Innovation and Commercialisation

This assignment discusses the importance of innovation and commercialisation in business, focusing on the difference between innovation and invention. It also explores how leadership, culture, vision, and teamwork can shape innovation and commercialisation. Additionally, it covers the 4ps of innovation and the use of the innovation funnel to shape and analyze innovative ideas.

Innovation and
Commercialisation
ELENA LARISA ONIGA
HE07091

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1) Discuss innovation and ascertain it's importance to company in comparison with
invention.................................................................................................................................1
LO 2.................................................................................................................................................5
P3) Illustrate 4ps of innovation and discuss the use of innovation funnel to shape and analyse
innovative idea........................................................................................................................5
P4) Illustrate development of frugal innovation and how it is used in the company............9
P5) Discuss the importance of commercial funnel and application of New Product
Development. .......................................................................................................................10
P6) Preparing business plan..................................................................................................11
P7) Evaluate various tools which firm can use to develop, retain and protect knowledge and
intellectual property..............................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation refers to as translating an idea and thought into real terms goods and services
which creates value in the market. On the other hand commercialization is explained as
promoting the product and services in order to make it available in the global market. In order to
gain competitive advantages in cut throat competitive world innovation in goods and services are
very essential (Clayton and Lowe, 2018). Company can compete with rivalry by introducing
innovative goods or by providing additional features in them on continuous basis. For this report
Chilly's founded by James Butterfield and Tim Bouscarle in the year 2010. Firm is coming up
with innovative product that is silicon bottle which purifies drinking water automatically.
Company is trying to provide cold water on the -go without buying single- use of plastic bottles.
This assignment covers difference between innovation and invention. Deep study is done how
innovation is important in an organization as compare to invention. Along with this how
leadership, culture, vision etc. shape commercialisation is examined. Focus is done on 4ps of
innovation and explanation is done regarding development in frugal innovation. Additionally,
application of NPD processing on commercialisation of innovation is discussed.
LO 1
P1) Discuss innovation and ascertain it's importance to company in comparison with invention.
Invention is stated as creation of product for the very first time. This plays a significant
role as it directly or indirectly assist in driving the economy of the nation (Cohen, 2017).
Invention is the ultimate solution to the problem and make the work easy to perform. It
contributes largely in changing the world and provide new direction to deal with issues
prevailing in the cut throat competitive world. Chilly's is focusing on invention as plastic is
harmful for the environment along with this climate is raising at a tremendous scale. So
providing customers cold water on their way without the use of plastic is a creative idea. By this
organization will be able top gain huge profit from the consumers that can be used for growth
and development in global market.
Example: If chilly is inventing a bottle which can automatically purify water for
drinking. This type of invention is important for organization as it contributes in growth of the
national economy to a large scale in international level. It provide solution to the society as
drinking water is contaminated (Galasso and Schankerman, 2018).

Innovation is explained as moulding and idea or thinking into a solution which adds
value from consumers point of view. On the other hand adding value to something which is
existing in the global market. It is the success ladder for very small and big organization in order
to survive for longer time frame. However, innovation take palace when there is necessity for a
product and services or want enhancement in the present goods available in the market. Chilly's
is focusing more on innovation instead of invention as this assist in growing the business of
providing cold water to the customers on the way without using plastic bottles. Innovation helps
organisation to create tough benchmark for other competitors in global market (Hameed and
Kwon,2018).
Example: If Chilly is launching a bottle which can be folded in any shape and can use
for multi-purpose. During travelling it can be either used as water Bootle or can be used to keep
hair band, clip, money and so on. This type of innovation in plastic bottles is beneficial to
organization as they are able to create positive image in the eyes of the customers by coming up
with this innovation.
The difference between innovation and invention are as follows:
Basis Innovation Invention
Associated with Innovation is concerned with
numerous goods and process
in open market place.
In cut throat competitive world
it is associated with individual
goods or process.
Activities Activities related to innovation
is spread across the enterprise.
Invention activities is limited
to research and development
department.
Conception It main concept is practically
execution of new and create
idea in the intense competitive
world.
It's concepts is to work on
theory. Also, they are original
idea
Required skills For innovation strategic
technical and marketing skills
are mandatory.
For invention scientific skills
are necessary.
Examples Innovation examples are, Some of the examples of

