Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Explain innovation and identify its importance to organisation and comparison with
invention.................................................................................................................................4
P2. How organisational leadership, vision, culture and team work can shape innovation and
commercialisation...................................................................................................................6
TASK 2............................................................................................................................................7
P3. 4P'S of innovation by using innovation funnel to evaluate and shape innovative ideas..7
P4. Developments in frugal innovation by giving examples in organisational context.........9
TASK 3..........................................................................................................................................10
P5. Importance of the commercial funnel and application of new product development for
commercialisation of innovation..........................................................................................10
P6. Innovation business case for an organisation by including ways to funding access......11
TASK 4..........................................................................................................................................13
P7. Different tools that organisation can use to formulates, retain and intellectual property and
protect knowledge................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation refers to the process as well as outcomes in order to develop something new
which is valuable. It mainly involves entire process from developing new ideas, production sales
and marketing, opportunities identification in order to make something better for the better future
of an entrepreneur. Whereas, commercialisation refers to the appropriate process in order to
introduce new method of production or product within the marketplace. On the other side
commercialisation helps to promote goods and services to make effective availability at
marketplace (Vaccaro and et. al., 2012). This report is based on Colt Technology Services which
is one of the best multinational telecommunication organisation. It was formed in the year of
1992 and headquartered in London, UK. Herein, the chairman of this organisation is Michael
Wilens and CEO is Grivner. Further discussion will be based on explanation of innovation and
its importance by showing comparison with invention. After this different types of innovation
and process needed to commercialise innovation will explain . At last methods for protecting
ideas and understand their advantages and disadvantages will get covered.
TASK 1
P1. Explain innovation and identify its importance to organisation and comparison with
invention.
Within the current period of time innovation plays very important role in each and every
business. With the help of innovative ideas they can implements on new and unique ideas in
order to fulfil customers needs and demand at marketplace. In context with Colt technology
services, they always used better techniques and methods in order to gain huge benefits within
the competitive market (Kutvonen, Savitskaya and Salmi, 2014). On the basis of this they can get
predetermined goals and objectives without any issue. Brief explanation about innovation and
invention, along with their differences and importance are given below:
Innovation: It refers to the process of formulating unique ideas, thoughts, method and
tools in order to create effective product which accomplish overall demand of people at
marketplace (Ahn, Minshall and Mortara, 2015). So that, this can be said that it is only the way
for firms to reach customers needs and gain huge profit by bringing lots of innovative changes in
their goods and services into the market. Therefore, innovation always concerned as the unique
and attractive approach to fulfil firms needs as well as marketing demands to gain profits. In

reference with Colt Technology Services innovation is very important thing to bring various
changes according to the customers needs and accomplished them on time. With the help of
innovative ideas they can make their future better and able gain huge success at marketplace. On
the basis of using different types of tools and techniques respective firm is able to gain better
success by gaining competitive advantages in a proper way. By applying different types of
innovative ideas they can prove them better and high performance technique sin order to become
more better in future.
For example: X firm is establishing a water bottle which can be folded in any type of
shape for different purposes. At the time travelling it is more beneficial and not take much space
so that people can carry it and keep everywhere (Ke and et. al., 2015). This innovation of water
bottle is very much beneficial for firm to gain huge profits as it attracts large number of
customers. This bottle is beneficial to the organisation and customers also because it is easy to
carry and when it was damage it can be recycle by the firm and make it usable again.
Invention: It is the method of formulating innovative and attractive product at
marketplace. It take few changes within the firm by which firms can make them attractive at
every level of market. It is the best way to gain competitive scenario and increase customers
confidence towards firm's product. It also give contribution in a large way to change the overall
world by providing new and several directions for various firms. In relation with Colt
Technology Services, they are focusing to make innovative ideas and thoughts so that they can
achieve their goals and objectives to develop something special for its customers at marketplace.
By bringing inventions on their project they can get better success in competitive business
scenario (Greenaway and Rudd, 2014). According to this, respective firm can bring few changes
in their overall manufacturing process of goods and services. But sometimes it is not necessary
firm to make all the time unique things so that they can face some type of issues within the
company and not able to gain proper outcomes.
For example: Y firm inventing such type of water bottle which can easily purify water
and remove bacteria. This sort of invention contributes in order to increase organisational growth
at worldwide. Along with this, it also helps society to keep their water clean.
Difference between innovation and invention
Differences Invention Innovation
Meaning It is the process of thinking It is applicable for