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Innovation and Commercialisation : pdf

   

Added on  2020-12-26

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Innovation andCommercialisation1

Table of ContentsInnovation and Commercialisation..................................................................................................1INTRODUCTION...........................................................................................................................3LO1 Explain the context of innovation and determine the difference between invention andinnovation........................................................................................................................................3LO2 Explain the different types of innovation................................................................................7LO3 Discuss the process required to commercialise innovation.....................................................8LO 4 Tools to develop, retain and protect knowledge and Intellectual property .........................12CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................14

INTRODUCTIONInnovation is a formative process which helps in creation of new and innovative ideas,thoughts and advanced form of imaginations in the mode of strategies and methods. This termfurther can be termed as a procedure that includes different types of activities in order to revealnew behaviour to effectively undertake things (Abdul Razak and Roberts, 2014). While on theother side, Commercialisation is a process which helps in developing feasible values for anorganisation. By using data and information’s and by converting them into effective finishedproducts and services organisations can easily able to fulfil requirements of their consumers.Present report has been based on, Innocent Drinks which was established in the year 1998 byRichard Reed, Jon Wright and Adam Balon. Company offer their products and services in theregion of Europe and sell estimated amount of more than two million smoothes per week. Ascompany mainly offer their products made up with crushed fruit and juice and contains noamount of sugar in their product. Company is looking forwards to launch a new product as thereis a high increase competition in UK market. Company wants to launch a customized smootheswith different natural flavours as per the demand of customers. Report covers importance ofinnovation, teamwork, vision, culture and leadership along with frugal innovation. In addition,with this, different types of tools and commercial funnel concept are covered in this report. LO1 Explain the context of innovation and determine the difference between inventionand innovationInnovation: Innovation is mainly a developmental process that helps an organisation toimprove their products and services by adding more value in it (Fuertes-Callen and Cuéllar-Fernández, 2014). This further helps them to gain competitive advantage within a market.Innovation is an influential process with the help of which a company can effectively able tomake necessary modifications and alterations in their existing products and services. This can beaccomplished by adding something new and unique factor within it and make them different inits own way. Innocent Drinks effectively takes advantage of innovation in order to offersomething extra in their products and services and serve their customers with something best.3

Innovation effectively benefits company to increase their sales margin which will automaticallylead towards increasing their profitability. Invention: It is a process within which development of totally fresh and new device or aproduct is made. Invention is a process that is adopted by an organisation to bring somethingnew and unique in a market place in order to take lead against their competitors. BASISINNOVATIONINVENTIONConcept It is a formative process inwhich a unique and newfactor or an element is addedin a product and service(MacGillivray, 2014) Thisprocess is done by anorganisation to gain morecompetitive advantage in amarket place and increaseprofitability. It is a process in whichcreation of something newand fresh is done. With thehelp of this organisation caneffectively create new marketfor their offering. ScopeOrganisations have widerange of scope to conductdissimilar form of actionswith the help of theme,technology, innovation andcost. It consists a constructiveapproach that may be takeninto reflection a solo service. OccurrenceIt is important for InnocentDrinks to improveeffectiveness in this existingproducts and services byadding something uniquefeature in it. Different types of new andfresh ideas and thoughts arerequired to be considered byscientists that can furtherbenefit an organisation todiscover brand newmerchandise. Skills RequiredDifferent types of skills areeffectively required by anTechnical skills are requiredto be effectively implemented

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