Innovation and Commercialisation Report

This report analyzes the importance of innovation and commercialization in the context of Essence Drinks, a company aiming to innovate its mango lassi product in the UK market. It explores the role of organizational factors, the application of innovation models, and the process of new product development. The report also discusses tools for protecting intellectual property and developing a business case for innovation.

INNOVATION
AND
COMMERCIALISATION

Table of Contents

INTRODUCTION
In present era, every organisation can deal with various types of demands and
satisfactions of the customer which can way of success of an organisation. Innovation is a art to
invent new things (Bigliardi and et.al., 2013). It is also the means of qualify the different
business models in the references to provide change in business environment due to supply
effective products & services. The particular assignment based on the Essence drinks established
by Akshay kumar. The firm has been provided mango lassi to their customer in the UK market
but it can not work properly so as a result after 3 years sales of lassi beginner cut down. Thus, the
founder of the firm to bring out innovation into lassi for UK market. In the particular report
focused on explanation of innovation and difference between innovation ans invention. Apart
from describe about organisational vision, leadership, teamwork, culture and 4p's of invention. In
addition, development in economical creation and value of technical stack and their utilization in
the regarding new commodity alteration. Appraise different tools to develop knowledge and
rational place.
TASK 1
P1 Innovation and their importance
Innovation is the process of translating an idea or creativity that are represented or
implement in the reference of new ideas or methods. In process of innovation include various
business activities that can be done in effective way to uncover new ways. In the context of
Essence Drink is the little criterion firm which are selling mango lassi in the UK market. After
some times sales of the fir go down so founder of company Akshay kumar thought about to
innovation with lassi. The team of the company has been suggested to innovation bring that lassi
with fruit punch due to healthy drinks as well as tasty taste can boost their immunity (Collyer,
2017) . There are provided various importance of innovation in the respect to given organisation
that are defined below -
 Creative Development – As innovation focus on qualities on particular product and
achieve growth by creative development. There is ned to learn about their business skills
after that develop according to situation and find out different types of opportunities for
the potential of new market regarding to company of essence drinks.
1

 Continuous Improvement – An innovation can provide sustainability to their
organization to continue development after that focus on the repackaging and re-
branding. As a founder Akshay kumar can determine the need of innovation to get
growth and improve business skills in essence drinks.
 Responding to competition and trends – Innovation can help to see market
opportunities which can grab by an organisation to get competitive advantage. When
essence drinks can not focus not customer satisfaction so they can not take interest in
their products. There is need to observe market trends and apply in their business that is
know as innovation (Doloreux and Shearmur, 2015) .
Apart from this, innovation is play significant role in any organisation where consist of
different staff members because they are playing role as growth tool of an organisation. Hence,
essence drink is selling mango lassi in the market to fulfil the demand of customers and
enhancing sales. In further, creation and conception both are part of modification but they are
different with each other. In the context of essence drink, last some time they are seeing
competitive market so as a result sales of company has been decreasing. The company utilise of
creation in those products which is already sale out by business. With the help of this business
invest into further activities existing product so their business take time to set up again in
particular UK market. There are defined difference between innovation and invention -
Basis of comparison Innovation Invention
Definition The process to any organisation
apply new idea and policies to
innovate existing product.
It is related to any idea and process
can apply on the goods or services
which can not produce before.
Concepts Utilisation of new thoughts Apply as an theory
Skills Necessary To conduct activities of innovation
need to various skills like
marketing, strategic and
mechanical
For this need to scientific skills
Activities Distributed in the whole business Limited research & development
department
What is it Modify existing product and Develop new product to gain profit
2

services as per customer
requirement.
Focus on Combinations of several products
as well as procedure
There are focusing on the process
of new product
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
Each business set objectives, vision in the relation to pre evaluated goals and objectives
(Davies and Horst, 2015) . Through effective work of the company essence drink can gain better
improvement and develop strategy in the regarding of the business. It can help to get better
position in the particular market and fulfil of vision, mission and objectives. The given
organisation have long term mission, vision and objectives to run their business in smooth
process and develop good image in their market field. Hence, in any organisation culture, work
group and leadership can play major role to provide shape to the innovation and
commercialisation in different way as per the management prospect. There are providing relation
with organisation as mentioned below -
 Vision – There are vision of the essence drink to give their customer tasty and delicious
lassi with fruit punch the United kingdom. It further, they want to improve health with
the help of their products and provide choice. With the help of lassi with fruit punch they
are become leader of UK market and fulfil the demand of their customers regarding to
business growth.
 Leadership – In the process of innovation a leader both are play their essential role to
implement new idea lassi with fruit punch in the reference to improve company position.
It is responsibility of a leader to direct their team according to planning and acquire
company policies. In the respect of company a leader can focus on every business
activities in the relation of employee and employer. They can guide to team how to
implement innovation process in easy way. A manager and a leader both are important
who can monitor and control over all activities of the business.
 Culture – Every organisation have their culture and it can play significant role in
invention there are considering rules, norms, beliefs and values as well as regulation
3

