Innovation and Commercialisation Assignment Solution (Essence Drinks)
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Added on 2020-10-23
Innovation and Commercialisation Assignment Solution (Essence Drinks)
Added on 2020-10-23
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Innovation andcommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1. Innovation and its importance to organisation in comparison with invention.................3P2. Impact of vision, leadership, culture and team-work on innovation and commercialisation ................................................................................................................................................4M1. Analysis of different sources of innovation along with development of culture ofinnovation...............................................................................................................................5LO 2.................................................................................................................................................6P3. 4 P's of innovation along with the importance of innovation funnel...............................6P4. Developments in frugal innovation along with example.................................................7M2. Analysis of innovative funnel with respect to organisation............................................7M3. Role of frugal innovation in an organisational context...................................................8LO 3 ................................................................................................................................................1P5 The importance of the commercial funnel and the application of New ProductDevelopment processing for commercialisation of innovation..............................................1P6 Build an innovation business case for an organisation, including ways to access funding.. .2M 4..........................................................................................................................................4LO 4.................................................................................................................................................5P7 Evaluation of different tools for retaining, developing and protecting knowledge andintellectual property................................................................................................................5M5. Evidences of these tools in business environment..........................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONInnovation can be defined as a process of generation of a new idea or creative thoughtswith the objective of gaining the competitive advantage over the rivalry firms. While on the otherhand, commercialisation may be defined as a process of introducing a new product in the marketwith the objective of earning profit. Essence drinks, one of the newly found companies inLondon in the beverage industry. The company has been founded by Akshay Kumar two yearsago by using traditional distillation techniques for making drinks. This report will includeexplanation on innovation along with its importance to the organisation. Apart from that,analysis of different sources of innovation would be done along with explanation on 4 Ps ofinnovation. Furthermore, importance of commercial funnel along with commercialisation ofinnovation would be discussed. Finally, different tools for evaluation of wider businessenvironment would also be done. LO 1P1. Innovation and its importance to organisation in comparison with inventionInnovation and inventionInnovation may be defined as generation of a new and creative idea within anorganisation in order to take the organisation to attain new heights of success by achievingcompetitive advantage over the rivalry firms(Tsai, 2015). While on the other hand, invention canbe referred to as creation of a new product or process and then introduce it in the market for thefirst time. Invention cannot be done in the absence of innovation. Hence, in order to undertakeinvention, it is essential to undertake innovation as innovation is the first step towards makingthe product available to the end customers. Thus, in the absence of innovation company wouldnot be able to run its business smoothly in long run.Importance of innovation in comparison with inventionInnovation plays a vital role in gaining the competitive advantage over the rivalry firmsby beating the competitors as the new and creative ideas helps the company n enhancing theirposition with regards to the competitive firms. While on the other hand, invention is concerned
with putting the innovative idea into action. Thus, in the absence of innovation, invention has noworth. For example: innovative idea of Akshay Kumar to launch a healthy mango lassi in the UKmarket helped him in taking the business to achieve new heights of success within a period oftwo year. Hence, because of innovative idea company was able to grow its business rapidly andinvent the mango lassi in the UK market. Apart from that, the basic reason behind success of innovative companies is that theinnovation is spread across the entire organisation rather than a particular department. This is sobecause innovation is done on existing products and this in turn attracts the participation of allthe employees of Essence Drinks to work towards the attainment of the objectives of thecompany. While on the other hand, invention is concerned with only a particular department ofthe Essence Drinks that is research and development because intense research is required beforeinventing any new product in the market(Maritz and Donovan, 2015). Hence, in the absence ofadequate innovation, essence drinks wont be able to invent the new product successfully in themarket.Furthermore, innovation has huge importance then invention because it could be carriedout in a very short period of time as well as with low cost. For example: in essence drinks, assoon as Akshay Kumar sees drastic decrease in sales, he must generate an innovative idea suchas protein lassi and then make all the efforts to successfully invent it in the UK market which inturn will help the company in increasing the sales and beating the competitors in the race tocapture major share in the beverage industry. P2. Impact of vision, leadership, culture and team-work on innovation and commercialisation Vision – vision of the company is to fight the competition and capture the major marketshare in the beverage industry by undertaking innovation and invention of protein lassi as itwould help in attracting even diet conscious people to come and have intake of the lassi ofEssence Drinks.Leadership – leadership may be defined as an act of leading a particular group of peoplein an organisation. The major role of a leader is to motivate and inspire members of theorganisation to increase their productivity towards they attainment of the objectives of thecompany. Leaders play a very important role in motivating the employees of the company togenerate innovative and creative ideas with the objective of commercialisation. In the absence ofefficient leadership, company wont be able to bring innovation within an organisation.
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