing the competitor before
entering in same market with new product. It is also important for Freshtime UK Ltd to conduct
a research to identify the competitor. It covers the current performance as well as customer
response towards product and its brand (Innovation Funnel, 2019).
Development: To produce the products and services is the next step of organisation that
should be done by management after analysing market condition which aids to development of
products. By using this approach Freshtime can maintain their product development process.

Shipping of products: After development of product features and design process
shipment of particular product is the next process. Shipment determines transfer of product from
one place to other. It is used by Freshtime as it produce products at different place and shipped
them other with the help of transportation system that helps to increase the productivity.
P4 Development in frugal innovation and uses in chosen organisation
Frugal innovation is business concept that is used to respond to limitation in resources
whether financial, institutional, material etc. In other words, it is Frugal Engineering that helps
business organisation to reduce the manufacturing and production cost in order to make profits.
It is relevant and suitable for organisation that helps to make higher profits. It is use by Freshtime
UK Ltd to eliminate the cost of non effective features and products such as:
Product development efficiency: By using Frugal innovation Freshtime UK Ltd can
develop its new product that is Organic fresh drink with fruit punch. Such as it will attract the
customers more by using natural vegetable and fruits and will help to keep them healthy. It helps
to develop the product by increasing number of customers (Razak, Murray and Roberts, 2014).
Manufacturing simplicity: Frugal innovation is also used in simplify the manufacturing
process that can server more customers in one time. By using this Freshtime UK Ltd can produce
fresh and healthy drink in less time that helps to increase the productivity and profitability.
Eliminating non value features: Frugal innovation helps Freshtime UK Ltd to eliminate
the non valuable features while producing new products. It helps to optimize the customer
interface features effectively as it id producing healthy and tasting drink.
Therefore, this process is used by management of Freshtime UK Ltd' who can reduce the
unnecessary cost from manufacturing cost, design cost and also helps to increase the product
development as well as efficiency (Gretchenko and et. al., 2018).
TASK 3
P5 Importance of the commercial funnel and the application of new product development in the
process of commercialisation of innovation
Commercial funnel: It is related with commercial business activities and buying process
that is used by companies to lead their customers in purchasing process. In this process company
finds, qualifies, implementing and selling its products to customers. So, it is consider as effective
process that pull customer towards new products and services. It is important for organisation to

increase their selling activities by using this process and grow continuously (Nählinder, Tillmar
and Wigren, 2015). Such process is used by Freshtime in order to develop its new product that
are explained below:
Attract: This process is used to maintain and explain the proper sources which attracts
customers and investors in order to develop the product. It involves online system, paying
attention to customer's feedback and satisfying their needs attracts customers that can develop
the product and services of company. For example, management of Freshtime UK Ltd can share
their success story on websites, print media and social media that helps to drag the customer as
investor's attention. Moreover, it helps to develop the new product which is going to launch by
respective organisation.
Convert: It is the process of converting visitors in customers by influencing them. As all
customers are interested to get new products and services which make feel them happy.
Customers can seek new products and offers on their smartphones that helps to make buying
decisions. Freshtime can take advantage of such process by providing Organic Salad drink with
fruit punch at discount that is helpful to gain more customers and develop the products.
Close: The activities of customers should be identify or measured by business
organisation that involves various information such as desire of clients and how it can be fulfil.
Such as management of Freshtime get information about desire of customers as they wants
healthy and tasty drink that anticipates the growth of company and development of product
(Bandera and Thomas, 2018).
Delight: This process is associated with satisfaction level of customers in broad manner.
organisation need to provide seamless services to its customers that can help Freshtime UK Ltd
to hold the high satisfaction level. Under this process, respective company upgrade its offered
product that states company is able to satisfy the customer's needs and wants.
New product development process:
New product development process refers as method or theory which is needed to launch
new product and services in market. It is a total process that is used to take a product and service
from conception to market. New products are means to fill customer demand or create an
opportunity in the market place. It involves new concepts such as creating the design, use healthy
and valuable ingredients, marketing research and development of product that helps to maintain
the profitability. Freshtime UK Ltd is using new product development process such as:

