This presentation explores the concept of innovation and commercialisation in business. It discusses the importance of the commercial funnel, the innovation business case, and intellectual property. It also provides insights on funding methods and protecting intellectual property.
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Innovation and Commercialisation
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Table of Content •Introduction •Importance of commercial funnel •Innovation business case •Intellectual property •Conclusion •References
Introduction Innovation is process through an organization effectively aims at introducing better or new product into the potential market. In business world innovation plays a very critical rolethathelpsanorganizationincommercializingthe operationwithproperefficiency.Innovationbasically involves something original and effective which is never used earlier.
Importance of commercial funnel Commercialfunnelisapathunderwhichutilizingfor reforming products and services is done effectively. There are several benefits which are gained through implementation of thisstrategy.Therefore,Essencedrinkwillbehighly benefited with this strategy.
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Innovation business case Executive Summary:The case of based on Essence Drinks which started its business operation three years ago. However, at the initial stage the company have seen raid growth while launchingahealthymangolassiintoUKmarket.But currently the company is facing issue and is unable to attain the accomplished business objective.
Cont... Mission Statement:Mission statement of Essence Drinks is makepremierconsumerproductscompanyandfocuson providing consumers with maximum amount of satisfaction. Current mission of Essence Drinks is to provide healthy as well as delicious Preservative Flavoured Lassi to the potential customers of United Kingdom.
Cont... Funding Method:Funding is an act of attaining financial resources in form of money so that desired business objective is achieved within the limited period of time. Funding is the foundation of every business that helps an organisation in creatingacompetitivebusinessadvantage.Someofthe common funding method which can can be used by Essence drinks in order to effectively make innovation successful are mentioned below: Bank Loans Angel Investors
Intellectual property Foranorganizationitisveryimportanttoprotectthe innovation for company's potential competitors so that they cannot copy the same concept. However, there are several lawswhichanorganizationshallimplementinorderto effectively protect company. This protect can be done by company'sthroughadoptionofseverallawswhichare introduced by government of UK to protect the rights.
Cont... Intellectual properties are used by organisation in order to effectivelyprotectbusinessesrights.Someofthemare mentioned below: Trade Secrets Patents Copyrights Trademarks
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Conclusion From the above report it can be analyses that adoption of innovation within an organization on regular bases it much. Because this is the prime factor which helps an organization in regainingitslossshareeffectively.Furthermore, implementationofinnovationin newor existing product enhancetheproductivelyaswellasprofitabilityofan organization in most appropriate manner.
References An,H.J.andAhn,S.J.,2016.Emergingtechnologies— beyond the chasm: Assessing technological forecasting and its implication for innovation management in Korea. TechnologicalForecastingandSocialChange.102. pp.132-142. Andreassen, T.W., Lervik-Olsen, L. and Calabretta, G., 2015. Trend spotting and service innovation.Journal of Service Theory and Practice.25(1). pp.10-30.