Innovation and Commercialization in Organisational Context 3 MAIN BODY LO13 P1

INNOVATION AND
COMMERCIALIZATION
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO1..................................................................................................................................................3
P1. Explain innovation and its importance to organisation in relation to Invention....................3
P2. Shaping innovation and commercialization through organisational vision, leadership,
culture and team-work.................................................................................................................5
LO2..................................................................................................................................................7
P3. 4Ps of innovation and use of innovation funnel for examining and shaping innovative
ideas.............................................................................................................................................7
P4. Developments in frugal innovation and its uses in organisational context...........................9
LO3................................................................................................................................................10
P5. Importance of Commercial Funnel and application of New Product Development
processing..................................................................................................................................10
P6. Building an Innovative Business Case for Essence Drinks including ways for funding.....12
LO4................................................................................................................................................13
P7. Different tools that helps in developing, retaining and protecting knowledge and
intellectual property...................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16
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INTRODUCTION
Innovation and creation are required for every business organisation to sustain in
competitive markets. The changing needs and demands of customers need to effectively met by
the business in order to build strong customer base and develop their trust and loyalty (Adams
and et.al. 2016). Essence drinks is a company that is based in UK and sells healthy mango lassi.
The company has effectively developed and achieved rapid growth in two years because of its
innovative formula and distribution capability. But in the third year company faced decrease in
its sales and thus, founder of company, Akshay Kumar aims at introducing new and innovative
products in the target markets. In the present report, different forms of innovation are discussed
and its importance as well. Explanation for how organisational vision, leadership style, culture
and team work help in shaping innovation and commercialization. Role of frugal innovation and
uses of innovation funnel are also discussed. Importance of commercial funnel and application of
New Product Development is done further in the report. Evaluation of different tools which can
be used for developing, retaining and protecting knowledge and intellectual property is done
further.
MAIN BODY
LO1
P1. Explain innovation and its importance to organisation in relation to Invention
Innovation:
Innovation refers to the process or procedure for bringing new and creative idea
regarding a product or service into the business. This can bring great and positive impact on the
business and bring successful results. Every company focuses on to bringing new and innovative
ideas into the business activities and operations and also in its products or services so that it can
achieve great benefits and sustain in competitive markets. Essence drinks achieved great success
and results in markets because of its innovative formula and distribution capabilities. There are
different drivers that effectively push the innovation process available in the business
organisation.
Invention:
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Invention refers to the process for actualization of new thinking or idea into action. This
refers to the secondary step for inventing new products or services into the markets. There is
difference between invention and innovation as innovation focus on dealing with introducing
new idea into existing products, whereas, invention refers to bringing products into markets by
shaping and objectivity (Bain and Kleinknecht, 2016). Innovation is considered as the first step
for bringing about services or products and it aims at dealing with bringing new and distinctive
approach to the business organisation. Whereas, invention aims at dealing with procedure of how
can a product be bring it to customers actually.
Importance of Innovation and in comparison, with invention:
Essence drinks needs to focus on creating a new range of drinks so that it can gain
benefits of increased market share, sales and profitability. The company’s ability for inventing
new idea for products will lead to bring great benefits for company. Essence drinks is the UK
based company that offers Mango Lassi and aims at innovating and introducing new product
range so that it can achieve higher sales and profitability. Company can increase its competitive
advantage in the markets by introducing innovative ideas in its product range. Thus, innovation
and creation is very important for the success and development of business organisation. Essence
Drinks can innovate and create ideas and apply in its product range for getting competitive
advantages. Innovation and creation lead to bring great impact for every business organisation.
People always focus on getting distinctive products as compared to others, thus, companies
bringing new and innovative products can achieve great success and results.
Key differences between invention and innovation
1. The occurrence of an idea for a process or product that has never been created before is known
as the invention. On the other hand, application of the idea for process or product for the first
time is defined as innovation.
2. The invention is related to the development of new product and innovation refers to adding
value or introducing any kind of change in exiting product or service.
3. Invention means to come up with a fresh idea and how it works in theory, as opposed to
innovation is all about practical implementation of any new idea.
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