concentrated solar power,
ocean wave power,
photovoltaic cells, wind
turbines and so on.
Chilly's inventions are, plastic,
computers, car running on
CNG, light bulb etc.
Innovation is important for Chilly as this help to serve customers with unique product
and services. Innovation are never ending process and are conducted continuously by Chilly in
order to bring changes in the existing product or come up with new goods. By conducting
innovation in their product they can survive for longer time duration in the open market place.
Invention is important for Chilly as it assist in solving the issues prevailing in the open
market place. It brings solution to the problems faced by customers. By this customers can be
bind for longer time duration.
Definition of commercialization:
The procedure of introducing new product into the market so that customers purchase
them and pay value for it this is known as commercialization (Henttonen and Lehtimäki, 2017).
It is essential aspect that need to be performed by organization so that best and productive
outcomes can be attained. By using effective marketing tool Chill can commercialize their
product in the market. By doing sales volume can be raised and profit can be maximized. It is
very essential to commercialize the product so that across the globe customers are aware about
the product designed by Chilly.
P2) Discuss how companies leadership, culture, vision and teamwork can shape innovation and
commercialisation.
Innovation plays a significant role in the growth and development of the business across
the boundaries. Chilly's conduct research and development work on regular basis in order to
come up with unique and distinguish idea in the open market place (Ho band Chuah, 2018).
Along with innovation in product and commercialization of them, is equally important in cut
throat competitive world. Moreover, there are various aspects such leadership, culture, vision and
teamwork can shape innovation and commercialisation in global market. Below are the points
explained in detailed which are as follows:

is good, don't be afraid to take action and so on.
Vision: Chilly's vision statement is to provide cold water on the way without buying
plastic water bottles. In order to full-fill vision statement both employees and employer work day
and night to accomplish. The vision of the Chilly's is to provide cold water to the customers
without use of plastic water bottle. In order to attain them they are framing strategies for longer
time frame in intense competitive world. Vision is promoting innovation and
commercialization in an organization is completely true statement. Vision statement is
formulated for longer time period by the management. In order to accomplish them Chilly's need
to come up with innovative idea and need to commercialize unique goods in-front of potential
customers. It motivates both employer and employees to full-fill the vision statement in order to
sustain for longer duration of time. Along with this it aid to create tough benchmark for other
competitors.
Leadership: The leaders of Chilly's are very effective in nature and are motivating the
employees and other team mates to work effectively and efficiently. Leadership plays vital role
in running the business smoothly across the globe. On regular intervals leaders of the
organization push sun-ordinates to come up with innovative idea and find unique ways to
commercialize them in-front of the customers. Motivation is the key to retain capable candidates
for up-coming results. This small act aid firm in various aspects like, staff members will be
assured that they are valuable assets of the company, productivity raises, turn out ratio of skilled
employees decreases and so.
Culture: In order to retain skilled and capable staff members having smooth working
culture is very compulsory. Chilly's working culture is very flexible in nature and is quickly
adoptable in the dynamic environment. Innovation take place when the working environment is
smooth and companies are having skilled and capable workers . The role of culture in the
working environment boost the overall workforce efficiency of the customers in positive manner.
Culture shape innovation and commercialisation because people with diverse culture come up
with unique idea and suggest ways to promote them in global market. There re various ways by
which culture of innovation can be build like, embrace multi-faceted approach to innovation,
learn from the past and look to the future, understand the failing
it. Depending upon the business the vision statement is designed for long term duration.

Teamwork: In order to provide quality product to the targeted customers it is very
mandatory for team to work effectively. Sub-ordinates working as single team aid Chilly's to
expand their business of proving cold water on the way by not purchasing plastic water bottles.
To shape innovation and commercialisation it is very essential to firm to work in unified team for
the common goal. People working under one roof explore numerous idea and methods to make
them available for the client.
LO 2
P3) Illustrate 4ps of innovation and discuss the use of innovation funnel to shape and analyse
innovative idea.
The various types of innovation are as follows:
Product: By scanning the market which type of product need to be designed and sell is
discussed in the firm. By measuring the customer preferences product is designed in order to
satisfy the customers needs.
Service: Creativity is involved in the product in order to meet the expectation level of
consumers while serving the goods and services.
Process: Feedbacks are taken from the client are tactics are framed to improve the goods
and services offered to the customers. By doing so best product can be designed for them
through continuous improvements.
Management: Effective business strategies are designed in order to gain competitive
advantages against rivalry. Management should be flexible in nature in order to cope but with
dynamic environment.
Open: Training employees to work effectively in order to explore the business globally
as well as collaborating worldwide.
The 4ps of innovation is a model which is developed by John Bessant and Joe Tidd.
Organization adopts this tool in their working premises as it directly or indirectly helps in
discovering how innovation process can lead to productive results in intense competitive world.
Innovation mix consist of product, process, position and paradigm (Kim and Kim, 2018). All
this points are explained follows:

Paradigm: In this case, innovation is used in order to enhance the way business is done.
It is not important that changes will be always lead to positive results in the open market place.
Chilly's promoting the innovative product from offline to online can turn out to be huge disaster
for the company. Example: If Chilly started to promote the product on online platform but it
does not work. It lead the company to huge financial loss in the market.
Product: Chilly's introduce product by analysing the customers needs and wants in
intense competitive world. It is a part of 4ps of innovation and plays a significant role in the
market. Product full-filling the expectation level of the clients leads to huge profits. Whereas,
unsatisfactory outcomes leads to huge loss which is a negative mark for the company. Example:
X firm is designing the goods by scanning the needs and wants of the customers. Management
deeply examine the feedback and come up with innovative product that can full-fill their
expectation.

Illustration 1: 4ps of Innovation
Source: 4ps of innovation, 2015
process: The process of product raises when the demand of the good raises at a
tremendous scale in global market (Nepelski and Piroli, 2018). In to meet the emerging needs of
the customers Chilly's adopts modern tools and techniques so that process production can be
raised respectively. By doing so set goals and objectives can be attained in the set time frame.
Example: X enterprise raised the production of goods when targeted customer demanded them
in the intense competitive world. This directly or indirectly raises overall productivity and
profitability ratio.
Position: Chilly's want to position the product in the mind's of the customers. By this
loyal clients can be build over the years. In order to decrease the ratio of switching customers to
other brand it is very essential to build positive image in the eyes of the customers.
Innovation funnel refers to as mechanism which changes idea which can be screened for
viability. Innovation funnel is important as it present steps which take place in developing a
product. By this market needs are full-filled in effective and efficient manner. The other name of
innovation funnel is funnel management process. It is widely used by the organization as it assist
in formulating innovative and realistic action plan(Hohenberg and Homburg, 2016) . Along

with this it is successful in designing those process or goods that can achieve market preferences
in economic forms. The innovation funnel can be looked in the following manner:
Mouth of the funnel
In this step maximum idea is gathered as much as possible by Chilly's . It is beneficial
for the company because more the number of idea greater will the number of products that can
be designed by the firm fir their customers. However, here, business administration increases it
information level. to Information can be accumulated from research, competitors, existing
partners and so on. Example: X company is gathering maximum idea in order to implement the
most appropriate idea in the premises. When there is numerous idea the chances of coming with
innovative and unique idea is more (Novikov, 2018).
Narrowing segment of the funnel
Here, screening is done and idea designed is matched with the set goals and objectives.
Along with this the formulated product is tested with the potential consumers in order to examine
the review. If negative outcomes is collected then improvements is done. By this Chilly's is able
to full-fill the emerging needs and wants of the customers on priority level. Example: X firm
cross check the idea with the designed standards so that tactics can be framed accordingly. It
leads in gaining competitive advantages against rivalry.
Narrow segment of a funnel
In this stage new designed goods is commercialized in the market by Chilly's . Along
with this firm ensures that idea deliver on organization objectives were anticipated when
company begun. It results in productive outcomes as compare to competitors.

