Innovation and Commercialisation Assignment Solved - Essence Drinks

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Added on 2020-10-22

Innovation and Commercialisation Assignment Solved - Essence Drinks

Added on 2020-10-22

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Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Meaning of innovation and its importance to organisations in comparison with invention..1P2 Role of organisational vision, leadership, culture and teamwork in order to shapeinnovation and commercialisation..........................................................................................2TASK 2............................................................................................................................................3P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas3P4 Developments in frugal innovation and provide examples of how it is used in anorganisational.........................................................................................................................7TASK 3............................................................................................................................................9P5 Importance of commercial funnel and application of New Product Development (NPD)processing for commercialisation of innovation....................................................................9P6 Innovation Business Case for organisation, including ways to access funding..............12TASK 4..........................................................................................................................................13P7 Different tools organisations use to develop, retain and protect knowledge and intellectualproperty.................................................................................................................................13CONCLUSION..............................................................................................................................14RECOMMENDATIONS...............................................................................................................14REFERENCES..............................................................................................................................16

Innovation and Commercialisation Assignment Solved - Essence Drinks_2

INTRODUCTIONInnovation refers to process through which current process or product gets changed tocreate value and satisfy consumer demand. In order to launch or innovative new products andservices, it is important to plan operations accordingly through which best idea can be executed.While innovating new products and services, there are possibilities of failure of ideas as well,hence different tools are used to launch best from it (Aarikka-Stenroos and Lehtimäki, 2013).This report is based on Essence Drinks (started with health mango Lassi) which is initiative ofAkshay Kumar. Now in third year of their business, they want to launch something which is notdifferent from Lassi segment. In this report there is discussion about meaning of innovation,difference between innovation and invention, different types of innovation, process required tocommercialise innovation and different methods of protecting innovative ideas with theiradvantages and disadvantages. TASK 1P1 Meaning of innovation and its importance to organisations in comparison with inventionInnovation refers to the procedure through which new ideas and methods are used toconduct business operations. There is requirement of complete information through whichinnovative idea can be implemented properly and with understanding external factors. Withinnovation there is impact on sales and profits of organisation. Venture of Akshay KumarEssence Drinks is thinking to launch some innovative ideas through which they can maintaintheir market share in industry. Difference between innovation and inventionBasis Innovation Invention Meaning Innovation is the procedurewith which there isimprovement or someadditional feature isimplemented. While invention is launchingof new products or serviceswhich is not done previously.Hence creation of new productis done. SkillsFor innovation, there isrequirement of research addevelopment skills. While for invention, scientificknowledge is required, so newideas can be executed.1

Innovation and Commercialisation Assignment Solved - Essence Drinks_3

Involvement of departments Innovation in organisation candone by research anddevelopment departmentbecause there is requirement ofanalyse market and get newidea.While invention isimplemented with involvementof all the departments becausethere is requirement of changein activities of wholeorganisation. ExamplesDifferent flavours of shakesLaunching of lights, fan, etc. Importance of innovationThere is important role of innovation in organisation as compared to invention. Someimportance are discussed as under-Assist in technical advantage- There is technical assistance to Essence Drinks withinnovation because for market analysis and get to know which is best idea managers has to usedifferent techniques. While in case of invention, there is no technical assistance becauseoperations has to start with ground level (Ahn, Minshall and Mortara, 2015). Retains best talent- Innovation attracts new talent, if Essence Drinks is innovating, thentalented workers want to work with them and retain long term in industry. But in case ofinvention, individuals have to work on their own according to their skills and knowledge. So newindividuals does not want to invent new things.Growth of organisation- Innovation is done with consideration of current market andunderstanding different ways to come with new idea, so possibilities of loss or failure is less. Butin case of invention, there are possibilities of failure as well because new product might getuseless. This results in mis- use of resources and growth is not possible. P2 Role of organisational vision, leadership, culture and teamwork in order to shape innovationand commercialisationAs managers of Essence Drinks are thinking to launch new products through which theycan excel in industry. So there is requirement of proper planning regarding collecting resources,employees, funds, etc. Apart from this there is requirement in proper environment at EssenceDrinks with which innovation can be shaped and conducted in proper manner. So leadership,culture and team work are also important for innovation (Chun, Chung and Bang, 2015). 2

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