Innovation and Commercialisation

This document discusses the significance of innovation in organizations and its role in shaping commercialization. It explores the differences between invention and innovation and how organizational vision, culture, leadership, and teamwork contribute to innovation. The document also explains the 4 P's of innovation and how the innovation funnel can shape innovative ideas. Additionally, it discusses developments in frugal innovation with examples of its usage.

Innovation and
Commercialisation
STUDENT NAME:

INTRODUCTION
Innovation is the process of unique thoughts or new imaginations to make innovative
goods and services within marketplace. Innovation always concerned as better utilization for
better solutions which is needed to meet overall marketing needs in stipulated manner. On the
other hand, innovation takes place to develop more and more innovative goods and services
within the market by following overall governmental rules and policies within nation. Herein,
commercialisation refers to procedure of launching fresh goods or production method at market.
According to this, assignment is based on Chilli’s which was established within 2010 through
James Butterfield and Tim Bouscarle in London, U.K. Main aim of this company is to offer
better ability of cold water without having purchase single use plastic water bottles. Moreover,
assignment will consist so many things such as explain innovation and analyse differences
between invention and innovation (Aryal and et. al., 2016). After this, assorted kinds of
innovation and procedure needed to modify innovation. At last, scope of methods for saving
thought and interpret their benefits and disadvantages will get covered.
TASK 1
P1. Innovation and define its significance to organisation in comparison with invention.
According to present scenario innovation refers to most effective part of every kind of
business by which they can draw in ample amount of customers at marketplace. As per this
innovative thoughts and ideas marketers are able to gain their appropriate profit by using new
technologies and strategies in a perfect way. Therefore, innovation is viewed as better usage of
amended answers that generally meets needs and demand as well as existing marketing needs. So
that innovation can take point by conditions of more than efficacious and unique commodity,
services, activity, services, applications and enterprise models which made availability within the
government and society (Carayannis, Cherepovitsyn and Ilinova, 2016). On the basis of this
innovation always considered as the something original and much effective in order to
implement on new ideas or thoughts to attract numerous customers.
Innovation:
Innovation refers to the process of translating different type’s ideas and invention into the
overall operations that formulates appropriate values for this customers willingly give fund.
Along with this innovation concerned as the replicable at specific economic cost and satisfy
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overall needs and wants of the customers within marketplace. It includes all the processes such
as application of information, initiative and imagination of various values and so on. With the
help of this an owner of the business can create effective ideas to gain better success in the
market. In reference with Chilly’s, they always make unique water bottle with huge range of
colours and lids. For more development in their project they bring innovative ideas to attract
customers (Ge and et. al., 2016). For example: If Chilly's introduced new type of water bottle
with unique colours and combination, so that it will be the good innovation on their goods which
directly influence people in an effective manner.
Invention:
Invention is the method of different kinds of services in order to develop effective
product by applying overall engineering methods to attain successful growth. It is also known as
the type of process which helps business firms to make new process for gaining overall objects in
context with business. Therefore, invention is totally different and unique function which gives
results positively by which they can achieve targeted goals. In relation with Chilly’s, it is much
essential technique for them to make every business process in a proper way. In order to make
innovative ideas and thoughts respective firm is able to provide better ideas for its employees, so
that they can develop unique services for their customers in an effective manner (Henttonen and
Lehtimäki, 2017). By having innovative plans company can get effective brand image in front of
people at marketplace. If Chilly's will implements on different types of technologies and tools
then it will affect overall organisation in positive manner also will increase customers confidence
towards their products successfully. Therefore it can be the best invention of examples in a
perfect manner.
Differences between innovation and invention
Differences Invention Innovation
Concept It is the development and
creation of new thoughts in
order to make something
special without verifying
works.
It is an activity of developing
new ideas or concepts to
develop new imaginative ideas
into reality.
Meaning It is the type of musical It is always tie up with other
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composition as well as the
imagination of goods. In order
to satisfy customers’ needs and
wants.
organisational activities into
the business to make
successful ideas and thoughts.
