Innovation and Commercialization

Innovation
and
commercialization

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Innovation and its importance in comparison with invention..........................................3
P2. Role played by leadership, culture, vision & teamwork in shaping innovation &
commercialisation...................................................................................................................4
TASK 2............................................................................................................................................5
P3. 4P's of innovation & innovation funnel use.....................................................................5
P4. Developments in Frugal Innovation.................................................................................6
TASK 3............................................................................................................................................7
P5. Importance of commercial Funnel and Application of New Produce Development.......7
P6. Innovative Business Case.................................................................................................8
TASK 4..........................................................................................................................................10
P7. Evaluation of various tools in order to retain, develop & protect various rights of
intellectual property..............................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is defined as the process which results in generation of a new offering by
incorporating change in existing products and services. Innovation is facilitated within the
premises of organisation so as to increase the value that customers perceive of a product. This
influences their purchase behaviour and makes them undergo purchase of merchandise sold by a
corporation. Apart from this, commercialisation can be referred to as the process whereby
offerings of an entity are rendered within the market to gain the attention of public and enhance
the financial performance of company (Saebi and Foss, , 2015) . This project is done on Chilly's
which is a famous manufacturer of water bottles functioning within the periphery of UK. The
management of this corporation is considering to enhance its existing product portfolio by way
of introduction of a new product at market place. The project comprises of concept of innovation
together with differences in this concept and invention. Also, it includes 4 P's of innovation and
process for commercialisation of innovation. At the end, tools and techniques for protection of
innovative idea are included along with its merits and demerits.
TASK 1
P1. Innovation and its importance in comparison with invention
Invention is deciphered as the procedure resulting in creation of a new offering which did
not have any existence prior. It can also be said that innovation is the process which creates new
demand or fulfils an existing demand of people prevailing at market place.
Opposed to invention, innovation is deciphered as the chain of activities which are aimed
at incorporating enhancements within an existing organisational offering to develop a new
product (Souto, 2015) . Such procedure results in inflating the value of certain product in the eye
of a customer.
Innovation is regarded as a crucial component of organisations as it provides them with
an opportunity to gain the attention of people and thereby enhance the market value of brand
among the customers. With respect to this, some of the points which manifest the importance or
value of innovation for an enterprise are given as follows:-
 It helps in attainment of competitive edge at marketplace through the execution of
increment in current capacity of an organisational offering. This results in fulfilment of
needs as well as choices of people.

 Innovation provides an opportunity to organisations across the globe such as Chilly's to
enhance their Return on Investment to a large extent.
Innovation v/s Invention
The differences between the concepts of innovation as well as invention are outlined as
follows:-
BASIS INVENTION INNOVATION
Scope
This is a concept which has an
extensive scope as it is comprised of the
development of a new offering (Yadav
and Goyal, 2015) .
This concept has a narrow scope as it is
just constituted of inclusion of
enhancements in an existing product.
Occurrence
This concept occurs whereby a new
demand is created in market place for a
product or service or an old demand is
fulfilled.
This execution of innovation is posed
to incorporation of enhancements
within existing organisational
offerings.
Applicability
This concept within a corporation is
facilitated by the Research &
Development unit.
This concept is facilitated at each and
every business unit in order to obtain
favourable results for corporation.
P2. Role played by leadership, culture, vision & teamwork in shaping innovation &
commercialisation
Commercialisation can be said as a procedure which has a aim to provided organisational
offering in market. There are, many element which are shaping the overall process of innovation
& commercialisation in case of Chilly's. These aspects are discussed below:
Vision: This is a crucial element in a organisation which is used fOR shaping of process
and in process of commercialisation. Chilly's has to ensure that there is decrease in use of plastic
bottles ( Jha and Desouza, 2015). In innovation such facilities can be useful in creating