Analysis of Innovation and Commercialization Papers

This assignment requires a comprehensive analysis of a list of research papers on innovation and commercialization. The papers cover topics such as market orientation, supply chain influence, and the development of leaders in engineering education. A systematic literature review on innovation and entrepreneurship in academic settings is also included. Additionally, papers on the commercialization of renewable energy technologies and the effects of organic cations on tin halide perovskites are analyzed. The assignment aims to provide a detailed understanding of the different aspects of innovation and commercialization.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to an organisation with comparison invention.................1
M1...........................................................................................................................................2
P2 Organisation vision, leadership, culture and teamwork shape innovation and
commercialisation...................................................................................................................3
TASK 2............................................................................................................................................4
P3 4P's of innovation and its use for innovation funnel.........................................................4
M2...........................................................................................................................................6
P4 Development in frugal innovation.....................................................................................6
M3...........................................................................................................................................7
D1...........................................................................................................................................7
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and application of new product development.............7
P6 Innovation business case for an organisation....................................................................9
TASK 4 .........................................................................................................................................10
P7 Different tools which used to develop, retain and protect intellectual property rights...10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is a requisite part for each and every kind of company as this assist an
entrepreneur to modify goods and services timely; therefore, they can compete their rivals at
marketplace and take benefits from them (Lim and et. al., 2017). Innovation as well as
commercialisation is consider as a procedure which cater a choice to firm; so that, they can
improve their profits and acquire more users. Present report is based on Essence Drink which is
providing mango drink to people and this will assist them to get maximum revenues. After two
years, sales of their product get reduced. Therefore, to overcome for this, they have to utilize
innovative thoughts into their business through enhancing their goods. Fundamental aim of this
assignment is to determine difference amongst invention as well as innovation. Furthermore, find
out procedure and in addition ideas for commercialise business. To secure thoughts of
innovation, there are certain rules and laws are formulated by regulatory body.
TASK 1
P1 Innovation and its importance to an organisation with comparison invention
Innovation is consider as a procedure, when person create some alterations or changes in
current goods as well as services (Henttonen and et. al., 2017). These modifications take place in
environment of business appropriately as it is dynamic in nature. Company develops a new
product for their customers named, Lassi, it brings a thought of change into marketplace.
Manager of Essence Drink launch it into many flavours by mix various fruits into it. Therefore,
this procedure is fundamental for company due to:
 Through utilizing new and unique idea into business, company will acquire growth and
market share in broad range.
 With assistance of innovation an enterprise can survive at marketplace for longer period
of time.
It has been determined that from last few years Essence Drink is not getting growth. To acquire
success they implement a popular idea of Lassi which assist them to gain maximum share of
market. Along with this, it helps them to obtain more revenues.
Both terms, innovation as well as invention is entirely distinguish from each other.
Therefore, employer of Essence Drink has to examine this element adequately as this will help
them to get improvement.
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Innovation Invention
It means add some extra features into existing
goods and services to improve its effectiveness
(Khan and et. al., 2017).
It portrays that, an individual will develop an
items for people which is totally distinctive
from current.
It is associated with each and every division
irrespective of only single.
Whereas, it is limited to unit of research and
development.
In this, manager apply some unique thought
into goods or will alter it.
But, it is original in nature.
It is like a procedure which help an
organisation to modify their products to
enhance it appropriateness.
In this process, employer launch new idea
which is never similar to another one or
different from any other procedure (Difference
Between Invention and Innovation, 2016).
M1
Various type of innovation sources are provided by Drucker which can be used by an
organisation into their business; thus, they can do their business in an effective way (Watthage
and et. al., 2017). The unexpected: It was not expecting by company that their share of market will get
decreased after launch of flavoured lassi. Thus, this part will comprise those things which
are not much adequate. Incongruities: Manager of firm promote their goods in an effective manner and as per
thought of some individuals that there innovation is very appropriate in nature. Therefore,
there sales show entire reality that, they gained maximum profits in their initial years. Process need: It is must for each and every kind of enterprise to determine needs and
wants of customers. For above stated purpose, there was a survey conducted by employer
and according to this, there new items are priority of all persons. Industry and market structures: After launch of lassi, there was lots of alterations into
their sales which was identified. Hence, it is found out that, people prefer those items
which is totally distinctive or attractive from others.
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 Demographics: It is necessary for manager of Essence Drink to identify the age group
which will be targeted by them. Basically, there product is preferable for each individuals
of all age group; thus, this will aid them to improve their revenues. But this will be
modify as per period of time (Mamo and et. al., 2017). Change in perception: This can be modify according to time duration and it has been
presented into their third year of sales. Therefore, it is required for an association to find
out need of people time to time.
 New knowledge: A flavoured drink was launched by company into market and it is
fundamental for administrative division to keep up adequate knowledge regarding this.