What is it It refers to the process for
formulating appropriate goods
and services.
Innovation generally add the
value for something to gain
huge success.
Required skills Invention must need scientific
skills (Koirala and et. al.,
2016).
Skills of innovation include
marketing and strategic skills
and many more.
Activities Before implementing
invention on goods, they
always do research and
development for better future.
It always works with different
types of operation into the
market to gain better
opportunities.
As per the above-mentioned explanation, it is terminated that, the term of innovation
always plays effectual role within the organisation to satisfy customers’ necessarily and wants in
an impelling mode. In reference with Chilly’s innovation is very important factor in order to
make their product attractive to customers. With the help of applying such kind of innovative
things they can get better opportunities in marketplace and able to increase net profit within
competitive business scenario (Kuratko and Hoskinson, 2016). Therefore, this process of
developing new ideas within the firm directly influences people in a positive way. That’s why
most of the firms use this innovation tool in order to get huge benefits with good success at
marketplace.
P2. How organisational vision, culture, leadership and teamwork can shape innovation and
commercialisation.
Innovation is much attractive or effective part of all kind of business industry by which
they can increase their growth and able to make appropriate synergies for their entire goods and
services. In relation with Chilly’s, as it designs modern and stylish plastic water bottles so that
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they have opportunity to bring more innovative ideas on their goods by which they can make
themselves attractive in front of the market. Therefore, it also focuses on various sorts of key
components includes in leadership, vision, culture and teamwork, those are elaborated at a lower
place in detail:
Vision: Main vision of Chilly’s is to introduce recyclable water bottle products within the
marketplace of UK. By applying different types of high-resolution innovative techniques they
can satisfy their overall inevitably and privation of people effectively (Mollick and Robb, 2016).
Teamwork: It is one of the best aspects which is used by numerous firms in order to fulfil
predetermined goals towards an organization. In relation with Chilly’s, they have very good team
members who always work together without creating any type of issues. So, this type of
teamwork help firm to achieve their organizational objectives properly. Good team work always
have good communication skills, so that each and every members must be able to communicate
with each other in relation with any questions, updates, ideas as well as general input. It helps to
encourage people so they share their entire ideas without any fear. It help Chilly's to make
innovative things by having effective communication with people and encourage them to shape
their ideas in a unique way. Therefore, teamwork always beneficial for firms to shape innovation
and commercialisation in an effective manner.
Leadership: According to this leader have responsibility to manage overall activities in
firm and encourage employees as well as team members to achieve goals on time (Rasmussen
and Eliason, 2017). In relation with Chilly’s this can be said that leader play essential role within
this industry as they always applied unique leadership strategies in work so that it makes
organization attractive in front of its customers and marketplace. Along with leadership generally
have unique types of innovative techniques to maintain firm’s value effectively.
Culture: It consider various types of elements such as values, beliefs, roles, universal
concepts, society, attitudes and so on. In context with Chilly’s, they generally have flexible
working culture for their employees so that they can work accordingly gain profits. If this
organization make their overall product according to economy needs and apply innovative things
on them, then they can get huge success and able to influence large number of buyers in a perfect
way. For example: if Chilly's following flexible working culture then it will directly impact on
those people who are working with them. Accordingly they can accomplish goals without facing
any issues within the marketplace.
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Based on this, it can be said that all elements are necessary within the organization in
order to make them attractive. There are huge people or good system of management Chilly’s
can achieve its targeted goals and provide better products to customers. All of the above factors
are interrelated with each other as they all are helpful to give better shape of innovative ideas
towards Chilly's, by which they can accomplish predetermined goals and able increase their sales
and revenue with high productive services (Schmitz and et. al., 2017).
TASK 2
P3. 4 P'S of innovation by using innovation funnel to measure and shape innovative ideas.