which is prepare by top management to improve standard of essence drink. There is need
to maintain friendly and easily culture where all staff members can fell comfort and work
with happiness. It will be healthy and positive where staff member work in effective
manner (Etzkowitz and Zhou, , 2017).
 Team Work – To implement new ideas and for any process need to a team to conduct
various activities in manage and control every thing in systematic manner. In the simple
term, with the help of a team essence drink can easily apply their innovation idea and get
success. They can also gain their goals and objectives in the reference of a company.
There is need to perfect team to implement innovation process and they can work on time
(Innovation. 2019).
TASK 2
P3 The 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas
The innovation mix model was evolved by the John Bessent and Joe Tidd. The main
purpose of this model is to identify the changes which are needed to implement in any company
for bringing innovation in the processes. This tool involves the 4p's which are as follow: product,
process, position and paradigm. The Essence drink company applies this model to bring
innovation in their products and services. The description of different elements of innovation mix
model mentioned below:
Product innovation- It is related to changing in the style of production to attracting more
and more customers. This innovation requires changing the pattern of production to satisfy
customers. Eventually, it is important because customers demand can not be remain constant.
The Essence drink company innovates their drink products for example they change the taste of
lassi by adding fruit punch in it.
Process innovation- Process innovation is the key element of the creation mix model. It
consists different changes in the process of production. Due to this companies can get the
advantage in many terms like they can save the time and cost in the process. The Essence drink
company makes several changes in the process of lassi manufacturing and because of this cost of
lassi occurs low.
4

Position innovation- Position innovation is related to changing the market area wherein
companies offer their products and services. With the help of this organisations can spread their
products in more locations. Additionally, it is important to focus on different clients. The
Essence drink company, serves their customers on those locations and areas in which demand is
high and due to this they gain good profit (Pellikka and Malinen, 2014) .
Paradigm- The last component of the innovation mixture model. This consists various
kind of theories, model and principles that defines about where, how and why product is used.
The Essence drink company utilization this for analysing their drink products present dominant.
Innovation funnel is a kind of theory that is related to development of new ideas and
concepts of the products and services. It is an important model for companies to bring effective
changes in the products. Herein, some environment of invention funnel are mentioned above: Possibility classification - It is first part of innovation funnel which is related to the
identification of the opportunities in the market. This can be done with the help of
5

collecting data and information about customers need and demand. The Essence drink
company use this to identify the opportunities in their market. Insights based ideation - This is related to the market research by various surveys,
committees etc. The main purpose of this is to identification of opportunities as per the
strategies. The essence drink company use this for analysing the right strategy for
opportunities (Plewa and et.al ., 201) . Conceptualization - Conceptualization is related to designing the concepts on the basis of
ideas which are founded in the above phase. The commodity invention of essence drink
organization is done on the basis of development of concept, that defines what changes
needed to be done. Evaluation and benchmarking - In this stage companies evaluate the performance of the
product on the basis of sample product used by some selected customers. The essence
drink company evaluate the response of the newly launched lassi with fruit punch. Go or not to go - After analysing the result of sample products from the selected
customers, company makes decision about launching. The essence drink company
measures the result the sampling of lassi and make further decision.
 Launch - It is the last stage in which final decision is taken about launching of products
and services. The essence drink company launches their lassi with fruit punch in market
of UK.
Above mentioned creation conchoid assist essence drink company in find out the scope
of lassi with fruit punch in the UK market field. It is appropriate for innovation funnel and after
the launch of the product taste and give feedback.
P4 Development in frugal innovation and how to used in given organisation
Frugal innovation is the continuous process of deduct complexity and cost of sales
regarding to their production. It is most important because it is related to invention and
innovation process and most of the companies can apply in the reference to create extra factor.
There are, essence drink are bring out lassi with fruit punch in the UK market to attract their
customers and gain substantivally profit.
New market opportunities – In present time every organisation before launching any
product firstly investigate and examine the needs of customer after that prepare strategy
6

