Innovation and commercialisation - Essence Drinks Assignment
Added on 2021-01-01
11 Pages3618 Words476 Views
Leadership ManagementDesign and Creativity
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Innovation andcommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Explain innovation and difference between innovation and invention .................................3P2 Explain organisational vision, leadership, culture and teamwork helping in innovation andcommercialisation.......................................................................................................................4TASK 2 ...........................................................................................................................................5P3 4P's of innovation and use of innovation funnel to shape innovative ideas...........................5P4 Development in frugal innovation.........................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and application of new product development (NPD)processing for commercialisation of innovation ........................................................................8P6 Innovation business case for an organisation ........................................................................9TASK 4 .........................................................................................................................................10P7 Different tools used by organisation to develop, retain and protect knowledge andintellectual property .................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is defined as change in process and creation of more reliable and effectiveideas, products and processes (Boruah and Das, 2017). In a business, innovation is referred asimplementation of new and creative ideas for improving the current state of product or service.Innovation increases the level of success of a business. Commercialisation is defined as theprocess of launching of a new product or a production method by any company. This is the finalstage of implementation of new ideas in a product and it includes financial projections andreporting systems. In this report a case of Essence Drinks is considered. This company launcheda new drink in UK market and earned profits. This report describes innovation and theimportance to organisations and comparison with invention. It also describes hoe aorganisational vision, leadership, culture and teamwork help in innovation andcommercialisation. The 4 P's of innovation and use of innovation funnel for shaping innovativeideas are explained in this report. In addition to this, the importance of commercial funnel andapplication of new product for commercialisation of innovation and a innovative business case ismentioned. As last of the report different tools that are used to develop, retain and protectknowledge and intellectual property are explained. TASK 1 P1 Explain innovation and difference between innovation and invention Innovation is occurred when a change happens. Innovation in any product does notensure that it will be beneficial for the company (Difference Between Invention and Innovation.2019). Every technology requires updations and improvements for leading in the competitiveworld. Innovation is defined as the act of creating changes in the current product or process andintroducing new and innovative ideas in it. On the other hand, invention is creation of a newdevice or product in the market. There is a slight difference between invention and innovation asinvention is creating something and innovation is process of making changes and implementinginnovative ideas into a product. Difference between invention and intervention Invention Innovation This is the occurrence of a new and Innovation is the implementation of ideas for a
innovative ideas for a process or product thathas never been introduced before. process or product. This means a new product is created. This is addition of value to already existing product or service. This is just a theoretical idea ad it requires scientific skills. This is practical implementation on innovative and new ideas. This requires technical and strategic skills. This is concerned with a single process or product. This is a combination of different products and processes. This is controlled by research and development department of the organisation. The activities involved in the implementation of making changes in the product are spread over whole organisation. Akshay kumar launched a new drink i.e. healthy mango lassi in UK and due to this innovationthis company made profits there but after a certain period of time, the sales of company declined.Therefore, it is important for this organisation to implement a new and innovative idea in thislassi for increasing sales of the company. P2 Explain organisational vision, leadership, culture and teamwork helping in innovation andcommercialisationOrganisational Vision The vision of an organisation is a statement that demonstrates the way by which acompany operates in order to achieve a benchmark. The vision of any company influences theinnovation and invention process (Easter, 2019). This statement motivates employees to workhard and achieve the goals of the company. In case of Essence Drinks it's vision is to becomesuccessful and increase sales every year. This guides the management of the company to makeinnovative ideas that has to be implemented in product or process of the company. LeadershipLeadership is defined as the process of managing a company in effective manner so thatgoals and objectives are achieved in specified time frame (Ferasso, 2018). There are differenttypes of leadership styles adopted by managers and leaders such as democratic, autocratic,laissez-faire, participative, consultative, decisive etc. Leadership style directly affects the
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