Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Difference between innovation and invention........................................................................3
P2 Organizational vision, leadership, culture and teamwork can shape innovation and
commercialization........................................................................................................................5
LO 2.................................................................................................................................................6
P 3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................6
P 4 Developments in frugal innovation and provide examples of how it is used in an
organizational context..................................................................................................................8
LO 3.............................................................................................................................................9
P 5 Importance of the commercial funnel and the application of new product development
processing for commercialization of innovation.........................................................................9
LO 4...............................................................................................................................................10
P 6 innovation business case for an organization, including ways to access funding...............10
P7 the tools which can be used by the company to retain, develop protect knowledge and
intellectual property..................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is often also viewed as the application of better solutions that meet new requirements,
unarticulated needs, or existing market needs. Commercialization is the process of introducing a
new product or production method into commerce making it available on the market. The term
often connotes especially entry into the mass market, but it also includes a move from the
laboratory into commerce. Land Rover is a British brand of four-wheel drive cars that
exclusively offers premium and luxury sport utility vehicles. This report gives a classification
between invention and innovation with the value behind it. Other than that the impact of culture,
vision, leadership and teamwork on the company. 4 Ps of innovation with the use of innovation
funnel that helps to bring innovative ideas. Importance of the commercial funnel and the process
with application of development of product which includes the process for commercialization
and innovation. Business case for innovation with options to get funding and tools through which
company can keep their rights for the intellectual property safe (Rasli and Kowang, 2017).
LO 1
P1 Difference between innovation and invention
It is important for the business dealing in the market focus on the factors of innovation
through which they can evolve and bring changes in market. Management of the company needs
to understand that this must be their prime focus of area if they want to increase their scale of
operations. Land Rover is known for the comfort and convenience with the best off roading cars.
This is why they have been able to maintain such a unique image in the market (ZAHEDI,
MIRGHAFOORI and MARVOTI, 2018). Also with the reports from their research and
development team it has been assessed that Land Rover is working on this issue so that they can
deliver with the needs of people as well as the needs of environment. With this they are also
focusing on the measure of bringing the feature of automated driving to improve the riding
pleasure for their customers.
Innovation-
This aspect makes changes and evolves the products that already exist in market. This is done so
that they can keep the product in the competition and fulfill the needs of the customers. In order

to make innovation in the marketplace it is necessary that company must hire employees who
know how to deal with change and adapt it so that they can increase the opportunities available
to them. This aspect is not easy to be met which is why many companies conduct sessions of
brainstorming regarding this so that they can find innovative ideas. This is done so that
companies such as Land Rover can prove the establishment and meaning of the brand because if
they do not cope up with this factor then they won’t be able to survive in market. It is important
to note that the form of innovation brought by them that is electric cars is not first of the kind as
many of the companies have already come up with it. Still it will be a Land Rover and they have
been successful in creating buzz for this in market.
Invention-
On the other hand invention exists when a new product is solely launched by the company with
totally new attributes so that they can make their place in market easily. This factor also requires
experienced and skilled employees but it also needs employees who are expert in the field of
technical area. This is how they meet with the needs and wants of customers. For this businesses
invest in the area of research and development such as wherever customer is facing difficulty and
they have the resources to make it simple then they can work on it. Invention in the segment of
electric car for the company will be to come up with a battery that has enough power to run on
long routes on a single charge. This is necessary so that they can increase the aspect of value for
money of their cars. It is important that they keep inventing this sort of things so that they are
able to keep up with forces of market (Rasmussen and Eliason, 2017).
P2 Organizational vision, leadership, culture and teamwork can shape innovation and
commercialization
These factors which are concerned with culture, vision, teamwork and leadership impact
very harshly to the business and reduce the chances of innovation for them. With the help of
model given by Charles handy it can be easily understood-
Power-
This factor derives the outcome that only some of the employees present in the company
has the power to take decision for them. There are some evaluation benchmarks set up by the