Source: Innovation funnel, 2019
The stages of innovation funnel are explained as follows:
Idea: From the external environment idea is taken and examined weather it can be bring
into practical implementation or not. Chilly study the selected idea from numerous idea
available. By examining all the aspects of the idea it is selected by the top level management.
Comparison is made between selected idea and the felt over idea so that chosen idea efficiency
can be understood in a better way.
Idea management: Chilly frame Strategies are framed in order to manage idea so that it
can be successfully implemented in the market for better results. Co-workers are involved while
selecting the idea so that their view points can be understood regarding the selected idea weather
it is effective or not to execute in the working premises.
Development of project: Selected ideas vision and mission is designed in order to bring
them for commercialization in the global market. By this chilly can gain huge profit. Employees
are motivated accordingly in order to boost them up to work effectively to accomplish their set
goals and objectives. Proper training is provided to them
Protection and Exploitation: Continuous monitoring is done by Chilly's management in
to sustain the designed product or services for longer time frame. By doing so necessary
Illustration 2: Innovation funnel, 2019

improvements can be done and emerging needs of the customers can be full-filled. Here, the
chances of error reduces and better outcomes is achieved.
Market introduction: Effective marketing tool is adopted to promote the Chilly's
product in the global market. By this sales volume can be raised gradually which is a positive
mark for the business. Digital marketing tools like, twitter, Instagram, Facebook etc. are used to
promote their goods in the market in order to raise their sales volume. By this company is able to
raise their revenue at tremendous scale.
Result: This is the last stage of the innovation funnel where customers reaction are
studied after consuming the Chilly's product. Positive results motivate them to work hard while
negative results aware them to make improvement. Firm frame improvements tactics by studying
results of the project by this emerging needs of the customers is ascertained. Positive results
boost them to raise their productivity level while negative results suggest them to enhance their
product for consumers satisfaction. .
P4) Illustrate development of frugal innovation and how it is used in the company.
Frugal innovation is a procedure of reducing complexity and cost of a good and its
production. In this case, non-essential features is eliminated from the product in order to raise the
sales volume of the innovative goods in intense competitive world. Organization is using frugal
innovation in their premises so that cost of goods and production can be reduced for better
outcomes. The steps of frugal innovation are briefly described as follows:
Find opportunity in adverse condition: Business can grow in the market if they have
the capacity or capability to grab opportunities prevailing in the market (Olefirenko and
Shevliuga, 2017). Chilly's management team is continuously working on this aspect in order to
grab opportunities in the market for silicon bottles. They are identifying their competitors and
threat so that tactics can be framed to overcome them for better productive results.
Do more with less: It is very important to come up innovative idea with less resources in
order to get huge revenue. Chilly's is serving silicon bottles which automatically purifies water
for drinking with minimum resources. The bottle designed is made by recycling plastic found in
the oceans. By this less financial resources is invested and maximum outcomes is received as
compare to rivalry.

Thinks and act flexible: By scanning the market Chilly's can frame tactics to overcome
them in the the international market. It is very importnt to be flexible in nature in order to survive
for longer time period.
Follow your heart: Business grow when in every condition weather it is loss or profit
manger bears it. There should be zeal and passion for the business in order to gain best
outcomes.
P5) Discuss the importance of commercial funnel and application of New Product Development.
NPD includes complete process of bringing new goods to the market. On the other hand
it can be illustrated as transferring market opportunity into a product available for sale.
Example: Chilly is coming up with silicon bottle in the market and NPD covers all the steps
from manufacturing of the product to promote it in the market so that customers needs and
wants can be full-filled accordingly.
New product development is important because it adds value to the existing product or
come up with creative idea. By this overall productivity and productivity raises due to which set
goals and objectives are meet in the set time frame.
Commercial funnel is stated as sales funnel that showcase the process which is utilised by
organisation. It uplift productivity and profitability by exaggerating their consumers list which
supply huge contribution in growth of the business. The importance of commercial funnel is that
it stimulate all consumers to purchase the product. By this huge customer base for the product is
raised and profit is maximized. The various steps are explained below:
Idea generation: In this case new idea is created by studying the internal and external
conditions of the market. Chilly's is conducting research and development in order to grab best
opportunity prevailing in the market(Hameed and Kwon, 2018). Idea can be emerged at any
time at any point of time. There is no fix criteria to generate idea it strikes all of a sudden. Firm
generate idea from loop holes of other businesses and turn them into their unique business idea
and make it successful with their creativity.
Idea screening: After selecting the idea it need to screened so that Chilly's management
can make necessary improvement for better results. It is important to scan the idea selected from
the pool of idea so that best can be chosen for further proceeding. Along with this it assist in
better understanding idea's advantages and disadvantage accordingly. By this it become easy to
accomplish the idea.