There is new concept of intellectual rights of property which can be utilized by a firm
effectively and efficiently.
Innovation is considered as a term which portrays design an item in an innovative manner
with assistance of new thoughts. If company produce creative products then, they can easily get
attention of numerous people at a global level. To promote goods, manager will utilize new tools
as well as techniques. To know requirement of individuals, superior will conduct research which
aid them to get adequate data and information.
P2 Organisation vision, leadership, culture and teamwork shape innovation and
commercialisation
Each enterprise has to formulate mission, objectives and visions on which they are going
to work; thus, they will acquire positive results. It is required for administrative division to
comprehend culture, vision, team work as well as leadership in an effective way; therefore, they
can implement innovation and in addition commercialisation (Sheep, Fairhurst and Khazanchi,
2017). Organisation can use innovative techniques and implement it into their working process
and stage of commercialisation. Along with this, it is necessary for management to alter their
goods accordingly. Vision: It is required for department of administration to make their operational activities
adequately by thinking about future; so that, they can satisfy their customers. This will
help to use inventive ideas effectively. If enterprise wants to acquire maximum share of
market then, they have to alter their goods and services timely. Along with this, they have
to launch new items for their users. Therefore, they can provide their items to people of
other nations also as this will aid them to enhance their sales as well as revenues.
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 Leadership: This kind of quality will possess by a person; thus, he can lead a team to
accomplish objectives and goals within specific period of time. Pioneer of company help
firm in applying new and unique thoughts into their products. As a result, they can
improve their productivity and sales. As in 3rd year of their business they suffer from
huge loss and to cope up from it they have to target new market by taking their firm into
next level. Culture: In an enterprise every person has their beliefs and values which are taken after
by them. It is required for them to be aware about working of organisation (Shakeel,
Takala and Zhu, 2017). To use innovation as well as commercialisation, they need to find
out culture, through this they can accomplish their task appropriately.
 Teamwork: Association is doing their work in an adequate way and it can be identified
by their sales because it is increasing continuously in their prior years. Therefore, it has
been comprehended that, people are doing their work in team properly by implementing
procedure of innovation. Apart from this, if they want to increase their market share then,
they have to launch their goods at global market by using commercialisation.
TASK 2
P3 4P's of innovation and its use for innovation funnel
Kinds of innovation is collaboration of 4P's which needs to be examined by firm that
what type of techniques or methods can be implement into association to generated ideas for
improvement. This aids to develop a theory which will provide positive alterations in company
to improve their sales as well as profits (Xiao and et. al., 2017). Therefore, there are 4P's are
identified by manager of Essence Drink to do activities in an effective way. Idea for innovation
of develop a new item is getting by employer by examining this: Product innovation: With aid of this, manager can increase effectiveness of their current
items and services which is offering by them to their clients. They do it time to time as it
helps to maintain customer base. But, they suffer from huge loss in third year; hence, it is
fundamental for administrative division to apply some new thoughts again to improve
their activities. For above stated purpose, they will create collaboration of flavoured lassi
with food; this will assist them in their growth and development.
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 Process innovation: This aspect helps to provide support to determine way to develop
innovative item and after that deliver it to customer. Company takes a thought from India
and then add some additional features into this. To make their business commercialise
they open their stores in various nations. As a result, they can easily fulfil wants of their
users who are living in distinctive countries. Paradigm innovation: With assistance of this part, manager can modify their goods and
services as per prerequisite of their purchasers (Clayton, Feldman and Lowe, 2017).
Administrative division identified an effective idea to produce flavoured lassi and this
assist them to improve their sales. But it has been seen that, after two years its sales get
reduced. Therefore, it is fundamental for manager to use new thoughts again and apply it
appropriately which they can combine with lassi. It is much associated with those
changes which are going take in the business. In Essence Drink, they are going to make a
combination of lassi and utpam; therefore, they can enhance their sales.
 Position innovation: Position of company is much effective at marketplace. To improve
it, manager will utilize effective tools of promotion which will help to get attention of
numerous people. It has been measured by employer of Essence Drink that, position of
their goods get diminished at marketplace. Thus, it is required for them to utilize unique
ideas into them; so that, they can again build its position.
Innovation Funnel: There are various kinds of innovation is taking place in an association;
hence, it is required for a manager to analyse it adequately. Some steps are include into this
procedure which is utilized by superior to develop their items. Along with this, many new tools
and techniques are utilized by company as this will increase their opportunities to enhance their
market share. It is necessary for firm to alter their items and services effectively as 3 rd year was
not giving positive results to them. Therefore, they have to find out each steps which help them
to fulfil needs and wants of their customers within specific period of time. They are going to
make a collaboration of flavoured lassi and “Uthpam” (Dutta and Hora, 2017).
