Innovation and Commercialisation of Essence Drink (pdf)

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining what is innovation and its importance to organization in comparison with
invention......................................................................................................................................1
P2 Explaining how organisational vision, leadership, culture and teamwork can shape
innovation and commercialization..............................................................................................2
M1 Analyse difference sources of innovation through organisation can foster and develop an
environment and culture of innovation.......................................................................................4
D1 Critically analyse how innovation is developed, embedded and measured in an
organisational context.................................................................................................................5
TASK 2............................................................................................................................................5
P3 Explaining the 4Ps of innovation and explain the use of innovation funnel to examine the
shape innovative ideas.................................................................................................................5
P4 Explaining developments in frugal innovation to have a greater knowledge of innovation. 7
M2 Analysing and apply the innovation funnel in an organizational context............................7
M3 Evaluating the role of frugal innovation in an organizational context.................................8
TASK 3............................................................................................................................................8
P5 Explaining the importance of commercial funnel and the application of new product
development processing for commercialisation of innovation...................................................8
P6 Producing the detailed business case...................................................................................11
M4 Measure its overall effectiveness using appropriate techniques available to test, iterate and
improve. ...................................................................................................................................12
TASK 4..........................................................................................................................................12
P7 Evaluating the different tools that organisation can use to develop....................................12
M5.............................................................................................................................................14
D2..............................................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation and commercialisation is the process that engage the customer attraction and
build the good public image of the organisation in front of the market. This is the significant
practice that should be adopted by the organisation in order to maintain the business growth.
Present study is based on the innovation of “Essence Drinks” which is the founded by Akshaya
Kumar, he launched this company by one drink that is Mango Lassi into the UK market and
achieved a dramatic rise in sales in his first style due to the innovative formulate and distribution
capability. Besides, the report will launch the new flavoured energetic drink for the customers
that helps to regain the sales volume of Essence Drinks which is a new brand innovation strategy
for the company. This report will explain about the importance of innovation and differentiation
with invention. This study also explains about how vision, leadership and culture can shape the
teamwork within the organisation. It also explains the marketing 4Ps to explain the innovation
funnel to examine the shape of innovative ideas. However, to enhance the innovation, research
producing the new product development process to examine the new growth.
TASK 1
P1 Explaining what is innovation and its importance to organization in comparison with
invention.
Innovation is the process of creating new product or services with some new concepts
and ideas. Innovation is often also viewed as the application in form of devise or methods. This
is the complex process to discovers and inventions brought in the business and social
environment. Innovation is the complex process that company should needs to adopt while
operating the business so fast.
On the other hand, invention is the process which created by the company at very first
time with some new features and ideas. Invention is the idea or process that never been made
before but the innovation creates the new version of old.
Innovation means adding some more values to the process which is not leading and
managing the effective results. But on the other hand, invention is coming up with new concepts
or though process which is unique and different from existing services (Amabile and Pratt,
2016).
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Invention process required the new scientific tool to create the new product or services.
Unlike innovation, which only creates the new marketing or techniques skills to promote the
brand.
Difference between Innovation and Invention
Basis Invention Innovation
Concept Invention is based on the new
concept which is never been
generated before in the market
which is original (Naqshbandi and
Jasimuddin, 2018).
Innovation is based on practical
implementation of exiting idea. '
Skills required To invent new product or services,
individual must have scientific skill
(Breuer and Lüdeke-Freund, 2016).
To create the new features within
existing market, individual must have
marketing, technical and strategic
skills.
Occurs when New idea strikes a scientist A need is felt for a product or
improvement in existing product.
Concerned
products or
process
Invention just focus on the single
unit while they planning to create
new product or services (Akter and
Rathnayaka, 2019).
On the same side, innovation focused
on the multiple of products.
Activities This activity related to Research
and Development
These products related to across the
organization (Vrgovic and et.al.,
2015).
As comparing the innovation with invention innovation is much better in different
manner. Invention creates the better target market and promoting the business brand in different
manner, innovation is more effective process rather than invention, it also required fewer efforts
and cost as compare to invention. Innovative businesses create dynamic products which adjust
existing services.
