Innovation and Commercialisation.

Innovation and
Commercialisation

Contents
INTRODUCTION..........................................................................................................................3
TASK 1...........................................................................................................................................3
P1 Innovation and its importance to organisation .................................................................3
P2 Explain how innovation and commercialisation are supported by vision, culture, leadership
and teamwork.........................................................................................................................5
TASK 2...........................................................................................................................................7
P3 Explain the 4P’s of innovation and explain use of innovation funnel for shape of
innovative ideas......................................................................................................................7
P4 Development in frugal innovation and example to use them in organisation context......9
TASK 3.........................................................................................................................................11
P5 Importance of commercial funnel and application of new product development for
commercialisation and innovation .......................................................................................11
P6 Formulation of an innovation business case for an organisation....................................13
TASK 4.........................................................................................................................................15
P7 Different tools that organisation used for developing, retaining and protecting knowledge
about intellectual property ..................................................................................................15
CONCLUSION.............................................................................................................................16
REFERENCES ............................................................................................................................18

INTRODUCTION
The term innovation and commercialisation can be defined as the process for formulating
and transforming the invention and ideas that are new and creative in market. The main motive
to implement innovation and commercialisation in organisational products is to attain better
position in market and innovation also aids organisation to earn more profits. This report is
written from perspective of Heinz which is an American food processing organisation and it’s
headquarter is situated in Pittsburgh, Pennsylvania. Moreover, the well-known products of Heinz
are sauce and condiments (Atkins, 2016). In the present scenario, Heinz UK is a successful
strong asset for organisation which accomplishes high excellence in manufacturing and
developing the brand image and Heinz it one of the trusted brand of UK. Moreover, this report
highlights on innovation and determine its importance for organisation and also on innovation
role that are shape through vision, culture, leadership and teamwork. 4P’s of innovation and the
use of innovation funnel to shape innovative ideas will focus in the upcoming report.
TASK 1
P1 Innovation and its importance to organisation
The term Innovation is defined as a concept by which the transition are formulated and
implemented among existing products of the organisation. The main aim of innovation is to add
more new features among products to satisfy needs and wants of customers in an appropriate
manner. In context of Heinz innovation is used by management to overcome from rapid
competition that exists in market and industry.
Invention relates with development of fresh and creative item or product in order to
increase product portfolio (Behsnilian and et. al., 2014). Along with this invention also helps an
organisation to enter into market for the sale and distribution of products. Invention is a process
in which organisation generate more profit by fulfilling demand and need of customers.
Basis Innovation Invention
Concept The process of innovation is
defined as a process that
engaged in business to modify
new product for matching
product value with existing
With invention process an
organisation develop a new
product that is launched newly
in market. Moreover, invention
also develop positive impact

demand of customers. on business by generating new
customer base.
Skills Strategic skill as well as better
training is required by
business to add more value
among all products by
learning innovation method.
Research skill is required by
the workforce or department of
business to implement
invention method for
developing new product.
Occurrence Innovation methods take place
or occur when there is a
change in the trend of
products.
Invention occur when there is
requirement is raised in market
for developing new product.
Invention and innovation both are different from each other but sometimes it overlap
each other by making changes. This governs that innovation is totally depend on invention as
innovation only take place when there is change required among current products (Elmes,
Mendoza-Abarca and Hersh, 2016). Further, it is also monitored that many times organisation
face challenges because innovation reduce product quality. Example- If innovation is
implemented without understanding market and customer requirements than it is difficult to
satisfy needs of customers.
Importance of innovation
With understanding globalisation aspect it is identified that innovation refer to generate an
effective process that is utilised by Heinz management for improving current products and it also
work as a catalyst which make business grow through adopting new marketplace. As comparison
to invention some aspect that demonstrates importance of innovation is mention as follow:
 Solve problem easily- In the present scenario, competition among all organisation and
industry is too intense due to which it is recognised that management of Heinz must
develop innovation method for satisfying needs and wants of customers by improving
products on constant basis (Handford and et. al., 2014). This results that Heinz make a
creative solution for satisfying customer needs and as compare invention with the
innovation it is identified that innovation is a low cost and fast method for satisfying
customer needs.