Innovation and Commercialisation- Essence drinks
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Added on 2020-10-22
Innovation and Commercialisation- Essence drinks
Added on 2020-10-22
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1.Innovation and determine its importance to organisations in comparison with invention1P2.Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3.The 4Ps of innovation and explain the use of the innovation funnel to examine and shapeinnovative ideas......................................................................................................................4TASK 3............................................................................................................................................6P5. The importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation..................................6P6. Build an Innovation Business Case for an organisation, including ways to access funding8TASK 4..........................................................................................................................................10P7 Evaluation of tools to develop, retain, protect knowledge and intellectual property .....10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is considered as a methods of creating something new into products orservices that develops value for which consumers will pay. It is also the means of modifying themodels of business organisation as well as adopting to changes in surroundings to delivereffective products or services (Bigliardi and et.al, 2013). This whole report is on Essence drinksthat was introduced 2 years ago and Akshay Kumar is the founder of the company. The firm isproviding healthy mango lassi into the United Kingdom market but after 3 years their salesinitiate reducing. Therefore, the founder thinks to bring something innovative into lassi market ofUK. So, the purpose of this report is to explain innovations and their importance. Comparison ofinnovation with invention. The organisational vision, culture, leadership as well as teamworkthat shape innovation. 4P'sof innovation and the utilisation of innovation funnel to examineinnovative ideas. Frugal innovation developments with examples and importance of commercialfunnel. Application of New Product Development(NPD) processing for commercialisation ofinnovation. Development of innovation business case including the manner to access funding.Apart from this, various tools that are use by firm to develop, retain and protect knowledge aswell as intellectual property are also, mentioned in his report. TASK 1P1.Innovation and determine its importance to organisations in comparison with inventionInnovation is refers as a process which mostly concentrate on rising something innovativeinto marketplace for the longer periods of business success. The company Essence Drink is thesmall scale firm that serves healthy mango lassi in UK market. But after few years their sales areminimising significantly so Akshay Kumar the founder of the respective company think to comeup with some innovative in their products that is lassi. Therefore, the innovator suggests to bringGreen tea lassi with Papaya as it is healthy or tasty as well because this will boost immunity andsoothe a sore throat of people. There are various significance of the innovation for respectiveorganisation are mentioned below:Innovation outcomes in enhancing Essence Drink sales and assists to generate revenue.Also, new or creative products offerings according to the requirements as well asdemands of consumers outcomes in maximising its satisfaction level and loyalty (Collyer,2017). 1
This also support in developing goodwill into marketplace that are essential for attractingmore numbers of clients. This aids in attaining the objectives Essence Drink in specifiedtime period. Apart from all this, innovation is crucial for whole company as well as the employees asthis act as a growth and improvement tool for firm. So, Essence Drink is plan to come up withGreen tea lassi with Papaya to satisfy the wants and requirements of clients and also formaximising sales. Furthermore, innovation as well as invention both are generally different fromone another. The USP of the Essence Drink is lassi the founder want to create innovation into itsexisting products instead of replacing it from other invention. So, respective firm are notimplementing any kinds of invention as if it will change their USP then its sales minimisesautomatically. The comparison between innovation and inventions are explained below:BasisInnovationInventionDefinitionIt means applying create ideas intoexisting products (Davies and Horst,2015). It is occurrence of ideas or thoughts forgoods that have been not performed asyet.ConceptsCreative ideas are executed in practicalway. Original ideas and their process intotheory.Skills neededMany skills are needs like strategic,creative, technical, marketing and so on.Herein scientific skills are needed.ActivitiesIts activities are spreads into wholefirm.Its activities are bounded up to researchand development section.What is itThis adds value into existing productsor services.In this newly products will bedeveloped.Focus onIts focus on accumulation of variousproducts and activity.Its focus mostly on specific methods orentire process. P2.Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationFor all firm, it is important to has clear visions regarding predetermined objectives. Forsuccessful growth of Essence Drink and obtaining effective position into market so it issignificant to deliver objectives, mission and vision of the business enterprises to all employees2
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