Innovation and Commercialisation - Essence drink company Report

Innovation and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Difference between innovation and invention and importance of innovation to organisation
.....................................................................................................................................................4
P2 Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.......................................................................................................................5
TASK 2............................................................................................................................................7
P3 4P's of innovation and use of innovation funnel to develop innovative ideas......................7
P4 Development in frugal innovation and its uses......................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of NPD for commercialisation and
innovation ...................................................................................................................................9
P6 Innovation business case......................................................................................................11
TASK 4..........................................................................................................................................12
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights........................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation includes about the application of better solutions and ideas which helps in
understand the preference of customers and satisfy their needs. This provides the opportunity to
company to meet out new requirements and needs of market. The management of company uses
new technologies and processes which helps in increases the skills and knowledge of employees
which contribute in accomplishment of organisational targets effectively and efficiently. Essence
drink company is established his business in UK which provides healthy drinks to the individuals
of country (Baraldi and Waluszewski, 2011). The aim of the company is to provide innovative
drinks to capture the market.
In this present explain about, difference between invention and innovation and
importance of innovation to organisational activities, contribution of organisational vision,
culture, leadership and team work in innovation and commercialisation, 4P's of innovation which

is used by the management of company. Here also explain about, importance of commercial
funnel and application of NPD for commercialisation of innovation and different tools which are
used by organisation to develop, retain and protect knowledge and intellectual property rights.
TASK 1
P1 Difference between innovation and invention and importance of innovation to organisation
Innovation and invention both are different aspects and have their own importance on the
operations of organisation. Both the concepts provides the opportunity to management of
company to increase the effectiveness and efficiency of activities of company which contributes
to accomplish the organisational goals. Essence drink company which provides healthy drink in
UK market does not have good sales of their product (Bianchi, Campodall'Orto, Frattini and
Vercesi, 2010). The management of company wants to provide innovative drink in market
which helps the company to increase their sales and market share. Innovation and invention
provides the opportunity to cited company to increase their sales figure and profitability by
satisfying the needs of their customers. Difference between innovation ans invention is described
below:
Innovation Invention
Innovation includes about the process of
improving the existing products and services of
company. For this purpose management of
company uses various technologies, processes
which helps to increase the existing features of
their product which contributes in attainment
of competitive advantage in market. Innovation
helps the company to improve the features of
their products and increase the profitability of
company.
Invention is the process which includes about
creation of product, process or technology for
first time. It contributes to company to
completes their tasks more effectively and
efficiently by use of these new technologies
and processes.