Innovation and Commercialisation in Organisations
Added on 2021-02-20
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Innovation andCommercialisation
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 3 ...........................................................................................................................................1Covered in PPT.......................................................................................................................1TASK 4 ...........................................................................................................................................1P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property .....................................................................................1CONCLUSION ...............................................................................................................................2REFERENCES ...............................................................................................................................3
INTRODUCTION Innovation and commercialisation is defined as the process of converting of an idea andinvention invention into services and products. It is important for different organisations to createvalue and reputation in front of the customers and stakeholders (Ahn, J. M., Minshall, T. andMortara, L., 2015). This will help a company in enhancing the economical cost and satisfying theneeds and demands of the customer. In the given case, there is an entrepreneur naming NirmalKumar who is having business of Lassi in United States. The company of Lassi is presentlyselling mango lassi to customers. This company has decided to introduce innovation in itsproduct i.e. lassi for attracting more number of customers and increasing the profits of thecompany in less time. This report consists of Importance of commercial Funnel and applicationof New product development (NPD), an innovation business case for this organisation thatincludes ways to access funding. At last this report will help to analyse the different tools thatthis organisations can use to develop, retain and protect knowledge and intellectual property. TASK 3 Covered in PPTTASK 4 P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property Intellectual Property is the term which is used in business for representing the intangibleproperty which includes contribution of the individuals (Mazzarol, 2013.). Essence drinks canuse various methods for developing, retaining and protecting their intellectual property. Some ofthese tools are discussed below:Patent: The patent is the tool which is used by the business firms for protecting theirinnovations and inventions. Such type of property right stays active even after 20 years of fillingthe application. This tool is beneficial for the Essence drinks in protecting the recipe of their newproduct which is developed by the employees.Trademark: It is the design, sign or expressions which is used by the business firms fordistinguishing their products from the competitors. This is also known as the brand or logo. Thiscan be used by the Essence Drinks in terms of captions and taglines. Through these taglines and1
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