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Innovation and Commercialization INTRODUCTION 1 MAIN BODY

   

Added on  2021-02-20

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Innovation andCommercialization

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1P1 What in Innovation and Its inportance..............................................................................1M1 Different source of innovation how organisations can foster and develop an environmentand culture of innovation........................................................................................................2P2 Explain how Different aspect of the organization can affect and shape innovation andcommercialization..................................................................................................................2P3 Explain Innovation and Innovation 4 P's..........................................................................3P4 Frugal innovation development........................................................................................6M2 Application of innovation funnel.....................................................................................6M3 Role of frugal innovation.................................................................................................7D1 Critically analyse how innovation is developed, embedded and measured in anorganisational context.............................................................................................................7As per Peter F Drucker there are 7 source of Innovation.......................................................7P5 What importance does commercial funnel and application of New product bring to thecompany.................................................................................................................................7P6 Innovation Business Case.................................................................................................9M4 & D2 Overall effectiveness using appropriate techniques available to test, iterate andimprove.................................................................................................................................10P7 Different type of Intellectual Property (IP).....................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONInnovation is one of the ongoing process in which the organization try to generate the newand creative idea through which the Cited Firm try to satisfy the need and requirement ofcustomer in the market. Case study of Chilly's is the basis on which report is made. Report startwith highlights the importance of innovation in comparison with invention. After that the reporthighlighting how different aspect in the organization can affect and shape the innovation. Afterthat the report explain innovation 4 p's and explain the use of the innovation funnel to examineand shape innovative ideas. After that the report highlights commercial funnel and the Newproduct development application importence. Then report highlights the Innovation businesscase for the selected organization Chilly's. In the end the report highlights the different toolwhich can be used by the organization about intellectual property.MAIN BODYP1 What in Innovation and Its inportanceInnovation is one of the ongoing process in which the organization try to generate thenew and creative idea through which the Cited Firm try to satisfy the need and requirement ofcustomer in the market Innovation is generally performed to find out the solution of the issue orconcern which is faced by the consumer in the market. Another reason which force or drive thecompany to implement the innovation in the Firm is by looking at the opportunity which isavailable in the market. In simple word, it can be said that the innovation is the supportingprocess of the research and development which is performed in the organization (Akter andRathnayaka, 2019)Innovation and Invention are the two word which used to be together many time but inreal both are very different from each other as Invention refer to bringing very new product inthe market, which was never had been made before. At the same time innovation refer toimplementation of idea for the product which has been already in market or implying process forfirst time. Generally, invention build new product but innovation adds value to existing productof the company. Invention generally happens when new idea strikes the individual. At the sametime innovation happen when need or improvement is realized by the Cited Firm in the market.The biggest similarities in both the process is that both the process are based on the Research andDevelopment activity.Importance of Innovation1

Customer Satisfaction: All the Firm which are setup with the sole motive of satisfyingthe customer in the market.As customer are the one who used to consume the product and all thedecision which are taken in the organization are taken with centralizing the customer. Innovationmay prove crucial in helping the company in effectively satisfying the need of the customer inthe market as innovation process looks at the requirement of consumer in the market and try todevelop the product which can satisfy the need of the customer (Antony, Setijono and Dahlgaard,2016). This will eventually result in increasing the efficiency of work in the organization.Competitive Advantage: Innovation is very important process for the company ingetting the competitive advantage in the organization. In the rapidly changing environment it isvery important for all the Cited Firm to have a USP of the organization to be competitive in themarket. Innovation proves good for the company in developing the USP of the organizationwhich eventually help the organization in getting the competitive advantage in the market.Communication: Innovation not only help the Cited Firm in improving the profitability ofthe business it helps the Cited Firm in improving the internal environment. As in the innovativeculture there is a free flow of communication in the organization as new and creative idea arepass on to the many stages in the organization before getting the approval.M1 Different source of innovation how organisations can foster and develop an environment andculture of innovationIn order to bring innovation in the organisation it is very much important that the overallculture of the enterprise is changed. For Chilly the foremost source of innovation is buildingeffective teams. This will assist in welcoming change and will develop a competitive workculture. Another major source for change is motivation. In context of same whenever somethingnew is suggested by the employees it should be encouraged and implemented if found worth.This will further raise their interest in the work and hence the overall productivity of the firmwill be raised. P2 Explain how Different aspect of the organization can affect and shape innovation andcommercializationInnovation in the Firm is always drive by many internal and the external factor as theyused to have an impact on the thinking and the way innovation shape in the Cited Firm.Organization Vision: As chilly's was founded with the vision that they have to providethe cold water to all the people in the society without hurting the environment of the society.2

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