Development of strategies: In order to successfully implement the new idea in the
Chilly's working premises they frame strategies so that new idea set goals and objectives can be
achieved easily (Suseno and Standing, 2018). In order to compete with competitors in intense
competitive world firm need to frame unique strategies which reduces the cost of production. By
this quality product can be sold at low price and huge customer base can be raised for the
product.
Examine business conditions: Chilly's before expanding the business in other nation
need to evaluate business conditions effectively. Weather the customers in that nation are
capable for that product or not. Will it be successful in that country. Before launching the
product in the market it is important to examine business condition so that productive decision
can be taken. By evaluating the preferences of the customers needs and wants expansion of
business can be done. By this the chances of failure reduces and business is able to grow and
expand smoothly.
Product development: By scanning all the above points Chilly's develop product
accordingly. By doing so emerging needs of the customers are meet in the set deadline which is
positive mark for the company. By using all the available resources at it's optimum level best
outcomes can be attained and product can be developed properly.
Market test: Product is tested in the market and feedback are taken so that necessary
improvements can be done easily. This aid Chilly's to gain competitive advantages in the open
market place. By analysing the reviews of the customers upliftment in the product can be done as
well as consumers preferences are ascertained easily. By this company easily frame the product
as per their expectation level.
Promotion: Effective marketing tool is adopted so that product can be commercialized
easily in the global market. By this huge revenue is ascertained by Chilly's as compare to
competitors. Digital marketing tools such as, Instagram, Facebook, Twitter etc. are used by firm
to commercialize their product in the market. By this sales volume of the goods and services can
be raised and customers expectation level can be full-filled accordingly. s
P6) Preparing business case
Business case : It is explained as the written documents where it determined that why
organisation have conduct any of the specific project. It is also helpful in rating the performance
which company have showed throughout the project so that in future better decisions can be

taken if necessary. In context of Chilly's they are required to prepare innovative business case
where they must able to consider different factors such as pricing strategies, development
process, market situation and many more (Rui, 2016). Some of the components which is required
to be considered within business plan are discussed below:
Executive summary: There will be detail information that which market is needed to be
target and how any of the problem can be solved. Number of other topics will be explained in
this respective business case where major focus will be that how organization can raise the fund.
Mission and vision will tell that what will be the main focus of business organization.
Background of Business: Talking about the organisation for which business plan is to
prepared is Chilly's is one of the organisation which was commenced by James Butterfield and
Tim Bouscarle. There are around 10-15 employees in current situation who is working with
organisation. Annual turnover of Chilly's is around £2 to £10 million.
Mission & Vision- The object which has been set by Chilly's is to manufacture Silicon
bottles so that level of health quality can be improved within the nation (Svensson and
Hartmann, 2018). Talking about the vision of the company they way to be the leading giant in
the field of manufacturing those products which are good for health.
Need in the market- As people are facing different health issues just because of drinking
water so that company want to product better quality of Silicon bottles through which they can
improve the health level. Silicon bottle simply helps to keep water fresh which is helpful in the
stage where people suffers from the medical issues.
Opportunity in the market: Customers will get the opportunity to drink the purified
water which will even help them to keep fit and fine. Even people are trying to avoid the use of
plastic bottle and in this particular situation silicon bottle can be the best option.
How will product meet that need : It will help to purify the water automatically and
also use of plastic bottle will reduce automatically. Even people like to avoid to drink hot water
in plastic bottle and in this respective situation, silicon bottle will help to meet out the
requirement.
Competitive edge : It will directly impact on enhancing the sales of a company and even
customers can be able to drink fresh water in any of the place. In addition, there are very few
company who is dealing in the market of silicon bottle due to which it will become easy for the
organisation to give tough competition if product will be sold at a reasonable price.

