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Innovation and Commercialization - Doc

   

Added on  2020-10-04

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Business DevelopmentLeadership ManagementDesign and Creativity
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INNOVATION ANDCOMMERCIALIZATION
Innovation and Commercialization - Doc_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain Innovation and determine its importance in comparison with invention.............1P2 Explain how leadership, vision and culture can shape innovation and commercialisation2TASK 2............................................................................................................................................3P3 Explain 4P's of Innovation................................................................................................3P4 Development in frugal innovation.....................................................................................3TASK 3............................................................................................................................................4P5 Importance of commercial funnel and application of new product development.............4P6 Build an Innovation Business Case...................................................................................5TASK 4............................................................................................................................................6P7 Intellectual property tools used to retain and protect them...............................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
Innovation and Commercialization - Doc_2

INTRODUCTIONInnovation can be defined as a “new idea, method or device”. It is often seen as theapplication of providing better solution that meet existing market needs, new requirement orunarticulated needs in an effective manner (Aarikka-Stenroos, and Sandberg, 2012). In terms ofbusiness, it refers to the process of introducing new idea, product or services, processes andworkflows. The key to make business successful is being able to discover new idea to keepproduct, process and operation fresh. The process of coming up with those creative ideas isknown as Innovation. The given report is based on Healthy Juice which is a two year old start-upby Mr. Daniel Green. The main aim of this report is to increase the sales and market share of thecompany through embedding innovation. It covers how innovation is different from invention,4P's of innovation, commercial funnel, application of new product development, business caseand different tools of intellectual property rights. TASK 1P1 Explain Innovation and determine its importance in comparison with invention The process of converting an idea into final goods or services that creates value forcustomer or for which potential buyer is ready to pay is known as Innovation. In terms ofbusiness, it can be described as implementing new ideas, creating dynamic goods or improvingexistence services in order to gain high competitive edge in the market. Innovation act as acatalyst that creates value for the business entity. That value eventually comes driving morerevenue through present channels or by generating new revenue opportunities that ultimatelyleads to save money and time or both. In short, the process of Innovation leads to generate higherprofit for firms. Moreover, it also helps the organisation to adapt and grow themselves within themarket in an effectual manner. It generally refers to the process of changing and creating moreeffective product, ideas and process. According to the statistics reports, it has been figured outthat companies that innovate creates more effective work process and have better performanceand productivity (Bogers and West, 2014).. Healthy Juice is a two year old start-up launched byMr. Green. The organization mainly deals in selling only one drink i.e. one healthy milkshake.However in its third year, company faces major decline in its sales an profitability ratio. In orderto deal with such situation, the firm has decided to embed innovation by introducing new rangeof drinks, smoothies and juice. As a result, it launches many variants of juices that is made up oftwo or more than two fruits. For example: Gracherry juice (composed of grapes and cheery).1
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