In the present context innovation is the most important technique in order to develop
opportunities of firms. Innovative ideas always give better design and shape to those ideas made
by an organization. Therefore, the main motive is to make organization attractive in front of
marketplace as well as customers. In relation with Chilly’s they always used large number of
high techniques in order to grab opportunities in future with better ideas. Whereas, 4p’s of
innovation helps to gain its unique image at market to gain huge profits at the proper time. There
are key elements in relation with 4p’s, those are mentioned below:
Product innovation: According to this firms can develop and introduce goods with
different types of innovative technologies in the marketplace. In relation with Chilly’s they
always used unique and different innovative techniques in order to give better products to
customers in a perfect way (Thakur and et. al., 2018). Along with this, they also have various
sort of elements by which they can change in products as per the customers demand. For
example: If an organization wants to launch new item or product at marketplace than they are
mainly needed to follow some statistics in order to implements on their innovative thought to
gain better success at marketplace.
Process innovation: In this process of 4 p’s generally firms implements on new ideas
and make them attractive which influence the customer most. As this process includes delivering
methods but developing goods to customers, so that an organization can meet people desired
needs and make them happy. In relation with Chilly’s as they always applied best techniques in
their work so that they have a chance to gain better opportunities in future by providing different
qualities of goods to people. For example: If firms are able to established their product than they
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are needed to innovate their goods in front of others so that they can run their business in a
smooth way and make every step peacefully to gain customer's attention.
Positioning innovation: It analyzes the product position in the market. In reference with
Chilly’s they use various innovative things in their water bottle which attract people every day.
Based on this they can reach its product on high level by which they can make more and better
strategies for long duration within the market (Walsh, Lee and Nagaoka, 2016). They applied
new strategies on their work and able to increase profits.
Paradigm innovation: In this step there are contrary kind of models and schemes which
is utilized through an organization to achieve structure goals. In relation with Chilly’s they are
using new technologies in order to achieve their goals within the competitive scenario.
Use of Innovation Funnel
It refers to the mechanism that mainly change a invariant flow of thoughts an ideas that
generally surface for practicality. It is besides referred to the process of funnel management
which is very favoritism conceptualization for innovation which is used by firms to create earthy
and modern activity plan. It consist so many stages by which Chilly's can improve their policies
and able to implements on new innovative ideas that they can substance various management
activities to customers in a proper way (Weng and et. al., 2018).
It consists different types of steps for organizations so that they can take place in
marketplace at higher level. In relation with Chilly’s this innovation funnel is important to take
proper decisions to provide proper assets to them. With the help of this they launch water bottle
with innovative techniques and eco-friendly. By this they can give better experience to customers
in an effective way.
 In order to make accurate steps Chilly's mainly focused on wide mouth of the funnel so
that they can maximize their knowledge and so many ideas which is possible to apply on
firm to launch their new item at market place.
 After focusing on it they always segment its market on the behalf of geographical area in
order to implement on screening by which they can match new ideas with targeted goals
and objectives. With the help of this they can make so many ideas in order to decide what
type of idea they should select. So that they easily utilized large number of resources to
gain better image at marketplace.
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 At last, Chilly's able to ensures that they are selecting unique idea to deliver their services
by following few objectives so that they can achieve its targeted goals and objectives.
Along with they also launch new type of goods and services in market and launch their
goods without facing any risk and all. Therefore, innovative funnel concept is easy to
adopt in order to make organization effective and reduce the chances of risk from the
firm.
P4. Developments in frugal innovation by giving examples of how it can be used in a wider
context of organisation.
Frugal innovation considered as procedure of ignoring errors from the company to make
unique process of manufacturing. In relation with Chilly’s they always implement on new
policies and strategies. Based on this they can target their potential customers and able to gain
huge success and able to gain productivity as well. There are few steps if innovation frugal, those
are following as under:
Find opportunity in contrary condition: For gaining success all type of business
required to target their potential customers as well as opportunities. In relation with Chilly’s as
they deal with high technology so that they have opportunity to expand its business in a proper
way. According to this they can meet customers’ needs and able to give better product to people
(Weng and et. al., 2018).
