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