There are certain stages in relation to Innovation funnel which is mentioned as beneath:
 Primarily, it is required to concentrate on broad funnel mouth and for this, it is required to
get necessary data and information; so that, additional thought for an item will be
formulated.
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 The next stage is known as narrowing funnel segment and as per this, comparison
amongst recent as well as future targets are done. In this phase, test of collected data has
need to be done.
 Final step is narrow funnel part, this describes delivery of gathered data; therefore,
coveted targets will be attained.
M2
Innovation funnel can be implement by an association into firm effectively and
efficiently. With assistance of this, they can increase their profits. When business is not getting
success then, there is an employee provide an idea to their employer that they can launch a lassi
with some fruit flavours. After that, they earned maximum revenues in their initial years. But
after some times there sales got diminished which developed issues like finance. Thus, to get
over from this, a workers provide an appropriate idea but he never wants to renew lassi. But, he
gives idea to sell lassi with Uthpam and as a result, they acquired market share in broad range
(Shi and et. al., 2017).
P4 Development in frugal innovation
There is a kind of innovation which is known as frugal innovation. It is fundamental for
company to create an effective improvement into their frugal innovation; therefore, individuals
whose income is not high can also buy their goods and services and fulfil their requirement. This
aspect is utilized by many enterprises in an adequate way so that they can enhance their success
and growth.
With assistance of this procedure, manager can easily decrease item's complexity and
create an effective innovation which help them to acquire success at market. Mentioned
association is implementing this technique into their business; thus,
 They are become much able to remove huge cost from their product (Schmitz and et. al.,
2017).
 When there training is get diminished then, they can easily apply some inventive
techniques into their items.
 Frugal innovation cater assistance to an enterprise; so that, they can develop innovation
which is beneficial for firm.
This kind of improvement is taking place when Essence Drink is suffering from a trouble of
reduction in sales. Development of frugal give support to enterprise; therefore, they can
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maximise their operational activities by reducing cost. This can be done with assistance of add
some extra features into current goods, by reducing cost of production etc. Apart from all of this,
superior will provide items and services to those individuals whose income is not high; thus, they
can easily get adequate meal at reasonable price (Goble, Bercovitz and Feldman, 2017).
M3
It plays an eminent part in improvement of organisation and their roles are mentioned as
beneath:
 By using this, company will decrease price of their goods.
 They will create products for those persons whose income is not high; therefore, they can
fulfil their requirements in an effective and efficient manner.
 Items which are formulated by them contains nutrients like natural essence as well as
vegetables; which aid to maintain health of individuals.
 It gives assistance to improve revenues and reputation; as a result, they can compete their
competitors at marketplace (Perry and et. al., 2017).
Therefore, it has been comprehended that frugal innovation is required to attain targets of
company; so that requirement of users will fulfilled through adopting latest techniques. Along
with this, an adequate hypothesis can also be applied to provide maximum satisfaction to clients
in an effective way.
D1
As per Smith, Sutherland and Gilbert (2017), to develop innovation manager will take aid
of funnel as well as frugal. Therefore, they can done their entire work in an effective and
efficient way. As a result, there project will get growth and success at marketplace. To examine
their success company can consider sales. Improvement is an eminent technique for an enterprise
as this will aid to do operations of business in an adequate way. Along with this, it is required for
superior of affiliation to make comparison of their sales with their last year data. Hence, they can
examine that innovation is done effectively or not.
TASK 3
P5 Importance of commercial funnel and application of new product development
By utilizing procedure of commercialisation procedure an organisation can easily sell
their goods and services to people at broad manner (Gaddy and et. al., 2017). Along with this, it
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assists them to improve their amount of activities. As they are providing their items at global
level; hence, it is required for them to keep up quality of their goods. With assistance of
commercial funnel, firm can improve their market share and this will help them to increase their
profits.
Therefore, there are some significance of commercial funnel which is discussed as below:
 Some effective strategies as well as policies will applied by manager to maintain quality
of their products and services.
 Commercial funnel will help an enterprise to improve their revenues; as a result, they can
take benefits from their rivals at competitive world.
 This will cater a facility to organisation to introduce their business at international level.
Thus, they can enhance their market share and in addition will acquire more users.
Furthermore, company can launch new items also to get more share of market (Lim and et. al.,
2017). Therefore, there are some stages of commercial funnel to develop a new product, is
mentioned as beneath: Generating idea: Manager of organisation produces a thought of flavoured lassi with a
South Indian dish Utpam. This will aid them to survive at marketplace for longer period
of time. Screening the idea: Through this, employer can easily find out deviations which is
associated with their opinion. Testing the concept: It may be possible that people do not prefer Utpam; therefore, it is
fundamental for an enterprise to test their concept of combination at marketplace. Business analytical: It is required for superior to examine their test aspect. It can be
positive as well as negative and helps them to move ahead. Commercialise: Sale goods and services to customers as per their requirement. This will
aid them to fulfil their requirement within a specific period of time (Henttonen and et. al.,
2017).