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P2 Explaining how organisational vision, leadership, culture and teamwork can shape innovation
and commercialization.
Shape innovation and commercialisation with vision leadership and culture
It is very necessary for every Organisation to work together as a team on same targets and
goals with the help of team members into good working environment. This overall process or
practices will help to shape the innovation besides it brings the new working goals and making
the long lasting working opportunities for the company into best and effective manner
(CORTIMIGLIA and et.al., 2015). Such as:
Vision of the Essence drink is to promote the drink or company into the market with
different promotional manner or vision is to expand the market into high long term manner.
Vision and mission are the most necessary cultivation process for shaping the innovation
into more frequent manner. Vision has to be evaluated and according to the best joining level of
growth and managing the working leading goals. Company should develop the goals and
objectives which is clear to all employees that helps in shaping the innovation. Vision motivates
the employees to generate the well and effective working goals. This helps to shape the vision
for innovation and commercialisation.
Leadership is the another tool that helps to understand the employee needs to company
needs which solved by their potential methods or techniques. In order to meet out the
development area. Leadership is helpful to maintain the positive environment and also handling
different employee development activity through which employees get motivated towards the
company development bring new ideas of innovation. So it has been proved that, leadership is
the significant tool which generate enthusiasm among employees that helps to
maintained or shaping the innovation styles. To enhance the leadership management, leaders
required to gain employee motivation and enhance the confidence level to bring new ideas of
innovation. Leadership is the best way to control the all activities and motivate employees
towards the effective planning. For example : Leaders enhance the motivation level of
employees so that they encourage employees towards the new thinking and motivate overall
environment opportunities.
On the other side, another element that play a measure role in order to develop the
innovation in different manner is culture (Costello, 2015). Culture is the company’s working
environment which explains how employees and leaders are capable to bring new opportunities
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for the company. By having positive culture individuals are much efficient and capable to handle
things into more effective manner. Apart from this, it grows the new working and managing
effective leadership styles. Culture and positive environment create positive ideas and thoughts
through company can build innovative product or services (Dedehayir, Mäkinen and Ortt, 2018).
Culture
In order to maintain the positive culture, Essence drink company should need to take
some steps or organise employee development programs to make them satisfied and happy. This
process helps to generate the effective positive culture within the organisation.
On the other hand, team work is the another essential element which plays a most crucial
role in the development of innovation process. Team productivity will always given great extend
in the development process which makes the things more clear and effective. Team
productiveness is plays most important role in order to work in an collaborative manner.
However, the positive culture has always work with full enthusiasm which enhance the employee
commitments.
M1 Analyse difference sources of innovation through organisation can foster and develop an
environment and culture of innovation.
Employee creativity and innovation are essential for the success of the business.
Employees are very capable to take the innovative ideas and results to build up the new approach
or product or services (Forés and Camisón, 2016). Only, businesses required to arrange some
value creativity programs who are allowed to be creative are more engaged with their current
position. Company culture can either foster or stifle innovation. Fortunately, business leaders are
able to shape creative work environment within the business culture.
Sources of innovation which can foster and develop environment culture.
Organise brainstorming Sessions: To organise brain storming session can give
company more enthusiasm results and bring the long term goals and services into the best
potential manner. This session bring power among employees that helps to create the new ideas
and effective results oriented goals and services.
Create a culture of innovation: This is the another practice that can build the innovation
environment within the business (Heck, 2017). People when they are driven by inspiration and
encouraged to push their boundaries and think outside the box. Company has to create
independent environment at the workplace that can motivate employees to think beyond.
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Build Productive team: Building a productive team enable team members, effective
structure and clarity of objectives. By increasing the effectiveness of the employees will help to
make the good working crowd.
Reward Failure: This is one of the significant tool that helps to maintained the employee
creativity and innovation within the organisation. Employees should be rewarded by given
innovation idea and initiatives to the organisation. This process or source of innovation can help
to increase the innovation among employees and goals.
D1 Critically analyse how innovation is developed, embedded and measured in an organisational
context.
