Innovation and Commercialisation Report

This report analyzes the concept of innovation and commercialization using Essence Drinks as a case study. It explores the importance of vision, leadership, and teamwork in driving innovation, examines the innovation funnel process, and discusses the application of frugal innovation. The report also delves into the commercial funnel, new product development, and intellectual property protection strategies.

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................2
LO 1.................................................................................................................................................3
Explains how organization vision, team work, leadership or vision can make the process of
innovation....................................................................................................................................4
M1 ..............................................................................................................................................6
LO 2.................................................................................................................................................6
4Ps of innovation........................................................................................................................6
M2 Assessing the innovation funnel process in Essence Drinks................................................9
M3...............................................................................................................................................9
D1................................................................................................................................................9
LO 3...............................................................................................................................................10
Commercial funnel:...................................................................................................................10
Commercial funnel is the activity to promote the product sales in the market by applying
different marketing promotional activities (Witell and et.al., 2016). Without marketing the
product company could not create a product image in front of the buyers. However, this is
very important for the new products which selling in the market at first time. .......................10
M4.............................................................................................................................................13
LO 4...............................................................................................................................................13
Tools to access the product the knowledge and intellectual:....................................................13
M5.............................................................................................................................................14
D2..............................................................................................................................................15
CONCLUSION..............................................................................................................................15
INTRODUCTION
Invention and commercialization is the process of creating unique services or commodity
that never made before. Basically, Innovation can be created so many distinct and unique product
or services in order to get the customer attention towards the best and enlarging goals. Present

study is based on innovation and commercialization of Essence Drinks which is founded by
Akshay Kumar two years ago. Mr Akshay found this company with one drink (A healthy mango
lassi) into the UK market. After some period, company started facing drastic changes in sales
due to entering new competitors in the market. Essence Drinks will be going to introduce new
product development that is organic Drinks for all kind of age group peoples.
Study further discuss about the importance of innovation and comparison between
invention & innovation. Also, it explains how vision, leadership and team working can help
company to build a new product idea. However, to promote an idea and product required some
essential innovative strategies that helps to make the good image of the company in the market.
Report also talk about the concept of frugal innovation by supporting new product development.
LO 1
Innovation has become a buzzword in the business world which is required to grow the
business in this competitive environment (Ajith and Goyal, 2016). Innovation is the term, which
connects the points between invention, and find out the best potential for improvements. This
process helps to fill the gap between the market and customer needs. Overall, process attracts the
customers towards the product or services. Further, in the study, In order to invent innovative
product. Essence Drinks planning to launch new Organic lassi drinks with some healthier
ingredients for all kind of age customers.
Invention is the process which creates something new but on the same side, innovation
makes something for sells. Innovation is more popular word rather than invention that makes
great sense which develops into the new market zone.
Importance of innovation
 Innovation is the most vital for the company to keep the brand value maintained in the
competitive market.
 Innovation is crucial to realize marketing needs & wants of the customers. That helpful to
create more valuable products for buyers.
 Innovation in product line will help to attract number of the best talent and growth.
 Innovation also very important for Essence to stand out against competitors.
Innovation VS Invention:

Innovation is Easy- Innovation is Genius
Innovation makes changes in the existing product or services. Innovation is more flexible
and reliable process rather than invention. Very few inventions are, by themselves, successful
innovations (Amabile and Pratt, 2016). This is the first difference that presented the importance
of innovation as compared to invention.
Innovation have better vision with better applications
Innovation is less risky than invention. It is not fixed that people will like the invention
for which company invest high amount on the invention process. On the other hand, innovation
creates some new offers and attractive attributes which comparatively attract the people towards
the product or services into best and efficient manner.
Single product /process:
Another difference that shows that innovation is better than invention that is invention is
based on the single product or process (Boyd and et.al., 2017). But on the contrary, innovation
focused on the combination of various products or process which is more significant for the
company in better growth. Such as Essence Drinks set the vision to develop innovative Organic
drinks for the customers. The main aim behind this innovation is to give more value to the
customers.
Explains how organization vision, team work, leadership or vision can make
the process of innovation
Innovation is a collaborative process by which organization abandon old paradigms and
make significant advances. Innovation ideas come from several sources which includes
unreasonable demands or goals and time pressures.
Vision : Company vision has always creating a set of skills and advanced technologies
within the organization development (CORTIMIGLIA and et.al., 2015). Vision and mission is
the starting point for strategic plan, objectives and metrics which continue the long range of new
development goals. Effective vision helps company to get the new ideas and build the innovation
process in order to meet out the company aims and objectives.
Vision of ED
Vision of ED is to enhance the company profiles and market share of the better
development process.

