Innovation and Commercialisation

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