Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Innovation and its importance in comparison with invention................................................1
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation .......................................................................................................................3
Task 2...............................................................................................................................................4
P3 4 Ps of innovation and its uses of the innovation funnel .......................................................4
P4 Developments in frugal innovation and examples to used in organisational context.............6
Task 3...............................................................................................................................................7
P5 Importance of the commercial funnel and the application of New product development......7
P6 Build an innovation Business Case for an organisation.........................................................8
Task 4...............................................................................................................................................9
P7 Different tool used by business organisation to retain and protect knowledge......................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is the process of attracting or innovating new things in business market for the
purpose of meeting with customer's requirements. It is a new idea or innovative thoughts which
is used to introduce some thing new and make them happy (Carayannis, Cherepovitsyn and
Ilinova, 2016). Commercialisation is highly connected with business activities which are
important to for running a business. It helps businesses to continue their business by making
higher profits. To understand about innovation Chilly has been taken that was founded in 2010
by James Butterfield and Tim Bouscarle. The main object of such organisation is to provide
people with the ability to always have cold water without using plastic water bottles. Such report
covers different topics such as difference between invention and innovation, types of innovation
and process which is important to commercialise innovation. Along with all discussion, report
also covers range of methods for protecting ideas that helps to continue business for ling period.
Task 1
P1 Innovation and its importance in comparison with invention
Innovation is continuous procedure which is used by all business organisation by
bringing some effective changes in their business that helps to make higher profits. Innovation is
made with innovative word that means to bring or innovate something new which is not came in
market before this (Paradkar, Knight and Hansen, 2015). In this process business concern create
and develop the new products and services according to customer's needs and wants that helps to
accomplishment business goals. Chilly is manufacturer of water bottle company hat designed to
combine the convenience of plastic water bottle. Such organisation is focusing on innovation in
which management decided what some should be new and eco friendly that can attracts
customers as well as make them healthy. Chilly is planning to introduce a stylish and designable
water bottle with unique shape and metallic body by reusing plastics. This bottle will be easy to
carry for customers, environmentally friendly, durable, easy to clean and stainless that will keep
healthy to people and by providing such bottle. Market risk is highly connected with innovation
where all business concern have equal chances to develop the new product and increasing
existing market share that helps to increase profitability
In contrary invention is mainly comprises development of new idea that does not need to
replicable. It helps to add customer's value by attracting customers in high range. When products
1