Innovation can be measured in different way such as to collect feedback from market,
customers or employees. Innovation is the process that is best managed with a long term
perspective, not necessarily measured in long increments. Sometimes, it is not necessary that
every innovation has been given good impact on the customer behaviour. On the other sides,
innovation process is always developed in the positive environment with full of new goals and
ideas.
TASK 2
P3 Explaining the 4Ps of innovation and explain the use of innovation funnel to examine the
shape innovative ideas.
Innovation mix are the components of innovation which are inspired by the marketing
mix which is used for promoting the product or services (Jorna, ed., 2017). Innovation makes the
process or leading the new working goals of the company results. This is the strong ability to
build up the potential sources and goals to make the best productive outcomes results.
Product: Product is the first and foremost result goals which makes the process more
enlarging and productive. Product is the one and only element for which new ideas has been
generated. In order to make product more attractive company requires building up the good
product packaging, delivery methods and it must be fresh and refreshing for better market
growth (Kang, Burdon and Mooney, 2019). Essence Drink needs to develop the new drink to
retained the market attention and growth.
Process: Process is one of the next 4Ps which makes the better developing environment
and enhance the public results and goals. Process innovation make changes in terms of
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developing new process and results. Process element is anything which improves the process of
the company, so that company can make its process quicker and more efficient and cheaper.
Position: Position defined the innovation in which company needs to set their target
individuals based on age and gender. For example: Essence Drinks provide drinks to all age
group of people. In order to make innovation. It is required for the company to generate new
target people and make the new working goals and bring new process of development.
Paradigm: This is the somewhat specific innovation category. It concerns the change in
the way something is done in the organisation (Mohd Adnan and Valliappan, 2019).
Paradigm innovation: Changes in the underlying mental models which frame what the
organizations does. Within any of these dimensions' innovation can be positioned accordingly
and effective. In other words, it makes the best developing and goals to make the effectiveness
and results. This element of innovation develops the new ideas and make the leading
development growth into more efficient manner.
Funnel shaping the innovation
Funnel Innovation process enable the company to create an innovative and realistic action
plan. The core of the innovation funnel is to generate as many ideas as possible. This will help to
generate the new managing and most leading result and goals. Overall, innovation funnel can
easily shape up the new product idea and goal. In other words, innovation funnel is the kind of
mechanism that launch the new idea and concept of a new product. However, Funnel innovation
is the kind of tool that helps to justify the reliability of the new product design weather it is right
or wrong for the company. That is why it shape the innovation and define what actual more
requirement is available. It helps to create a funnel shape from lots of ideas and new
modification. The best advantage of funnel innovation is that they enable to prioritize the ideas
which is required to developed the new concept.
The core element of the innovation funnel is to generate as many ideas as possible. In
other words it also very much essential and leading to get the more idealogical manner. Apart
from that, innovation funnel is an excellent tool to prioritise ideas and ensure that the best will be
fully developed and advanced projects, products or other process of exploring.
Different Kinds of innovation
Disruptive Innovation : It is also known as Stealth innovation that involves applying the
different concept different technology in order to gain the different market opportunity.
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Incremental Innovation : It is the most common approach of innovation. That maximize the use
of existing technology in order to gain the customer satisfaction and growth. For Example :
company innovate in existing product or services to gain the more value and profit.
Architectural Innovation : this innovation concept is based on the systematic manner in which
company prepares the chart and then implemented into efficient manner. Generally it involves
the high risk of failure.
Radical Innovation : This is different from other types of innovation in this process individual
innovate things what they think. This is the kind of give birth to new technology that evaluates
the new opportunity and gain.
P4 Explaining developments in frugal innovation to have a greater knowledge of innovation.
Frugal development innovation means when company developed product after
eliminating the ineffective growth and results. This helps company to reducing the complexity
from the existing goods. Such as Essence Drinks should need to eliminate the dislike elements
from the mango lassi and add some valuable ingredients to get the customer attention. Also it
will launch the new flavoured food lassi for the customers. This is the another kind of innovation
that company adopts when its products sales are decreasing in constant manner. Such as Essence
Drinks should have required to enhance the frugal innovation in order to increases the company
sales within the market, it also helps to determine the long lasting challenges which involves risk
and uncertainties Present company developed frugal innovation by introducing new flavoured
drinks with unique packaging style.
