Innovation and Commercialization

INNOVATIONS AND
COMMERCIALIZATION

Table of Contents
MAIN BODY...................................................................................................................................4
P 1 - DIFFERENCE BETWEEN INNOVATION AND INVENTIONS..............................4
(b) ORGANIZATION VISION, CULTURE, LEADERSHIP AND TEAMWORK THAT
SHAPE COMMERCIALIZATION & INNOVATION.........................................................5
P 3- EXPLAIN THE 4 P'S OF INNOVATIONS AND EXPLAIN THE USE OF
INNOVATIONS FUNNEL TO EXAMINE AND SHAPE INNOVATIVE IDEAS............6
P 4 – EXPLAIN DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE
EXAMPLES OF HOW IT IS USED IN TESCO...................................................................7
LO 3: DISCUSS THE PROCESS REQUIRED TO COMMERCIALISE INNOVATION.......7
P 5 - EXPLAIN THE IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE
APPLICATION OF NEW PRODUCT DEVELOPMENT (NPD) PROCESSING FOR
COMMERCIALISATION OF INNOVATION.....................................................................7
P 6 - BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION,
INCLUDING WAYS TO ACCESS FUNDING....................................................................9
P 7 - EVALUATE THE DIFFERENT TOOLS THAT ORGANISATIONS CAN USE TO
DEVELOP, RETAIN AND PROTECT KNOWLEDGE AND INTELLECTUAL
PROPERTY..........................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The innovation and commercialisation means the innovating a new product which will be
completely different from the existing products of the market. The companies innovate the new
product so that the they can offer new features and benefits to their customers. Most of the time
innovations gets success in the market but there are times when the new innovation done by an
producer or company fails in the market. The innovation and commercialization is very
important for the development of the organizations. Reason behind this is that the companies
can't survive the market, if they are not coming up with new innovative ideas and products.
Tesco is an multinational grocery store established in Britain. The company deals in the
products like clothing, food, books, credit cards, banking and other financial services. Tesco is
the third largest retail store in the world which offers many differentiated products to their
customers.

MAIN BODY
LO1 EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE
DIFFERENCE BETWEEN INVENTION AND INNOVATION.
P 1 - DIFFERENCE BETWEEN INNOVATION AND INVENTIONS
INNOVATION INVENTIONS
The innovation includes the idea or a thought
which came into the mind of the customers for
producing new product or service in the
market.
Invention means inventing the new product or
service practically for the customers of the
organization.
The innovations can be done in the existing
products. For example- A non AC car can be
innovated by adding the AC facility in it.
The invention means the inventing a
completely new product which does not have
any similarity with the other existing products
in the market.
The innovation always attracts the talent. The
innovation is Purley based on the talents and
extraordinary thinking capabilities of the
employees.
The Invention are called as unexpected results.
The inventions done are not always pre
planned. Sometimes the employees or the
students trying to do something new turn out in
to an innovations.
The innovation needs the technical strategies
and use of latest technologies which will be
digitalized in the environment.
The invention needs the skills and experience
of the person which will produce the new
product by keeping all the market knowledge
and their skills.