Innovation in products- Here, organisation have developed the concept of silicon bottle
as market is demand something new form business organisation if they want to sustain within the
market. If Chilly's wants to sustain within the market then they are needed to ensure that their
employees will bring on the innovative ideas and by taking the help of waste product of
organisation. Also, other organisation are not providing the similar form of products at a
reasonable cost due to which it can be said that with the help of latest technology. Even they are
planning to introduce electric silicon bottle which will allow the buyer to make water hot at any
of the place.
Size and growth possibilities : The innovation can increase the sales of Chilly's by 40%
as customers will be highly attracted towards the product of a company.
Target market : Each and everyone will be targeted in this respective innovation.
Strategy : Economic pricing policy will be followed by the company to market its
products.
Promotional strategy : Innovation will be promoted through social media marketing,
print media, offering discounts etc.
Designing and development plans: Just after the competition of research, it will be
important for organisation like Chilly's to work according to that particular manner so that new
product can be launched successfully within the market.
Funding: It is very easy to prepare plans and policies but it is never an easy task to
implement the whole work in detail as ideas are required to be converted into reality. In context
of Chilly's, they will required to look for different source such as bank loans, financial
institutions, stakeholders who can help them out to accomplish their goals.
 Bank Loan: In this respective section of raising the fund, company will take the loan
amount after certain period of time. This will allow the organisation to utilise all of the
resources in a systematic manner which will directly help to accomplish the goals.
Interest should be included while paying of the money on monthly basis.
 Stakeholders: Company has the option to raise fund with the help of internal
stakeholders of a company who are connected with the organisation. It will help the
business organisation to expand the business where they will be able to decide that what
they are required to do of the fund which has been raised.

It will be important for the organisation like Chilly's to raise the required amount of fund
with the help of bank loan because company will not be required to pay the fund at a bulk
amount which will help to reduce the burden from the company.
Benefits- Here, Chilly's will try to determine that what are the benefits that they will get
from the after introducing the product within the market. In addition, company will try to find
that whether there is positive impact or negative impact of product which they have introduced.
The ask: It is necessary for each and every business organisation to determine that how
they think about the product and for that it is necessary that proper reviews should be taken. It
will give them the idea that whether customers are satisfied or not with the services which they
provide to them.
P7) Evaluate various tools which firm can use to develop, retain and protect knowledge and
intellectual property.
The distinguish tools which company use to develop, retain and protect knowledge and
intellectual property are explained as follows:
Intellectual property includes copyright, trademarks, patents and trade secretes depending
upon the business they used intellectual property for their business. This is a property of
intangible creations of the human intellect. Trademark : Through trademark goods can be differentiated either by recognizable sign,
design , features, characteristics and so on. It provides products and services a typical
recognition in cut throat competitive world. However, trademarks assist the organization
in categorising their products from rivalry's goods .
Strengths:
 Trademark allows business to effectively utilize the internet and social media.
 Trademark are effective communication tool
 Helps in creation of assets
 Provide recognition to product quality Builds goodwill and trust in the eyes of the customers regarding the product
Weaknesses: Additional fees charged on the number of classes of product

 They have to pay fee for 10 years in order to maintain it. Non- payment of renewal fees causes removal of trademark from the register It provides weak protection Descriptive trademark are weak because they do not acquire distinctiveness. Additional fee is required it not paid in time it does not provide protection. Classes mentioned in the application can not be modified once it si registered. Patents : in this case, legal rights or licence are given to the owner. By this their
inventions are only used by them and no one else hold the right to use them in the open
market place without their permission. For a set of time duration patents right is allotted
to a person and after the expiry they need to renewed again (PWonglimpiyarat, 2018).
Strengths: Patent right is used for invention. Stop other from copying, selling etc. without owners permission. Helps in keeping rivalry at bay. Option is available to licence the patent for others to use.

Weaknesses: Cost is incurred weather business is successful or not It is very time consuming process To take action against infringer is very expensive.
 Patent act as deterrrent
Patent right WILL BE THE MOST SUITABLE TO ADOPT FOR ITS NEW PRODUCT. for
their business. By doing so no one else is given the right to use their invention in the intense
competitive market place. It will help them to safeguard their products features, characteristics
etc. from others. Along with this it provides safety and security that no one else can use their
creative idea in wrong way.
CONCLUSION
According to the preceding file, it can be stated that innovation is an integral part of an
association as it help the business in acquiring higher attainment and growth in the marketplace.
Along with this, the business case also helps the business is providing the overall information of
the company which will beneficial in introducing a new product in the market. There are

different tools that are rendered by national authorities to give protection to intellectual
properties like patents, trademarks and copyright .
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