 Product development: It is essential for manager of Essence Drink to analyse feedback of
users and if it is positive way then, this will be launch at marketplace and will assist
association to acquire success and profits.
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P6 Innovation business case for an organisation
If an enterprise is going to do their business at international level then, they need much
finance. Therefore, they need to determine an effective procedure which will assist them to
organise finance. Lassi is launched by Essence Drink at marketplace which aid them to generate
more profits. But after two years there sales get reduced and they suffered from huge loss (Khan
and et. al., 2017). Hence, successful innovation in business will be take place with aid of
followings:
 Company is suffering from an issue of less sales because of change in thoughts of users.
Therefore, it is essential for manager to develop proper strategy.
 It is required for firm to develop some plans so that they can cope up from problems. As
they are serving lassi with Utpam; hence, this will aid them to improve their sales in an
appropriate way.
 Administrative division has to revise their mission statement; thus, they can manage their
entire working effectively.
 To develop new product for people they need to survey to find out requirement of their
clients (Watthage and et. al., 2017).
A business case will cover some fundamental steps: Executive summary: Essence Drink is much famous for their drink and they are selling
them across the world which help them to improve their profits and sales. Along with
this, they are selling their goods and services with help of online sites. Need: Main targets of firm is to cater sugar free drinks to people; thus, patients can also
buy their goods. Their main clients are youngsters, children and old persons. Solution: They will provide drink to people with Utpam, as this will help them to
improve their sales. Utpam is a south Indian dish, which is much famous. Why product is innovative: It is entirely creative because no one is providing drink with
Utpam. Hence, this will help to attract people towards them; as a result, they sales will
get improved. Customer reach: This will help to pull all types of people so that customer base of
enterprise will get improved. Design and development plan: It is required for an organisation to conduct research and
for this aim they can conduct survey.
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 Requirement of investment: Manager will convey their business idea to investors and if
thought is effective then, investors will easily spend their amount in that.
 Expected benefits: Fundamental advantage is that client will get drinks at affordable
prices which will assist organisation to improve their revenues and reputation at
marketplace.
Apart from this, it comprises many aspects which helps them to organise finance appropriately.
There are many sources to gather fund which are stated as beneath: Banks: It is most common resource through which any kind of enterprise will get
financial assistance. They cater money to people so that they can run their business
properly and will give benefits to clients. For above stated aim, some interest is charged
by them.
 Equity funding: To decrease an option of debt finance, manager will acquire fund from
stakeholders. With assistance of them, an employer can easily acquire. Shareholders will
present a good image of firm in front of people (Mamo and et. al., 2017).
TASK 4
P7 Different tools which used to develop, retain and protect intellectual property rights
There are various legislations get incorporated by government and legislative bodies
which have to take in account by an organisation in an appropriate manner. These rights get used
by many big firms in order to secure all their property rights properly so that chances of
duplication and negative brand image get reduce. By considering these laws in account many
firms become secure to get duplicated from working and operations of their competitors. In
intellectual property right, parties are involved which are restrict to use the product and services
of other association by using their names. Through this segment chances of negative image in
front of others get reduce and effective outcome could accomplish (Sheep, Fairhurst and
Khazanchi, 2017). There are various types of property rights are determine which have to take in
consideration by management for making appropriate strategies whether it is related with
product, brand name etc.
1. Trademark: This is combination of many symbols which will help them to make different
from other products and services. This is a sign; so that, individuals will easily recognize
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items from various products. It needs to be print on package and in addition will display
on the building of organisation.
2. Patent: Another act is patent right in which many people are restricted to use the thing
which are new in market. It is related with technology formation or invention in market.
Managers of a company have to conduct timely basis research of market so that they can
protect an organisation to get harm by any patent case.
A major act which is related with working of Essence Drink is Trademark in which others are
restricted to use the concept of flavour lassi. For this, many other competitors are bound to not to
use there concept into market. This will support them in execute their operations properly
(Shakeel, Takala and Zhu, 2017).
CONCLUSION
It get concluded from the project that innovation and inventions both are different
concepts. Innovation could take place in inventions by adding new and additional features into
products and services. For making innovation successful, culture and teamwork is important with
proper vision and leadership style. Leaders play an effective role in order to make things correct
and encourage followers towards working as well. Another major factor which utilise by an
organisation is 4p's of innovation in which product have to get design in such a manner through
which most user needs get satisfied. Along with this position innovation create value for an
association by repositioning the product and services. There are several number of regulations
are also related with business functions whom have to take in account properly for executing the
innovation.
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Difference Between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
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