In other words by eliminating the low productivity activities from the management. It
helps companies to build up the best developing results and goals. Such as Essence Drinks
requires to develop the new skills management and also develops the effective management task.
M2 Analysing and apply the innovation funnel in an organizational context.
Developing a funnel innovation in which company develops the new product and service
idea. The main purpose behind to develop the needs and that be produced in an economically
profitable way (Naqshbandi and Jasimuddin, 2018). There are given some methods or process
through company can adopt the new product innovation.
The Mouth of the Funnel
This is the first process which in which it creates the better services and goals which
helps to determine the innovation and goals. Apart from that, it is the long lasting way to develop
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the new managing leading new work environment and result oriented goals and services. To
efficient more reliable and growth. This step help to collect the research data and more required
work and goals (Salah, 2017). To efficiently go through this phase of the innovation funnel a
clear perspective on the objectives must behave been established beforehand.
Narrowing the Funnel : This is the next process of the innovation funnel in which ideas
the organization has developed in the first phase are screened. In the process of screening it
encompasses matching the ideas with the goals of the organisation to check the frequency of the
tools.
Narrow Part of the Funnel : In this phase, the organisation ensures that the selected are
tuned to the company objectives that were drawn up when the company was started. In this
process company select the idea after the process of screening. Besides, I this process Essence
Drink required to opt the final growth or result in order to launch the new product or services
M3 Evaluating the role of frugal innovation in an organizational context.
Frugal innovation is the process of reducing the issues and cost of good and its
production. In this system company can remove all those elements which is not so much popular
and effective to regenerate the product image with some innovative manner. Role of Frugal is
very popular and unique to sustained the product in the market as long.
TASK 3
P5 Explaining the importance of commercial funnel and the application of new product
development processing for commercialisation of innovation.
Commercial funnel is the process that helps to sustaining the long lasting development
results in order to meet out the company development goals. This will help to re-continue the
working and sustaining the marketing activities (Vrgovic and et.al., 2015). Commercialisation is
the important process for every kind of organization to enhance the company sales profit or
results. Bringing potential customers to promote the business product or services. Without the
processing of commercial funnel company fails to promote the market growth. After words, it
generates the best developing result growth in order to maximize the different opportunity and
goals. For commercialization process Essence company should need to develop the new product
development process in order to meet out the best outcome results.
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Idea Generation
This is the first process or step of new product development in which company required
to make the new working goals (Witell and et.al., 2016). It helps to make the new working ideas
and implementation process goals. Ideas come from everywhere can be of the any form and can
be numerous.
In order to generate the new idea company needs to look upon some essential goals. Such
as internal source, SWOT analysis to identify the internal source company strength or
weaknesses and market research such in order to upgrade the company position cited
organisation should need to opt the new business idea which is innovative. Essence Drink will be
planning to invent new shakes and new flavours of drink in order to retained the customer.
Presenting the new idea Essence Drink will be planning to launch new flavoured drink, this is the
new idea generated by the company.
Idea Screening: This is the new process in which company measure the pros and cons of
the selected ideas in order to take the better decision making approach. This step helps to select
the best and potential idea which is feasible and customer oriented. There are many factors that
play a most important part within this process such as company strength, company weakness,
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Illustration 1: New Product Development Stages
(Source : Naqshbandi and Jasimuddin, 2018)

Customer needs, Ongoing trends, Expected ROI. In this next process, company needs to screen
the new idea of new flavoured drinks by the analysation of the market position and current needs
and wants.
Concept Development & Testing: This is the third step of the NDP process which
includes development and testing (Mohd Adnan and Valliappan, 2019). A concept is detailed
strategy or blueprint version of the idea. Basically when an idea is developed in every aspect to
make it is called concept. In this process company should need to test whether the innovation
process is effective and fruitful for the company or not. Business tries to know what actual
customer wants from the company. In order to testing the idea, Essence Drink organization
organise the marketing campaign and invite customers to provide free sample of drinks and get
feedback in the form of digital questionnaire.
