Innovation and Commercialization: A Comprehensive Guide for Mr. Green's Healthy Drinks

INNOVATION AND
COMMERCIALIZATION

TABLE OF CONTENTS
Introduction..................................................................................................................................................1
Task 1...........................................................................................................................................................1
P1. Explain innovation and determine its importance to organizations in comparison with invention. .1
P2. Explain how organizational vision, leadership, culture and teamwork can shape innovation and
commercialization....................................................................................................................................2
M1. Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation....................................................................................................3
Task 2...........................................................................................................................................................5
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.......................................................................................................................................5
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..............................................................................................................................6
M2. Analyze and apply the innovation funnel in organizational context of Mr. Green’s healthy drinks
.................................................................................................................................................................7
M3. Evaluate the role of frugal innovation in organisational context of Mr Green’s healthy drinks.....8
Task 3...........................................................................................................................................................9
P5. Explain the importance of the commercial funnel and the application of new product development
(NPD) processing for commercialisation of innovation..........................................................................9
P6. Build an innovation business case for an organisation, including ways to access funding.............10
M4. Measure its overall effectiveness using appropriate techniques available to test, iterate and
improve..................................................................................................................................................11
Task 4.........................................................................................................................................................12
P7. Evaluate the different tools that Mr Green can use to develop, retain and protect knowledge and
intellectual property...............................................................................................................................12

M5. Evidence-based evaluation of these different tools in the context of the wider business
environment...........................................................................................................................................13
Conclusion.................................................................................................................................................14
References..................................................................................................................................................15

LIST OF FIGURES
Figure 1: Frugal innovation framework based on pattern based approach..................................................6
Figure 2: Innovation funnel.........................................................................................................................7
Figure 3: Action point of the organization ti succeed in frugal innovation.................................................8
Figure 4: Intellectual property (IP) protection mechanisms......................................................................12

Introduction
Innovation means to improve the existing product or process with some new ideas concepts and values.
Presented report will discuss the concept of innovation and invention with discussion on the fact how
organization can shape innovation and commercialization through business vision and leadership. Also
report will discuss 4Ps of innovation with discussion of frugal innovation. Also the importance of the
commercial funnel and new product development will be discussed. Business case will be developed
with focus on the intellectual property protection tools.
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Task 1
P1. Explain innovation and determine its importance to organizations in comparison with invention
Definitions
Innovation can be defined as the process to translate the new ideas, method or product so that new
values can be created for the customers. It simply means to introduce something new in the product or
services those are adding values or importance to the existing values. Therefore, innovation is a process
to generate new ideas in economic cost to satisfy the customers in business. It can be implemented
through the imagination, application of information and initiative for more values through resources. In
context of business, innovation is considered as the approach to meet the new demands and satisfaction
points of the customers (Damanpour and Aravind, 2012).
At other side, invention can be defined as the idea for product or processes which was never introduced
before and it results as creation of new product. It is an original idea driven from the scientific skills and
mainly concerned to the single process or product.
Example
The concept to form the juice of oranges is an invention which has later promoted on other fruits to
create juice. However, the changes in the juice flavours and packaging are innovations over time to meet
the satisfaction of customers.
Importance to the organizations
Innovations helps the organizations to sustain in market and come from the competitive environment as
the customers are more inclined to the new or enhanced features to meet their demands. The
organizations also has importance of the innovation to add values to the products or services whereas
invention is essential to reduce the cost and efforts for the business practices and lead with high
profitability and efficiency (Gokhberg and Meissner, 2013).
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