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Innovation and Commercialisation: Assignment

   

Added on  2020-12-09

16 Pages5103 Words70 Views
Innovation andcommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1.Defining innovation and determine its importance to organisations in comparison withinvention......................................................................................................................................1P2.How organizational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................3M1 Analyse different sources of innovation, and how organisations can foster and develop anenvironment and culture of innovation. .....................................................................................4TASK 2............................................................................................................................................5P3.Innovation mix and innovation funnel to examine the shape of innovate ideas....................5P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................6M2 Analyse and apply the innovation funnel in an organisational context................................7M3 Evaluate the role of frugal innovation in an organisational context....................................7TASK 3............................................................................................................................................7P5.The importance of the commercial funnel and the application of new product development(NPD) processing for commercialisation of innovation.............................................................7P6.Building an innovate business case for Essence Drinks and ways to access funds...............9M4 Build a detailed Innovation Business Case which includes how to measure its overalleffectiveness using appropriate techniques available to test, iterate and improve....................10TASK 4..........................................................................................................................................10P7.Different tools that organisations can use to develop, retain and protect knowledge andintellectual property..................................................................................................................10M5 Present supported evidence-based evaluation of these different tools in the context of thewider business environment......................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................13

INTRODUCTIONCommercialisation and innovation are essential elements for each and every businessorganisation. Innovation helps organisation for sustainable growth and profit maximisation inthe global business environment. Commercialisation is known as the process of pioneering newproducts, services and processes into trade and commerce and making it available for targetedcustomer base of the organisation (Aarikka-Stenroos, Sandberg and Lehtimäki, 2014). Incontext of given case scene of Essence Drinks which was founded by Akshay Kumar two yearsago but could not achieve the growth stage. The company launched creative and innovativedrink Mango Lassi into the UK market so that growth stage could be achieved. The reportdescribes about meaning, importance of innovation and difference between innovation andinvention. It also includes innovation funnel and 4p's of innovation and frugal innovation. Also,process of new product development and funding ways has been discussed. Lastly, variousmethods for protecting ideas and their advantages and disadvantages are described. TASK 1P1.Defining innovation and determine its importance to organisations in comparison withinvention.Innovation The process of Innovation is referred to as the process of launching, establishing andimplementing new ideas or ways to achieve the objectives. It is related with the process oftransformation of plan into execution by adding value as per the consumers necessities, needsand wants. Importance of InnovationInnovation is very important component for success and growth of every organisation.This helps in expansion and diversification of business operations effectively at domestic as wellas international level. Devising innovation in essence drinks at UK market plays momentous rolefor sustainable growth and profitability by fulfilling customers expectations (Brunswicker andVan de Vrande, 2014). The important role of innovation played in organisation is definedbelow:-Maintaining customer relationship- Innovation helps in fulfilling the expectations andnecessities of consumers. This element aid the company to provide innovative products1

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