Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1) Innovation and its importance in comparison to the invention............................................4
P2) Role of organisational vision, leadership and culture in shaping the innovation.................6
TASK 2............................................................................................................................................7
P3) 4P's of innovation and use of innovation funnel...................................................................7
P4) Development in frugal innovation and how it can be used in the organisation....................8
TASK 3............................................................................................................................................9
P5) Importance of commercial funnel and new product development.......................................9
P6) Innovation business case....................................................................................................10
TASK 4..........................................................................................................................................12
P7) Tools used to protect and retain knowledge and intellectual property...............................12
CONCLUSION..............................................................................................................................14
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is a modern concept in which new ideas are implemented within the
organisation so that they can overcome the issues faced by them or with the help of which they
can enhance the value to the customers. Apart from this innovation enables in taking competitive
advantage over other as with this they can introduce new features in their existing products and
services or they can offer new range of product or service. Commercialisation is the concept with
the help of which new product is introduce with the motive of increasing the financial gain of the
organisation. This report is develop for better understanding of the concept of innovation and its
related terms for the induction of the new team members in Heinz, which is food processing
company having their factory in the north west of London. They have been offering various
products such as sauces, condiments etc. in different countries. In this report the importance of
innovation for the organisation is taken into consideration along with the 4P's of innovation and
how the leadership, culture and teamwork shapes innovation. Later in the report innovation
funnel and development in frugal innovation is discussed as well as the process of the
development of new product.
TASK 1
P1) Innovation and its importance in comparison to the invention
Innovation : Innovation is considered to be the concept with the help of which new and
innovative features are introduced in the existing products or new product and services are
offered so that value offered to the customer can be enhanced. Such changes are taken for
meeting up the changing expectation and preferences of the customers and for taking competitive
advantages (Yin And et. al., 2015). For example: Energy drinks launched by the Heinz will
offer the customers a better option for quality drinks under their trusted brand.
Importance of Innovation:
 Ensures growth of the company: As with the help of innovation the Heinz can ensure
the satisfaction and better value to the customers due to which they can becomes more
successful and profitable by making their customers loyal. Makes the organisation competitive: The innovation enables the organisation such as
Heinz in achieving differentiation with innovation as with this they keep on improving
their products and service. This enables them in brining technological changes and