Innovation and Commercialization: A Case Study of Healthy Juice Company

INNOVATION AND COMMERCIALIZATION
HEALTHY JUICE COMPANY – DANIEL GREEN

CONTENTS
INTRODUCTION............................................................................................................................. 3
TASK 1............................................................................................................................................ 4
P1 DEFINING INNOVATION AND IMPORTANCE OF INNOVATION FOR HEALTHY JUICE
COMPANY..............................................................................................................................................4
P2 ANALYSING HOW ORGANISATION VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN
SHAPE INNOVATION AND COMMERCIALIZATION FOR THE HEALTHY JUICE COMPANY..............5
M1 ANALYSING DIFFERENT SOURCES OF INNOVATION AND HOW HEALTHY JUICE COMPANY
CAN FOSTER AND DEVELOP AND ENVIRONMENT OF CULTURE AND INNOVATION....................6
TASK 2............................................................................................................................................ 8
P3 4P’S OF INNOVATION AND USE OF INNOVATION FUNNEL FOR THE HEALTHY JUICE
COMPANY..............................................................................................................................................8
P4 & M2 DEVELOPMENT IN FRUGAL INNOVATION AND ITS IMPORTANCE FOR HEALTHY JUICE
COMPANY............................................................................................................................................10
M3 EVALUATING THE ROLE OF FRUGAL INNOVATION FOR HEALTHY JUICE COMPANY............11
TASK 3.......................................................................................................................................... 12
P5 COMMERCIAL FUNNEL’S IMPORTANCE AND NEW PRODUCT DEVELOPMENT.....................12
P6 & M4 INNOVATION BUSINESS CASE AND WAYS OF ACCESS FUNDING..................................14
TASK 4.......................................................................................................................................... 17
P7 EVALUATING DIFFERENT TOOLS OF INTELLECTUAL PROPERTY THAT CAN BE USED BY
HEALTHY JUICE COMPANY.................................................................................................................17
M5 EVIDENCE-BASED EVALUATION OF INTELLECTUAL PROPERTY TOOLS FOR HEALTHY JUICE
COMPANY............................................................................................................................................18
CONCLUSION............................................................................................................................... 19
REFERENCES.................................................................................................................................20

INTRODUCTION
An organization needs to constantly innovate in order to achieve success in the future.
Innovation in the commercial world is all about making things better in terms of product and
services being offered to the customers. Innovation is essential for the small or big organization
in order to compete with their competitors in the fast-paced environment. In this assignment, a
case study of Mr Daniel Green and his company ‘Healthy Juice’ will be considered as an example
for conducting a detailed evaluation for the topic innovation and commercialization in the
business environment.
Mr Daniel Green was the founder of the company healthy Juice Company and launched the
company with one drink that is a healthy milkshake and a dramatic rise in sales was seen for this
company for one financial year. But later when the company entered into the third year the sale
got decreased because of the number of competitors in the market. The main reason for the
decline of sales was that Mr Daniel did not want to shift from the juice idea and as a result,
other competitors achieved success as they offered diversified products to the consumers. In
this assignment, the importance of innovation and invention for the business will be briefly
explained. The steps that need to be taken by Mr Daniel Green for achieving success in his
business will be explained with suitable examples and theoretical explanations.

TASK 1
P1 DEFINING INNOVATION AND IMPORTANCE OF INNOVATION FOR HEALTHY JUICE
COMPANY
INNOVATION
Innovation refers to introducing something new in terms of product or service by converting
ideas into numbers. The term innovation may be referred to as implementing new ideas for
developing a product or service (Kline and Rosenberg, 2010). The main purpose of innovation is
to solve a problem through rearrangement, recasting, reconstructing and reorganizing so that
the solution derived is something new and is in the form of a product, method or an idea. There
are many forms of innovation such as product innovation, process innovation, marketing
innovation, organizational innovation etc.
IMPORTANCE OF INNOVATION
Innovation is important for sustaining the business competitiveness and improving the
productivity and operations of the company. Innovation is essential for the economic growth by
meeting the challenges of the rapidly changing market and to remain competitive in the long
run. Innovation helps in improving the quality of products and services offered to the
consumers by the businesses (Kline and Rosenberg, 2010). It helps in meeting the demand of
the consumers by making changes in the product thereby meeting buyer’s standards and
requirements. Innovation is also important because it will allow the businesses like the Healthy
Juice Company to adapt to change in terms of market conditions, technological advancements
and changes in the external business environment.
INVENTION
The invention is referred to as formation of new ideas for developing a new product or process.
The invention takes place when an idea comes to mind for developing a product and those
ideas turn into action and produce real commercial products (Teece, 2010). An inventor has

creative abilities for inventing something which could either be a product or service in which he
uses process, methods or certain concepts.
COMMERCIALIZATION
It refers to a phase or an activity for making product readily available to the customers in the
market. The product that is launched into the market is supported by marketing activities to
describe the product to the customers as an ongoing process (Teece, 2010).
DIFFERENCE BETWEEN INNOVATION AND INVENTION
INNOVATION INVENTION
It is the process of turning an idea into action
for developing product and services.
It refers to the creation of new products or
services that previously did not exist
Innovation is about changing a process or an
activity for gaining competitive advantage.
The invention is discovering something new
that the world di not new before.
The innovator uses defined strategies,
management principles and ideas for bringing
change in the existing products for developing
new products.
An inventor uses scientific skills for innovating
something.
In innovation, changes are made in existing
products for developing new products for
meeting the demands of the consumers.
In the invention, a whole new product gets
developed that did not exist ever before.
(Westley and Antadze, 2010)
P2 ANALYSING HOW ORGANISATION VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN
SHAPE INNOVATION AND COMMERCIALIZATION FOR THE HEALTHY JUICE COMPANY
ORGANIZATION VISION
The prime goal and vision of the Healthy Juice Company are to provide a quality product to the
customers by providing high-class services so that company achieves its vision and long-term
objectives (Kohles, et al. 2012). Having a vision is essential for the Healthy juice company as
without having a vision the members of the organization do not get direction for heading in an

appropriate direction in which employees can achieve their personal as well as professional
goals. It depends on the leader of the organization whether to follow the vision and do not
apply innovation or to implement both principles in the business. Some big companies do not
innovate rather follow only specific strategies for moving ahead in the industry whereas there
are leaders who are truly innovative and strive to innovate while keeping company’s vision into
perspective (Kohles, et al. 2012). This drives to the conclusion that having a vision is essential
for Healthy Juice Company along with being innovative so as to sustain in the market
environment.
LEADERSHIP
The leaders of an organization like the Healthy Juice Company must use various leadership
techniques for motivating their employees so that they produce creative ideas for developing
new products and services (Bryman, 2013). A leader should be dynamic and should have good
communication and management skills as well so that employees are always motivated and
constantly think for being innovative in their day to day activities. If employees would share
ideas with the leader then a company can think of developing something new for its products
and services thereby giving a competitive advantage to the business.
CULTURE
An organization determines the value and shared vision between the employees and leaders of
the organization. Culture also determines the Psychological environment, belief, expectations
and interactions with the outside world (DUDEN, 2011). It is very essential for the healthy juice
company to bring innovation into the culture of the organization. Innovative culture will make
employees more creative in their day to day activities which would help them bring innovation
in the business. The best way is to analyze the skills of employees and provide the resources for
bringing innovation in the products or services. The leaders of the organization can also
organize various workshops for educating employees as to how to innovate through shared
vision, ideas, purpose and strategy (DUDEN, 2011).
TEAMWORK