Innovation and commercialisation - Chilly organisation
Added on 2021-02-21
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Innovation andcommercialisation
INTRODUCTION In general context, innovation is known as creation of something new in existing product.It is very important for all organisations to innovate their products in regular interval. Thisensures customers are getting something new every time and customer satisfaction is increased.This leads to increase in sales and profits for the company. In the following report, Chilly'scompany is considered which has recently designed a modern & stylish product i.e. plastic bottleof high performance technology and eco friendly benefits. This organisation was founded by TimBouscarle and James Butterfield. The main objective of these two is to provide chilled water topeople when they are outside home. The present report includes discussion about 4 P's ofinnovation, innovation funnel, business case and tools for protection of intellectual properties. TASK 1 P1 Innovation is the invention of fresh ideas, imagination and thoughts that can beimplemented in services & products. Innovation is important in organisation as it is helpful increation of new business models and making change in present environment for delivering betterservices & products (Biemans, 2018). These innovations and creations provide value tocustomers in this competitive market. Innovation is essential in business organisations as itprovides opportunity to deal in competitive market. The management of Chilly organisation isfocusing in order to formulate and introduce a new product i.e. smart water bottle. This bottle isknown as smart as it will let you know it's time to drink water. There is application which trackand monitor intake of water by the person. These is helpful to adjust goals depending uponexternal factors. Innovation in Chilly is helpful for management to make more money andprofits. Another term is invention which is sometimes mixed with innovation, but they both aredifferent terms and have different meaning. Invention is defined as creation, development,designing & discovering of various methods, process and approaches which are not present incurrent market. Difference between innovation and invention Basis Invention Innovation Invention is termed asInnovation is defined as
Definition occurring of idea that createsdevelopment in a product orservice. creation of new ideas that areimplemented on existingservices, products and processof the organisation. Emphasis Mainly it focuses on creatingnew services and products. Innovation emphasises ondeveloping values in productoffered. Aspect This is generation of ideas andtheir functioning in theory. This is practicalimplementation of creative &new ideas. Skills needed The business owners musthave employees who haveinnovative skills, scientificskills, creativity and analyticalthinking (Etzkowitz and Zhou,2017) . This person must have goodmarketing research abilities,strategical thinking andtechnical skills. Occurrence This is occurred when newideas come into person's mind.This occurs when there isrequirement for improvingproduct or service. Example Nikola Tesla is a greatinventor. Ada Lovelace is name of aninnovator. P2 Innovation & commercialisation are two terms related to vision, culture, leadership andteamwork of the company. It is seen that innovation influences and impacts these factors.Leaders have to change their ruling and guiding when new products are launched in markets. Organisational Vision – There is significant vision of every organisation and it providesinformation about goals & objectives of organisation. Organisational vision affects managers andemployees as they have to put more efforts to provide innovative products to customers.Employees of Chilly organisation have to conduct effective market research before launchingproducts in market (Bain and Kleinknecht, 2016) . The vision of Chilly organisation is to provide
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