Do more with less: It is necessary for firm to make innovative ideas every day to get better
outcomes from the competitive marketing scenario. In relation Chilly’s they are performing
better with less fund. During the launching Eco-friendly water bottle, they use unique strategies
so that they can make them attractive and give better goods to people at marketplace.
Thinks and act flexible: From this step respective organization they always think very
innovative and give better provide to customers. Based on this employees of this organization
can make their work attractive and give better performance to achieve organizational goals
perfectly.
Follow your heart: During the lots of competition most of the companies are focusing
on their activities in order to gain lots of profits with huge productivity. In context with Chilly’s
as they make Eco-friendly water bottle so that they needed to analyses overall demand of market
to gain better growth. Therefore, they always do what they want and make unique tools and
strategies.
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With the help of frugal innovation Chilly's able to put unique products for attracting large
number of customers within the marketplace. By having flexible ideas within firm they can
achieve organizational objectives in a proper way and able to make its potential customers
properly (Zhou and et. al., 2018). For example, if Chilly's always follow new tools and
technologies in the flexible way so that they can make more attractive water bottles by which
they can successfully achieve its desired goals.
TASK 3
P5. Importance of commercial funnel and application of new product development process for
commercialisation of innovation.
Commercial funnel is also known as sales funnel that is regular procedure used by an
organization. On the other side, sales funnel generally identifies ideal journey that deals with
customers in order to provide appropriate products effectively. It is useful for Chilly's to evaluate
overall of necessity or demand of their tailored, they can supply production accordingly. It is
very crucial for every firm, this is because it is one of the best way to make unique and effective
techniques or strategies for successful market to provide better services to its customers in a
perfect manner (Walsh, Lee and Nagaoka, 2016). By using this type of funnel firms are able to
maximise their overall profits and productivity at marketplace. There are various steps which are
covered in this funnel known as New product development process, mentioned below:
Idea generation: For developing new products it is incumbent for firm to study about
internal and external environment of marketplace. Herein, Chilly’s always think broad and
conduct research before implementation on new techniques. For example: if Chilly's have idea to
launch new product at marketplace, so that they have to evaluate overall marketing situations so
that they can exist into market and able to gain better identity appropriately.
Idea screening: It is essential to screened idea so that, respective firm can bring few
more improvements for betterment of future.
Development of strategies: To achieve huge success, it is needed for respective firm to
form unique tools and strategies by which they can stay in the industry for long time period.
Along with this respective firm is able to provide better strategies to their employees within
business place then they can get better image so it can be the best example to sustain in market
for long period of time (Thakur and et. al., 2018).
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Examine business conditions: To expand business in another place respective firm is
needed to have overall measurement of market conditions to gain strategically goals and
objectives.
Product development: During the process of develop product respective firm should
analyses customers demand first and make goods accordingly.
Market test: For better test of marketing firm should take feedback from every customer
by providing them goods and services, so that they can get known about proper marketing
environment for business.
Promotion: To promote its overall assets in firm should use different types of
advertisements, online websites etc. With the help of this they can boost their products at higher
level within the country. If firms promote their goods and services at higher level then they have
a chance to gain marketing opportunities and able to increase their sales and revenue (Koirala
and et. al., 2016).
P6. Innovation business case for an organisation.
Business plan is the form of written document of various activities within the
organization context. In relation with Chilly’s they are coming with its new services inside the
marketplace by innovating services. According to this there is a business plan which is following
as under:
Executive summary: Chilly’s is coming with a new product named as Water bottle with
high performance technology as well as eco-friendly. In order to launch this innovative product,
they use PESTLE & SWOT analysis to gain huge success in a proper way.
Mission statement: Is to adopt new technologies and day to day use of reusable goods.
With the help of this they can give better services to customized. By having this type of mission
statement Chilly's needed to have unique brand image so that they can achieve targeted goals and
objectives.
Resources: Herein, large number of resources which is used by respective firm such as
technological resources, human resources and financial resources. On the basis of these sorts of
resources they can make better services in marketplace.