Business Strategy Analysis & Development: Testing business in coming up with the
final concept to be developed into a product. In this step company is liable to promote the new
product in the market with some potential product or services. Also, it should be decided by the
company like marketing, branding and other business strategies that will be used. This stage
includes competition of the product, costs involved in order to make the new flavoured drinks,
break even point etc. all these factors are most essential to analyse.
Product Development: This is the another major activity goals in order to develop the
best and leading goals (Mohd Adnan and Valliappan, 2019). In this process or step company
required to approved concept is transformed into an actual tangible product. This development
stage of new product development results in building up of a prototype or a limited product
model. In this Company also needs to develop the product blueprint or a kind of prototype for a
limited production model. To organize new flavoured drinks is the new product development by
the company.
Test Marketing: Unlike concept testing the prototype is introduced for research and
feedback in the test marketing phase. This makes the overall leading and generating the best
development process to measure the goal oriented results. In this process company generate the
process of feedback in order to measure the product response from the customers.
Commercialisation: This is the last stage which should be the marketing strategies. The
marketing mix is now put to use (Mohd Adnan and Valliappan, 2019). The commercialisation
process is the last process in which company lead the market and make popular the product into
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the market. This step follows and explaining the briefing different departments about the duties
and targets.
NPD is given both positive and negative impact on the organization which might be
affect the the company growth. In other words, it also helps to redesign the work opportunity and
task which brings low effective working opportunity. In the contrast, new product development
is the new opportunity and developing results to meet out the goal opportunity.
P6 Producing the detailed business case.
The present business case based on to develop new flavoured drinks for the target
customers of Essence Drinks. The purpose behind innovating a case is to offer the unique
approach to tackle one of the real problem areas within innovation making the case compelling.
Innovation business case has always invented in order to minimize the current business
problem. However, Essence Drink enters into its third year of trading where they significantly
facing low sales due to number of competitors. In order to gear up the sales volume. Company
required to build an innovation business case (Kang, Burdon and Mooney, 2019).
Step towards building innovation case
 In order to start the process company needs to offering the different creativity tools. In
order to promote new flavoured drinks in the market, company should need to adopt the
best tool of marketing such as social media marketing, direct marketing, personal selling
etc.
 Next process is to measure the business case in terms of cost and benefit analysis,
clarifying opportunity need factor analysis and assessing stakeholder interest sand
clarifying the uncertainties. In this company should need to measure the risk and make
the contingency plans for the uncertainties.
 Next process is to produce the clear appearance growth in order to build up the new target
strategies to move ahead. This process measuring the new process of goals and
techniques to let them all understand.
 Preparing the checklist of innovative business case in order to ensure the effectiveness
and measuring the process goals and objectives. Essence Drinks should need to ensure
weather product make profit or not.
 Moving an idea into a mainstream activity is one of the hardest aspects to achieve.
Making the innovation business case a winning one is not down to luck.
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Assess to funding ways
Bootstrapping : This is the first way or process to arrange the fund where company or
business required to use their own funding through own financial resources, saving, personal
credit cards. This method can help Essence Drink to boost up the capital for the new product
development.
Friends and Family : In order to arrange the capital funds for running the business.
Business owner can also take help from their friends and family and give them some capital
shares and authority within the business (Kang, Burdon and Mooney, 2019). This tool or way
help to arrange resources for the new idea of Essence Drink.
Crowdfunding : this is the another significant method can company adopts into their
better functioning level. Crowdfunding is the process where small investors are ready to invest
on the company in order to generate the business profit and results to maintained the better goal
and objectives (Ways of funding a Business, 2019).
Angel Investors : this is the another method through company get financial support like
to take help from financial institutions as loan Angel Investors are group who help to new start
ups businesses by the help of given capital resources. It helps business to generate new business
goals and making them best source of action plan. Essence Drink can take loan for purchasing or
the investment on to new product idea.
M4 Measure its overall effectiveness using appropriate techniques available to test, iterate and
improve.
In order to evaluate and measure the innovation business case. Company should need to
acquire some potential techniques or method to identify their position in the market. The best
way to evaluate the defectiveness of business case is measure the actual performance with the
desired goals. Another technique that company could use which is taking feedback from
stakeholder such as customers, suppliers, investors and employees.
