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Innovation and Commercialisation Teamwork

   

Added on  2021-02-21

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Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1) Explain innovation and its importance..................................................................................1P2) How leadership, vision, teamwork and culture shape innovation and commercialization...2M1) Analysis of sources of innovation. ......................................................................................3LO2..................................................................................................................................................3P3) Define 4p's of innovation and use of innovation funnel to shape innovative ideas. ............3M2) Application of innovation funnel in the context of organization.........................................5P4) Explain developments in frugal innovation...........................................................................5M3) Evaluate role of frugal innovation in context of organization.............................................6D1) Analysis of how innovation is developed in organizational context....................................7LO3..................................................................................................................................................7P5) Importance of commercial funnel and use of new product development process................7P6) Innovation business case of the company and ways of funding. ..........................................8M4) How to measure overall effectiveness of innovation business case.....................................9LO4..................................................................................................................................................9P7) Various tools that are used to retain and protect intellectual property..................................9M5) Evaluation of various tools in context of business environment.......................................10D2) Evaluate nature of innovation. ...........................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation refers to the process of converting an idea into product or service that helps tocreate value for the customers. It is also defined as use of better solutions to meet out the demandof customers. Commercialization can be defined as the process of bringing new products into themarket. It involves various activities like manufacturing, marketing, distribution, sales and otherfunctions that helps to attain commercial success of the product or service (Osoro, Kirama andVermeulen, 2017). The Report is based on Chilly. It was founded in year 2010 by Tim Bouscarleand James Butterfield. The aim of this organization is to provide people to always have coldwater on the go without the need of buying single plastic water bottles. The Report is based onChilly's Bottle. It is a modern product that uses high electronic technology and provide benefitsof traditional bottle. The Report will outline term innovation, sources of innovation, how culture,teamwork, leadership etc shape innovation, 4 p's of innovation, process for commercialisation ofproduct etc.LO1P1) Explain innovation and its importance.Innovation:It refers to creative thoughts, new idea, new imaginations in form of a method or device.It can also be defined as the use of improved solutions to meet existing market needs, newrequirements or unarticulated needs of the customers. Invention:The term invention can be defined as a unique method, composition, device or a process.It can be an improvement in a product, machine or a new process for developing an object etc.To be called as an invention, it should be replicable at cost which is economical to the businessand it should be able to satisfy the specific needs of people. Importance of innovation as compared with invention in Chilly company-The process of converting new ideas and concepts into products or services is known asinnovation. It plays an important role in the organization as it leads to new opportunities. Thereare various reasons due to which Chilly company should remain innovative. Such as it will helpto respond to trends and competition, provides unique selling point, helps to reinforce the brandetc. Whereas, invention means to develop a working idea (Radjou and Prabhu, 2015). Innovationwill help to improve productivity by reducing unit cost of operations. It will assist Chilly firm to1

offer better quality of cold water bottles to customer's. Further, it helps to add more value to theproducts. For being an innovative company, Chilly firm have to think regarding the process itwill use to manufacture Chilly's Bottles, also it should know how to collect relevant informationrelated with a particular idea and how the business will derive values for various recourses. Invention means developing something new that could be a product, service or idea.Invention is the result of innovation. It means that for developing new Chilly's bottle that keepwater cool will require new technology, improved process of production etc. Inventing newChilly's Bottles will help business to satisfy demands of clients like need of cold water on the go.This will help organization to secure competitive position in the market. Therefore, innovation and invention are both important for developing new products orservices for the customers. In this case, it can be said that innovation is more important thaninvention as for now Chilly organisation requires to bring innovation in their process byexpanding their product line of chilly bottles and there is less requirement of inventing newproducts as this company is still a start-up. P2) How leadership, vision, teamwork and culture shape innovation and commercialization.Organization vision-The vision of organization also shapes and influence innovation and commercializationof new product or service of the company. The vision of Chilly company is to accelerate theeveryday use and adoption of reusable products to meet out demands of customer's throughdeveloping innovative water bottles that keep water cool. To achieve this vision, firm have toinnovate their products that requires skilled workforce. There is a need of innovative thinking todevelop better quality Bottles to clients, by which it can be said that vision helps to shapeinnovation and commercialisation of this organisation. Leadership-It is the act of leader through which they influence, motivate followers to make efforts forachieving aim and objectives of the company. Leader of Chilly company have to encourage teammembers by using different styles of leadership like transformational, situational etc. throughwhich employee’s will contribute innovative ideas for developing Cold Water Bottles (Ratcliffe,2017). These innovative ideas are further developed by the effective leadership which assist incommercialisation of those innovative products. Culture-2

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