Financial projection: In order to bring innovative services, they would need around
£31,000. with the help of this amount they can make better financial statement in order to face so
many issues at market for launching its new project in a proper way.
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Funding ways: Chilly’s required to have different types of fund process such as bank and
financial institutions and from family and friends. With the integration of all these sorts of ways
they can make better organization and give proper satisfaction to customers towards products
(Kuratko and Hoskinson, 2016). Therefore, it is one of the best way to invest money through
taking help from family members and friends, this is because in this such kind of funding ways
Chilly's do not needed to pay money back on fixed date they can return money as per their choice
within a short period of time.
Customer Feedback: It is much essential to take feedback from customers after giving
them better attribute of goods and work at marketplace. As per this Chilly’s can make them
better and make every performance better.
From the above innovative business case it has been concluded that, if firms is able meet
their targeted goals and objectives in marketplace than they can adopt so many new things along
with get accurate information about everything which is required by them to launch new business
at marketplace. It is also helpful for them to make unique financial budget by which they can
bring innovative thoughts in their mind and able to implements on those which makes them
attractive in front of others. Therefore, it is essential for firm named as Chilly's to gain better
image within the UK. Apart from this, business case also gives a better path to them in order to
expand their business within new place through applying so many ways and new ideas.
Therefore, customer's feedback is must to known about weakness of their product and strength,
opportunities or threats of their overall services at marketplace. By considering all these aspects
they can meet desired goals and objectives in a perfect manner. So that all these above stages are
better ways to meet customer's needs at marketplace and launch their own goods in specific
scenario.
TASK 4
P7. Several tools that organisation can use to formulates, retain and protect knowledge and
intellectual property.
According to the current scenario most of the companies are using contrasting kind of
instrument and method to grab better opportunities at marketplace. The main purpose of beyond
this to defend cognition, retain and rational property. All of these elements are represented
below:
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Trademark: The type of rational holding which consist design, unique sign and
expressions which shows the brand identity of goods and services. In reference with Chilly’s
they use this element in order to gain better market image in front of their customers (Henttonen
and Lehtimäki, 2017).
Patents: It refers the generative value of property rights which generates by sovereign
authority to an inventor. It offers exclusive rights to Chilly’s in order to identify their overall
goods related to services in a proper way.
Advantages: It helps organizations to make unique policies and control in order to
provide valuable goods and services within the marketplace. On the basis of this they can
achieve huge benefits and able to give clear cost of their products at marketplace.
Disadvantages: It can be expansive for firm, because it includes lawful administrations
and direct expenses. Therefore, company should be careful before using any trademark and
patents appropriately.
According to this respective firm use patent most of the time for increasing their value in
front of their competitors as well as customers. With the help of unique patents, they can achieve
huge success in order gain specified business goals in a proper way. Along with this it a safe and
secure no one can take this right without permission of firm or business industries. Along with
this, with the help of different types of copyrights, this can be said that if they use them properly
than they are able to meet desired goals and develop unique tools and techniques in order to look
different in front of other firms at marketplace. Therefore, it is easy for firm to develop several
kind of logos and patent in order to make their work effective for customers. With the help of
these sorts of intellectual property rights they can impress customers and make them attractive in
a perfect way. It helps them to achieve business desired goals and increase opportunities for them
to gain better identification within the workplace. So that these assorted tools always considered
as an important tool for firm that makes them unique and attractive as compare to the others.
CONCLUSION
On the basis of preceding report, it has been analysed Innovation and commercialisation
is main essential view of an organization by which they can achieve goals through applying
unique and innovative techniques. Therefore, it is considered as a most important tool for an
organization which helps them to achieve competitive business scenario. There are various types
of methods of innovative ideas which is applied by manager of Chilly’s company. They can
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achieve their predetermined goals and gain better opportunities in future. By having so many
innovative creature and method they can shuffle better innovative business plan as well as
satisfied people inevitably and privation in a proper mode. Along with this there are so many
changes and policies within the country which is followed by respective firm to gain success
properly.
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