according to that. It will provide help to essence drink to prepare innovation process in effective
manner at the competitive market place.
Resources – Essence drink can ensure about the their product after that according to
product utilize maximum resources to manufacturing their products. As economical invention
can be possible with their part and evolve resource on the basis of ability (Razak, Murray and
Roberts, 2014) .
Invention stack – It is mainly affiliated with develop brand-new products of essence
drinks in the context of lassi with fruit punch and it can provide competitive advantage at the
market place.
Frugal innovation can comprise of two segments which are determined below -
Problem – It is not easy to conduct market activities easily because in competitive market
place. So there are creating many problems which can come when develop new market.
Related to product – These problems are related to new product and marketer need to
origin possible existing sources. Essence drink can relate to with product to fulfil the aims and
objectives of a company in effective manner.
Generating idea of innovation – After that generate new idea regarding to their product
and for this firstly monitor market trends and understand customer perception then prepare in
effective way.
Screening new idea – at the stage an organisation planning to about their product and
how to screen that in effective manner.
Idea screening - In this process innovative idea of lassi with fruit punch will be screened.
Testing – In the stage testing is important to any product before launch.
Internal analysis – The particular process can determine the administration of assets and
analysed as best way (Pfeffermann, Minshall and Mortara, , 2013).
Review market place – After all activities there is need to take feedback from market
place.
7

TASK 3
P5 Importance of the commercial funnel and the application of new product development in the
process of commercialisation of innovation
Commercial funnel is best way to show path that how can utilise their goods after
implementation various strategies. Hence, it is understanding that funnel which is important for
Essence Drink growth. Explanation regarding this is provided below:
Pricing policy – According to UK market place they can set price of lassi and also
provide extra services so charge amount of those services. As usually clients do not want to extra
pay for the new product so commercial funnel help to execute new strategies for pricing and
finding the behaviours of the consumers in reference to several pricing.
Improving ways for business growth – Commercial funnel can help to provide different
ways that can help to get business growth in effective manner. To analysis of particular stages
regarding to consumer can be recognised into funnel and satisfy to wants as well as requirement
of consumer.
Growth of technology advancement – It can help to get technology advancement and
apply in the organisation to remain long time period in market. It can help to get growth for long
time and easily provide products to consumer.
Execute investigation programs – There are need to execute different types of
investigation programs in the regarding to market trends and customer perception (Robertson,
2014) . The process of commercial funnel play significant role that is important to carry out the
invented products at market place and get growth.
New product development states that it is a lengthy process where are including different
steps that are mentioned below:
Idea generation - Herein, innovation are bring in lassi for developing innovative ideas by
performing suitable research. So, this is crucial to collect data for innovating new products. In
present time every one wants new so company think to modify their product in effective manner
as per the demand of customers.
Idea Evaluation - In this ideas which are produced by junior innovation consultant will
be analysed so that ideas which are not valuable will be avoided. There is need to conduct market
evalutaion which can help to understand the perception of customers.
8

Concepts definition - After assessing the ideas of introducing new products will get
approved. There is required to check various activities which is related to new product
development.
Strategic Analysis – The director of Essential drinks has assured which ideas of fruit
punch in lassi are set into business concern scheme and determine price, net income etc. To
launch new product into effective manner there is required to prepare effective strategy that can
help to effectively introduce of product.
Commodity improvement and experiment – The fruit punch in lassi will be developed for
the testing purpose. After create a product send to it in testing department and try it is not
harming for any one.
Marketplace examination - At this, fruit punch in lassi marketing testing are conducted
according to customers, feedback and so on in specified time periods. After that launch in the
market in proper way than examine in the market in efficient way.
Commercialisation - Herein, fruit punch in lassi price will be determine with its
marketing plan. To set goals, objectives need to prepare effective marketing plan which can
guide to understand of business activities.
Product launch - Lastly, Essence drink introduced its innovative lassi in market. There is
not ending process need to take feedback from customers about the product and modify as per
the requirement.
P6 Develop an innovation business case in the reference of organisation
Case of business in which a business collect all its necessary things that are required to
accomplish goals and objectives in a business. It is very obligatory for an organisation to be
consider before future complex and operations in reference of Essence drinks in proper manner.
Business case should in both written and verbal format.
Executive summary:
In case of Essence drinks which introducing new concept in lassi in market of UK. To
bring proper results organisation have to make proper strategies by observing various concepts
such as SWOT, pestle and porter five force analysis so that they successfully implement various
works and activities by bringing innovation and growth (Smith and et.al ., 2014) .
Mission statements:
9

