Innovation and Commercialisation.

Innovation
and
Commercialisation

Contents
INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1: Difference between innovation and invention and importance of innovation to organisation.....3
P2: Contribution of organisational vision, leadership, culture, teamwork in innovation and
commercialisation..............................................................................................................................5
TASK 2.................................................................................................................................................6
P3: Analysis of 4P’s of innovation and application of innovation funnel in development of
innovative ideas.................................................................................................................................6
P4: Development of frugal innovation...............................................................................................7
TASK 3.................................................................................................................................................8
P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.........8
P6: Development of innovation business case...................................................................................9
TASK 4...............................................................................................................................................10
P7: Evaluation of the tools which are used by the organisation to develop, retain or protect
knowledge and intellectual property rights......................................................................................10
CONCLUSION...................................................................................................................................10
REFERENCES....................................................................................................................................11

INTRODUCTION
Innovation is a practice of improving something through adding extra value added
changes according to the needs and requirements of customers which help an organisation to
sustain in market for longer duration. Therefore, innovation should be adopted by every
organisation, position in competitive market. Innovation can be implemented by different
departments in an organisation such as production, marketing, operation and finance.
Rowlinson Knitwear, a UK small-sized clothing company which manufactures especially for
school and corporate people is selected for the purpose of preparing this report. The present
assignment report summarises the role of innovation in achieving success of company and
also its differentiation with the concept of invention (Antonelli, 2014). Contribution of
company’s vision, culture, leadership team in implementation of innovation and
commercialisation are also briefly discussed under this report. The project also covers the
benefits of commercial funnel as well as implementation of NPD.
TASK 1
P1: Difference between innovation and invention and importance of innovation to
organisation
Innovation refers to making new and innovative changes in existing products in order
to maximise value or product whereas invention refer to create something which are not yet
introduced in market. Therefore, innovation and invention both are different concept and
contribute maximum to an organisation to achieve competitive advantage in market.
Rowlinson Knitwear deals in providing school as well as corporate wear garments thus
should required making suitable changes in their clothing product in terms of pattern, design,
colour etc. on the basis of needs and requirements of customers.
Comparison between innovation and invention
Innovation Invention
Innovation refers to adding extra value to
existing product so as to maximise the
satisfaction level of customers.
It refers to something is newly introduced in
market in order to gain competitive
advantage by company.
Innovation can be done with a motive of
maximising the value of existing products.
Invention can be developed with new ideas
and concept which will bring beneficial
outcome to company in near future.
It can be used by every department of an
organisation.
It comes under the responsibility of R&D
team for the betterment of company.
Importance of Innovation to organisation
Innovation brings company into stronger position in competitive market and allows
them to compete with their rivals in an effective and efficient manner. The management of
Rowlinson Knitwear are liable to implement an effective strategies regarding adoption in
innovation in their department so as to reduce wastage and increases profitability (Baily and

Chakrabarti, 2011). The company can bring innovation in their features of products such as
changing pattern, design, colour etc. of clothing product which attracts more professionals.
For example, according to the needs and demands of customers, the production department
put certain changes in their existing clothing product in production process through
implementing an effective and advanced technology. Along with this, there are many other
benefit so innovation as well which are as follows:
Application of best method: As there are various departments in Rowlinson Knitwear
who works different business activities to achieve common organisational goals. Such
department includes production, marketing, finance and operation... Therefore in order to
provide quality products to the customers the company must require to communicate with
their customers about the extra value they attached with their product which makes them
different from their rivals. Innovation guaranteed success thus essentially required to be
adopted in different processes of business activities. For example, Developing new ideas to
market their product which attracts lots of customers, the management need to adopt
innovative methods such as giving advertisement on Social media, radio etc. where lots of
customers are active. Adopting such channel of marketing forcing customers to pay their
attention on company’s products at once.
Competitive advantage: Making improvement in existing product through building
new design, pattern, colour etc. as per the taste and preferences of customers will help
company in competing with their rivals in more effective and efficient manner. Adoption of
cost effective techniques in production process and build demanded changes in existing
clothing products help company in gaining competitive advantage in market and thus can
survive for longer period of time.
P2: Contribution of organisational vision, leadership, culture, teamwork in innovation
and commercialisation
Company’s vision, leadership, culture, team efforts gives maximum contribution in
implementation of innovation in business activities. The management of Rowlinson Knitwear
is liable to formulate a decision and plan regarding achieving company’s vision and
objectives and accordingly implement suitable techniques and tools which help them in
achieving within short period of time. The employees working in an organisation must be
aware about what company wants to achieve in future which brings motivation among them
to perform allotted task within given time frame (Camisón and Villar-López, 2014). In this,
Leaders play an important role in motivating workforce to focus on goals and objectives and
perform accordingly. Implementation of new technology in production and marketing process
will increase interest of customers to give their more efforts in making business more
successful. The manager and leader need to determine all such aspects first which forces
them to make critical thinking about adoption of innovation in business operations. Such
aspects include:
Vision: It refers to the target identified by management through forecasting in order to
achieve in future to achieve strong position in market and sustain for longer period of time.
As Rowlinson Knitwear is small-sized clothing company who wants to expand its business