Innovation and commercialization

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1. Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
P2. Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................5
M1. Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation........................................................................................6
LO 2.................................................................................................................................................6
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................6
M2. Analyse and apply the innovation funnel in an organisational context...............................8
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................8
M3. Appraise the role of frugal innovation in an organisational context....................................9
D1. Critically Analyse how innovation is developed, embedded and measured in an
organisational context................................................................................................................10
LO 3...............................................................................................................................................10
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.....................................10
P6. Build an Innovation Business Case for an organisation, including ways to access funding
...................................................................................................................................................12
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
LO 4...............................................................................................................................................15

P7. Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................15
M5. Present supported evidence-based evaluation of these different tools in the context of the
wider business environment......................................................................................................16
D2. Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgements on how organisations can overcome challenges to
develop successful innovations..................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation defines the procedure which is useful in making suitable changes and alternation
in the present product and services which is existed within the market and provided by the
company. In terms of various organisations innovation is important in order to achieve success
and growth for the smooth running of the organisation as it is the concept of enhancing the
current existed product that helps in attracting maximum number of people and leads to increase
sales and profitability of an organisation (Zahedi, Mirghfoori and Morovati Sharif Abadi, 2018).
Meanwhile commercialisation refers to the procedure which is useful in launching the new and
fresh products and services in the market area that leads to earn significant profit and also
increase sales of the company.
In addition to this the report is based on an American multinational digital company that
focus on e-commerce, Cloud Computing, digital streaming and artificial intelligence. Along with
this company was founded in 1994 by Jeff Bezos and headquarter in United States. Currently the
new innovation it is planned by company is prime air that becomes the real game changer in
terms of delivery as it delivers the product through drones at the doorstep of the customers within
just 30 minutes. Moreover this report is going to cover the concept of innovation and invention
along with their comparison along with considering the vision culture teamwork and leadership
of the company. It also describes the 4 P’s of innovation use of innovation funnel development
of frugal innovation importance of commercial funnel and new product development procedure
in the context of innovation. Lastly it leads to develop innovative business case for the company
and also describe the various tools it helps in protecting the intellectual property of the company.
LO 1
P1. Explain innovation and determine its importance to organisations in comparison with
invention
Innovation: It defines the technique of presenting new thoughts that are now worried
about the existed items and administrations inside the organization and it unmistakably impact
the accomplishment of the organization. As far as this numerous variables are valuable in
pushing and supporting the system of advancement including intelligence inspiration basic
reasoning and uniqueness that are helpful in driving the power of development (Xiao and et. al.,
2016). For instance, in terms of Amazon, they launched “Prime Air” in order to deliver their

products to their potential customers and it takes just 30 minutes to deliver product. As it is the
fastest mode for delivery and in that case they use drones or flying robots to deliver product by
offering fastest services.
Invention: It is a term which is helpful in depicting presenting the new item and new
thought inside the market that already doesn't exist and furthermore new for the clients. It
happens when the new thought happens in the brain of an individual and furthermore changed
into the finished created item that is prepared to offer and gave to their clients to the first run
through inside the market (Afzal and et. al., 2018). In the interim development take parcel of
time as it requires reasonable examination investigate the necessities and inclinations of clients
and after that testing is made to distinguish the advantages and disadvantages of the item as
indicated by the point of view of customers.
Comparison among innovation and invention
Basis Invention Innovation
Meaning It defines the improvement of
spic and span and new thought
for the item that has been
never existed.
It depicts the appropriate
movement of rolling out
unmistakable improvements
inside the existed item so as to
dispatch it thinking about the
new ways and Idea for the
absolute first time (Eberhardt
and et. al., 2017).
Purpose Its goal is to give new and
new item and administrations
to their potential clients all the
successful utilization of them.
Its motivation is to remember
additional endeavours and
standards for request to change
the as of now existed item as
per the intrigue and
inclinations of the clients so as
to improve the deals and
benefit.
Occurrence It happens when the noticeable
idea and Idea comes in the
It happens just when the
organization feel that their