Innovation and Commercialisation - YOYO company
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Added on 2021-02-21
Innovation and Commercialisation - YOYO company
Added on 2021-02-21
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Innovation andcommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Innovation and its importance to organisation in comparison with invention.......................1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................4LO 2.................................................................................................................................................5P3 4P's of innovation and how innovation funnel is used to shape innovative ideas.................5P4 Concept of frugal innovation, its development and how it is used in companies..................8LO 3.................................................................................................................................................9P5 Concept of commercial funnel and how new product development helps in innovation andcommercialisation.......................................................................................................................9P6 Innovation business case for YOYO drinks, including ways to access funding.................12LO4................................................................................................................................................13P7 Different tools that organisations can use to develop, retain and protect knowledge andintellectual property..................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONInnovation is a process through which company can innovate its product or create newproducts by implementing new techniques and tools. Innovation is important for every companyto grow and develop in the market (Bashmakov and et.al., 2015). It is a process collectinginformation like new ideas, strategies from internal and external environment and use them in theproduct and create a better products. Innovation can be distruptive or incremental. Company whoimplement innovation regularly has a higher chance to enter in global markets.Commercialisation means introducing product all over the world, it increases market share andprofitability. Present report is based on YOYO company, it produces lassies and want to addinnovation in its products by introducing spicy kiwi and mint lassi. Report will contain theconcept on innovation, how it differs from invention and why it is important for company toimplement innovation. It also contains different types of innovations and their advantages anddisadvantages. Report also tells 4P's of innovation and how it supports capability to innovate,how innovation funnel is useful in generating ideas and the process of new product development.Further report will also contain the concept of frugal innovation and how it has developed over aperiod of time (Greco, Grimaldi and Cricelli, 2015). LO1P1 Innovation and its importance to organisation in comparison with inventionInnovation is a course of action where new ideas are converted to a useful product whichhave some value in the market. The company YOYO Drinks is a UK based company founded byMr. Bond 3 years before. At the starting of the business company just launched a mango lassiand a rapid growth was seen in just year years. The reason was the innovative idea of makingthat drink and make it reach to potential customers. In fourth year as number of competitorscame in market decrease in sale was there. Mr. Bond thought to make some innovative range ofdrinks without removing lassie from the list (Hau, 2016). This is what innovation is all about, when leaders of a company take risk in hand to bringnew opportunity for the firm and compete in market then they create new product with differentideas, These ideas are refered to as Innovation. YOYO drinks also started working on these ideasand invented new range of drinks. For these same YOYO drinks implemented various skills to
develop there existing product in market and to give competition to the rivarly new range ofdrinks were invented (Kim and Park, 2018).The two types of innovation YOYO drinks used for developing new product are :-Incremental InnovationDisruptive InnovationIncremental Innovation:- It is the common form of innovation where with help of existingtechnology existing product is been improved to increase its value in the eyes of the customersby either adding some extra features in it or redesigning it and presenting it in the existingmarket. This help out in increasing the productivity of the business and improves position of theproduct in the market. YOYO drinks did not change the product mango lassi from the list,instead of that they redesign its flavour and launched new drinks with the existing product inexisting market (Kuratko and Hoskinson, 2016).Figure 1. Incremental InnovationDisruptive Innovation:-In this type of innovation where new technology is used in existingmarket to come up with new innovative product which can create need of there product in eyesof customers. It become tough for the established companies to compete with new productsIllustration 1: https://www.google.com/search?q=increamental+innovation&oq=increamental+innovation&aqs=chrome..69i57j0l5.10670j0
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