Leadership : leadership is another effective style or practice that helps company to get
the best advanced results and new target opportunity to bring better goals and services. In
innovation process, leaders play a most significant and crucial role where they motivate or make
everyone one confident to achieve the task in more efficient manner. It develops the betterment
and leading target opportunity in order to learn and develop the better goals and opportunity for
the company growth. Leadership helps to shape the innovation by applying different techniques
for employee development and create positive culture within the organization (Epstein, 2018).
Leadership sustained the continuous development within the organization that brings new
thoughts and ideas between the employees. Leaders of Essence Drinks motivate employees to
think something different and different in order to compete with the competitors.
Leadership style adopted by the Essence Drink is to motivate people by accomplishing
their basic needs and wants such as good salary, positive work culture, formal informal group,
incentives etc. this leadership style motivates employees to work into more productive manner.
Culture : organizational culture define whether company approachable or not. Essence
Drinks should need to maintained the proper result goals and building the relationship
opportunity that brings new growth or services which makes good impact on the better
development growth. If we stick to the definition above to the betterment of goods and services.
Essence Drinks working environment is very effective and positive which is beneficial for them
to enhance target goals. Essence Drinks provides working hours' flexibility, holidays, medical
assurance facilities. Through employee get motivates and happy and perform their duty in
productive way.
Teamwork : Teamwork is the another element which contribute in the process of
building innovation. Team work has always made task more creative and productive to
accomplish the company's aims and verifiable. Teamwork is very must within fraternization in
order to launch the new services and growth (Jayaram and Vickery, 2018). Team leaders helps
each other and support each other in the critical situation. This situation increases the level of
individual confidence and bring positive working environment that helps to shape innovation
ideas.
As per the current situation employees of Essence Drink are ineffective who does not
make good efforts towards the accomplishments of goals and objectives. Apart from that, it also
makes the negative impact on the company sales volume and goals.

M1
In order to increases the innovation sources through Essence Drinks can build the better
development process. Innovation is the process which always need positive working
environment, creative thoughts within environment. There are some ways or sources through
innovation can create such as by organize brainstorming sessions for innovation plans. In which
create leaders and employees which come up with innovations. Another sources of creating
innovation plans are engage employees in a better way. Another sources of building an
innovation is to create the better advanced environment are to encourage risk taking practicing in
a more innovative and leading manner.
LO 2
4Ps of innovation
In order to build the capacity to managing the innovation and the great process of
achievement for the company. Apart from that, innovation 4Ps is the elements which create great
deal in order to develop the challenging task performance.
Product : this is the first question which created in the company that how they improve
their existing product or services (Jorna, ed., 2017). Product mix helps to make the products
more creative and unique as according to the existing product. Product mix guide company about
the incremental changes which required exiting product to beat the level of competition. Such as
Essence Drinks required to make the innovation with a healthy mango lassi.
Process : Process is the another mix of innovation which defines the process to offering
the new product or services to the end consumer in different styles such as styling, designing,
hiring people accordingly, supplier, work process etc. this mix contains all these activities and
goals to get the innovation done successfully.
People : Position define the mix which express or clear out the place where the new
offering will be going to place in the market. People innovation mix define the target market
customers or location where they want to sell the new product services. In this innovation mix
target groups are customers, employees or public. People also refers to employees which is well
trained and creative to promote the Essence Drinks in the market.
Press: Press represents in the form of media that influence customers sometimes in
positive or negative way. This innovation mix define or express the fact that might be uncertain.

