Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1 ................................................................................................................................................3
P1- Concept of innovation and its importance to companies in comparison with invention......3
P2 Organizational culture, vision, leadership and team work shape commercialization &
innovation....................................................................................................................................4
M1 Varied sources of innovation and culture of innovation foster by Heinz UK......................5
LO 2.................................................................................................................................................6
P3- Explanation of 4Ps of innovation and use of innovation funnel to shape innovative ideas. 6
P4- Development in frugal innovation and utilized in organizational context...........................8
M-2 Innovation funnel in context of Heinz company...............................................................10
M-3 Role of frugal innovation in chosen firm..........................................................................10
LO 3...............................................................................................................................................11
P5- Importance of commercial funnel and application of NPD processing for
commercialization of innovation...............................................................................................11
P6- Innovation business case for Heinz including ways to access funding..............................13
M 4- Detailed innovative business case which includes ways many things.............................14
LO 4...............................................................................................................................................14
P7- Tools that firms can use to develop, protect and retain intellectual property....................14
M5- Evaluation of different tools in context of wider business environment...........................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is development, creation and implementation of new items, services or
procedures, with the goal of improving efficiency and effectiveness as well as gaining
competitive advantages within specific marketplace. While commercialization refer to the
process of running and managing something principally and ethically for financial gain. The
current study is based on Heinz, which falls under category of leading food manufacturing
organizations in the whole world. It was founded in 1869 by Henry J. Heinz, they manufacture
thousands of food items in plants on 6 continents and markets these goods in more than 200
nations and territories. This study will explain innovation and identify their significant to
companies in comparison with invention. It will justify leadership, organizational vision, team
work and culture shape commercialization and innovation.
Furthermore, this report will explain 4Ps of innovation, developments in frugal
innovation and importance of commercial funnel. It will clarify innovation business case and
varied tools that firm will used to retain, develop and protect knowledge as well as intellectual
property.
LO 1
P1- Concept of innovation and its importance to companies in comparison with invention
Innovation is key element of business success, it can be defined as procedure that
includes multiple actions to uncover new ways or ideas to do things which in return increase
profit margin and sales of any company (Karlsson and Tavassoli, 2015). For a company to
realize competitive benefits, it must be capable to adapt and innovate to changing new
generations and trends. It is not just represented by presenting or applying new concept or
approaches. In recent time, firms are positioned in fast paced environment where globalization is
increasing and technology is advancing.
While invention is new thing that an company has made for specific target market. It can
be something such as procedures or devices that has been made up or created by someone to
satisfy current market needs. It is novel or unique device, composition, method or process within
product development procedures (Derrida, 2017).
Innovation importance for companies in form of comparison between two concepts-
It can be said that innovation and invention are quite different from each other in many
ways. Invention is defined as creation of things or introduction of process for the first time

within particular target market. On the other hand, innovation occurs when firms like Heinz
improves their important contribution to an existing item or services. With the help of
innovation organizations gain the attention of target market even better and also drive new
consumers towards purchasing products. Inventions mean many things to make something new,
which may be successful, but innovation is always successful because it is done by considering
at the needs or requirements of the current market, which people prefer to purchase. Invention
give chance to gain attention of people but innovation provide the best opportunity as to retain
them for longer period (Lalic and et.al., 2017).
It is very essential for firm as it helps to retain consumers with them for long run and
allow company to sustain in marketplace. Innovation creates bigger chances and is critical for
success of business or a company. For example, it is also important for Nestle UK Ltd, as it help
organization to develop original products and drive their business towards long term progress. In
current business environment there are several factors accessible that forces companies to
innovate continuously which is very effective and helpful thing. It includes, political, social,
economic, environment, technological, legal as external factors. Moreover, in list of factors
consumers, intense competition and globalization also included.
Innovation is really very important in company as compare to inventions, because it save
time and money which can be consumed while inventing something new. It can be said that
invention takes a lot of time and require more money.
P2 Organizational culture, vision, leadership and team work shape commercialization &
innovation
Organizational vision-
Every firm has its vision which describes that which item is needed to be innovated and
in which ways commercialization of innovated goods is done. For instance, Heinz organization
vision is to the best food company in whole world. This vision drive them towards become an
innovator and permit innovating something different. It decides its business growth and
innovations range after that commercialization can be completed easily. With clear vision
company can innovate unique item.
Culture-
Along with above key element, creative culture in firm at workplace also help to share
innovation & commercialization (Naqshbandi and Kamel, 2017). With this culture employees do