TASK 4
P7 Evaluating the different tools that organisation can use to develop.
Intellectual property is that category of property which involves intangible creations of the
human intellect and in every country there are different types of intellectual property and among
all copyright, trademark and patent are common IP. Thus, the main purpose of these IP is to
increase the creation at wide variety of intellectual goods and thus to achieve this, government
12

provides business property to the people with a limited period of time and this is called
intellectual property. Essence Drink can easily develop and protect knowledge and some
intellectual property by using some tools such as patent, trademark and copyright for the new
flavored drink, which are as mentioned below. It is quite important to protect the brand from
different tools because,
Increases value: Using different tools, the company easily increases the value and on the
other side, if company fails to protect the brand, it lose its value and by using trademark, the
company have their legal standing and it raise the brand value as well (Naqshbandi and
Jasimuddin, 2018).
Increases brand awareness: through better intellectual tools, and advertisement, the
company will sustain its brand image in market and as a result, it also increases the brand
awareness. On the other side, the company should make sure that branding in every piece of
content or products will help to reflect company's brand image.
Different intellectual tools:
Patent: It Is the form of intellectual property that give its owner a right to exclude other
from making, using and selling the importing an invention for a limited period (Breuer and
Lüdeke-Freund, 2016). Further, it is used for 20 years after filling the date of application, such
that the patent is a non- obvious and useful invention. Thus, it helps to encourage the
development of new inventions and to encourage the disclosure of this invention as well. If
Essence Drink uses the same intellectual property then it gives the right to stop others from
copying without the owner permission.
Trademark: it is another tool that can be used by Essence Drink which is an expression,
design and sign that identifies the service and products of a particular source that is called a
trademark. It has been analyses that it is used as a way for protecting consumer such that when a
business are responsible for any products or services, they have their own trademark that helps to
take more pride in the products. As it also help Essence Drink to run the business successful. By
adopting Trademark as a intellectual property the quoted company can also attain the trademark
for a tagline, caption and business name as well.
Copyrights: This intellectual tool is used in case of some creative work such as computer
programs, films and artistic work (Akter and Rathnayaka, 2019). This tool is granted only for the
owner in order to reproduce the material. By using copyright, Essence Drink Ltd provide
13

important motivation for the creation of different intellectual work without paying any royalties
and remuneration. Apart from this, the company also protect the knowledge by using data
protection policy and the quoted firm also protect the data by some steps such as, To make sure
that the data will be used and collected in fair means. Then The personal data of the company
should be used in order to meet the company's legal fulfillment and some operational activities.
Further, The company should keep reviewing the guidelines and procedures of data protection at
regular basis and Essence Drink should also provide proper training session to their employees
for personal data as well.
Among all, for Essence Drink, Trademark is one of the best intellectual tool, in which a
new flavoured drink can be used by company to attain the trademark for a tagline, caption and
business name.
M5
All the intellectual tools are help a business to present business its unique image in
market. In the same way, patent, copyright and trademark also helps a business to protect their
products from being misused. In the context of Business, Essence Drink also want to introduce
the new flavored drink for their customers and by using trademark, the company also identifies
the products or services of a particular source from those of others.
D2
The nature of Innovation is based on practical implementation of exiting idea and the
Essence Drink also overcome the challenges of innovation by managing the intellectual property
such as trademark or patents that is suitable for the products offering. Next by introducing new
ideas and establishing an efficient internal structure and communicate regularly with the
innovators will also help a business to overcome many challenges and lead a business towards
success.
CONCLUSION
By summing up above report it has been concluded that innovation and invention are two
different terms which can be used by the firm in order to meet the business objectives. From the
report it has been concluded that Essence Drink needs to innovate new products and its vision,
leadership, culture and teamwork also help to shape the innovation and commercialization.
Further report also concluded that by using 4P's of innovation, company can use the innovation
funnel and also shape up the ideas as well. Further it concluded that by using Frugal innovation,
14

the company can also reduce the complexity and cost of goods and its production as well. Report
concluded different ways of funding as well and evaluate different intellectual property tools that
help to develop, retain and protect the knowledge for Essence Drink.
15

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