Innovation and Commercialisation Assignment (Solved)
Added on 2020-10-05
17 Pages4988 Words209 Views
Innovation andCommercialisation
Table of ContentsINTRODUCTION................................................................................................................................3LO1.......................................................................................................................................................3P1 The concept of Innovation and its importance to the organization in comparison with invention..........................................................................................................................................3P2 The impact of organisational vision, leadership, culture and teamwork in shaping Innovation and commercialisation.....................................................................................................................5LO 2......................................................................................................................................................6P3 The 4Ps of innovation and the use of innovation funnel to examine and shape innovative ideas.................................................................................................................................................6P 4 Explaining development in the Frugal innovation.....................................................................7LO 3......................................................................................................................................................8P5 The importance of commercial funnel and application of New Product Development processing for Commercialisation of Innovation. ...........................................................................8P6 Innovation business case for Essence Drinks Company along sources to access of funds .....10LO 4....................................................................................................................................................11P7 Tools used by the organisation in order to protect its intellectual property and Knowledge....11CONCLUSION...................................................................................................................................11REFERENCES...................................................................................................................................12
INTRODUCTIONInnovation is a systematic process of discovering and coming up with new ideas and strategies in order to make a new product or modify the existing one, so that it can lead towards the growth and success of organization. Invention is the process of coming up with new ideas as well asexecuting and implementing those ideas by conducting a systematic flow of activities relating to theinvention of the product and initiating the innovation process for the company. The report is based on the case study of “Essence Drinks” company, which is a beverage company famous for its product called “mango lassi”. The company has decline in their sales and thus it comes up with the innovation process to acquire back in the market. The report will highlight on the innovation procss of “Essence Drinks” company. It will also focus on the difference between innovation and inventioncomponents. Further the report highlights on the different types of innovation and the process of commercialising an innovation. The report will also mention the ideas and techniques used to protect the rights of the company in innovating a product. LO1P1 The concept of Innovation and its importance to the organization in comparison with invention.InnovatingInnovation can be defined as transforming unique and different ideas into practices. It resultsin providing more effective and qualitative services to to customers. Invention:The term invention can be defined as a process of launching some new product or services
or any idea in the market that yet has not be served ever before. Intention refers to generation of new ideas in context of new engineering or scientific methodologies or techniques. Difference between innovation and invention:
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