Innovation Business Case for Smart Garbage Bin

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
The major difference between invention and innovation along with the explanation of
innovation...............................................................................................................................1
Types of innovation................................................................................................................2
Importance of innovation in Big-Belly...................................................................................3
Analysis of different sources of innovation............................................................................3
4Ps of innovation....................................................................................................................4
What is meant by frugal innovation.......................................................................................5
PART 2............................................................................................................................................5
Importance of commercial funnel and application of New Product Development (NPD)....5
Innovation Business Case.......................................................................................................7
Evaluation of Different Tools for Protecting Intellectual Property........................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The set pattern of using different elements and alternatives to perform the specific tasks
and job is considered as the innovation that is effectively implemented in the workings of
organisation. Thus the innovation can be used in the confines of an organisation to introduce any
existing product with a enhanced level of potential to increase sales and profitability by it. The
respective organisation implements such a level of innovative ideologies in the manufacturing of
current product and services to promote the said brand as well as to compete efficiently with the
influential market rivalries. Thus such use of the innovation within the organisation directly
interrelate it with the commercial policies. Thus the effects of both the factors innovation and
commercialisation hold the respective significances in terms of the growth and survival of the
business.
The report here is presented in relation to the big industry of waste and recycling
management Big Belly. Thus the report paper comprises of the significant differentiations
between invention and innovation. The importance and need of innovation in the said
organisation are also discussed in this project. It combines the 4 P of innovation and innovation
funnel whereas it also throws light on the sources of innovation. The overview of frugal
innovations and funnel of commercialisation is also given. Along with all these essential
information the project does also signify the tools and cases for the securing the intellectual
property.
PART 1
The major difference between invention and innovation along with the explanation of innovation
Innovation: The process of combining the certain operations and tasks with the fresh and
unused criteria of working and performance to modify the respective products and services and
their functions is can be understood as the term innovation. The nature of innbovatio0n is to
emphasise more and more on to the creativity and unique ideologies and implementing the useful
changes in the procedures.
Differentiation between innovation and invention
Basis Innovation Invention
Aim The innovation is aimed at bringing more While invention has the main goal to
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values and certainly optimizing the
efficient use of resource to get the most
favourable outcome from the procedures of
existing goods and services.
create and introduce afresh product for the
consumer segment of respective
organisation.
Presen
ce
It takes place only when the operational
processes within the company are prove to
be less impact full to beat the competitive
rivalry of organisation, as well as it can
also be implemented when the said
innovative approach is evaluated as more
effective and efficient in comparison of the
existing procedures and elements.
The presence of invention cannot be
determined according to the plan of action
in the respective company. It does takes
place when a new thought or idea hits
directly to the management of the
organisation, thus the invention is only
applied when the organisation gets
ensured by its quality to satisfy the market
needs and demands on given standards. .
Types of innovation
The need of innovation in the management and operation for the growth and development
of the particular organisation is classified in certain groups which are evaluated timely to use the
right set of innovations within them. These classified parts are considered as the types of
innovation, and majorly there are only types of innovation which are as follows:-
Incremental Innovation- This is the first and foremost type of innovation it seeks to
incur less expenses for the overall process. Besides that it focuses on the current product and
services in the market and it optimize their technology and variations that ultimately enhances
the value of the products towards its respective consumer base.
Disruptive Innovation- Another name for this process is stealth innovation, it is known
as to apply effective and new techniques into the market procedure of company. It is more cost
ans time incurring as to operate such new technologies in the market, the management of the
company is compiled to make certain plan of action and it is essential to understand the need of
the market and analyze the competitive strengths.
Architectural Innovation- This is the type of innovation in which the whole procedure
is based on learning and adapting the skills and certain technologies in different marketplaces.
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