Innovation and Commercialisation (Unit 8)

Innovation and
Commercialisation

Table of Contents
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................1
Explain the innovation and determine it's important to the Organization in comparison with
innovation....................................................................................................................................1
Explain the Organization's vision, leadership, culture and Team work can shape innovation
and commercialization................................................................................................................3
Analyse different sources of innovations and how innovation can foster and how Organisation
can foster and develop an environment of innovation................................................................4
Critically, analyse how the innovation is measured, embedded and measured in Organization 5
Task 2...............................................................................................................................................5
Explain 4Ps of Innovation and examine the use of innovation funnel to shape and examine
innovative ideas...........................................................................................................................5
Analyse and Apply innovation funnel in Organization...............................................................6
Explain the development in frugal innovations and provide example in Organization..............6
Appraise the role of Frugal Innovation in Organization.............................................................7
Task 3...............................................................................................................................................8
Explain the importance of Commercial Funnel and the application of New Product
Development processing for commercialization of Innovations................................................8
P6: Build an innovation Business case for an Organizations including ways of accessing
funding......................................................................................................................................10
Critically evaluate the case study to measure its overall effectiveness using appropriate
techniques available to test, repeat and improve.......................................................................12
Task 4.............................................................................................................................................13
Evaluate the different tool organization can use to develop, retain and protect knowledge and
intellectual property..................................................................................................................13
Present supported Evidence based on evaluation of tool in context of business environment. 14
Critically evaluate the nature of innovation in which it is developed providing evidence based
judgement to overcome challenges in order to develop successful innovations.......................15
Conclusion.....................................................................................................................................15

References......................................................................................................................................16

Introduction
Innovation can be called by another name renew. It can simply be referred to as
improving or replacing something in order to be able to survive and grow themselves in long
term. On the other hand, Commercialization, is a process of bringing new product or service into
the market (Wang, Phillips and Yang, 2021). It broadly includes production, distribution,
marketing, sales as well as customer support in order to make the new offering successful.
According to Peter Drucker “Innovation is the specific instrument of entrepreneurship... the act
that endows resources with a new capacity to create wealth.” Thus innovation can be said as the
process of building value by employing novel solutions to any significant problematic situation.
Also innovation not always come with commercialisation, even non-profit can be innovative as
well but their value creation scale will be different. For the current report on innovation and
commercialisation, chosen company is Innocent Drinks, which came into existence since 1999
and are involved in offering smoothies, juices, coconut water in a quest to deliver healthier as
well as tastier product to kids. This project covers wide aspect of Innovation and
Commercialisation and is focussed on launching the company's new product offering that is
Detox drinks. This project detailed innovation, difference between innovation and inventions,
different type of innovation, process and range of different method in order to select the most
favourable method in order to be successful in long term.
Task 1
Explain the innovation and determine it's important to the Organization in comparison with
innovation
Innovation in simple terms can be defined as a process that is undertake by an individual
in order to undertake new products, processes and ideas or add a unique approach to their
existing offerings. Invention on the other hand, uses technology to solve a specific problem.
Therefore, the purpose of invention is to solve a particular problem that have arrived at a point of
time (Pellikka and Malinen, 2014.). Innovation on it's own cannot happen as it needs creativity
as well as innovation in order to implement it appropriately. For getting it's better understanding
it is essential for Innocents drinks to understand the important of innovation. This can be detailed
below:
1