Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Define innovation and identify its importance to the company in comparison with
invention......................................................................................................................................4
P2 Discuss how organisations culture, vision, teamwork and leadership can shape
commercialisation and innovation..............................................................................................6
TASK 2............................................................................................................................................7
P3 Discuss 4Ps of innovation as well as explain the use of the innovation funnel.....................7
P4 Explain the development in frugal innovation.......................................................................9
TASK 3..........................................................................................................................................10
P5 Discuss commercial funnel importance along with the application of New Product
Development processing for the commercialisation of innovation...........................................10
P6 Create an Innovation Business Case which includes different methods of funding............11
TASK 4..........................................................................................................................................12
P7 Assess various tools that organisations can use to create, retain and protect intellectual and
property knowledge...................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Books & Journals......................................................................................................................14

INTRODUCTION
Innovation define as a method of developing and creating new ideas, imagination and
thought in the appearances of strategies. It has been further defined as a process which includes
different actions in order to reveal new ideas or thoughts for undertaking things effectively.
Commercialisation refers to a method of formulating financially viable values for the
organisation. With the help of gathered information, managers will be able to covert raw material
into finished goods according to the requirements of consumers (Abdul Razak and Murray,
2017). In the present report, Chilly’s Bottle is chosen as the base company. It is the company
which mainly provides water bottle, with the ability to have cold water. In this project, various
topics are going to be covered which includes how an organisation vision, culture, leadership and
teamwork which will assist in shaping innovation and commercialisation. Apart from this, it
includes the importance of commercial funnel. At last business case is going to be developed in
this report and consider various tools which help in raising funds.
TASK 1
P1 Define innovation and identify its importance to the company in comparison with invention.
Innovation: It is a process which is used by companies to translate any idea and
implement it into business. This process is used by companies whenever they are planning to
make innovations in their business activities. This is done in those cases when expectations of
customers are to be satisfies by using certain innovative means (Ahmadi and O'Cass, 2016).
Basis Innovation Invention
Concept Innovation is a process
through which new products or
any service is launched by a
company, also there can also
be a situation when changes
are made in existing products
Invention is also a term which
can be referred to a process
which is used to start
something which is
completely new
Scope Innovation is something which
follows or takes place after
Invention always occurs before
innovation.