Innovation and Commercialization: A Comprehensive Guide

Innovation and Commercialization
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Table of Contents
Introduction.................................................................................................................................................3
LO1..............................................................................................................................................................4
P1. Explain innovation and determine its importance to the organization in comparison with the
invention..................................................................................................................................................4
P2. Explain how organizational vision, leadership, culture, and teamwork can shape innovation and
commercialization...................................................................................................................................5
M1. Analyze the different sources of innovation and how the organization can foster and develop an
environment and culture of innovation....................................................................................................6
D1. Critically analyses how innovation is developed, amended, and measured in an organizational
context.....................................................................................................................................................7
LO2.............................................................................................................................................................8
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.......................................................................................................................................8
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..............................................................................................................................9
M2. Analyse and apply the innovation funnel in an organisational context...........................................10
M3 Evaluate the role of frugal innovation in an organisational context.................................................11
LO3...........................................................................................................................................................12
P5. Explain the importance of the commercial funnel and the application of new product development
(NPD) processing for commercialisation of innovation.........................................................................12
P6. Build an innovation business case for an organisation, including ways to access funding..............13
M4 Build a detailed innovation business case which includes how to measure its overall effectiveness
using appropriate techniques available to test, iterate and improve.......................................................14
D2. Critically evaluate the nature of innovation and the context in which it is developed, providing
evidence-based judgments on how organisations can overcome challenges to develop successful
innovations............................................................................................................................................15
LO4...........................................................................................................................................................16
P7. Evaluate the different tools that organisations can use to develop, retain and protect knowledge and
intellectual property...............................................................................................................................16
M5 Present supported evidence-based evaluation of these different tools in the context of the wider
business environment. Entrepreneurs....................................................................................................17
Conclusion.................................................................................................................................................18
References.................................................................................................................................................19
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Introduction
This unit of innovation and commercialisation helps in understanding the importance of the
innovation in the success of the business. The importance of the innovation will get included in
this unit. As same the difference in between innovation and invention will also get included in
this unit in an appropriate manner. The various sources of creation or innovation will get
analysed which will help in understanding that how an association can develop and foster the
culture of the innovation in an attractive manner. The various ways of development of
innovation, embedded and measured in the context of an association will also take place in to
understand it well. It will also include the explanation of association’s leadership, vision,
teamwork; culture can shape the commercialisation and innovation. To understand this unit
better the example of Essence Drink has been taken into the consideration.
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LO1
P1. Explain innovation and determine its importance to the organization in comparison
with the invention.
Innovation is well known as a concept that helps in providing one of the best resolutions to the
business and leads to the higher level of success. Innovation is quite similar to the invention but
exactly it is not same. Invention means to invent or produce something new wherein innovative
is to present the existed products and services with some fruitful and attractive changes that help
the business in its growth and expansion at greater level (Chun, et. al., 2015).
Innovation helps in presenting some various creative ways of producing the services and
products in the marketplace. Presenting innovative and creative products and services helps in
attracting the customer’s mindset towards the business. Invention comes up with some new taste
or trend which might get liked by the customers or may not be. But the innovation brings some
required changes in the services by taking care of customer's needs and requirements as they
want. It surely gets liked by the people that greatly contribute to increasing the efficiency of the
business in the competitive market. By bringing some innovations and creations in services with
some new ideas and thoughts helps in maintaining the demand of the customers in the target
market. By taking the example of Essence drinks it can get better understood. This business
continuously tries to bring some changes in the flavour so that customers can meet some new
experiences. It helps in increasing the interest of the customer’s towards the brand.
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P2. Explain how organizational vision, leadership, culture, and teamwork can shape
innovation and commercialization.
An innovation is known as a process that presents some new ideas and thoughts for increase g
the reliability and quality of the services and products. By the help of innovation, an association
gets help in increasing the standard of productivity. Commercialisation is also known as a
process which greatly explores some inventions in the financial modes. Hence, it gets clear that
the commercialisation and invention both of these concepts greatly helps in taking the business
on top. In order to increase the efficiency of the business, Essence drinks try to maintain the
peaceful and happy environment in their association. The association tries to motivate their
managers and employees for increasing the efficiency and demand of the services in the
competitive market. The leaders of the association greatly contribute to meeting the objectives,
mission, and vision in such a great manner. The association tries to include various ways so that
employees can communicate with each other; it helps in resolving all the issues and problems of
the business at the real-time (Abou-Ras, et. al., 2016).
The culture of the business helps in evaluating the various ways of a performance of the
employees. It basically involves the attitudes, values, beliefs of all the business persons.
Different kind of association includes the team, power, role, people and etc. The association of
Essence drinks mainly follows the person culture as it takes their employees as the most
important asset for increasing the profitability and goodwill of the business.
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M1. Analyze the different sources of innovation and how the organization can foster
and develop an environment and culture of innovation.
Innovation is well known for bringing some new creations by various ideas and thoughts for the
betterment of products and services. The different sources of innovations such as changes in the
industry, a requirement of a process, required modifications in the market trend, updated
knowledge, perceptions and etc. All these sources greatly contribute in bringing some
innovations in required services and products by the customers.
The association of Essence drink is facing such issues in the sales of the services or products; it
can get reduced by bringing various changes in the competitive market. Attracting the customers
by presenting some changes in the business greatly helps in increasing the demands of the
customers towards the products (Lind, et. al., 2017).
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D1. Critically analyses how innovation is developed, amended, and measured in an
organizational context.
It is very well known that creation and innovation are importantly required for meeting the
objectives of the business in a successful manner. Innovation helps the managers and leaders in
measuring the actual quantity of services and products at the workplace. As same it also helps in
measuring the performance of the employees in the different manner (Huang, et. al., 2017).
In the procedure of innovation, the Essence drink tries to find out the actual issues and problems
of the business which are hampering the success of it in a negative manner. Afterward, it
develops some creative ideas and thoughts for bringing the efficiency and innovation which can
get implemented in the business for the betterment of it. This process increases the standard and
profits of the business in an effective manner.
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