Innovation and Commercialisation in Organisation

Added on - Dec 2020

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Innovation andCommercialisation
Table of ContentsIntroduction.....................................................................................................................................1LO1..................................................................................................................................................2P 1 Explain innovation and determine its importance to organisation in comparison withinvention.....................................................................................................................................2P 2 Explain how organisational vision, leadership, culture and teamwork can shapeinnovation...................................................................................................................................3M 1 Analyse different sources of innovation, and how organisation can foster and develop anenvironment and culture of innovation......................................................................................3LO2..................................................................................................................................................5P 3 Explain 4Ps of innovation and explain the use of innovation funnel to examine and shapeinnovation ideas.........................................................................................................................5P 4 Explain development in frugal innovation and provide examples of how it is used in anorganisation................................................................................................................................6M 2 Analyse and apply the innovation funnel in an organisation...............................................6M 3 Evaluate the role of frugal innovation in an organisational context....................................7D1 Critically analyse how innovation is developed, embedded and measured.........................7LO 3.................................................................................................................................................8P5 Explaining the importance of the commercial funnel and the applications use of NPD.......8P6 Building an innovation case for Mind Candy or ways to access funding............................10M4 Producing building case and measure their effectiveness using appropriate techniques...11LO 4...............................................................................................................................................11P7 Evaluating the different tools of intellectual property.........................................................11CONCLUSION.............................................................................................................................12REFERENCES.............................................................................................................................13
IntroductionEveryone can innovate in this world of increasing competitive business environment.Innovation basically refers to come up with new ideas or ways of doing things. Therefore,placing innovation into any business can assist owners or entrepreneurs to save time and moneyboth, also provide them a competitive advantage to expand & adapt own business in marketplace. Also, the aim of innovation is to create value for the company. When company wants tointroduce new product or service or ideas to the general market is known as commercialisation.Factors that are taken into consideration under this includes production, marketing, sales,distribution and customer support in order to attain the commercial success.The report will cover a complete overview of the cited organisation current situation andkey activities. Further, it will explain innovation and its importance to employees of chosenorganisation in comparison with invention. In addition, it will explain employees of chosencompany that how vision, leadership, culture can shape innovation. Later it will include explainthe 4P's of innovation and the use of innovation funnel to investigate and shape innovation ideasto employees. Afterwards the report will cover, the importance of commercial funnel and theapplication of new product development processing for commercialisation.Overview of companyThis report on innovation and commercialisation is based on chosen company i.e. MindCandy. The organisation works for making entertainment for a new generation and winning thehearts of over 80 Million children across UK. Mind Candy's online based concept of MoshiMonsters allows infants to adopt their own virtual pet. It has been discovered that, thecompany;'s founder has recently launched an innovation center known as Candy Labs that usesthe online space as a testing ground to create strong, character-based games and apps prior totaking the products offline. It's first every famous animated film, Moshi Monsters; the Movie hitUK and Ireland theatres. It has been determined that, the Mind's Candy vision is to build worldthat fires the imagination. People imagine, create and breathe life into digital experiences thatbring joy to the lives of families across the world.1
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