In other words, this is not necessary that every innovation has given positive impact on the
market for which company needs to be more positive and challenging dealing with the change.
Innovation funnel is the term which express as a mechanism that helps to steam o
new thought for the better viability (Kang, Burdon and Mooney, 2019). Innovation funnel
management is the process or an approach for innovation that is used by many companies to
create an innovative and realistic action plan.
Application of innovation funnel at ED:
Funnel innovation is very important to generate many ideas as possible. This process
helps company to select the best idea from the activities and goals to develop the business profit
and result goals. Basically, funnel innovation is defined as a three steps Mouth of the funnel,
Narrowing part of the funnel is the last step which ensures that the weather selected idea of the
company is suitable or not.
Frugal innovation is the concept which urges company for betterment and growth. In other
words, it frugal innovation is the best and developing goals which helps company to innovate the
long lasting goals and objectives to accomplish the customer needs and goals with low cost and
using less resources.
Frugal innovation and Essence drinks:
Illustration 1: Funnel Innovation
(Source 2: Kesting, P. and et. al., 2016)

Frugal innovation is most required for Essence Drinks to reduce the company cost in non-
required items. Frugal innovation eliminate the unwanted things which creates the non-enlarging
and ineffective result outcomes to meet out the goal oriented process to analyze the enlarging
process goals. This helps to invent new environment and create a more energetic productivity
among employees (Kesting and et.al., 2016). This is developed within the company by helping to
adopt some measures given below:
 Lackluster growth and cutting funds to reduce debt, this helps company to focus on the
important activities.
 By helping frugal innovation, company can easily focus on the new development of
technologies.
Principles of frugal innovation
 Engage and iterate
 Flex the assets
 Create sustainable solutions
 Shape customer behavior
 Co-create value with consumers
 Make innovative friends
In order to make company more popular and competitive company planning to adopt
brand innovation strategy to reinvent the brand value again in the market. To reinvent the brand
helps to gain the customer focus and long lasting product image within the other competitors.
This is the new funnel innovation that company adopt to tantalize their brand image in front of
their stakeholders.
M2 Assessing the innovation funnel process in Essence Drinks.
The mouth of the Funnel
The main purpose of this first goal is to gather as much information and ideas as possible
to make the new idea and funnel. Process in order to generate the idea and profitability of the
business Essence Drinks required to planning for the new product development so that again they
increase their sales profit and market opportunity. For this process, company required to collect

the information from the market regarding the customer like and dislike, current drinks
innovation idea, competitors and their strategies (Mohd Adnan and Valliappan, 2019). Like
Essence Drinks taking new idea to promote their drinks by adding some more flavor with
organic ingredients. The reason behind this innovation is present customers are very health
conscious so the idea of produce organic drinks will help to attract customers.
Narrowing the funnel
In this second phase after selecting the new idea company needs to screened the idea to
ensure the reliability. Company weather the selected idea is approachable or value added or not.
Afterwords, company selecting the good ideas, resources which must be allocated to the most
promising manner in order to developed the best long lasting results and goals.
Narrowed Part of the Funnel
In this last phase of funnel innovation is to ensure that the selected ideas are tuned to the
company objectives that were drawn up when the company was started. This will continue the
working goals. This is the last phase which describes the better understanding and growing long
lasting relationship strategies to perform the goals and objectives.
M3
Frugal innovation play most effective technique in the process of innovation by
eliminating the unrequited part to reduce the company resources and resources (Silva and et.al.,
2019). This process can help to maximize the company profitability without increasing the cost.
This is important to design competitive product or services. Besides, systems thinking at the
macro level, new ways of product design and development.
D1
Innovation might be positive or negative it depends on the customer behavior, weather
they accept the innovation or not. By measuring their response company can acquire some
methods or approaches to measure the innovation development. Approaches are management by
objectives, taking feedback, measure the pre-sales ratio, profitability and market share.
Innovation created by encouraging employee and company motivation by the help of different
techniques. Such as organize group discussion to develop effective management task take
feedback and better development ideas.