Idea generation: It is important for business organisation to create new initiative and
ideas in order to develop new product. Freshtime UK Ltd is using this process by generating idea
as per customers demand that helps to develop the products. It helps to innovate the new product
which is not available in market and can increase the organisation profits.
Concept definition: In this step product specification is illustrated by organisation that
attracts customers and they purchase products. Some time customers faces problems due to using
of products so, organisation should also provide details regarding uses and benefits of products.
Such concept can be used by Freshtime UK Ltd in which management provide detail of organic
drink and its benefits also states why it is different from other which leads to product
development.
Market analysing: To analyse the market, is prior activities for organisation that should
be done first. In context to Freshtime UK Ltd, manager need to analyse the who are target
customers and which type of products customers wants. It helps to increase the number of sale
and organisational productivity (Boycheva, 2018).
Product development: This is the next process which should be done after analysing
market and its condition to introduce the new product. It helps to get information that is their
product will helps to fill customer's needs and wants. In context to Freshtime UK Ltd, manager
can develop their new product by providing better quality of drinks.
Commercialisation: It is those activities which helps to increase the sale of products and
services which are produced by organisation. It involves exhibition and online marketing of
products through which customer can buy products. Freshtime UK Ltd launch Organic drink
with fruit punch after generating idea, testing and analysis market that helps in new product
development.
P6 Develop an innovation business case in the reference of organisation
An organisation should have proper information about requirement that helps to make the
innovative business case. In con text to Freshtime UK Ltd objectives are identified by
management that helps to operate business activities effectively. Business case for respective
company is explained as:
Executive summary:

Freshtime UK Ltd is introducing new product that is Organic dring with fruit punch in
UK Market by analysing their needs. It involves some concepts such as SWOT, mission, fund
analysis and etc.
Vision and mission statement:
“To make healthy people and happy people”.
Objectives:
 To provide better quality of product and services by satisfying customers.
 To utilise resources properly and deliver better quality of drinks.
 To expand business and gain higher profits.
Market analysis:
The management of Freshtime analysis the market and provide better quality fresh juice
in UK market that will helps to attract customers more because it is demanding product.
Cost and benefit analysis:
The cost of Organic drink with fruit punch will be according to taste and customers
preference.
Financial projection:
T9o introduce new product and bring innovation in UK market management is require to
manage £20,000.
Fund flow statement
Particulars Amount (£)
Operational activities 5000
Investment activities 8000
Financial activities 7000
TOTAL £20000
Ways to access funding:
All organisation need to access fund that is major requirement to introduce new product
and any functions. The ways of funding are as defined:
Bank and financial institution: Freshtime UK Ltd can apply in the banks and other
financial institution for getting funds in order to introduce and develop new product.

Arrangement from friends and family: Such organisation also have an option to
arrange funds from family and friends that helps to develop products easily.
Venture capital: Most of the organisation also get funds from venture capital that
provides money to business organisation for enhancing and start ups.
TASK 4
P7 The different tools for firm to develop, protect and retain knowledge and intellectual property
It is important for organisation to protect their products and brand from other companies
who can copy it, so there is need to adopt some tools to get protection and sale out their unique
products. Freshtime UK Ltd can protect its product by using such tools:-
Intellectual property office (IPO): The Intellectual property office is situated in UK since
2 April 2007. This is operating the name of The Patent office that is governmental body. Such
office is responsible for intellectual property rights in UK. This is an executive business which
helps to retain the products and services unique and different and allows entrepreneurs to keep it
safe. They are valuable as it provide safety and trust to innovator to protect their knowledge and
attain the business profits by providing unique products. The disadvantages is, business concern
are require to get renewal of their rights to protect the property which may be costly.
Copyright: It means a form of protection that is consider as creator of original work,
excludes others from selling or using the same product. In reference to Freshtime UK Ltd,
copyright helps to protect their products in area of UK as no one can copy of its product ( Walsh,
2018).
Patent: It is propitiatory right, is given only to inventor or manufacturer who produces,
excludes others from making, trading and utilizing such invention. It can be used by Freshtime
UK Ltd to get patent of their new innovation by taking rights from government bodies that will
helps to make higher profits and brand image.
Trade mark – This is also a type of intellectual property that consider to recognise the
sign, design, logo and expression which helps to identify the products and services from others.
This can be use by Freshtime UK Ltd to potect their design and sign which make different from
others.

From the above Freshtime is using patent which helps to protect the process of producing
the new product which is manufacturing by themselves. It take patent of its manufacturing
process which helps to increase productivity and good image in market.
CONCLUSION
From the report it can be concluded that innovation is vital at the workplace as it gives an
edge in penetrating market faster and provides a better understanding in developing market and
creates more business opportunities. It helps to gain competitive advantages as new products and
services are identified by manufacturer that creates brand image by developing the products.
Innovation mix model helps to identify the needs of people and generate new ideas that can fulfil
customer demand and serve new products in existing market area. There are different ways to
assess the funding from where organisation can get funds and run their business successfully.

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Online
Innovation mix. 2019. [Online]. Available through:
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Innovation Funnel. 2019[Online]. Available through:
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