Invention and Innovation: An Introduction
Added on -2021-02-21
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INNOVATION AND COMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3Difference between innovation and invention and importance of innovation is business..........3Different sources of innovation and role of vision, leadership, culture and teamwork inembedding innovation.................................................................................................................4Different types of innovation and concept of 4Ps of innovation and concept of innovationfunnel...........................................................................................................................................5Developments in frugal innovation and its use at Essence Drinks to process innovative ideas.7Commercial funnel and New Product Development..................................................................8Business case for Essence Drinks and ways for funding access.................................................8TASK 2 ...........................................................................................................................................9Covered in PPT...........................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONIn today's competitive business environment, every organisation focuses on to bringinnovation so that it can satisfy needs of customers and also sustain in markets. Essence Drinksis a UK based company that started selling a Healthy Mango Lassi which achieved dramatic riseand rapid early stage growth. The reason behind this was its innovative formula and itsdistribution capacity. The founder of Essence Drinks i.e. Akshay Kumar decides to introduce anew and innovative drink in the market. The report will explain about the difference betweeninvention and innovation and importance of invention in the business context. The report willalso explain about the various sources of innovation and concept of 4Ps will also be discussed.Development of frugal innovation is also discussed and its uses for processing new andinnovation ideas. Further a business case will also be developed for the Essence Drinks and itwill also include ways for accessing funds for new drink.TASK 1 Difference between innovation and invention and importance of innovation is businessInnovation refers to the process or act for making changes in the existing products orservices or business processes by introducing new ideas or ways. Innovation can also be stated asbringing the change that leads to add value to products and services. Invention refers to the creation and introduction of new device or products. It can bedefined as the act for creation, design, discovery of new device, process or method which has notexisted before (Difference Between Invention and Innovation, 2017). The invention can be a newmethod or process for producing the product or it may be any improvement in the product. Essence Drinks aims at introducing new drink that can achieve dramatic rise in sales andalso regain the market share. The introduction of new drink in the market can help the companyto gain competitive advantage. Thus, Essence Drinks focuses on introducing Fruit Punch Lassiwhich is made from the blend of fruits and different flavours are also added to it such as nutmeg,cardamom and saffron (Rosca, Arnold and Bendul, 2017). Innovation has a great and positiveimpacts on the business organisation. Distinctive products can gain more attention and success inthe market which can be achieved by business organisation by innovating the products andservices. In case of Essence Drinks, introduction of new product that is also distinctive fromother competitors in the market area and also adds value to customers, it can achieve great results
and outcomes. Thus, innovation has great importance and brings many benefits as compared toinvention in the context of Essence Drinks and in today's competitive market environment.Different sources of innovation and role of vision, leadership, culture and teamwork inembedding innovationThere are different sources of innovation and it can be explained with use of InnovationOpportunity listed by Peter Drucker. The 7 Sources of innovation are:1.The unexpected success or failure2.The incongruity3.Process Need4.Industry and market structure change5.Demographics6.Changes in perception, meaning and mood7.New KnowledgeUnexpected success or failure of products and services is the main source of innovation.In case of essence Drinks, failure of the Mango Lassi in the markets, created the option forintroduction of new product and its innovation. Changes in meaning or perception and processneeds are the other sources of innovation, in the case of Essence Drinks (The 7 Sources OfInnovative Opportunity, 2019).Organisational vision: The vision of the business organisation describes about where thecompany aspires to be upon after accomplishing the mission (Zahedi And et.al., 2018). Thevision statement of Essence Drinks describes that it wants to become one of the most premiercompany that provides innovative and high-quality beverage and drinks to people. Andaccording to the vision statement, company and its employees focuses on introducing theinnovative beverage and drinks idea. Organisational culture: The culture of the company is aggregate of norms, values andattitudes of its employees and it describes how things are to be done in the organisation. Theculture of the Essence Drinks focuses on selective recruitment, providing required training anddevelopment programs and regular performance management and all these factors enable andensures that employees come up with innovative and creative ideas. Leadership: Essence Drinks focuses that there are various personalities hired by thecompany for delivering quality and innovative services (Tidd and Bessant, 2018). The leaders
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