LO 3
Commercial funnel:
Commercial funnel is the activity to promote the product sales in the market by applying
different marketing promotional activities (Witell and et.al., 2016). Without marketing the
product company could not create a product image in front of the buyers. However, this is
very important for the new products which selling in the market at first time.
Application and importance of commercial funnel at ED:
 Sales Funnel is the most required and important element which create new consistent,
organized and leading process for evaluating the sales leads.
 Creating a sales funnel helps company to give greater focus on the main objective to
accomplish the task into more proper manner.
 Commercial funnel makes customers more skilled and well aware about the product or
services.
New Product Development
NDP is application in which company invent or create a new product or services for
buyers. This is the strategy that helps company to rebuilt the market position, gain again
customer attention, create new competitive environment etc.
New Product Development at ESSENCE Drinks:
New product strategy : This is the first phase for the new product development process,
where innovators has to select their aims and objectives for the new product. Essence Drinks will
launch the new flavored Drinks to regain the market growth. New drinks will be available in
different fruit flavors such as fruit punch, Avacoda, Apple etc. in other words, they launch new
taste and texture in to the existing product line.
Idea Generation : in order to generate the new idea it requires to be the most generating
and challenging task in which company needs to brainstorming through internal or external
sources. As Essence Drinks has adopted new product development which organic drinks
provided to the customers. Besides, once new product has been decided the next process is to set
the ingredients of the drinks, different kinds of packaging such as weather the drinks Anti
covering, Pharma Packaging, Plastics Packaging or Flexible. So it will be deciding that, it will be
covering the new market trend in order to re growth the system.

Screening : Condense the number of brainstormed ideas have screened by the
management weather organic drinks are the good option for the company or not.
Concept Testing : This phase requires testing of the new idea that can be taken by any
form such as by creating marketing campaign and collect customer response about the product.
The concept behind the new development goals are to be satisfied with the leading task. Besides,
it also very helpful to continue the work more effectively and enlarging the new process goals.
Market testing : Market evaluation is based on the customer needs and ants in order to
make the product development process (Witell and et.al., 2016). By disclosing the result and
managing the working opportunity task to make the services more reliable. This testing
performed by most efficient manner.
Commercialization : Determining the pricing for the product or service and finalizing
marketing plans. For introducing new development plan will help to discontinue the process to
accomplish the objectives and effect. Commercialization is process in which institution sell the
final product to end consumers by different channel of medium such as by own, distributors,
retailers etc.
Product launch : This is last procedure where institution launched the commodity in the
market by the help different market activities and market plan. In this task, company needs to
produce new product application product by the help of different marketing concept and
promotional activities. Such as Essence starts their sale promotion by advertising in magazines,
newspaper, TV, social media marketing.
New product flavored is all about new flavors with different size and shape and with new
prices. Such as new flavored drinks are fruit punch, Avacoda etc. besides, ED launch the new
flavored drinks with new prices which is affordable for the buyers to buy.

