Innovation and Commercialisation - Chilly's Assignment
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Added on 2021-01-02
Innovation and Commercialisation - Chilly's Assignment
Added on 2021-01-02
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and determine its importance to organisation in comparison with invention .....1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation ......................................................................................................................3TASK 2............................................................................................................................................4P3 4P's of innovation and use of innovation funnel....................................................................4P4 Development in frugal innovation ........................................................................................4TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of NDP processing forcommercialisation of innovation ................................................................................................5P6 Innovation business case including ways to access funding .................................................5TASK 4............................................................................................................................................5P7 Different tools that organisation use to develop, retain and protect knowledge andintellectual property ...................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONIn order to sustain in market for a long time duration a company need to adopt effectiveinnovation and commercialisation because through it they able to produce attractive offeringsand deliver them to customers (Bashmakov and et. al., 2015). Innovation is define as aprocedures which add value to the existing product whereas commercialisation is a process inwhich a company introduce new product and services for targeted potential customers. Thisreport is based on Chilly's company which is founded by James Butterfield and Tim Bouscarle inyear 2010. Their aim is to provide cold water to society on the go by avoiding single use plasticbottle. Topics included in this report are innovation and invention by using different method suchas innovation funnel as well as frugal innovating. It will also include 4 P's of innovation alongwith the process of product development as well as it will describe about the diverse method forprotecting or securing the intellectual property related to new developed product. TASK 1P1 Innovation and determine its importance to organisation in comparison with invention InnovationInnovation is define as a procedure which are adopted by a company in order to do addon the existing products to make it more innovative as well as attractive. Through this process afirm able to attract huge ratio of customers toward the products and it also attract investors forinvestment (Carayannis, Cherepovitsyn and Ilinova, 2016). By this a company able to gainnumber of benefits such as attract customers, increase profitability ratio, market shares and soon. In respect of Chilly's they are conducting innovation through which peoples able to get coldwater by avoiding one time plastic bottle. Importance of innovationIn today's time innovation is necessary because through it a company gain number ofbenefits by attaining their goal as well as objective that will also lead to gaining high competitiveadvancement at the marketplace. In context of Chilly's they are implementing innovation at theirworkplace for launching product which provide cold water to society on the go, without usingany type of plastic which is one time use. Through this innovation respective company able togain several benefits which attract more targeted as well as potential customers at marketplace,some of the major benefits or importance gain by Chilly's are given below:-
Help in gaining high competitive advancement: Innovation plays an essential role inproviding competitive advancement to the company at their potential marketplace (Chunand et. al., 2015). In respect of Chill's they are develop product proving cold water topeoples as well as in this they are not using any single use water bottle by which theyable to attract peoples that help in gaining competitive advancement. Help in fulfilling customers requirement and expectation: By adopting innovating atworkplace or production a company able to satisfy customer need and demand ineffective manner. In respect of respective company by developing product for providingcold water firm able to fulfil customers requirement as well as they are not using singleuse water bottle which is environment friendly which attract huge customers ratio. These are the some of the major importance gain by the Chill's Company by adoptinginnovation at the workplace. Along with this, innovation and innovating are different factorswhich help company in gaining their target or objective more impressively or effectively. Someof the major difference between the innovation and invention are given below:- Difference among the Invention and Innovation- Basis for comparisonInventionInnovationMeaningInvention refers to theprocedure in which there isoccurrence of the new idearelated to products or activitiesthat will not been developbefore in the marketplace(Henttonen and Lehtimäki,2017). Innovation is define as aprocedure at which companyadd new innovation to theproducts and services. ConceptIts concept is based on newand fresh idea and for it workon the theory. It is define as concept ofadopting new thought or ideain product. Necessary skillsFor this scientific skills isrequired.For adopting this technical,marketing as well as strategicskills are needed.
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