Innovation and Commercialization : Essence Drinks

Added on - Dec 2020

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Innovation andcommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and determine its importance to organisation in comparison with invention......1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel to examine and shape innovation ideas......4P4 Frugal innovation..................................................................................................................6TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development processingfor commercialisation of innovation...........................................................................................6P6 Innovation business case.......................................................................................................8TASK 4............................................................................................................................................9P7 Tools that organisations can use to develop, retain and protect knowledge and intellectualproperty.......................................................................................................................................9CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12.......................................................................................................................................................13
INTRODUCTIONInnovation is the procedure which involves several activities to uncover new way ofdoing things. Although, it can de define as an act of inventing, making as well as producingsomething(Rasmussen and Eliason, 2017).In simple terms, innovation is process in which ideaor invention get translated within goods and services which create value for customers amountpaid. This report is based on Essence Drink who is offering healthy mango lassi within themarket of United Kingdom. Respective organisation has introduced two years ago and itsfounder is Akshay Kumar. In third year sale of Essence Drink decreases due to the number ofcompetitors entering within market. Thus, company think to bring some innovation for capturingmarket again.This report will going to cover various elements of innovation that will utilise for doinginnovation in Lassi. Along with, value of innovation for respective organisation as well ascomparison of innovation with invention. Furthermore, some aspect will explain and how theyshape innovation of lassi i.e., vision, leadership, culture and teamwork.Most important part ofassignment is 4P's of innovation and that will discuss for analysing innovative ideas. In lastsection of report, frugal innovation will be highlighted as well ascommercial funnel willimplemented for new product development within market area. Moreover, business case ofEssence Drink will explained and intellectual properties also which utilise for protectinginnovation product.TASK 1P1 Innovation and determine its importance to organisation in comparison with inventionInnovation is procedure through which company or an individual convert their thoughtsand ideas into product and services which help in growth of organisation as well as provide valueto the amount spend by customers(Osoro, Kirama and Vermeulen, 2017). Essence Drink issmall scale organisation which offering mango flavour lassi within the market of UnitedKingdom. Because of single product with no innovation sale of respective company decreaseafter 3 years. So to come out with this, Akshay Kumar who is founder of Essence Drink think todo innovation in lassi by bringing preservative different flavour lassi (chocolate, banana andsaffron). There are several importance for Essence Drink behind bringing this innovation.Explanation of these are as follows :-1
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