Innovative business case:
Executive Summary : To build a business innovation case is the new concept to show
the company development areas to grow and build up the competitive image in the market
(Amabile and Pratt, 2016). Besides, another reason to prepare business innovation case is to
reduce the loss by offering new services products to the company. As present case consist issue
of low sales. To maximize the sales volume company needs to workers on the new idea
generation process. Present business case based on to increases the sales volume of the company
by introducing the new organic flavored drinks in the market.
Requirement : There are presenting the different creativity tool to start the process but
the need is to structure the project information on a comparable basis. For Organic Drinks
company needs to opt the unique different goals which attract the different target performance
including different goals channels (Ajith and Goyal, 2016).
Solutions : Next step to move on to the process of building innovation case. Next step is
to prepare the cost benefit analysis, clarifying opportunity needs, offer different factor analysis,
assessing stakeholder interests, clarifying uncertainties.
Need of innovation : This step required to conduct competitive analysis by explaining
the essential moves to attain the customer focus and needs.
Market researchers : In this last phase of business innovation case is to ensure the ll
activities and prepare the checklist in order to make the best and enlarging results goals. This
will help to re continue the process towards attracting the customer towards the new product
which is organic Drinks for all kinds of customers. On the other side, it will help to make the
long lasting outcomes to meet the customer needs to developing opportunity for the company
betterment.
M4
By the given business innovation case above to overcome from the company bad
performance to Essence Drinks. To measure the business innovation case Essence Drinks can
adopt some following methods to ensure the market performance in a better manner. The
innovation business case can be evaluated by the help of measuring capabilities, structures,
culture etc (Boyd and et.al., 2017). This measuring process can help company to check the actual
performance. This helps to ensure the company right direction. By the help of business

innovation case can generate new profit earning process to make the company market position
most reliable.
Sources of access funding
Angel Brooking: Angel brooking is one of the very well-known source through company
can get capital for their innovation.
Loan from financial institutions: This is the another source or gateway through
company can get different capital funding that makes the best and leading development goals. In
order to sustained in the market as long.
Family friends : Family friends also can help to businesses innovation investment. This
is the best source that ED can adops.
LO 4
Tools to access the product the knowledge and intellectual:
In order to protect the company intellectual property company should considers the same
tool and techniques given below:
Patents : Patent is the intellectual tool that help to protect the company invention from
the other rivalries. Patent intellectual tool can protect the Essence Drinks innovation product
from competitors.
Advantage It helps to protect the company from rivals.
Disadvantage It might affect company in case if company
fails to registered their company.
Strength Patent is closed by law
weakness Company needs to renew patent at some
certain period.
Trademark: Trademark is the another way to protect the intellectual property of the
company from thief's (Boyd and et.al., 2017). This is the word, phrase, symbol or design that
distinguishes the source of products or services of one business from its competitors. Company
can protect its company logo from other companies.
Advantage Trademark helps to protect company symbol
from rivalry firms.

Disadvantage It is highly costly.
Strength It is powerful legal term that must be followed
by the other companies.
Weakness Company needs to renew patent at some
certain period.
Copyright: Copyright technique protect the company originality or work of authority
which is only owned by the owner. Such as music, dramatic works, pantomimes and
choreographic works etc.
Advantage It protects company own identity
Disadvantage Copyright is inability to share work
Strength Copyrights allows the holder of the copyright
to object to uses of their work that they find
morally objectionable.
Weakness Company needs to renew patent at some
certain period.
M5
On the basis of above explained methods or tools to present techniques to minimize the
risk. Company can get safety by the help of different intellectual tools to protect the property
such as Patent, copyright, Trademark etc. all these tools are protected the company work of
authority from the others.
D2
Innovation having a unique nature who always create in a different ways. Innovation is
based on the practical situation where Essence Drink can saved the property by the help of some
intellectual property. But on the same side, the nature of innovation is dynamic and very risky, it
contains different methods and techniques that helps company to get over from the issues and
uncertainties (Boyd and et.al., 2017). Innovation helps to develop the new market image by
introducing the new product development. By adopting new product development can help

Essence Drinks to get overcome from the challenges. In order to reduce the innovative
challenges company can adopt new latest technology to promote Organic Drinks in the market.
CONCLUSION
As per the above discussed report, The study explained the concept of innovation and
commercialization with the help of new concept. It also described the innovation 4Ps that helps
to build the innovation into the action process. In other words, study presented the concept or
process of funnel innovation to innovate new idea into the company process. Overall study
concluded the role of innovation in the context of organizational development.
Recommendations: in order to recommendation, it would be suggested that company
should need to adopt changes as per the demand and trend of customers. Besides, ED also
required to use new advanced technologies to make their product more innovative and
challenging.

Mohd Adnan, S.N.S. and Valliappan, R., 2019. Communicating shared vision & leadership