Essence drinks which work on bringing new concept in lassi by giving great taste,
healthy food and give delighted experience to consumers. In their mission statement consist of -
 Give customer satisfaction by deliver products and services by meet expectations.
 The another is that make proper utilisation of resources by deliver great taste with health
to consumers in context of Essence drinks.
 Establish trademarks in market by giving best attributes to them.
Resources:
There are various possession that condition to be reckon while manage in successful way.
Organisation have to gather and allocate resources in proper way so that organisation can give
best attributes.
Market analysis:
It is obligatory for an organisation to analyse each and every aspect in proper manner
such as identification of competitors, satisfaction level of consumers and their taste and
preferences (Park and Jeong, 2013) .
Cost and benefit analysis:
Cost of lassi should be decide according to taste and preferences of consumers and it set
at moderate level.
Financial projection:
To bring innovation in their products and services in UK market organisation require
£30,000.
Ways to access funding
Every company wants to fund and it is major requirement of any organisation so there is
mention different ways of funding - Bank and financial institution – Most of the companies for funding apply in the bank
and other financial institution where are easily taken loan on trust.
 From friends and family – When people have not any option that time also take loan
from their family that is best way. There is no need to pay interest.
10

TASK 4
P7 The different tools for firm to develop, protect and retain knowledge and intellectual property
There are essential to an organisation to secure and protect their product from another
companies because in present time mostly companies are copied to other products and sale out
with their name so their is need to essence drink for protecting their products.
Trade secrets – The particular concern with commercial values of information and there
are applied for contract law and so on (Nählinder, Tillmar and Wigren, 2015). Essence drink
could protect the identity of their lassis by registering and assigning a trademark on the
packaging. Various brands use this tool before marketing their products for example apple
Copyright - It is a lawful method which can defined to authorisation and precise who can
create original product. In the reference of essence drink take copyright of their innovative
product regarding to area of United kingdom. For example when a business is applying certain
music in their promotion policy this can be copyrighted to prevent others from using it.
Patents – It is right of the owner which can help to exploit any problems in the reference
of innovation mention with the help of patent. Hence, Mr Akshay kumar has to taken patent
regarding to their new product innovation. Essence can patent their new innovation by taking
rights from that government for their products and services.
CONCLUSION
All above the report it has been finished that innovation is important part of whatever
business which can help to gain success and help to remain in market for long time. It can
provides competitive advantages and add new features in existing product and developing
something new to attract more clients. These are defined as quality between invention and
innovation because both are different because invention means modification in product on the
other side innovation means creating something new. To apply innovation there is need to know
about organisation mission, vision, culture, leadership and team work. For the innovation process
apply 4 P's which can help to organisation to develop unique characteristics. To getting security
regarding to their product company has been apply various tools like trade secret, copyright,
trademarks and patent. Hence, every company has been developed effective business case to
increasing profits and adopt market share.
11

REFERENCES
Books and Journals
Bigliardi, B. and et.al., 2013. Technology transfer and innovation: exploring the multifaceted
nature of this interaction. International Journal of Technology Transfer and
Commercialisation. 12(1-3). pp.1-7.
Collyer, F., 2017. The corporatisation and commercialisation of CAM. In Mainstreaming
complementary and alternative medicine (pp. 81-100). Routledge.
Davies, S. R. and Horst, M., 2015. Responsible innovation in the US, UK and Denmark:
governance landscapes. In Responsible Innovation 2 (pp. 37-56). Springer, Cham.
Doloreux, D. and Shearmur, R., 2013. Innovation strategies: are knowledge-intensive business
services just another source of information?. Industry and innovation. 20(8). pp.719-
738.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Pellikka, J. T. and Malinen, P., 2014. Business models in the commercialization processes of
innovation among small high-technology firms. International Journal of Innovation
and Technology Management. 11(02). p.1450007.
Plewa, C.,and et.al ., 2012. Technology adoption and performance impact in innovation domains.
Industrial Management & Data Systems. 112(5). pp.748-765.
Razak, A. A., Murray, P. A. and Roberts, D., 2014. Open innovation in universities: The
relationship between innovation and commercialisation. Knowledge and Process
Management. 4(21). pp.260-269.
Robertson, S. L., 2014. Corporatisation, competitiveness, commercialisation: new logics in the
globalising of UK higher education. In The Internationalisation of Higher Education
(pp. 31-44). Routledge.
Smith, H. L., and et.al ., 2014. Entrepreneurial academics and regional innovation systems: the
case of spin-offs from London's universities. Environment and Planning C:
Government and Policy. 32(2). pp.341-359.
Nählinder, J., Tillmar, M. and Wigren, C., 2015. Towards a gender-aware understanding of
innovation: a three-dimensional route. International Journal of Gender and
Entrepreneurship. 7(1), pp.66-86.
Park, J. and Jeong, C., 2013. Financing the Commercialisation of Green Innovation. STI Policy
Review. 4(1). pp.94-118.
Pfeffermann, N., Minshall, T. and Mortara, L. eds., 2013. Strategy and communication for
innovation. Springer.
Online
Innovation. 2019. [Online]. Available through: <https://www.toolshero.com/innovation/>
12