Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of innovation & its significance to organisation in terms of invention............1
P2. Explanation of how vision, leadership, culture & teamwork of an organisation can shape
innovation & commercialisation ................................................................................................3
TASK 2............................................................................................................................................4
P3. 4Ps of innovation and explanation of innovation funnel in order to examine innovative
ideas.............................................................................................................................................4
P4. Explanation of frugal innovation along with examples........................................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel & New product Development process for innovation...6
P6 Innovation Business Case......................................................................................................7
TASK 4............................................................................................................................................8
P7. Evaluation of Different tools to develop, retain & protect intellectual property..................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined as a procedure by which an entity seeks to bring changes within the
existing products and services as well. The main motive of bringing innovation is to attract more
number of people towards brand and enhance its performance level in an effective manner. In
addition to this, it take place in order to achieve positive results for the organisation in terms of
sales, efficiency, profits and so on (Akhundjanov, 2020). On the other side, commercialisation is
a process by which particular goods and services is introduced in market to gain attention of
customers prevailing at marketplace. It is determine that Innovation & commercialisation plays
vital role for companies across the globe. Along with this, both process help an organisation to
bring positive change that has influence on performance as well as productivity. For the present
report, Heinz is chosen as a base company. It is an American food processing company and offer
products such as Tomato Ketchup, Beanz, soups, pasta sauce and so on. The company was
formulated in the year 1869 and its head office is located at Pittsburgh, Pennsylvania. The higher
authorities of Heinz is bringing innovation in market that is offering Potato smiles with
Mayonnaise and Ketchup. It is a ready to fry product that consist of small of small pack of
Ketchup and Mayonnaise with it. The report will cover the concept and difference of invention
and innovation along with its importance for organisation. There is further discussion about
innovation funnel and 4Ps of innovation as well. Furthermore, the report will discuss about
frugal innovation, new product development process in context to company. Later, an innovation
business case is developed and intellectual property tools are covered.
TASK 1
P1. Explanation of innovation & its significance to organisation in terms of invention
Innovation: It is a process of making changes in the existing goods and services of
company in order to increase demand at marketplace. In addition to this, it is determine that
herein creativity, unique thinking of staff members is consider as an important aspect (Awni,
2019). It is important for an entity to gain a understanding about market conditions and
requirements and then bring innovation as it increase the chances of acceptance and raise overall
performance of company.
Invention: It is a different concept as compare to innovation that is the procedure of
coming with new products as well as services for disrupting the marketplace. Invention is mainly
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take place when an employee bring new idea that is supported by high authorities in order to turn
into reality. It is important for an organisation to conduct an extensive research on the product
and service that is being introduced by them.
Differentiation between innovation & invention
Basis Innovation Invention
Aim The main objective of innovation is to
enhance value of present or existing
products as well as services at
marketplace.
The motive is to launch something
attractive, new and creative for the
customers in order to develop unique
image and to attain competitive advantage
at marketplace.
Occurr
ence
It take place when an organisation
identifies that their existing product
lacking relation with its competitors and
its demand is declined in the market
(Badizadegan, 2020).
Invention take place when a new and
creative idea is comes in mind of a
personal and is support by managers to
satisfy requirements of customer.
Importance of innovation for Heinz
Innovation plays vital role in every organisation as it help in gaining success and growth
in the market. In addition to this, it also develop value for customers and attract them towards
brand in an effective manner. Innovation increase the demand of a product that has positive
influence on sales as well as profitability level of a organisation. The significance of innovation
is given below in context to respective organisation:
Continuous Improvement: One of the most important factor that occurs due to
innovation is continuous improvement. This assist in increasing quality as well as characteristics
of company's offerings (Beynon, Jones and Pickernell, 2019). In context to Heinz, innovation
allows them to stay aligned with demand & needs of market and implement a set of action that
aid in attaining competitive advantage. For this, it is important for companies to introduce or
bring changes within the offerings of company.
Unique Selling Point (USP): By gaining an understanding about competitors within the
food industry, Heinz can bring up with innovation at regular intervals of time. In addition to this,
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